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| Michael Decter of Lawrence Decter Investment Counsel |
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| TOP PICK | Inter Pipeline Fund | IPL.UN-T | 13.010 | Buy below $13. Good yield. Big addition to the revenue coming on when their corridor pipeline comes on. There is a prospect that in the next year or so they might raise their distribution. Will remain as an income trust. 7% yield. | 2010-08-26 | ||
| TOP PICK | iShares DEX Universe Bond ETF | XBB-T | 30.270 | Universal Canadian bond fund. Rather than holding money in cash or bankers acceptances that are paying less than .05%, this one yields about 3.9%. When interest rates start to rise, you might not want to be in this one. | 2010-08-26 | ||
| TOP PICK | Canacol Energy Ltd. | CNE-X | 1.350 | Expecting this company to do spectacularly well. Mostly in Colombia, Brazil and Guyana. Drilling some very strong wells and have $80 million to do this. Producing about 3000 barrels a day and expecting to exit at 7000. Good management. | 2010-08-26 | ||
| PAST TOP PICK | Hudbay Minerals Inc. | HBM-T | 14.460 | (A Top Pick July 20/09. Up 74.88%.) Has some good room ahead of it. | 2010-08-26 | ||
| PAST TOP PICK | Consolidated Thompson Iron Mines Ltd. | CLM-T | 8.040 | (A Top Pick July 20/09. Up 115.08%.) Has some good room ahead of it. | 2010-08-26 | ||
| PAST TOP PICK | Russel Metals | RUS-T | 19.450 | (A Top Pick July 20/09. Up 34.78%.) Holds some of their convertible debentures but not the shares. | 2010-08-26 | ||
| BUY | Norbord Inc. | NBD-T | 10.840 | Low cost producer of oriented strand board. Stock has come off a good deal because of fears of weak US housing starts. Will take a couple of quarters but it is a well managed company and will be a survivor. | 2010-08-26 | ||
| Comment | Niko Resources | NKO-T | 103.250 | Looking for the right entry point and will be buying. Would prefer it in the $90-$100 range but will take it in this range. | 2010-08-26 | ||
| HOLD | Alliance GrainTraders Inc. | AGT-T | 28.470 | Have had 2 soft quarters in terms of margins and is looking to see the next quarter. It should come back, but there are weather issues, margin issues and supply/demand issues. Terrific long-term company. | 2010-08-26 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Power Financial (PWF-T) or Power Corp (POW-T)? Both have come off a good deal. Power Financial is overwhelmingly Great West Life (GWO-T) and Investors Group (IGM-T). Power Corp has holdings in China, Europe and Quebec so it is a broader holding company. Your choice. | 2010-08-26 | ||
| HOLD | Canfor Pulp Income Fund | CFX.UN-T | 13.890 | Increased distributions from $.12 monthly to $.20 and more recently $.22. Appear to be earning $.40 a month so distribution should be secure. Unit prices soft because of fear of a softening in the economy. If you feel economy is going off a cliff, don't buy. (He doesn't!) 19.1% yield | 2010-08-26 | ||
| Comment | Transalta Corp | TA-T | 21.230 | Has been a steady Eddie. Hs preference has been Trans Canada (TRP-) or Enbridge (E#NB-T) because of scale, nature of the assets and the debt structure. These 2 are probably better choices for growth. | 2010-08-26 | ||
| BUY | Capital Power | CPX-T | 22.500 | Has taken a small position and likes what he is seeing. Some issues around power rates. | 2010-08-26 | ||
| BUY | Just Energy Income Fund | JE.UN-T | 13.570 | Sell fixed-price contracts for natural gas. Terrific prospects. Have done a US acquisition, which should take them into some exciting new growth markets. 9% yield. | 2010-08-26 | ||
| BUY | Bank of Nova Scotia | BNS-T | 50.510 | Very solid bank. As growth returns in the world economy, this bank has some important upsides being the dominant bank in the Caribbean. | 2010-08-26 | ||
| PAST TOP PICK | Hudbay Minerals Inc. | HBM-T | 13.730 | (A Top Pick July 20/09. Up 70.77%.) Still has room to the upside. Developing the Lalor mine, a terrific gold/copper mine. Try to Buy in the $11-$13 range. | 2010-08-16 | ||
| PAST TOP PICK | Consolidated Thompson Iron Mines Ltd. | CLM-T | 7.950 | (A Top Pick July 20/09. Up 110.3%.) Trimmed a little when it was higher. Still likes. First boatload of iron ore is en route to China or is there. Has real legs for the long haul. | 2010-08-16 | ||
| PAST TOP PICK | Russel Metals | RUS-T | 18.880 | (A Top Pick July 20/09. Up 22.3% excluding dividends.) Got out of most of his holdings but still owns a convertible debenture. Can be very cyclical. | 2010-08-16 | ||
| TOP PICK | Cineplex Galaxy Income Fund | CGX.UN-T | 20.340 | Very solid way to play the movie business. Box office was off a bit in the last quarter but overall profitability was up. The other thing driving it is the move to 3-D and higher ticket prices. Use their theatres also for opera, ballet, Olympics, etc. 6.3% yield. | 2010-08-16 | ||
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| TOP PICK | New Flyer Industries Inc. | NFI.UN-T | 10.800 | Manufactures 40% of all the urban buses in North America. Very good cost structure and had a very good quarter. Buses need to be replaced and US has put up big subsidies to their cities and people are going green. Huge order backlog. 10.9% yield. | 2010-08-16 | ||
| TOP PICK | Northland Power Income Fund | NPI.UN-T | 14.390 | Power producer with assets in Ontario and Germany and fairly green with natural gas, wind and biomass. Looking for 50% growth by 2016. Thinks their 7.5% yield is sustainable. | 2010-08-16 | ||
| Comment | Killam Properties Inc | KMP-T | 8.990 | The Atlantic region has done very well. This one is a nice growth situation. | 2010-08-16 | ||
| BUY | Daylight Resources Trust | DAY-T | 8.940 | Likes what they're doing and thinks they will recover. | 2010-08-16 | ||
| Comment | Manulife Financial | MFC-T | 12.740 | Have been through hell in every sense and he thinks it is probably near the low. If you have gains elsewhere and a big loss here, you might want to take the loss. Probably in for another couple of tough quarters. If your timeframe is 18-24 months and your patient, you should do fine. | 2010-08-16 | ||
| DON'T BUY | Canadian Oil Sands Trust | COS.UN-T | 26.390 | Was downgraded by BMO today and there is a lack of enthusiasm for this one. Solid enterprise but it doesn't seem to generate the excitement that others are doing. | 2010-08-16 | ||
| SELL | Yellow Pages Income Fund | YLO.UN-T | 5.250 | Owns our little and is undecided whether to Sell or Hold. It looks like the market leaves there is going to be a distribution cut. It was expected the Internet would take over but the company has coped quite well with that. | 2010-08-16 | ||
| HOLD | Westshore Terminals Inc. | WTE.UN-T | 18.210 | Gateway business to China, which he likes. Has had a big run-up. | 2010-08-16 | ||
| WEAK BUY | Western Forest Products Inc. | WEF-T | 0.330 | Extremely speculative and very volatile. Had a good quarter and if lumber prices hold they could do very well. Not for the faint of heart. | 2010-08-16 | ||
| Comment | Niko Resources | NKO-T | 105.490 | Had been hoping it would take a dip and he would get it in the low $90's. Likes what they are doing. Elephant hunting and have a good chance and delivering. Have enough cash flow to keep them alive. Thinks it will be a long-term, big success story. | 2010-08-16 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 36.310 | Did an issue that didn't get completely sold and has been overhanging the stock. Thinks dealers are on the verge of cleaning that up. Likes management. Delivering a long-term company that is going to be worth a great deal more than it is now. Have hedged forward a lot of oil. | 2010-08-16 | ||
| BUY | Canwel Building Materials Ltd. | CWX-T | 4.330 | Just converted from a trust to a corporation. Have been digesting an acquisition. Account for about 8% of what goes through Rona, Home Depot and Lowe's as well as how much room they have for growth. | 2010-08-16 | ||
| Comment | A&W Revenue Royalties Income Fund | AW.UN-T | 17.850 | Paid 2 special dividends in the last year. Extremely well managed. Doing a good job and there is a renewed interest in franchising. | 2010-08-16 | ||
| Comment | Manitoba Telecom Services | MBT-T | 25.180 | Telus (T-T) or BCE (BCE-T) would be a better place to be if you want a telecom holding. They are in growth markets and have more scale and are able to get into other lines of business. There might be a bounce but over the long haul, others would be better. | 2010-08-16 | ||
| BUY | Davis & Henderson Income Fund | DHF.UN-T | 17.260 | Very solid lead managed. You would think cheque making would be threatened by technology but they have been very good at adapting. Good solid trust to own. | 2010-08-16 | ||
| DON'T BUY | Viterra Inc | VT-T | 8.620 | You would think they could do well with the rising wheat price but this company has struggled to shake off its Sask/Wheat Pool roots. Made an acquisition in Australia but profitability has been elusive. There are others he would prefer. | 2010-08-16 | ||
| STRONG BUY | Canacol Energy Ltd. | CNE-X | 1.100 | Small Colombian oil company that he thinks has the best prospect as a junior of becoming an intermediate. Drilling terrific wells and have a great land position. Good management. | 2010-08-16 | ||
| BUY on WEAKNESS | Inmet Mining | IMN-T | 48.910 | Base metal mines. Never been able to buy at the price he would like. Solid well managed company. | 2010-08-16 | ||
| HOLD | PetroBakken Energy | PBN-T | 20.690 | Has been a disappointment so far but he is still holding. If it doesn't do something by Christmas, it may make the top of his tax-loss selling list. Has been a concern that management has been paying too much for land. | 2010-08-16 | ||
| HOLD | Lake Shore Gold | LSG-T | 3.740 | A takeout is a possibility. Big gold miners, to support their multiples and production, are going to have to take out a lot of the smaller companies. | 2010-08-16 | ||
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| Comment | Pengrowth Energy Trust | PGF.UN-T | 9.950 | Feels 8.4% distribution is safe. Have huge tax pools so when they convert they won't be taxable immediately. Putting a lot of money into an exploration program to get their production up. If they do that you could see the low or mid teens in 1-1.5 years. | 2010-08-16 | ||
| DON'T BUY | Opti Canada Inc. | OPC-T | 1.070 | In a very tough spot. Maybe it will get turned around but it's a very speculative situation at this point. | 2010-08-16 | ||
| BUY | Royal Bank | RY-T | 51.320 | Thinks this bank has the best management culture in terms of consistency and a very solid franchise. | 2010-08-16 | ||
| BUY | Gran Tierra Energy Inc. | GTE-T | 6.180 | Colombian play. Good solid company. When the 3 stock exchanges, Colombian, Chilean and Argentinean merge early next year all of the companies in Colombia are going to get a bump. | 2010-08-16 | ||
| TOP PICK | Inter Pipeline Fund | IPL.UN-T | 12.320 | Defensive play. New big pipeline coming into their rate base for the next couple of quarters. Oil sands are firing back up giving them a lot of upside. Possible acquisition target. Doesn't have to convert because they are a partnership. 7.35% yield. | 2010-07-19 | ||
| TOP PICK | iShares DEX Universe Bond ETF | XBB-T | 29.690 | Cdn bond market ETF. Barclays run this and they have $1.4 billion with 236 individual government bonds. For retail investors, individual bonds are hard to buy in small quantities without getting killed on the spread. 4.3% yield. If interest rates go up, this won't perform that well but if there is deflation, this is a holding action. | 2010-07-19 | ||
| TOP PICK | Just Energy Income Fund | JE.UN-T | 12.600 | Acquired Hudson Energy. This puts them into some new markets in the US, including small business, not just the residential market. Excellent management. Also doing very well on the green energy and getting a premium for selling it. | 2010-07-19 | ||
| PAST TOP PICK | Hudbay Minerals Inc. | HBM-T | 11.590 | (A Top Pick July 20/09. Up 46.64%.) Still huge value here. They are sitting on $900 million in cash and have a great new mine, Laura copper/gold mine. If it got up to $16-$17 he might sell. | 2010-07-19 | ||
| PAST TOP PICK | Consolidated Thompson Iron Mines Ltd. | CLM-T | 7.000 | (A Top Pick July 20/09. Up 87.83%.) Took some of his money off the table but is happy with them. | 2010-07-19 | ||
| PAST TOP PICK | Russel Metals | RUS-T | 18.800 | (A Top Pick July 20/09. Up 29.57%.) | 2010-07-19 | ||
| Comment | Crescent Point Energy Corp | CPG-T | 37.390 | Terrific management team that are doing everything right. Kept their dividend when they converted so you get paid while you hold. 6%-7% yield. Long-term hold. | 2010-07-19 | ||
| Comment | Bank of Nova Scotia | BNS-T | 51.000 | Likes Canadian banks and feels the dividends are safe. May take a bit of time before they increase dividends again. The premium banks are Toronto Dominion (TD-T) and Royal (RY-T), which carry a premium multiple, so this will give you a bit better dividend. Doesn't see another leg up in the short-term but in the medium-longer term it is fine. | 2010-07-19 | ||
| Comment | Bank of Montreal | BMO-T | 61.460 | Likes Canadian banks and feels the dividends are safe. May take a bit of time before they increase dividends again. The premium banks are Toronto Dominion (TD-T) and Royal (RY-T), which carry a premium multiple, so this will give you a bit better dividend. Doesn't see another leg up in the short-term but in the medium-longer term it is fine. | 2010-07-19 | ||
| Comment | Bombardier Inc (B) | BBD.B-T | 4.430 | Have a delivery date for their C series airplanes and he expects a lot of sales for them over the next 10 years. Trains are doing well but he'd like to see them both hitting on all burners. | 2010-07-19 | ||
| BUY on WEAKNESS | Niko Resources | NKO-T | 104.750 | Right at the top of his Watch list as there are a lot of good catalysts for it. Would like to get it a little lower. Great exposure to some elephant plays in Asia. | 2010-07-19 | ||
| BUY | Brookfield Properties | BPO-T | 15.090 | Very big cash balance sheet and are expected to go on a shopping spree for some really good properties. Own some very high-quality premium properties in the US. Good management. | 2010-07-19 | ||
| Comment | Canfor Pulp Income Fund | CFX.UN-T | 14.100 | Pulp prices doubled and there is a question whether pulp prices can be sustained. Recently increased distributions from $.12 a month to $.20 a month. Distributions should be sustainable as long as pulp prices did not come off another 20% but doesn't think they would have raised distributions if they were going to have to cut distributions. Yield of about 16%. Not for the faint of heart. | 2010-07-19 | ||
| Comment | NAL Oil & Gas Trust | NAE.UN-T | 10.870 | Well managed. If you are patient with this, it should be solid and it should do quite well over 6-9 months. | 2010-07-19 | ||
| HOLD | Manulife Financial | MFC-T | 14.790 | There is concern that Q2 could be quite negative but they are trading at less than 50% of their market cap. If you have a longer-term time span, this is a company that will work its way through its difficulties, but may take 1 or 2 years. | 2010-07-19 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Income trusts: We are not in the rising interest rate environment that we thought we would be in thanks to the Greeks. Yields that are sustainable in income trusts still look pretty good. There are a lot of trusts that don’t need to convert because of tax credits. If the trust is a good business and earning its distribution it is going to do fine after its conversion. You need to be very focused on which trusts you hold. Positive outlook for 2010; no major correction, TSX should end up in the high 12,000s. The world isn’t coming to an end and there are people who have made their careers in the last couple of years by coming on TV and saying the world is ending on bad news. | 2010-06-11 | ||
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| BUY | Royal Bank | RY-T | 53.000 | Took advantage of weakness in the US to buy banking assets on sale. Long term buy. | 2010-06-11 | ||
| BUY | Canadian Tire Corporation Ltd | CTC-T | 66.890 | General view is that dual class views are a negative (e.g. Magna). The family built a great company. It is a very small negative. Very positive on Canadian retail. But it is becoming more competitive. Thinks highly of them as a company. | 2010-06-11 | ||
| WEAK BUY | Husky Energy | HSE-T | 26.490 | Have owned it historically. Market doesn’t know about the Asia discovery. Husky has been very well managed. As for timing it depends on when real reserves will be evaluated. Prefers Crescent Point. | 2010-06-11 | ||
| HOLD | Inter Pipeline Fund | IPL.UN-T | 11.680 | Should one take profits? He wouldn’t sell it. It is his favourite stock. Largest single personal holding. Distribution is sustainable. Wont convert till 2013 because of tax pools. Have great prospects for growth. If it ran up to $13 he might sell it. Hold on to it. Not negatively affected by conversion. | 2010-06-11 | ||
| HOLD | SNC-Lavalin Group Inc. | SNC-T | 45.080 | Good run, 10th largest in the world. He sold higher up a while ago. Not one you can put away forever. | 2010-06-11 | ||
| SELL | Altagas Ltd | ALA-T | 17.830 | Announced the distribution cuts in July. Did some digging and now prefers other trusts like Northland Power. Significant exposure in gas market. Hydro market that they like is 5 years off and they don’t have expertise in hydro generation. Prefer Inter pipe, Fort Chicago. | 2010-06-11 | ||
| WEAK BUY | Canadian Oil Sands Trust | COS.UN-T | 27.930 | Yield is safe. Oil prefers will trade within a range. Operations performing reasonable well. If some of negatives of oil sands have been offset by Gulf problems, then this will do well. | 2010-06-11 | ||
| TOP PICK | Canfor Pulp Income Fund | CFX.UN-T | 15.090 | 16% yield, sustainable. Raised distribution. Thinks they are throwing off $0.30-$0.40 in cash flow. Thinks Canfor is worth more than he paid for it ($12-$14). Thinks they will convert and it wont affect distribution although cyclical pulp prices could affect distribution. | 2010-06-11 | ||
| TOP PICK | Just Energy Income Fund | JE.UN-T | 13.130 | 9.5% yield. Brilliantly run. Doing well with green power. Bough Hudson in US to open up new markets. Will recover from slowing US economy to a 10% growth rate over next year or two. It came off in a soft quarter. History of increasing distribution. | 2010-06-11 | ||
| TOP PICK | Fort Chicago Energy Partners | FCE.UN-T | 10.350 | 8% payout. Cash flow will increase over the next couple of years. Yield is sustainable. Short covering at $10. | 2010-06-11 | ||
| PAST TOP PICK | Enbridge | ENB-T | 48.780 | (Top Pick June 15/09, Up 27.80%) One of his biggest and favourite positions. | 2010-06-11 | ||
| PAST TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 34.930 | (Top Pick June 15/09, Up 75.41%) A favourite company. Trimmed a bit. | 2010-06-11 | ||
| PAST TOP PICK | Labrador Iron Ore | LIF.UN-T | 48.200 | (Top Pick June 15/09, Up 50.34%) Trimmed position after it had a big run into Consolidated Thompson. Now there is growth ahead of this one. Big future in Chinese demand. | 2010-06-11 | ||
| TOP PICK | Norbord Inc. | NBD-T | 18.290 | Low-cost producer of oriented strand board. (Cheaper substitute for plywood) Cyclical industry. Prices for strand board has almost doubled in the last quarter. Looking for a couple of really upside surprise quarters. | 2010-04-22 | ||
| TOP PICK | Canfor Pulp Income Fund | CFX.UN-T | 13.800 | Large-scale, global players in pulp. Pulp prices have really soared and as the price works its way through, you'll see a real bounce in the unit price. | 2010-04-22 | ||
| TOP PICK | Canwel Building Materials Ltd. | CWX-T | 5.190 | With its recent acquisition, it will be doing about $1.4 billion of doing supplies. Well managed. | 2010-04-22 | ||
| BUY | Western Forest Products Inc. | WEF-T | 0.465 | West Coast producer. Speculative. | 2010-04-22 | ||
| PAST TOP PICK | Bird Construction Income Fund | BDT.UN-T | 33.600 | (A Top Pick March 24/09. Up 76.6%.) Still likes. | 2010-04-22 | ||
| PAST TOP PICK | Brookfield Asset Management (A) | BAM.A-T | 25.450 | (A Top Pick March 24/09. Up 53.33%.) Still likes. | 2010-04-22 | ||
| PAST TOP PICK | Inter Pipeline Fund | IPL.UN-T | 11.800 | (A Top Pick March 24/09. Up 78.85%.) Still likes. | 2010-04-22 | ||
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| DON'T BUY | Bell Aliant | BA.UN-T | 26.220 | There is some uncertainty here because of the big ownership that BCE (BCE-T) has in it. He has been moving into other areas. | 2010-04-22 | ||
| BUY | RioCan Real Estate Investment | REI.UN-T | 19.420 | Great management. Expect REITs will retain some popularity, even as interest rates rise. Expect interest rates to rise gradually. Also, unlike a bond, REITs offer some growth possibility. | 2010-04-22 | ||
| SELL | CML Healthcare Income Fund | CLC.UN-T | 11.380 | A terrific trust with a good yield. Large percentage of revenue is from government, particularly Ontario government. He would worry about lab tests getting squeezed by the government. If you own, consider getting out of it for a while. | 2010-04-22 | ||
| BUY | Armtec Infrastructure Income Fund | ARF.UN-T | 22.500 | Had a great run up into the mid-$20's and then came off fairly sharply after a supposedly weak quarter. Feels the things that affected last quarter will come to pass in one of the next couple of quarters. Continue to hold and it might be an opportunity to add. | 2010-04-22 | ||
| HOLD | Teck Resources Ltd. (B) | TCK.B-T | 43.990 | Reinstating their dividends, which puts it back into the category of dividend paying stocks. | 2010-04-22 | ||
| BUY on WEAKNESS | Davis & Henderson Income Fund | DHF.UN-T | 18.010 | Manufactures bank cheques Good yield. Very solid and extremely well managed company. | 2010-04-22 | ||
| Comment | Athabaska Oil Sands Corp | ATH-T | 14.500 | There is a huge trend of the Chinese scouring the planet for oil. Oil sands is a very viable long-term source of oil. Wouldn't be in a huge hurry to Buy. | 2010-04-22 | ||
| Comment | NAL Oil & Gas Trust | NAE.UN-T | 12.960 | Very well run and solid. If you are in it for income, over the long haul, continue to Hold. If you are looking for capital gain in the oil patch, look for something with more volatility such as Petrominerales (PMG-T), Pacific Rubiales (PRE-T) or others where they are drilling a lot. | 2010-04-22 | ||
| SELL | Shoppers Drug Mart Corp | SC-T | 37.700 | Been pounded significantly since Ontario government decided to change the basic payment method on pharmaceuticals. There will also be price competition between brand drugs and generics, which will affect earnings. | 2010-04-22 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 39.000 | Superb management. Have 2 great plays, 1) the Bakken giving them 50,000 barrels a day, which will probably go to 100,000 barrels over the next couple of years. 2) Lower Shaunavon where they have been doing some acquisitions and swapping positions. | 2010-03-08 | ||
| TOP PICK | Pacific Rubiales Energy Corp. | PRE-T | 16.750 | In partnership with the Colombian government company. Have had huge production gains. Good pipeline capacity to get the oil to market. High quality with great growth ahead of them. | 2010-03-08 | ||
| TOP PICK | Brookfield Properties | BPO-T | 14.750 | Now converting to a REIT, which he likes. Will pay out a one-time distribution of a little over $1 and continue and $.80 distribution. Major owners of very high quality properties in Canada and the US. | 2010-03-08 | ||
| PAST TOP PICK | Bird Construction Income Fund | BDT.UN-T | 32.560 | (A Top Pick March 24/09. Up 64.4% excluding distributions.) Winning some very good contracts. Incredibly conservatively managed. Still a Buy. | 2010-03-08 | ||
| PAST TOP PICK | Brookfield Asset Management (A) | BAM.A-T | 24.980 | (A Top Pick March 24/09. Up 45.5% excluding dividends.) Thinks the Brookfield companies are very smart about managing money. Strong balance sheets. Likes their hydroelectric assets. Long-term assets with great value. | 2010-03-08 | ||
| PAST TOP PICK | Inter Pipeline Fund | IPL.UN-T | 11.880 | (A Top Pick March 24/09. Up 64% excluding distributions.) One of his favourite holdings. 7.5% yield. Will convert but maintain the current level of payout. | 2010-03-08 | ||
| DON'T BUY | Sherritt International Corp. | S-T | 7.430 | Very dependent on what happens in Cuba, which has some uncertainty. Not really keen on this company at this time. | 2010-03-08 | ||
| DON'T BUY | Viterra Inc | VT-T | 9.720 | Didn't like the Australian acquisition as he thought they paid too much. Doesn't see a lot of upside in the short term. | 2010-03-08 | ||
| HOLD | Alliance GrainTraders Inc. | AGT-T | 34.500 | Management has done a brilliant job of building the company. Believe they will expand the number of products and the range of markets they are in. Believes it will become a takeover candidate. Expect some upside but wouldn't rush out and Buy. | 2010-03-08 | ||
| Comment | CML Healthcare Income Fund | CLC.UN-T | 13.460 | Operates medical laboratories. Amount of medical testing is increasing steadily as people age. However Ontario government has an agreement on a global cap so, rather than getting more because of more tests, it decreases margins. This hurt them in the last quarter. Still think it's reasonable in the long haul | 2010-03-08 | ||
| HOLD | Canfor Pulp Income Fund | CFX.UN-T | 10.400 | Still reasonable value but this is a cyclical industry. | 2010-03-08 | ||
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| BUY | Armtec Infrastructure Income Fund | ARF.UN-T | 24.260 | Infrastructure. Thinks the impact on stimulus in Canada hasn't really hit yet and that there will be a real rapid growth in actual construction activity, starting in Q2 and continuing for several quarters. Good management. | 2010-03-08 |
