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| Leslie Lundquist of Jones Heward Investment Counsel |
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| TOP PICK | Arc Resources Ltd | ARX-T | 21.540 | Oil/gas. A trust that will survive the tough times and thrive in the good times. Has a great long-term track record of creating value. Excellent portfolio of properties and excellent management. Good price. | 2007-07-25 | ||
| SELL | Connors Bros. Income Fund | CBF.UN-T | 10.100 | Has been subject to a recall because of botulism, but this will only affect a small part of their business. However, this could be a growing problem. | 2007-07-25 | ||
| Comment | Canadian Oil Sands | COS-T | 34.210 | Probably the pre-eminent trust in the trust universe. Has done spectacularly well. There is a lot of speculation that they might increase their distribution. | 2007-07-25 | ||
| TOP PICK | Cominar Real Estate Inv Tr | CUF.UN-T | 21.130 | Properties are almost entirely in Quebec city and Montreal. Reasonable levels of debt. Diversified portfolio of properties. Yield is about 6%. | 2007-07-25 | ||
| PAST TOP PICK | Davis + Henderson | DH-T | 19.300 | (A Top Pick July 13/06. Up 7.3%.) Still likes. | 2007-07-25 | ||
| HOLD | Enerplus Corp | ERF-T | 47.900 | She has been reducing her holdings over the last few quarters because of better values elsewhere. | 2007-07-25 | ||
| PAST TOP PICK | Focus Energy Trust | FET.UN-T | 17.150 | (A Top Pick July 13/06. Down 23.2%.) Drop was due to natural gas prices. Still likes. Low payout ratio. Excellent quality properties and excellent management. Long-term investors will do well with this. | 2007-07-25 | ||
| Comment | Harvest Energy Trust | HTE.UN-T | 30.760 | There was a run-up due to very attractive refining margins. The margins are less attractive, so the stock has pulled back. 15% yield, which is quite high. Could be an indication of a distribution cut. | 2007-07-25 | ||
| Comment | Inter Pipeline Fund | IPL.UN-T | 9.530 | A collection of businesses all related to the oil/gas sector. Distribution is quite stable and has opportunities to increase over time. | 2007-07-25 | ||
| HOLD | Livingston Int'l Income Fund | LIV.UN-T | 19.390 | Largest custom brokerage firm in Canada. 1st quarter was rather disappointing. Recently announced the retirement of their transportation/logistics man and she feels the 2nd quarter may be weak. | 2007-07-25 | ||
| BUY | Newalta Corp | NAL-T | 24.130 | Waste disposal. Reasonably valued. Feels the market is just lumping it in with all the other oil service trusts, but their businesses are such that they will not suffer the way other service companies will. | 2007-07-25 | ||
| BUY | Pembina Pipeline Corp | PPL-T | 17.400 | Should have secure distributions for the foreseeable future. | 2007-07-25 | ||
| PAST TOP PICK | Tree Island Wire Income Fund | TIL.UN-T | 8.410 | (A Top Pick July 13/06. Down 3%.) Ran into difficulties with the US housing market. Have restructured and think they have a pretty good plan. She is not into turnaround stories so has sold her holdings. | 2007-07-25 | ||
| BUY | Yellow Media Inc | YLO-T | 14.030 | Should have secured distributions for the foreseeable future. | 2007-07-25 | ||
| DON'T BUY | Menu Foods Income Fund | MEW.UN-T (Dead) | 3.250 | Producers of Pet Foods, which was recently subject to a massive recall and they are not over this yet. Debt levels are going up. | 2007-07-25 | ||
| TOP PICK | Cineplex Inc | CGX-T | 17.350 | Have about 2/3 of theatre assets in Canada. Controls about 83% of the on screen advertising market, so they have excellent bargaining power. | 2007-07-25 | ||
| BUY | Penn West Petroleum | PWT-T | 33.970 | A stable core long-term holding. Has some interesting opportunities after the next quarter. | 2007-07-25 | ||
| BUY | Mullen Group Ltd | MTL-T | 20.690 | Oilfield services plus trucking. Feels the distribution is safe. Has a long history of exceeding its promises. | 2007-07-25 | ||
| Comment | Capital Power L.P. | CPA.UN-T (Dead) | 27.060 | Power generator with assets both in Canada and the US. Many of the assets are fired by natural gas, whose prices have gone up faster than power contracts. In the short term, there is very little risk, but longer term you have to wonder about the currency exposure. | 2007-07-25 | ||
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| SELL | Hardwoods Distribution | HWD-T | 6.500 | A distributor of hardwood to manufacturers of hardwood products, not flooring. About 70% of its business is in the US, so there could be a currency problem. The slowdown in housing in the US is a negative. | 2007-07-25 | ||
| Comment | Crombie Real Estate Investment Trust | CRR.UN-T | 12.770 | Should have secured distributions for the foreseeable future. Extremely stable assets and very stable distribution policy. Low payout ratio. Very low yield and you may be better off with a bond. | 2007-07-25 | ||
| DON'T BUY | Bell Aliant | BA-T | 32.040 | Primarily a landline phone operator. There is increasing competition from wireless assets. Didn't think the growth was sufficient to offset their competition. | 2007-07-25 | ||
| TOP PICK | Davis + Henderson | DH-T | 18.250 | Pays about 8%. Haven't done well in the market over the last couple of quarters. Excellent track record in terms of operating their business conservatively and increasing distributions. Low debt. Made an acquisition which the market didn't like but she feels will be valuable in the longer term. | 2006-07-13 | ||
| TOP PICK | Focus Energy Trust | FET.UN-T | 22.350 | Pays 8.5%. Cut their distribution from $.19 to $.16 per month. Gas weighted. Now is not a bad time to be buying gas. They are a sustainable trust and are not living beyond their means. Top quality management team, excellent properties and reasonable payout ratio and debt levels. | 2006-07-13 | ||
| DON'T BUY | Gaz Metro Ltd Partnership | GZM.UN-T (Dead) | 16.350 | Shocked the market when it reduced its distributions, which it was never supposed to do because it was supposed to be a very stable, conservative trust. | 2006-07-13 | ||
| WEAK BUY | KCP Income Fund | KCP.UN-T | 10.340 | Somewhat aggressive name. Made some good moves in the past. Ran into difficulties a couple of years ago and cut their distributions. Have since made acquisitions and grown their business. Subject to rising raw material costs which could affect them negatively. | 2006-07-13 | ||
| STRONG BUY | Canadian Real Estate Investment | REF.UN-T | 24.100 | A diversified REIT by geography and type of property. Was going to be a Top Pick tonight but changed her mind. If you could only own one REIT, this would be the one. One of the most conservative with low debt, low payout ratio. | 2006-07-13 | ||
| SELL | Superior Plus Corp | SPB-T | 10.980 | Ran into difficulty earlier this year and cut their distributions and announced a restructuring. They are planning on selling their cold rolled aluminum division and apply the proceeds towards debt. CEO and CFO are being changed. Debt levels and payout ratio are too high. | 2006-07-13 | ||
| TOP PICK | Tree Island Wire Income Fund | TIL.UN-T | 8.800 | Pays a 17% yield. A much riskier name then what she would normally suggest. Payout ratio of about 103% over the trailing 12 months. Thinks the market is expecting a distribution cut but she does not think so. A compelling buy at this price. | 2006-07-13 | ||
| BUY | CML Healthcare | CLC-T | 14.650 | Has 2 divisions, diagnostics and medical imaging. They could have growth on the imaging side. Expect they are looking for acquisitions on the imaging. | 2006-07-13 | ||
| DON'T BUY | Esprit Energy Trust | EEE.UN-T | 11.480 | 70% of production is natural gas. This company has had a history of production shortfalls and disappointments. Have quite high debt. It may not be a bad time to be buying gas-weighted names but there are a better names of there. | 2006-07-13 | ||
| HOLD | Hardwoods Distribution | HWD-T | 5.350 | Has not done well since its IPO. Thinks the worst times for this business are past. Extremely inexpensive. They have 2 years to grow their business to a point where they can offset an upcoming hedge that's coming off for currency. | 2006-07-13 | ||
| Comment | CI Financial Income Fund | CIX.UN-T | 29.500 | Although it is a mature business and has done well over the years, it is in the wealth management business and its results will likely be correlated to how well the market does overall. | 2006-07-13 | ||
| DON'T BUY | Bell Aliant | BA-T | 33.580 | This was a spin off of rural phone lines from Bell Canada (BCE-T). Generally, rural phone lines are less competitive than city lines. Doesn't like government control and can see much growth. Will be very tough for them to compete. | 2006-07-13 | ||
| TOP PICK | Progressive Waste Solutions Inc | BIN-T | 26.510 | Typically trades at a premium to many of its peers because of its nice combination of a stable core business plus its ability to grow organically. Recession proof. Will be up to pass price increases on. 1st quarter results were better than expected. | 2006-05-17 | ||
| BUY | Bonavista Energy Corp | BNP-T | 34.660 | A bit more weighted to gas. Has a strong management team. Strong property portfolio. Valuations are reasonable. | 2006-05-17 | ||
| BUY | Canadian Apartment Properties | CAR.UN-T | 16.370 | An apartment landlord. Likes this one. Good management. | 2006-05-17 | ||
| BUY | Focus Energy Trust | FET.UN-T | 23.500 | Recently announced the acquisition of Profico. She is comfortable with this trust. It is one of the survivors in the oil/gas trusts. Low payout ratio. Trading at a reasonable price versus its peers. | 2006-05-17 | ||
| TOP PICK | H&R Real Estate Inv Trust | HR.UN-T | 20.080 | Relative to its large, liquid and stable peers, it is trading at a little bit of a discount. Relatively cheap. | 2006-05-17 | ||
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| BUY | Peyto Exploration & Develop. | PEY-T | 24.300 | Has been beaten up. Released a quarter that was a little bit softer then some investors had expected. This gives a good opportunity to get in. Longer-term outlook is still very good. | 2006-05-17 | ||
| TOP PICK | Vermilion Energy Inc | VET-T | 32.350 | Undervalued relative to some of its peers. Good exposure to both oil and gas. Operates out of Canada in stable countries. This generally means you get lower acquisition costs. Have a yield of 6.1% that she thinks will go higher. | 2006-05-17 | ||
| BUY | Yellow Media Inc | YLO-T | 15.400 | Has come off because of market weakness, not any fundamentals with the company. Buy for the stable distributions, not for growth. | 2006-05-17 | ||
| DON'T BUY | The Brick Ltd | BRK-T | 9.240 | Not spending enough capital, so they reported decent results but are not maintaining their operations. Good operations in the west, but having no difficulty in the east. | 2006-05-17 | ||
| BUY | Penn West Petroleum | PWT-T | 41.920 | 1st quarter results came in very good. They bought Petro Fund which was a benefit. Should have a good future ahead of it. | 2006-05-17 | ||
| DON'T BUY | Groupe Aeroplan Inc | AIM-T | 12.490 | Sold her position. Was satisfied that it was a good business, but felt the valuation was getting a little bit rich. Announced a very strong 1st quarter but warned investors that it was a bit of an anomaly. It is on her watch list. Would consider if it got inexpensive again. | 2006-05-17 | ||
| HOLD | Pizza Pizza Royalty Income Fund | PZA.UN-T | 9.900 | Reported a good quarter and showed increased same store sales growth. Prefers Boston Pizza (BPF.UN-T) with its longer track record. | 2006-05-17 | ||
| BUY | Capital Power L.P. | CPA.UN-T (Dead) | 31.100 | Distribution yield a little over 8%. Has dropped quite a bit since the beginning of the year. There is some fear on power units that are sometimes fed by natural gas. This one has long-term fuel contracts. | 2006-05-17 | ||
| WAIT | Connors Bros. Income Fund | CBF.UN-T | 11.440 | Connors Bros. Income Fund has had a difficult 2005 and has not announced its 4th quarter earnings results. There was a distribution cut at the end of the year. They still own it, but are waiting for its 4th quarter results and a turnaround in the integration of some of the businesses they purchased in the past . Also, they would like to see them have pricing power before this expert would buy more. | 2006-03-04 | ||
| SELL | Specialty Foods Ltd. | HAM.UN-T | 2.030 | It has had a lot of problems since the beginning. Debt levels are extremely high and they are looking to refinance their debt.(but it has not happended yet). Sell if you own. | 2006-03-04 | ||
| HOLD | Peyto Exploration & Develop. | PEY-T | 23.650 | It is an oil and gas producer, heavy gas exposure. In the long term it should do fine. Hold if you own. Buying depends on your personal circumstances. The expert's company is assessing this trust to see if they want to buy or not. | 2006-03-04 | ||
| TOP PICK | Canadian Real Estate Investment | REF.UN-T | 23.750 | Canadian REIT is a diversified Canadian real estate trust. They have office, retail and commercial properties. Not overly exposed to one type of property. Strong, conservative management team. Low pay out ratio compared to the other senior trusts. Slightly less expensive than its peers. Paid a little less than $14.00 and are continueing to buy for new accounts . | 2006-03-04 | ||
| WEAK BUY | RioCan Real Estate Investment | REI.UN-T | 22.860 | They like it very much and they own it. It is one of their larger REIT positions. It is not inexpensive and hardly any REiTs are inexpensive these days. Riocan has done well over the past few years and they feel there are opportunities ahead for them. It is not cheap assets. Real estate is expensive. | 2006-03-04 | ||
| WATCH | Shiningbank Energy Income Fund | SHN.UN-T | 23.330 | It had a really strong end to the year 2005, but 2006 has been a liitle difficult. There is a possibility that Shining Bank may have to reduce its distributions in the next couple of months. Weak gas prices have affected this company. This expert and her company are in the process of assessing the stock. This stocks may decrease further and this might be a better time to buy. If you are buying today you are not buying at its high. | 2006-03-04 | ||
| WAIT | Superior Plus Corp | SPB-T | 21.850 | Superior Trust is one that they have liked for a long time. In the long term it will do just fine. However, 2005 was a difficult year for them and they have yet to see 4th quarter results. Expectations are they might be a little weak. If you are looking for one for your first trusts, she is recommending Canadian REIT, Penn West, Yellow Pages Business Fund and BFI. (they own these trusts) These trusts are expensive though. | 2006-03-04 | ||
| TOP PICK | Sleep Country Canada | Z.UN-T | 23.900 | Investors were initially hesitant about Sleep Country Canada since it is a retail trust.. However, this company has consistently increased its distribution and consistently expanded profitably into new markets. It has immediate and long term prospects. It is expanding to the US market. There is a bit of a risk here but has potential to do well. She paid less than $12.00 for this trust and continues to buy. | 2006-03-04 | ||
| DON'T BUY | The Brick Ltd | BRK-T | 8.800 | Furniture retailling started out West and then expanded to Eastern Canada. Retail is a tough business and their margins are paper thin. They make their money in their financing programs. They don't own it and would tend to avoid it. | 2006-03-04 | ||
| TOP PICK | Penn West Petroleum | PWT-T | 41.650 | Up 9.6 % year to date. Believes it is undervalued compared to some of its peers. Converted from a common share structure to a royalty trust structure. Predicts they will stabilze their production over the next year and that they have good opportunities for the short and long term. Paid $31.00 and if the opportunity came up they would buy more. | 2006-03-04 | ||
| DON'T BUY | ABN Amro Holding NV | ABN-N (Dead) | 29.030 | They don't follow this trust as closely as others. Really has not taken off, has had disappointing results. Not their favourite name. Believes that there are better oil and gas royalty trusts out there. | 2006-03-04 | ||
| BUY | Arc Resources Ltd | ARX-T | 26.650 | Intrigued by their recent acquisitions from Imperial Oil (IMO-T) and Exxon Mobile. They are long life assets in an area where they are working so a very complimentary fit. | 2005-12-07 | ||
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| BUY | Progressive Waste Solutions Inc | BIN-T | 29.440 | In the waste disposal business. They are going to consolidate a fragmented industry across North America. Recession resistant. Also have pricing power. Not inexpensive. | 2005-12-07 | ||
| TOP PICK | Bonavista Energy Corp | BNP-T | 38.030 | This is the new model oil/gas trust, which has a more sustainable profile because of a fairly low payout ratio. Strong management team. Properties are diversified among oil and gas. Will be a long-term survivor. | 2005-12-07 | ||
| HOLD | Connors Bros. Income Fund | CBF.UN-T | 9.940 | A difficult question. A good, viable, well run business. It is going to be fine in the long term but in the near term they have run into a number of difficulties. Contemplating cutting distributions by 8 to 10%. | 2005-12-07 | ||
| DON'T BUY | Calpine Power Income Fund | CF.UN-T | 8.020 | They have a power purchase agreement with Calpine Corp, in the US and Calpine Corp. is very close to bankruptcy. This has been reflected in the price of the trust. Thinks they will be able to change the purchaser to a new body. There will be volatility here. | 2005-12-07 | ||
| BUY | Enerplus Corp | ERF-T | 56.010 | Based on the quality of management, quality of assets and the outlook for the company, this is a good long-term hold. This is dependent on oil/gas prices. | 2005-12-07 | ||
| TOP PICK | H&R Real Estate Inv Trust | HR.UN-T | 20.440 | A very stable REIT. Won’t disappoint you on the income side. Versus its peers, this is trading at its net asset value, which is a bit of a discount. | 2005-12-07 | ||
| BUY | Inter Pipeline Fund | IPL.UN-T | 10.300 | Recently increased distributions. Have taken on new projects that should result in distribution increases. | 2005-12-07 | ||
| BUY | Pembina Pipeline Corp | PPL-T | 16.980 | Have just increased their distributions by 9%. Have some nice projects in the works that should give some distribution increases over time. | 2005-12-07 | ||
| TOP PICK | Yellow Media Inc | YLO-T | 15.750 | Likes its stability and would expect to get modest growth in distributions. They are concentrating on increasing the value of the printed directory as well as making sure that they benefit from any increased use of the internet. | 2005-12-07 | ||
| SELL | Boyd Group Income Fund | BYD.UN-T | 2.400 | Have cut their distributions. Not a compelling buy. | 2005-12-07 | ||
| BUY | Penn West Petroleum | PWT-T | 37.200 | Has a lower payout ratio, which reflects the reality of the times. Has some work ahead of it in order to eventually throw off some of the weight of the past and move forward as a royalty trust rather than an explorer. A good long-term hold. Production may fall in the next quarter or two, but should stabilize after that. | 2005-12-07 | ||
| TOP PICK | Arc Resources Ltd | ARX-T | 23.410 | Strong management. Excellent properties balanced between oil and gas. Plenty of opportunity to add value through drilling property it already owns. Excellent assets. | 2005-09-16 | ||
| BUY | Bonavista Energy Corp | BNP-T | 35.850 | Likes this name very much. Has excellent properties and management. Holds back a fairly substantial percentage of its cash flow for acquisitions. | 2005-09-16 | ||
| HOLD | Connors Bros. Income Fund | CBF.UN-T | 14.970 | This has been a difficult name. Had disappointing 2nd quarter results. As a result of hurricane Katrina among other problems, they've advised that they are going to have an even weaker year than it first thought. Wait for things to stabilize before buying. | 2005-09-16 | ||
| BUY | Enerplus Corp | ERF-T | 50.560 | Has a fairly significant US holder base, so any downside would be amplified by the US holdings who do not have the patience. Strong management and good properties. | 2005-09-16 | ||
| TOP PICK | RioCan Real Estate Investment | REI.UN-T | 21.750 | Not inexpensive these days, but really likes that it has an excellent track record of value creation in the past and feels this can be extended into the future. They are innovative in maximizing the values of their properties as well as developing properties through joint ventures with partners and generating fee income. A good core holding. | 2005-09-16 | ||
| BUY | Shiningbank Energy Income Fund | SHN.UN-T | 24.940 | An oil and gas producer, but more focused on gas. Always seems a bit expensive relative to its peers but consistantly surprises on the upside. | 2005-09-16 | ||
| TOP PICK | Superior Plus Corp | SPB-T | 28.800 | Reported a weak 2nd quarter and the units came off quite hard. It has a very strong business and an excellent management team. In the long run this will be a company that continues to create value. Periodically it does report a weak quarter and this is an opportunity to buy. | 2005-09-16 | ||
| BUY | Yellow Media Inc | YLO-T | 15.830 | Yield is kind of low for income trust people, but compared to bonds it is super juicy yield. Feels they will continue to squeeze value out of the directory business. Holds a pretty dominant position in the Canadian market which gives it pricing power. Management is looking for ways to leverage the values of the directory info they have. | 2005-09-16 | ||
| BUY | CML Healthcare | CLC-T | 15.000 | Likes this one very much. Has a long track record as a company that converted to a trust. A good long term hold. Has a 36% market share in Ontario and is levered to rising health care costs. You should get rising distributions. Looking for acquisitions. | 2005-09-16 | ||
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| BUY | Penn West Petroleum | PWT-T | 35.160 | As a company it tried to explore its way into riches, but found its real expertise was in production and that's what its property really offers. There should be upside as it divests itself of properties. Some risk, but should have nice upside. | 2005-09-16 | ||
| WEAK BUY | Capital Power L.P. | CPA.UN-T (Dead) | 36.800 | Usewd to be Trans Canada LP and was sold to Epcor. Very highly rated by the rating agencies. These units won't set the world on fire. You won't get super high returns out of these but you should get a very stable distribution stream. Expect that Epcor will roll some plants into the LP structure which should give some distribution increases. | 2005-09-16 | ||
| TOP PICK | Arc Resources Ltd | ARX-T | 21.560 | (A Top Pick Jan 10/05. Up 18%.) It will thrive in higher priced oil like today's. In the event oil should come off, it will be a survivor. Have very high quality properties. Strong management. | 2005-07-22 | ||
| DON'T BUY | Algonquin Power & Utilities Corp | AQN-T | 10.550 | Has consistantly disappointed in terms of what it's been able to do operationally. Payout ratio has been substantially above 100% for a long time. Not a stable or secure trust. | 2005-07-22 | ||
| DON'T BUY | Connors Bros. Income Fund | CBF.UN-T | 16.830 | Have had a bit of a difficult time. Had a very weak 1st quarter which hadn't been communicated very well in advance. Now waiting for the 2nd quarter results and the indication is that they will be kind of weak also. Some of its problems have been its US exposure and there is a currency risk. | 2005-07-22 | ||
| HOLD | Canadian Oil Sands | COS-T | 99.850 | The only pure play way to get exposure to the oil sands through the syncrude project. Although it is a trust and gives a yield, it is probably being bought as an oil call. If you think that oil is going to continue to be strong, it could be a very good buy. On the other hand, it could be very volatile. | 2005-07-22 | ||
| BUY | Enbridge Income Fund Holdings | ENF-T | 14.260 | A quality name. Distribution stream is very stable. Excellent management. Have the ability to grow through acquisition. Priced expensively at this point, but probably deservedly so. | 2005-07-22 | ||
| SELL | General Donlee Canada | GDI-T | 3.400 | Has disappointed investors and thinks that some people are holding on in hopes of it getting back so they can get their money out. | 2005-07-22 | ||
| BUY | Inter Pipeline Fund | IPL.UN-T | 10.460 | Looking 12 months down the road, the outlook is murky but good. Wants to expand beyond oil/gas pipelines. There's some consternation about this from the institutional community bacause there is an external management contract resulting in a fee. Expects good things, but it could be a bit of a rough ride getting there. | 2005-07-22 | ||
| DON'T BUY | Legacy Hotels | LGY.UN-T | 7.050 | 2nd quarter results were not as strong as many had expected. The recovery in the hotel industry has not turned out as well as they wanted. Doesn't expect any distribution increases this year. | 2005-07-22 | ||
| TOP PICK | RioCan Real Estate Investment | REI.UN-T | 21.030 | (A Top Pick Jan 10/05. Up 17.5%.) A leader in their industry. Excellent track record and very strong management team. Even though they are very large there is an opportunity to create more value through partnerships with institutions where they will generate management fees or other partnerships buying distressed/underperforming properties and fixing them up. | 2005-07-22 | ||
| TOP PICK | Superior Plus Corp | SPB-T | 32.200 | (A Top Pick Jan 10/05. Up 9.5%.) Strong management team. Businesses are suitable and appropriate for a trust structure. Superb track record. The existing distribution stream is secure from its core propane distribution and pulp chemical business. On top of that there is some opportunity for growth as they are expanding their chemical business, plus they are into a new line, dry wall and building products distribution. | 2005-07-22 | ||
| BUY | Tree Island Wire Income Fund | TIL.UN-T | 14.500 | Makes nails and steel wire products. A bit more complex in that it has facilities both in the US and Canada. Has done very well since their IPO. Have some currency exposure. Had an amazingly good strong year last year and the market may be a bit concerned about how far it's come down. Thinks the outlook is very good. | 2005-07-22 | ||
| DON'T BUY | Liquor Stores N. A. | LIQ-T | 18.200 | Growing through expansion/acquisition. Can't see any real competitive reason to expand except to get bigger. As long as they can continue to keep doing what they've been doing, they'll probably do well, but a lot of the expectation that they will congtinue to grow like that has already been priced onto the units. Not inexpensive. | 2005-07-22 | ||
| SELL | Boyd Group Income Fund | BYD.UN-T | 4.700 | A very small trust. Doesn't think anyone follows it. In a very competitive industry. | 2005-07-22 | ||
| BUY | DirectCash Payments Inc | DCI-T | 18.100 | Debit cards and the white label ATM machines. Has done well. It will grow and will be able to raise its distributions. Very limiyed analytical coverage. | 2005-07-22 | ||
| DON'T BUY | VOXCOM Income Fund | VOX.UN-T | 10.050 | Security systems for houses. New IPO and has had a difficult infancy. A very small company in a very competitive industry. | 2005-07-22 | ||
| DON'T BUY | Pizza Pizza Royalty Income Fund | PZA.UN-T | 10.240 | Preferred Boston Pizza Royalties (BPF.UN-T) which has the track record. Not sure Pizza Pizza can match the business model. | 2005-07-22 | ||
| TOP PICK | Arc Resources Ltd | ARX-T | 18.300 | Very strong management team. A nice mixture of oil and gas exposure. Stable distributions of approximately 10%. Holding back more cash without reducing distributions. | 2005-05-20 | ||
| BUY | Bonavista Energy Corp | BNP-T | 29.850 | Likes it very much. Has a very good asset base. Payout ratio of about 55/60%. Reserve life of about 8/9 years. | 2005-05-20 | ||
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| HOLD | Connors Bros. Income Fund | CBF.UN-T | 15.960 | Just reported weak quarterly results and cutting costs and creating synergies with the shutting of a plant in Alabama and selling a can making operation. Overall probably a good thing and an important thing in its evolution. 2nd quarter will also be difficult for them, but hopefully not as difficult. | 2005-05-20 |
