| TOP PICK | | K-Bro Linen Income Fund | KBL.UN-T | 12.370 | Linen services for hospitals and hotels. Toronto, Alberta and Vancouver and recently expanded into Quebec. New volume is expanding in Calgary due to new hospitals. Long-term contracts. Excellent management. | 2008-05-14 | |
| TOP PICK | | Vermilion Energy Trust | VET.UN-T | 42.120 | Canadian-based but have operations in the Netherlands, France and Australia. Q1 basic payout ratio was about 36% so there is significant room to either increase distributions or to make a large acquisition. Undervalued at about 5X cash flow. | 2008-05-14 | |
| TOP PICK | | Lassonde Industries Inc. | LAS.A-T | 43.250 | Manufacture fruit juices. Recently increased their dividend from $.50 to $.84. Recently expanded into Western Canada. Adding extra vitamins to the fruit juices. Trades at about 11X earnings and under 7X cash flow. | 2008-05-14 | |
| PAST TOP PICK | | Artis Real Estate Investment Trust | AX.UN-T | 16.850 | (A Top Pick July 4/07. Up 2%.) Great exposure to Western Canada. Made several acquisitions in the last year. Good management. Some low rents are due for renewal. Still a Buy. | 2008-05-14 | |
| PAST TOP PICK | | Medical Facilities Corp. | DR.UN-T | 9.650 | (A Top Pick July 4/07. Down 7%.) Some concerns in the US with a new president possibly changing policy regarding Medicare and Medicaid. Have a new hospital coming on in South Dakota. Expanded into California. Latest results were quite good. | 2008-05-14 | |
| PAST TOP PICK | | Taylor NGL LP Fund | TAY.UN-T | 11.090 | (A Top Pick July 4/07. Up 26%.) Acquired by Altagas (ALA.UN-T). | 2008-05-14 | |
| BUY | | InStorage REIT | IS.UN-T | 5.480 | Public storage space. Currently there is only one large player, a subsidiary of a US company. Will be spending about $5 million to re-brand their name to give them a stronger presence. Good exposure to Western Canada. Very attractive value. | 2008-05-14 | |
| Comment | | NAL Oil & Gas Trust | NAE.UN-T | 15.450 | A pretty good oil/gas trust. In these high commodity prices, it should do well. | 2008-05-14 | |
| DON'T BUY | | Hardwoods Distribution Income Fund | HWD.UN-T | 4.810 | Distributor of basic hardwood products used for doors, cabinets etc. Recent results where weak. Have about $26 million in debt. Recently cut their distribution. Based on a slower US economy, he is not enthusiastic about the short-term results. | 2008-05-14 | |
| DON'T BUY | | Superior Plus Income Fund | SPF.UN-T | 12.270 | Results where a bit soft in Q1. Making progress in paying down debt and lowering their payout ratio. Before buying they would have to make further progress on reducing their debt level. | 2008-05-14 | |
| BUY on WEAKNESS | | Arc Energy Trust Units | AET.UN-T | 29.120 | 50/50 oil and natural gas. Had a dramatic run-up and at these levels would be a Hold but a Buy on a pullback. Some excellent natural gas plays in the Montne play in northeast B.C. Also have an opportunity for a CO2 flood in their Alberta fields. Great management and very strong Q1 results. | 2008-05-14 | |
| BUY | | Parkland Income Fund | PKI.UN-T | 11.700 | Service stations in rural western Canada. Expanded into propane, some fertilizer and industrial lubricants. Q1/08 was less than Q1/07, but the latter was a record year with very good refining margins, which they have a share of. Well run company. Low debt. Recently made an acquisition in Ontario Noko that provides fuel in rural areas outside of the GTA. | 2008-05-14 | |
| Comment | | Liquor Stores Income Fund | LIQ.UN-T | 17.720 | A lot of investors went into this one for defensive reasons earlier this year, which pushed the value up. Bought their competition Liquor Barn whose margins were not as high. Would be concerned about them making any acquisitions in the US. Good management. Might consider buying if there is improvement in numbers. | 2008-05-14 | |
| HOLD | | Livingston Int'l Income Fund | LIV.UN-T | 15.130 | Have about 30% market share of custom brokerage and logistics in Canada. Recent quarter was better than expected. Doing quite well on car importation in Canada. During an economic downturn, their volumes and cash flow will suffer. | 2008-05-14 | |
| BUY | | Bonavista Energy Trust | BNP.UN-T | 33.290 | 67% focused on natural gas. Have recently been buying land in Saskatchewan that is more oil focused. Very solid management and they spend money very wisely. | 2008-05-14 | |
| BUY | | Inter Pipeline Fund | IPL.UN-T | 9.980 | Recently had a very good Q1 earnings and cash flow. Excellent exposure to the oil sands and their volumes through this are going to grow over time. Great infrastructure play in Canada. Yield of about 8.5%. | 2008-05-14 | |
| BUY on WEAKNESS | | Total Energy Services Trust | TOT.UN-T | 8.700 | Energy services company. Have talking, rental equipment, and compressors. With the recovery in gas prices and their exposure to northeast B.C., he likes it a lot. Very conservative management team and they own about 25% of the company. | 2008-05-14 | |
| BUY on WEAKNESS | | Baytex Energy Trust | BTE.UN-T | 28.160 | More exposed to heavy oil. Recent results were very strong. About a 48% payout ratio. Sees a dramatic narrowing of the spreads between heavy and light oil. Hedged some of this with a refinery in the US but a well manage company. Have a lot of land for drilling. At these levels it's a Hold. | 2008-05-14 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Taxation on Trust Income in RRSP and RIFs: - There will be double taxation on trust income going into RRSPs and RIFs and no benefit of dividend tax credits. He has been trying to lobby the government and would ask anybody in this situation to contact his or her Member of Parliament to try and get this changed. | 2008-05-14 | |
| DON'T BUY | | Second Cup Royalty Income Fund | SCU.UN-T | 8.400 | Coffee and tea chain and light snacks. This space is incredibly competitive. 13% yield. Come 2011 the restaurant royalty trust will have even less tax shields than businesses with a lot of capital assets. | 2008-05-14 | |
| DON'T BUY | | Brick Group Income Fund | BRK.UN-T | 9.070 | Furniture retailer across Canada. Good results from western Canada where the economy is quite strong. A lot of their revenues come from extended warranties. A little concerned about the consumer being weak in most of Canada. | 2008-05-14 | |
| DON'T BUY | | Noranda Income Fund | NIF.UN-T | 8.210 | Zinc processing facility in Quebec. Not favourable on the price of zinc going forward. Distributions will depend on the cash flow they can generate. | 2008-05-14 | |
| Comment | | Penn West Energy Trust | PWT.UN-T | 32.480 | One of the larger oil/gas trusts. Currently producing 200,000 BOEs a day. Expect they will have to spend $1.1 billion to replace their existing production based on their current decline rate. Q1 results were pretty decent. Looking at acquisitions overseas. Would like to see the payout ratio and debt levels come down a bit. | 2008-05-14 | |
| PARTIAL SELL | | Precision Drilling Corp. | PD.UN-T | 27.940 | One of the largest oil/gas drilling and service companies in Canada. Recently had plans to expand into the US. Q1 results were OK but some people were expecting higher data rates for some of their rigs. There is usually a seasonal weakness that we are approaching and you might consider taking some profit. | 2008-05-14 | |
| DON'T BUY | | Northstar Healthcare | NHC-T | 7.750 | High dividend paying corporation, not a trust. Owns ambulatory surgical centres in Texas. Recently had some disappointing results, which was reflected in the market. Thinks management has guided the market incorrectly and is now paying the price. If they improve the results, he would consider re-buying. | 2008-05-14 | |
| BUY | | CI Financial Income Fund | CIX.UN-T | 22.430 | One of the largest and best run mutual fund company in Canada. Just increased their distribution by $0.01. Expect they will convert to a corporation in 2011 and continue to pay their free cash flow as a dividend. Likes the demographics of this long-term. | 2008-05-14 | |
| Comment | | Pembina Pipeline Income Trust | PIF.UN-T | 17.950 | A great pipeline and infrastructure play. Expect it will convert to a corporation around 2011. | 2008-05-14 | |
| BUY | | Crescent Point Energy Trust | CPG.UN-T | 34.750 | (Market Call Minute.) Great oil/gas trust with great exposure to oil in Saskatchewan. | 2008-05-14 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 49.840 | (Market Call Minute.) Has about 37% interest in the Syncrude project. | 2008-05-14 | |
| BUY | | Enerplus Resources Fund | ERF.UN-T | 47.280 | (Market Call Minute.) Good exposure to natural gas and with their purchase of Focus its a Buy. | 2008-05-14 | |
| SELL | | Connors Bros. Income Fund | CBF.UN-T | 7.540 | (Market Call Minute.) Have had difficulty with making acquisitions in the US outside of their sardine business. | 2008-05-14 | |
| SELL | | Pengrowth Energy Trust | PGF.UN-T | 20.050 | (Market Call Minute.) Has struggled even in a high commodity price environment. | 2008-05-14 | |
| TOP PICK | | Artis Real Estate Investment Trust | AX.UN-T | 12.720 | Western Canadian diversified REIT, office, industrial and retail. 25% of their portfolio has rents rolling over in offices. A lot of their rents are anywhere from 30% to 65% below market, so even if there is a slowdown in Alberta with rents dropping 15%, there is still a lot of upside. 2/3 of their operating income is out of Alberta. Trades at about 24% of its NAV. 8.1% yield. | 2008-01-22 | |
| TOP PICK | | RioCan Real Estate Investment | REI.UN-T | 19.140 | Largest shopping centre REIT in Canada. Have properties in the 6 main large markets across Canada. Also have growth opportunities in some of their urban areas. Trades at a discount to NAV. | 2008-01-22 | |
| TOP PICK | | Parkland Income Fund | PKI.UN-T | 12.630 | Primarily gas stations in rural western Canada. Diversified by selling propane, lubricants, etc. over the last year or two. This offsets Q1 weakness on gasoline sales. In the last couple of years they have raised their distributions and paid dividends. Low debt to cash flow. Well-managed. Very cheap. | 2008-01-22 | |
| PAST TOP PICK | | Killam Properties Inc | KMP-T | 8.300 | (A Top Pick Feb 23/07. Down 16.2% including distributions.) Sold his holdings last summer in the $9.50/$9.60 range. If you own, continue to Hold. At these levels, he may consider buying again. | 2008-01-22 | |
| PAST TOP PICK | | BFI Canada Income Fund | BFC.UN-T | 23.900 | (A Top Pick Feb 23/07. Down 3.4% including distributions.) One of the premier waste management companies in North America. Industry leading margins. Good entry point. | 2008-01-22 | |
| PAST TOP PICK | | Zargon Energy Trust | ZAR.UN-T | 20.640 | (A Top Pick Feb 23/07. Down 11.7% including distributions.) Small energy trust evenly weighted between gas and oil. Very conservatively managed. After about 4 years, management finally did an acquisition, so are now up to about 9500 barrels a day. 10% yield. | 2008-01-22 | |
| Comment | | Penn West Energy Trust | PWT.UN-T | 25.780 | One of the largest oil/gas trusts. Have been making a lot of acquisitions and have reached about 200,000 barrels a day. This leads to a lot of spending to maintain production. Has dropped a lot so he is looking at this. Almost 16% yield and will depend on the price of commodities and capital spending needed. | 2008-01-22 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 20.250 | 3 good balanced and diversified energy trusts would include Arc Energy (AET.UN-T), which is evenly weighted between oil and gas, Crescent Point Energy (CPG.UN-T) at about 78% oil and a great play in Saskatchewan or Enerplus Resources (ERF.UN-T) with oil sands and exposure. All 3 are excellent value right now. | 2008-01-22 | |
| BUY | | Crescent Point Energy Trust | CPG.UN-T | 23.210 | 3 good balanced and diversified energy trusts would include Arc Energy (AET.UN-T), which is evenly weighted between oil and gas, Crescent Point Energy (CPG.UN-T) at about 78% oil and a great play in Saskatchewan or Enerplus Resources (ERF.UN-T) with oil sands and exposure. All 3 are excellent value right now. | 2008-01-22 | |
| DON'T BUY | | Fairborne Energy Trust | FEL.UN-T | 6.000 | Recently decided to convert to a corporation but haven't said what their dividend policy will be. Balance sheet was leveraged. Received an equity infusion from a US firm. Like some of their assets, but until they make crystal clear what their dividend policy is, he is staying away from it. | 2008-01-22 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural Gas: A year from now he expects the Canadian price to be in the $7.75 to $8.50 range. Expected to be about 10% higher in the US. | 2008-01-22 | |
| BUY | | CML Healthcare Income Fund | CLC.UN-T | 15.650 | Made a US acquisition last year. Likes this trust a lot. Have increased their debt a little, but it's a stable business. | 2008-01-22 | |
| BUY | | H&R Real Estate Inv Trust | HR.UN-T | 17.490 | Diversified REIT with office, industrial and retail properties across the country. Agreed to build Encana’s new Bow complex tower in Calgary but don't have all the contracts in place to build it. This might be having an effect on the share price. Very well run REIT with an institutional grade portfolio. Good price. | 2008-01-22 | |
| BUY | | Labrador Iron Ore | LIF.UN-T | 41.100 | This is a great play on iron ore with assets in Labrador. Produce iron ore concentrate and pellets that are used in steel mills in Europe and Asia. 3 major mining companies control this. Expect it will eventually be consolidated. Fundamentals are good for iron ore. | 2008-01-22 | |
| BUY | | Inter Pipeline Fund | IPL.UN-T | 9.120 | An infrastructure play with pipelines, midstream assets and energy storage assets in Europe. Also have a lot of growth from their oil sands pipeline. Payout ratio is about 92%. Good price. | 2008-01-22 | |
| BUY | | Enerplus Resources Fund | ERF.UN-T | 37.370 | 3 good balanced and diversified energy trusts would include Arc Energy (AET.UN-T), which is evenly weighted between oil and gas, Crescent Point Energy (CPG.UN-T) at about 78% oil and a great play in Saskatchewan or Enerplus Resources (ERF.UN-T) with oil sands and exposure. All 3 are excellent value right now. | 2008-01-22 | |
| DON'T BUY | | iUnits REIT's | XRE-T | 12.300 | He is more biased towards active management. The problem with an indexed REIT, you are getting very big representation from some of the bigger Canadian index weightings such as RioCan (REI.UN-T). He likes to also own some US, European and other REITs. Deals and managed REIT fund will do better than a passive index. | 2008-01-22 | |
| BUY | | Paramount Energy Trust | PMT.UN-T | 6.830 | Primarily natural gas weighted. Cut their distribution in December. Debt levels are a bit higher than he likes. He owns it for leverage to natural gas. Distributions should be sustainable over the short and medium period. Likes it at this price. | 2008-01-22 | |
| Comment | | Bell Aliant | BA.UN-T | 27.000 | Primarily wire line in Atlantic Canada. Line erosion seems to be stabilizing. Made an acquisition of Bell Nordique giving them a small wireless exposure in northern Quebec and Northern Ontario. Some concern that they might sell their entire stake of their 42% holding of their parent company BCE (BCE-T). He doesn't think they will. | 2008-01-22 | |
| BUY | | TransForce Inc. | TFI-T | 8.330 | Largest trucking firm in Canada. Have various different divisions. There have been concerns about their debt level heading into a slowdown. Has also been hurt by the strong Cdn$. Plan to sell some real estate and a waste management division in Quebec to help their debt. At these levels it's a good buying opportunity. 19.4% yield makes him a little nervous. | 2008-01-22 | |
| BUY | | Cathedral Energy Services Income Trust | CET.UN-T | 8.010 | Have directional drilling tools. They get to the target quickly and save money. Majority of wells being drilled in Western Canada are horizontal. Have operations in different areas of the US and may be looking at opportunities further south. Conservative payout ratio and balance sheet. Good price. | 2008-01-22 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 35.340 | Has an approximate 40-year reserve life. With increased cash flow, they can increase distributions or be bought out. Either way you benefit. | 2008-01-22 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 12.380 | Increase distributions a couple of months ago giving over a 9% yield. These yellow pages are a lot different than the one in the US. Have a dominant market share at 90%. Have good collaboration with Google. Have the best margins of any directory globally. Cheap as he has ever seen it. | 2008-01-22 | |
| BUY | | GMP Capital Trust | GMP.UN-T | 20.370 | Recently met with management. Very conservatively run with no debt or A, B, C commercial paper. They are building their wealth management business and are very good at serving their clients through trade executions. Doesn't think there will be any negative surprises. | 2008-01-22 | |
| DON'T BUY | | Avenir Diversified Income Trust | AVF.UN-T | 7.350 | Diversified conglomerate trust. Doesn't like this model. Over the years they have sold off some of their oil/gas service properties. He doesn't follow it closely anymore. There are better ways to invest in the trust base. | 2008-01-22 | |
| BUY | | Chartwell Seniors housing | CSH.UN-T | 9.490 | (Market Call Minute.) At this level it looks attractive. Has consistently missed on its earnings to cash flow but he would buy it here. | 2008-01-22 | |
| BUY | | Boralex Power Income Fund | BPT.UN-T | 6.260 | (Market Call Minute.) A lot of the power trusts have been beaten up. Good hydro-assets. | 2008-01-22 | |
| BUY | | Daylight Energy Trust | DAY.UN-T | 7.240 | (Market Call Minute.) Beaten up in December. Has a bit higher debt level than it should, but very cheap compared to its peers. | 2008-01-22 | |
| DON'T BUY | | Arctic Glacier Income Fund | AG.UN-T | 10.990 | (Market Call Minute.) Ice cubes. Has been hurt by the higher Cdn$. Debt levels are higher than he likes. | 2008-01-22 | |
| BUY | | Pizza Pizza Royalty Income Fund | PZA.UN-T | 9.050 | (Market Call Minute.) Great company. Good results yesterday in a tough environment. Grew sales at 4.9%. Getting good sales growth from the acquisition they made in Alberta. | 2008-01-22 | |
| BUY | | Home Equity Income Trust | HEQ.UN-T | 9.950 | (Market Call Minute.) Reverse mortgages. Has grown their business very well. The market just doesn't understand it. | 2008-01-22 | |
| BUY | | Mullen Group Income Fund | MTL.UN-T | 14.450 | (Market Call Minute.) Very well run company. Lots of cash on the balance sheet. Debt is long-term. | 2008-01-22 | |
| TOP PICK | | Calloway REIT | CWT.UN-T | 23.670 | REIT sector is very beaten up. Trades at a significant discount to its Net Asset Value. On a free cash flow basis it is trading at about 14 times. Very solid numbers. About 99% occupancy. Wal-Mart is about 27% of their leases. Good development pipeline. | 2007-11-08 | |
| TOP PICK | | Teranet Income Fund | TF.UN-T | 9.920 | Provides the land registry in Ontario. Have a monopoly until 2017. $87million cash on the balance sheet. Expanding into other services such as hospital billing. | 2007-11-08 | |
| TOP PICK | | Armtec Infrastructure Income Fund | ARF.UN-T | 20.600 | Infrastructure play. Pre-cast and pre-stressed concrete. Made a great acquisition last summer in western Canada. 70% of business comes from government. | 2007-11-08 | |
| HOLD | | TerraVest Income Fund | TI.UN-T | 4.040 | A conglomerate and he isn’t a big fan of this model. A well-known catalyst investor has just purchased about 19%. May sell of some weaker units. | 2007-11-08 | |
| Comment | | Paramount Energy Trust | PMT.UN-T | 7.000 | Has some issues with debt, so sold some assets. Thinks their payout ratio will be in the 65% - 70% range. Good management. | 2007-11-08 | |
| BUY | | CML Healthcare Income Fund | CLC.UN-T | 16.000 | Great defensive business. | 2007-11-08 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 20.110 | A very good oil/gas company. | 2007-11-08 | |
| BUY | | Parkland Income Fund | PKI.UN-T | 15.380 | Gas stations in western Canada. Very good trust with very low debt. Very attractive. | 2007-11-08 | |
| BUY | | Holloway Lodging REIT | HLR.UN-T | 4.250 | Lodging with limited service across western Canada. Getting beaten up. | 2007-11-08 | |
| BUY | | Progress Energy Trust | PGX.UN-T | 10.820 | Very good natural gas company. Good tax pools out to 2015. About a 60% payout ratio. | 2007-11-08 | |
| DON'T BUY | | Cinram | CRW.UN-T | 5.560 | No reason to own this one. | 2007-11-08 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 14.500 | Recent results released were quite strong. Gave guidance for next year of about 4%. Good price. | 2007-11-08 | |
| BUY | | InStorage REIT | IS.UN-T | 0.960 | Consolidating public storage space and are diversified across Canada. Expecting it to do very well over the next 12 months. Very cheap. | 2007-11-08 | |
| DON'T BUY | | Penn West Energy Trust | PWT.UN-T | 28.210 | Merging with Canetic (CNE.UN-T), which will give it a production of about 210,000 barrels a day. About 55% oil. Payout ratio is about 125%on a free cash flow basis (after maintenance capital spending), which is high. | 2007-11-08 | |
| DON'T BUY | | TransForce Inc. | TFI-T | 9.850 | Largest trucking company in Canada. Recent Q3 results reflected the higher Cdn$ and the slowdown in manufacturing. Also have concerns on their debt levels. | 2007-11-08 | |
| BUY | | Epcor Power L.P. | EP.UN-T | 22.550 | Diversified with both natural gas and coal. They have a 15% interest in Primary Energy (PRI.UN-T), which recently released some bad results. At these levels it represents very good value for the long term. | 2007-11-08 | |
| BUY | | Supremex Income Fund | SXP.UN-T | 5.660 | One of the largest envelope manufacturers in Canada. Being impacted by the very strong Cdn$. Getting more US competition and there is a reduction in volume. Even if distribution was cut 15%, it would not be a problem. Good operators. | 2007-11-08 | |
| BUY | | Pizza Pizza Royalty Income Fund | PZA.UN-T | 9.900 | Has same store sales growth of about 5% due to the acquisition of an Alberta franchise. Not expected to continue. Ontario has a bit of weakness. Good management. Good price. | 2007-11-08 | |
| HOLD | | Precision Drilling Corp. | PD.UN-T | 16.750 | New CEO. After their non-competition ends they will try to expand more into Mexico and other countries. The issue is what type of drilling season will occur in Q1 of 08. A cold winter in eastern Canada could increase natural gas prices. Good balance sheet. If you think gas prices will improve, Hold. | 2007-11-08 | |
| BUY | | RioCan Real Estate Investment | REI.UN-T | 21.400 | The largest shopping centre REIT. Across Canada. Good valuation at these levels. | 2007-11-08 | |
| BUY | | Baytex Energy Trust | BTE.UN-T | 19.570 | About 65% oil/ 35% gas. Interesting play in northern Alberta and production results just released were pretty good. Payout ratio is just over 60%. Good management. | 2007-11-08 | |
| Comment | | Eveready Income Fund | EIS.UN-T | 4.510 | A collection of a number of businesses. Payout ratio is a bit high. Management owns a lot and rather than take cash distribution, they’ve elected to take shares. This is helping the payout ratio to come down. Would like to see them more focused and not do as many acquisitions. If they keep on performing, it’s a name he will consider again. | 2007-11-08 | |
| PAST TOP PICK | | CCS Income Trust | CCR.UN-T | 44.410 | (A Top Pick Nov 3/06. Up 28.5%.) Being taken out mid-November and going private. He’s tendering rather than selling. | 2007-11-08 | |
| PAST TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 23.020 | (A Top Pick Nov 3/06. Up 35.6%.) Consolidating the Bakken oil play in Saskatchewan so is 85% oil with no royalty review. Good management. Still a Buy. | 2007-11-08 | |
| PAST TOP PICK | | Student Transport of America Ltd. | STB.UN-T | 10.300 | (A Top Pick Nov 3/06. Down 10%.) About 15% of bus revenue is from Canada and 85% from the US. A British company is buying Laidlaw which will have to divest some of their US school bus lines giving this company a good opportunity. | 2007-11-08 | |
| BUY | | NAL Oil & Gas Trust | NAE.UN-T | 12.360 | 55% oil and 45% gas. An average trust, but valuation has come down a lot, so caused him to change his mind. Yield is high because investor sentiment is not good. Made an acquisition this summer that was more weighted to natural gas. | 2007-11-08 | |
| BUY | | Newalta Income Fund | NAL.UN-T | 17.170 | Results released showed that they were better than what analysts had been forecasting. Diversified into both oil field and industrial waste. Cautious on the energy services sector. | 2007-11-08 | |
| BUY | | Phoenix Technology Income Fund | PHX.UN-T | 8.500 | Directly involved in oil field services. Involved in directional drilling tools both in Canada and the US. Low payout ratio and low debt. Cautious on the energy services sector. | 2007-11-08 | |
| BUY | | Cathedral Energy Services Income Trust | CET.UN-T | 8.960 | Involved in directional drilling tools. Low payout ratio and low debt. Cautious on the energy services sector. | 2007-11-08 | |
| Comment | | Chartwell Seniors housing | CSH.UN-T | 11.080 | Retirement housing with homes in Canada and the US. Because of rapid growth, they’ve had difficulty with some of their G & A costs. Partnered with a large firm in the US. As the valuation has come down, it is becoming more interesting. Could be sold or privatized in the next 2 years. | 2007-11-08 | |
| Comment | | Daylight Energy Trust | DAY.UN-T | 10.240 | Natural gas. Has a history of not meeting its production. New management team is very qualified. Debt levels are a bit above average. Have reduced their payout ratio. Wants to check out their asset base before considering. | 2007-07-04 | |
| HOLD | | General Donlee Income Fund | GDI.UN-T | 10.980 | Business trust. Provide equipment to the industrial and aerospace segment. Currently at a record backlog. Q1 was very good. Currently have a 70% payout ratio. Has a little concern as to how long the aerospace cycle will last. | 2007-07-04 | |
| Comment | | Vault Energy Trust | VNG.UN-T | 5.120 | Trading below net asset value. Difficult asset base causing them to miss production in the past. Near 20% yield. Looking interesting. | 2007-07-04 | |
| BUY on WEAKNESS | | Canadian Oil Sands Trust | COS.UN-T | 32.410 | Loan reserve life of 40+ years. Good price. | 2007-07-04 | |
| BUY | | The Data Group Income Fund | DGI.UN-T | 11.100 | Primarily printing/document management. Made a key acquisition of a major competitor in Quebec last year. Generates lots of free cash flow. 10.5% yield is relatively safe. | 2007-07-04 | |
| BUY | | Rogers Sugar Income Fund | RSI.UN-T | 4.350 | Sugar processing. Currently there are restrictions on how much sugar can go into the US. Hedge natural gas for their input costs. Decent buy at this price. | 2007-07-04 | |
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