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Martin Hubbes, CFA of AGF Funds Inc.
Named chief investment officer in June 2005. After joining the company in 1992 as an investment analyst, Martin was appointed managing director of AGF Management (Deutschland) GmbH in Berlin the following year. He returned to Canada in 1994 and became lead portfolio manager of AGF Canadian Stock Fund in 1996. In addition to this mandate, Martin is the lead manager of AGF Canada Class and co-manager of AGF Global Health Sciences Fund. He was the lead manager of AGF Canadian Growth Fund, which merged in 1998 with AGF Canadian Equity Fund to form AGF Canadian Stock Fund. Martin earned a B.Sc and M.Sc. in Biochemistry from the University of Toronto and an MBA from the Schulich School of Business at York University. He is a member of the Toronto CFA Society.
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Opinions from Martin Hubbes, CFA

DON'T BUYGoldcorp IncG-T30.260Merging with Glamis Gold (GLG-T) which makes a lot of sense but is pretty expensive. If you like this company, probably not a bad time to get in as arbitragers are pushing down the price while driving up the price of Glamis. As the deal is consummated, pressure should ease. However, there are better opportunities out there.2006-09-01
TOP PICKCVS Corp.CVS-N33.960Became interested when they bought the other side of Ekerds. Had a very positive experience. Very aggressive in rebranding them and have had tremendous earnings growth off of that. Growth through acquisitions as well as internal growth.2006-09-01
TOP PICKMetro Inc (A)MRU.A-T31.100Earnings growth has been 12/13% over the last 5 years. P/E of 13 X forward earnings. Well-managed.2006-09-01
TOP PICKShoppers Drug Mart CorpSC-T46.640Not cheap, but the earnings visibility is wonderful. Lots more room for growth of new stores as well as revamping what they have and driving more sales per square foot. Relatively safe in an economic downturn.2006-09-01
BUYCanadian Tire Corporation Ltd. (A)CTC.A-T69.810Good story. Have a good market niche. They have built a superb franchise. May not be as susceptible to a housing slowdown. Good long-term story. 2006-09-01
HOLDZarlinkZL-T2.420Interesting turnaround. Management is doing all the right things. The problem is they are trying to orchestrate the turnaround in what is turning out to be a very bad tech tape with a lot of tech companies being under pressure. Lots of cash on the balance sheet and they are generating cash.2006-09-01
DON'T BUYATS AutomationATA-T13.340Issuing an IPO on their Photowatt company and the stock took a jump on this news. However, the automation side of the business will continue to be under pressure.2006-09-01
BUYCanadian Oil Sands TrustCOS.UN-T34.440A great vehicle for investing in the oil sands. Expect there will be consolidation in the oil sands down the road. In the short term, it is really going to be a call on the price of oil. It you're a 3/5-year investor, it's a very interesting investment.2006-09-01
WAITBreakwater ResourcesBWR-T1.300His view on materials is that it is time to wait because a slowing US economy will give you a better entry opportunity. Doesn't think it's the end of the cycle, but you will get a better chance later on.2006-09-01
BUYEldorado GoldELD-T5.390Lots of opportunity for growth. Have a couple of very interesting projects. Good exploration and a bit of production.2006-09-01
BUYPetro-CanadaPCA-T48.250One of the cheaper integrateds. A perennial underdog. Not a bad time to buy. Valuation is reasonable. There is a lot of growth ahead.2006-09-01
HOLDHudbay Minerals Inc.HBM-T15.460Showing production growth. Short-term caution: with the US slowdown, it may be difficult for the next couple of months for these stocks to move aggressively higher. Doesn't feel we are at the end of the resource cycle yet.2006-09-01
PAST TOP PICKThomson Reuters CorpTRI-T44.900(A Top Pick Aug 2/05. Up 4%.) The story is very much intact and unfolding the way he expected. Starting to drive the values in synergies out of their acquisitions and starting to drive the earnings growth.2006-09-01
PAST TOP PICKShawcor Ltd. (A)SCL.A-T18.700(A Top Pick Aug 2/05. Down 2.5%.) Still likes it for the late cycle move in commodities. They do pipe coating for tying in oil wells as well as big pipeline projects.2006-09-01
PAST TOP PICKCanadian National R.R.CNR-T47.550(A Top Pick Aug 2/05. Up 17.2%.) Best example of a great, well-managed business. Even though the business is cyclical, you can own it right through the cycles.2006-09-01
BUYTrican Well Service Ltd.TCW-T22.940This will bounce around with the price of energy. Given the requirements for new drilling and a lot of the new wells require fracking, this kind of company is a wonderful investment long-term.2006-09-01
DON'T BUYTransalta CorpTA-T24.320Always thought the stock was a little more expensive than where he would be comfortable entering. Have some interesting assets but have never gotten the returns that they should get.2006-09-01
WEAK BUYEnbridgeENB-T36.540Trading at a P/E multiple above its historic range. Good company, but not cheap.2006-09-01
WEAK BUYTrans Canada CorpTRP-T35.770Trading at a P/E multiple above its historic range. Good company, but not cheap.2006-09-01
WEAK BUYAlcan AluminumAL-T50.350Have good businesses, but have never earned the returns on them that he would have expected. Have things underway to improve profitability which he thinks will work. The own some very valuable assets such as aluminum smelters with power contracts. May come under a bit of pressure in the short-term.2006-09-01
BUYAngiotech PharmaceuticalsANP-T13.350Has come under a bit of pressure which now seems to be easing. Their main business is drug coated stents which they get royalties on. Recently made an acquisition and some of the synergies are now going to start working their way through.2006-09-01
BUYRoyal BankRY-T49.080One of the better banks. Their retail network is much better run. The big question mark is their US growth strategy which is what you have to keep an eye on.2006-09-01
BUYResearch In MotionRIM-T90.500There has been a lot of talk about a potential new device coming out that includes some entertainment features, et cetera. People have become excited about that so they stock has been moving. He doesn't like buying on rumours.2006-09-01
BUYYamana Gold Inc.YRI-T11.560Very difficult for the larger gold companies to grow. A company this size has the potential to grow very nicely and as it grows, not only do you get the benefit of its production but also a revaluation as more and more investors are attracted to it.2006-09-01
BUYBank of Nova ScotiaBNS-T47.440Their international strategy is really starting to come through. Their last earnings statement shows they are making good money off this.2006-09-01
BUYEurozinc Mining CorpEZM-T3.120Merging with Lundin Mining (LUN-T) which makes sense. If you're short term, and worried about the US economy slowdown, then you should trade in and out of these types of stocks. Longer term, this company is fine.2006-09-01
BUYTelus CorpT-T54.330Has had a nice run-up, due to their wireless business, not their wire line business. Has been executing very well. Feels the growth in wireless will outstrip the potential decline in the wire line.2006-09-01
HOLDEncana CorpECA-T58.850Investors are awaiting foreign news on the oil sands. Heavily gas levered is helping to keep the price up. Well-managed company.2006-09-01
DON'T BUYSobeysSBY-T39.150Prefers the management teams on Loblaws (L-T) and Metro (MRU.A-T) because of their history of better execution. Some day, this will be a wonderful turnaround but, the question is when.2006-09-01
DON'T BUYAgriumAGU-T26.550You have to be bullish on fertilisers for the long-term. As a long-term investor, he prefers Potash (POT-T) as potash is a scarcer resource than nitrogen.2006-09-01
BUYCryptologicCRY-T34.300Have a fairly strong cash flow. A lot of the gaming stocks have had a lot of hype around them and have run up very strongly, particularily on-line gaming companies like this one. Thinks there's a real opportunity for this stock, but will have to see what the earnings look like. Would be a long term holding. 2005-08-02
BUYCameco CorporationCCO-T57.700Clearly reacting to the price of uranium and expects this price will continue to climb over time. This company has sold a lot of its production forward, so doesn't expect its earnings to keep pace with the rise of uranium in the short term. Ok for a long term holding.2005-08-02
VAGUEUTS EnergyUTS-T3.950Right now they have a partnership with Petro Canada (PCA-T) and they need to bring a mining company on board with mining expertise. Once that happens, the stock will move higher. Today it's moving on news of mergers/acquisitions in the oil sands area. Speculative.2005-08-02
BUYEncana CorpECA-T51.080An excellent company. Very well diversified and very well run. Solid resource space. Long term prospects, particularily on the gas side. Good long term hold.2005-08-02
HOLDResearch In MotionRIM-T87.650It's a bit in no-mans land. Would get more interesting at below the $80Cdn level. This would discount the risk of paying a royalty to NTP as well as the risk of competition. This would also give you a strong growth company at a reasonable price.2005-08-02
BUYCognosCSN-T48.290One of their main competitors Business Objects (BOBJ-Q) just reported very strong numbers. The business intelligence sector is a growing area and there has not been a lot of consolidation in this sector and thinks it is coming. Even if it doesn't come, it has a very strong product offering.2005-08-02
BUYToronto DominionTD-T56.770Exceptional. Very strong leadership. Likes the way they have entered into the US market. Will continue to perform well on all metrics.2005-08-02
BUYManulife FinancialMFC-T62.620Strong management. Expanding internationally in a very solid way. A good way to play the global market place through their subsiduaries.2005-08-02
BUYNiko ResourcesNKO-T57.400A little more speculative than what he likes. Sitting on a mammoth potential, but not producing as yet. If you're bullish on oil and gas long term, then it's a buy. You may have to wait for production to catch up with the share price.2005-08-02
BUYATI TechnologiesATY-T15.880An interesting play. The graphic accelerator market used to have a lot of competitors, but is now down to Intel (INTC-Q), ATI and Nvidea (NVDA-Q). This one is a long term survivor. They are trying to branch out into more consumer oriented graphics. Have had a bit of a hiccup here. New chip is about to be launched.2005-08-02
WEAK BUYCanadian Oil Sands TrustCOS.UN-T111.490Sold because the price was getting too high. An interesting company with its long life reserve index giving it long term production visibility. Getting a bit rich in valuations. Can move higher in the short term.2005-08-02
WEAK BUYCanadian Pacific ShipsTEU-T21.340There's a large merger of shipping companies in Europe. This stock has moved up strongly on takeover news. Speculative. The risk to this sector is that a whole lot of new tonnage is being brought on. Shipping rates went up when there wasn't a lot of tonnage available, but this is starting to correct.2005-08-02
DON'T BUYHudson Bay Co.HBC-T14.850Haven't owned this stock for a number of years. Has been under a lot of pressure. Heavy competition from Wal-Mart (WMT-N) as well as Loblaws (L-T) which is getting into the soft goods. Have some really good real estate locations.2005-08-02
PAST TOP PICKToromont IndustriesTIH-T23.300(A Top Pick Aug 23/04. Up 26%.) Still likes. Has moved very nicely and probably not cheap. Has solid management, so likes it for the long term. 2 areas of growth, Caterpillar dealership (spare parts only) and gas compression. Would buy more on any weakness.2005-08-02
PAST TOP PICKVincor International Ltd.VN-T28.200(A Top Pick Aug 23/04. Down 10%.) Still thinks longer term it is a good solid company. Struggling against the wine glut in Australia where wine prices have been supressed. They own some wineries in Australia.2005-08-02
PAST TOP PICKShoppers Drug Mart CorpSC-T40.960(A Top Pick Aug 23/04. Up 20%.) A great company. Not cheap. There is a lot of room for growth, both in the private label program as well as sales per square foot and they are opening more stores. A long term hold and thinks the earnings will catch up to the stock price.2005-08-02
BUYBank of Nova ScotiaBNS-T42.450Really well managed company. Recent management transition went very well. No large US expansion on the horizon for now. Seems to be going more internationally. Good long term growth strategy that he likes.2005-08-02
DON'T BUYCoolbrands (A) Sold to NestleCOB.A-T3.240Has never owned this one. Not a favourite. Not sure that the long term earnings growth is there. A bit challenged now that they've lost the Weight Watchers brand.2005-08-02
BUYBCE Inc.BCE-T30.200From a yield play, this stock is fine. They'll earn their dividends fairly handily. Longer term growth is still a bit of an issue. They've been working at it. Being challenged as the incumbent on the telephony business with strong competition from VoIP companies who are more nimble. Will take some market share from them.2005-08-02
BUYManitoba Telecom ServicesMBT-T46.800From a yield point of view this is a good stock to own.2005-08-02
WEAK BUYNexen IncNXY-T49.140Sold his position when the stock was looking pricey. Have a lot of long term growth potential but will be more challenged in the near term. Just went through a very large transaction so will have to work through that and integrate. If you are bullish on oil this is not a bad company longer term. Trying a new process in the oil sands which can be risky.2005-08-02
BUYRona IncRON-T23.800Has executed extremely well. Thinks people may be worried about competition from Home Depot (HD-N) and Lowes Companies (LOW-N). So far they are holding their own and doing extremely well. You'll have to watch out for the long term risk.2005-08-02
WEAK BUYIncoN-T50.900Has been volatile. Nickel price dives on any news of recession in China and rises on good news. Lately there's been takeover rumours. This stock will trade with the price of nickel. Longer term have some growth coming from Voisey's Bay and Goreau. Have taken some profits on this stock and refocused into the mid cap market. Prefers Inmet (IMN-T)2005-08-02
BUYInmet MiningIMN-T18.800Prefers over Inco (N-T) as they can get more growth.2005-08-02
DON'T BUYBombardier Inc (B)BBD.B-T3.200Has a lot of challenges ahead. Have some good brand names and a solid base in the transportation system, but they have to get the profitability up. Seem to be doing well in business jets turbo props, but are really struggling on the regional jets. Have to get their 100 seater built in order to compete.2005-08-02
BUYPenn West Energy TrustPWT.UN-T31.580Hasn't done much because it is turning itself into a trust. A number of investors played it for that move and are now slowly exiting it which is putting pressure on. A well run company.2005-08-02
DON'T BUYTerasenTER-T36.000Can see a lot of potential for the pipeline business longer term, but not sure what you are paying for that long term growth. Sold his shares at what he thought was expensive at $26, so might be the wrong guy to ask. If you are comfortable with the 24 X forward earnings then hold.2005-08-02
TOP PICKThomson Reuters CorpTRI-T43.370There's a real opportunity here. After a number of years of making acquisitions, they're integrating them and getting good organic growth out of them. Expects to see an earnings acceleration ove the next number of years when they start to deliver on the business plan. Good management.2005-08-02
TOP PICKShawcor Ltd. (A)SCL.A-T18.800An interesting way to play the oil/gas sector. In the pipe coating business and as drilling activity increases and the number of tie-ins increases, these guys deliver the pipes that are used in these operations. If the big pipeline projects coming down from the north come into being they will get the contracts.2005-08-02
TOP PICKCanadian National R.R.CNR-T81.370Has had a great move, but with the forward earnings expectations, it is still only trading at between 13 and 15 X forward earnings. Grain crops are going to be very strong. Have been very good at passing on their higher fuel costs.2005-08-02
DON'T BUYDofascoDFS-T35.280The drop in this stock is because they are a big supplier to the auto industry. Also, China produces the same kind of steel and their production has been rising. A very good company. Probably went up too far too fast. A little concerned about the steel sector as a whole because China is bringing a lot of capacity on line.2005-03-21
DON'T BUYNiko ResourcesNKO-T67.230A very aggresive stock. Trading at a high valuation because of anticipation of a very high production increase. Fully valued. Expect high volatility. High risk.2005-03-21
TOP PICKToromont IndustriesTIH-T21.180Their main line of business is distibutorship of the Caterpillar tractor which is doing very well. Even if sales should drop, there is still sales of parts. The 2nd part of their business is selling gas compression which is the real growth driver to their business. Can be cyclical in the short term, so yoiu have to take a long term point of view.2005-03-21
SELLNortelNT-T3.400Stock droppped because the results in the latest quarterly returns were not as strong as had been anticipated. Fully valued. The stock trades as much on news as it does on valuation. Can be extremely volatile.2005-03-21
BUYOpen TextOTC-T21.020They are in the document management business. This is a huge issue for companies, archiving e-mails, retrieving them for legal puposes, managing work flow and document flow. This is a terrific growth area. We are in the early days of this industry, so it can be volatile. Relatively cheap.2005-03-21
BUYGreat West LifecoGWO-T27.270A very well managed business. The real growth opportunity is in the US where they are involved in health care. Business was struggling over the last few years and now seems to be turning around. Extremely well managed and always get good return on equity over the long haul. He owns Power Corp (POW.SV-T) which is an alternative way to own Great West. 2005-03-21
TOP PICKIndustrial-Alliance Life InsIAG-T56.150Flies under a lot of radar screens. Canada only. Great management. Over capitalized right now.2005-03-21
BUYTrue Energy IncTUI-T4.840Junior oils is getting tougher to find a stock as a lot of them have coverted to royalty trusts. This is one of his favourites. It's in the process of closing an acquisition. Still in a growth phase. Have had great success on their drilling programs and production growth has been good.2005-03-21
WEAK BUYStake TechnologySOY-T6.780A little too volatile for him. The whole health food additive is not a bad business to be in, but you are dealing in a small cap company which can be volatile.2005-03-21
TOP PICKPower CorpPOW-T30.800The kind of a stock you can put in your portfolio and leave. This puts you as close to the Desmerais family as you can get and they are very savvy investors. Great subsiduaries such as Great West Life (GWO-T) and Investors Group (IGM-T).2005-03-21
WEAK BUYPfizer IncPFE-N25.710Pharmaceuticals have pretty good cash flows, but their stocks are going nowhere. Cheap on a relative basis to where they've been. Have one big overhang as a group, i.e., there are a lot of patent expiries that are going to happen in 2006. May not be a bad time to start picking them up.2005-03-21
DON'T BUYWestjet AirlinesWJA-T17.000A good company and will probably do OK, but you have to watch out for oil prices. Too cyclical for him.2005-03-21
SELLAur ResourcesAUR-T6.120From here on in, you have too be very bullish on copper. Some of their projects are coming to the end of their mine life.2004-11-05
BUYResearch In MotionRIM-T92.540Has been reserving for potential loss in the NDP case. Thinking about buying at this price. For aggressive investors.2004-11-05
BUYFirst Quantum MineralsFM-T16.100A bit riskier because of the African location, but would consider this a good copper play. Have some new projects coming on, so you can see some visible growth.2004-11-05
BUYCanadian Natural RsrcsCNQ-T47.250Doesn't think the oil story is over. Growth in China is not going to slow materially.2004-11-05
TOP PICKToromont IndustriesTIH-T20.500Has superb management which takes a long term view to corporate planning and is concerned about earnings per share and ROE. Their gas compression business is going to be the real driver.2004-11-05
SELLAbitibiBowater Inc.ABH-T7.480There has been a glut of newsprint globally. There has been no rebound in consumption that we are used to in normal cycles. Internet is a factor.2004-11-05
HOLDRussel MetalsRUS-T13.880Steel is a good commodity. China's building of infrastructure is going to persist for some time. A well run company. 5% dividend.2004-11-05
BUYAngiotech PharmaceuticalsANP-T24.530A good probability that the stock will move higher. Everything is lining up for them to get a higher royalty from Boston Scientific.2004-11-05
TOP PICKVincor International Ltd.VN-T31.250Good management. Good global distribution network.2004-11-05
BUYMagna Int'l. (A)MG.A-T93.800A reasonable entry point. Auto sales are not going to go higher, so Magna has to get the content per vehicle up. The next challenge is to penetrate the Asian car manufacturer.2004-11-05
HOLDIPSCO IncIPS-T37.550Will need to have large pipeline infrastructure projects. Probably has gotten as much as you are going to get from a rise in steel prices. Now need large orders for large diameter pipe.2004-11-05
TOP PICKShoppers Drug Mart CorpSC-T37.000Use any weakness in the stock to accumulate. Upgrading their stores, and growing their store base and have lots of room to introduce private label products.2004-11-05
DON'T BUYATS AutomationATA-T11.000The enigma with this company is the great revenue and cash flow, but lousy earnings. Stock always seems expensive on forward earnings.2004-11-05
DON'T BUYGeorge Weston Ltd.WN-T97.250Recently sold their holdings. An excellent company, but saw the dynamics of the baking business changing. Buyers of bread like Walmart are consolidating.2004-11-05
DON'T BUYAlgoma SteelAGA-T22.000Avoid. The business seems to continually go back into bankruptcy.2004-11-05
DON'T BUYStelco IncSTE-T1.230Avoid.2004-11-05
TOP PICKVincor International Ltd.VN-T31.990Good brands. Growing through both organic and acquisitions. A lot more growth potential.2004-08-23
TOP PICKToromont IndustriesTIH-T18.540A lot of the growth is going to come from the compression business which is growing very rapidly. Conservative business management. Good allocation of capital. Cyclical.2004-08-23
WEAK BUYConjuChem IncCJB-T3.990Feels there is a potential drug here. Probably is near its bottom. A fair risk/reward. They are trying a new formulation re: nausea of the drugs they tested in phase 2 trials. Also waiting for a combination trial.2004-08-23
DON'T BUYTransalta CorpTA-T16.160Not sure that they are able to support the dividend. Have some solid assets but they have to be run a bit better.2004-08-23
DON'T BUYATS AutomationATA-T11.430A good company. The backlog has been growing. The valuation always seems to be ahead of where reality is. Slightly expensive. Good company.2004-08-23
DON'T BUYHarry Winston Diamond Corp.HW-T41.920Longer-term, there should be upside to the stock. In a short term, it is fairly valued.2004-08-23
BUYBCE Inc.BCE-T27.550Stock has been falling because the wireline business has been weak. Thinks it has bottomed out. Dividend is safe. Long-term opportunity is through the restructuring of the business.2004-08-23
BUY on WEAKNESSQLT IncQLT-T21.840At an interesting entry point. A competitor of theirs is in front of the FDA for approval of a competing drug for Visudine. This may create some weakness, but not a problem as there's plenty of room for both players.2004-08-23
BUYOpen TextOTC-T29.450At a good price. Has fallen off because software companies in general have come off and some questions of write-offs. In the midst of a merger.2004-08-23
DON'T BUYLionOre Mining InternationalLIM-T5.230Valuation is fine and there is an upside. Their developing a new methodology for extracting nickel. If that works, the Company will get a big boost. Too early to tell. Fairly valued.2004-08-23
DON'T BUYNortelNT-T5.220Has popped to a level that he finds surprising, but he is conservative. They are winning contracts. Not sure the organization can restructure itself to become profitable. Fairly valued.2004-08-23
BUYManitoba Telecom ServicesMBT-T42.400The risk is that the wireless acquisition (Airstream) revenues are fading fast. Dividend is fairly safe and is rising to $3 in September.2004-08-23

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