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| Michael Simpson, CFA of Sentry Select Capital Corp |
|---|
| The Exchange Tower |
| 130 King Street West, Suite 2850 |
| Toronto ON |
| M5X 1A4 |
| 416-861-8729 |
| Michael Simpson, CFA's website |
| Toll Free: 1-888-246-6656 |
| Fax: 416-364-1197 |
| info@sentryselect.com |
| BUY | Arc Energy Trust | AET.UN-T | 21.830 | Excellent energy trust, one of the few companies that can grow production and cut operating cost. | 2010-02-23 | ||
| BUY | Just Energy Income Fund | JE.UN-T | 13.860 | Sellers of Natural Gas and Electricity contracts. Started in Ontario, now rest of Canada and in US. Business model is scalable. Will convert to a corporation and keep the distribution where it is (9%). | 2010-02-23 | ||
| DON'T BUY | Penn West Energy Trust | PWT.UN-T | 20.870 | One of larger oil and gas royalty trusts. Will have to cut their distribution when they convert. | 2010-02-23 | ||
| BUY | Freehold Royalty Trust | FRU.UN-T | 16.090 | Eloquent solution. Holders of income trusts in RSPs would be allowed to shift them to another plan like a TSFA. It’s a good solution. A well thought out plan. They will be taxable when they convert. A great little company. | 2010-02-23 | ||
| DON'T BUY | Superior Plus Corp | SPB-T | 13.940 | Started in propane and then took on more. Debt went up when they went on an acquisition spree in the US. Is higher than his threshold for debt. There might be a problem 5 years from now. | 2010-02-23 | ||
| TOP PICK | Canadian Real Estate Investment | REF.UN-T | 27.460 | One of the oldest REITs in Canada and diversified geographically. Good balance sheet, payout ration of 69%, raised dividend over the last 7 years. Management is not flashy, but do a good job. Conservatively managed company. | 2010-02-23 | ||
| TOP PICK | Pengrowth Energy Trust | PGF.UN-T | 11.050 | Has a new leader. One of Canada’s oldest energy trusts. Are particular on where they spend money and have to cut their distribution so they shouldn’t have to do it again. | 2010-02-23 | ||
| TOP PICK | Telus Corp | T-T | 33.940 | 5.5% dividend yield. Average revenue is declining. Growing their data and TV business. Likes it because it is beat up and should grow in 2011. 1% capital appreciation expected this year. | 2010-02-23 | ||
| WEAK BUY | Bell Aliant | BA.UN-T | 25.950 | BCE owns about 44% of it. Not growing revenue, but squeezing costs. Will eventually taken in by BCE. Distribution will be cut when they convert. Prediction of $1.90-$2 dividend after conversion. | 2010-02-23 | ||
| WEAK BUY | Canfor Corp | CFP-T | 8.220 | Specialized printing area. Nice distribution yield, but they are over distributing. They will eventually have to cut. Even with the cut it will be a healthy dividend. | 2010-02-23 | ||
| BUY | Great West Lifeco | GWO-T | 27.200 | Likes the sector. Particular about which name, but they own it through Power Financial. You will get earnings growth and dividend growth. | 2010-02-23 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Good companies are beating estimates on revenue and on costs. CPI shows the consumer is still hurt. Companies that are positioned to take advantage of this will do better. Lot of European countries are talking about helping Grease but there’s no action so until the market sees action it will continue to linger. Trying to find best companies with strongest balance sheets. | 2010-02-23 | ||
| BUY | Canadian Oil Sands Trust | COS.UN-T | 28.800 | A passive investment in Sycrude. One of the members wants to sell its stake and COS may want to buy it. If they don’t, the market will be relieved. If you have a long term view that oil will be strong, then this is a very good company. | 2010-02-23 | ||
| WAIT | Trans Canada Corp | TRP-T | 34.930 | They missed expectations today. They issued a lot of shares. They raised their dividend today. Some worry that there is two much pipeline capacity in western Canada. | 2010-02-23 | ||
| BUY | Inter Pipeline Fund | IPL.UN-T | 11.530 | Reported good results yesterday. Good growth in oil sands. Will maintain their distribution and most likely stay a limited partnership. | 2010-02-23 | ||
| BUY on WEAKNESS | Parkland Income Fund | PKI.UN-T | 12.420 | Lot of respect for management. One of largest independent distributors of fuel and propane. Would buy on weakness. Reporting results in a week or so. Likes the markets they serve – less competition. They have been growing. | 2010-02-23 | ||
| BUY | Yellow Pages Income Fund | YLO.UN-T | 5.860 | They are getting the message that they have to de-leverage their balance sheet. Announced they will pay $.80 and drop to $.65 distribution plus limit themselves to small acquisitions. | 2010-02-23 | ||
| BUY on WEAKNESS | Bank of Nova Scotia | BNS-T | 47.150 | Increased regulation is an issue that all banks face. BNS very well run. Broad international exposure. Have a stake in two mutual fund companies. Would like to see it pull back a little. It’s logical that they will eventually try to buy all of CI. Likes National Bank. | 2010-02-23 | ||
| BUY | Bonavista Energy Trust | BNP.UN-T | 24.470 | (Market Call Minute) About 68% waited in gas. Will convert to a corp. and provide a dividend as well as modest growth. | 2010-02-23 | ||
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| HOLD | Cineplex Galaxy Income Fund | CGX.UN-T | 19.090 | (Market Call Minute) 70% of theaters. Great market share. Doing well with Launch of 3D movies. Continues to hold. | 2010-02-23 | ||
| BUY | Vermilion Energy Trust | VET.UN-T | 33.650 | (Market Call Minute) Already paying tax on international operations. | 2010-02-23 | ||
| BUY | Keyera Facilities Income Fund | KEY.UN-T | 25.390 | (Market Call Minute) Process gas and store various products. Have pipelines, 44% payout ratio not including special distribution | 2010-02-23 | ||
| VAGUE | Macquarie Power Income Fund | MPT.UN-T | 7.070 | Infrastructure trust. Spinning out Leisure world. Will take a hard look at Leisure World. | 2010-02-23 | ||
| Comment | Manulife Financial | MFC-T | 19.340 | Their variable annuity business got them into trouble. | 2010-02-23 | ||
| DON'T BUY | Boston Pizza Royalties | BPF.UN-T | 12.300 | Management are selling some shares. They will be faced with taxes in 2011 at 26-30%. | 2010-02-23 | ||
| BUY | Enbridge | ENB-T | 46.100 | A Core holding. A well managed company. Long history of paying and raising dividends. Growth from new pipelines and their diversification into other businesses, such as a solar farm. | 2010-02-23 | ||
| BUY on WEAKNESS | Westshore Terminals Inc. | WTE.UN-T | 15.680 | Coal loading facility. In news because they renegotiated a contract with Teck. WTE will now get a lower rate from Teck but will get more volume. No debt, buy on a pull back. $15.10-15.20 | 2010-02-23 | ||
| PAST TOP PICK | Davis & Henderson Income Fund | DHF.UN-T | 17.090 | (Top Pick Jan 16/09, Up 7%) Maintained distribution. Trimmed his position a bit. Will have to cut distribution 25-30% as they convert their company. | 2010-02-23 | ||
| PAST TOP PICK | Republic Services Inc | RSG-N | 27.660 | (Top Pick Jan 16/09, Up 8%) Still likes it. Paying down debt. Can either buy back shares at end of year or increase dividend. | 2010-02-23 | ||
| PAST TOP PICK | K-Bro Linen Income Fund | KBL.UN-T | 14.950 | (Top Pick Jan 16/09, Up 47%) Great little company. Low payout ratio, can convert to corp. and continue to pay distribution. | 2010-02-23 | ||
| BUY | New Flyer Industries Inc. | NFI.UN-T | 9.830 | Urban bus manufacturer. Facilities in Winnipeg and Minnesota. Has dominant market share and winning a fair share of new orders. New CEO is very impressive. Generates a lot of cash flow. Almost 12% yield should be sustainable. | 2009-12-03 | ||
| BUY | Marsulex Inc | MLX-T | 10.500 | Provide environmental services in the recovery of sulphur and does a lot of work with refineries. Outlook is quite good as refinery regulations just increased. Market is a little bit concerned that Shell may want to close their Montreal refinery where they are participants but this is not a big concern. 7.1% yield. | 2009-12-03 | ||
| BUY | The Data Group Income Fund | DGI.UN-T | 5.550 | Prints and publishes various material. Customers include Canadian Tire and Shoppers Drug Mart. Have been hit hard by the recession. Have a very high yield. Over distributing at about 109% payout ratio and market is already pricing in a distribution cut. | 2009-12-03 | ||
| BUY | Northland Power Income Fund | NPI.UN-T | 11.000 | Electrical generating assets, primarily from hydro, wind and biomass. Have long-term contracts for all of their facilities. No exposure to spot markets in Ontario or Alberta. Payout ratio of about 85%. Great, long-term asset. | 2009-12-03 | ||
| WEAK BUY | Canadian Apartment Properties | CAR.UN-T | 12.950 | Starting to get interesting at these levels. Had a problem with underestimating amount needed on CapX for apartment restorations but are now addressing this. Have free cash flow payout at about 107%-108% but should be stable for the next 2 years. | 2009-12-03 | ||
| Comment | Davis & Henderson Income Fund | DHF.UN-T | 16.010 | Distribution is safe. Has about an 82%-83% payout ratio. Have diversified outside of the cheque business, which is declining. Have invested in Biologics and mortgage brokerage software. Looking for a distribution cut to take into account taxes and possibly more growth acquisitions. | 2009-12-03 | ||
| BUY | Vicwest Income Fund | VIC.UN-T | 16.200 | 2 divisions. 1) Agricultural storage products and 2) building products. Huge opportunities for growth in international markets for grain storage because of loss/damage. Margins were higher last quarter because of buying lower priced steel, which they sold at higher prices. Payout ratio of about 65%. | 2009-12-03 | ||
| BUY on WEAKNESS | Toronto Dominion | TD-T | 66.080 | Very strong franchise in Canada but concerns are with their US assets. | 2009-12-03 | ||
| WATCH | Consumers Waterheater Fund | CWI.UN-T | 3.770 | Water heater rental business is very regional. 17% distribution. Recently cut distributions. Have some big debt coming due early 2010. Getting more competition but with new housing development in Ontario they have more chance of growth. | 2009-12-03 | ||
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| TOP PICK | Telus Corp | T-T | 35.010 | Telecom and recently was granted the right to sell Apple iPods that will create further revenues. Also invested in a new network for wireless and sharing the cost with Bell (BCE-T). Just issued new bonds at very attractive rates, which takes away from higher-priced bonds they issued years ago. Trading under 4X cash flow. Looking for a dividend increases in 2011. | 2009-12-03 | ||
| TOP PICK | Superior Plus Corp | SPB-T | 13.560 | 8.25% corporate bond due October 27/16. More debt than he likes with senior debt at 2.4X EBITDA, so prefers bonds to the equity. | 2009-12-03 | ||
| TOP PICK | Canadian Helicopters Income Fund | CHL.UN-T | 9.220 | Largest helicopter transportation company in Canada and cover mining, forestry and utilities. No debt and $2 a share in cash. 12.25% yield should be sustainable. | 2009-12-03 | ||
| PAST TOP PICK | RioCan Real Estate Investment | REI.UN-T | 18.290 | (A Top Pick Nov 20/08. Up 59.03%.) Had a nice run up but would be more cautious about adding at these levels. | 2009-12-03 | ||
| PAST TOP PICK | Morneau Sobeco Income Fund | MSI.UN-T | 9.490 | (A Top Pick Nov 20/08. Up 37.78%.) Still likes. | 2009-12-03 | ||
| PAST TOP PICK | K-Bro Linen Income Fund | KBL.UN-T | 13.120 | (A Top Pick Nov 20/08. Up 42.13%.) Still likes. | 2009-12-03 | ||
| TOP PICK | Black Diamond Group | BDI-T | 14.000 | 3 divisions. 1) Oilfield camps, 2) oilfield tool rentals and 3) temporary workforce accommodation. Converting to a Corp. Very low payout ratio at about 31%. Good revenue. Good growth potential because of what is happening in the Horn River area in B.C. Just announced a partnership with an aboriginal group. | 2009-09-17 | ||
| TOP PICK | Computer Modeling Group Ltd | CMG-T | 15.900 | Specializes in heavy oil software. Global clients. Management owns about 16%. No debt. Revenue is like an annuity in that it keeps coming in. 4.6% yield | 2009-09-17 | ||
| TOP PICK | Cargojet Income Fund | CJT.UN-T | 6.000 | Provides overnight time sensitive air cargo in Canada. Trades at a cheap valuation. Management owns about 25%. Payout ratio of about 28% and expects a special dividend in Q4. 50% market share and gradually getting more business. | 2009-09-17 | ||
| PAST TOP PICK | Colabor Income Fund | GCL-T | 9.990 | (A Top Pick Sept 19/08. Up 17.27%.) Very strong food distributor in Quebec and expanding into Ontario. Converted to a Corp. but still maintain the dividend. | 2009-09-17 | ||
| PAST TOP PICK | Parkland Income Fund | PKI.UN-T | 10.100 | (A Top Pick Sept 19/08. Up 18.28%.) Retail gas distribution in Western Canada but has expanded into Ontario. Well managed. Will probably acquire some of the Suncor (SU-T) gas stations that have to be divested. | 2009-09-17 | ||
| PAST TOP PICK | Morneau Sobeco Income Fund | MSI.UN-T | 8.450 | (A Top Pick Sept 19/08. Down 13.91%.) Pension benefits consulting industry. Generates a lot of free cash flow. Acquired some tax losses so when they convert to a Corp. they won't be fully taxed. Still a Buy. | 2009-09-17 | ||
| DON'T BUY | Jazz Air Income Fund | JAZ.UN-T | 3.520 | Think they'll have trouble maintaining the dividends. Have to negotiate their support agreement with their parent, Air Canada. | 2009-09-17 | ||
| BUY | Davis & Henderson Income Fund | DHF.UN-T | 14.000 | Originally did cheque printing but have supplemented this with various other businesses such as software for mortgage brokerages. Good management. Yielding of about 13% will probably be reduced when they convert to a Corp. | 2009-09-17 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 37.700 | Focused on oil especially in Saskatchewan. Strong portfolio of assets. | 2009-09-17 | ||
| BUY | Arc Energy Trust | AET.UN-T | 19.150 | Quality company but about 50/50 oil and gas. Although natural gas prices are not encouraging, over the long-term he is looking for much better pricing levels. | 2009-09-17 | ||
| BUY | Canadian Oil Sands Trust | COS.UN-T | 29.080 | Pure oil play based on the Syncrude oil sands. | 2009-09-17 | ||
| BUY | Bonavista Energy Trust | BNP.UN-T | 20.720 | Quality company. Recently acquired more natural gas assets. Very good operators. After they convert to a Corp., dividends will be lower than current distributions. | 2009-09-17 | ||
| Comment | Penn West Energy Trust | PWT.UN-T | 15.250 | Equally weighted between oil and natural gas. Historically have grown through acquisitions. Had difficulties with their capital efficiency ratios and maintaining production. Starting to turn around. Some interesting projects in some of the older legacy oilfields in Alberta. Starting to look at it more seriously. | 2009-09-17 | ||
| Comment | Provident Energy Trust | PVE.UN-T | 6.350 | Oil/gas trust that also have some midstream assets that process natural gas. Have properties in Canada and US. Have been selling properties to reduce their debt levels. | 2009-09-17 | ||
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| DON'T BUY | Shaw Communication (B) | SJR.B-T | 19.400 | Strong company with a history of raising dividends. More expensive than its peers. Would like a better entry point. | 2009-09-17 | ||
| BUY | Consumers Waterheater Fund | CWI.UN-T | 4.820 | Facing pressure from a new competitor that is getting into the water heater business. Getting to a level where he is getting interested. Market is pricing in a 20%-25% distribution cut. | 2009-09-17 | ||
| WAIT | Shoppers Drug Mart Corp | SC-T | 43.320 | Waiting to see what new reforms the Ontario government is going to have in pharmacy regulations. | 2009-09-17 | ||
| TOP PICK | Morneau Sobeco Income Fund | MSI.UN-T | 9.000 | Benefits/pension consulting firm. Also has an employee assistance program. One of the few companies that has revenue growth. Low payout ratio. Made an acquisition with some tax pools so won't have full taxing in 2011. Industry has some consolidation happening. | 2009-07-06 | ||
| TOP PICK | Marsulex Inc | MLX-T | 10.430 | Industrial services for refineries by helping to remove sulphur, dealing with spent acids, cutting out petroleum coke, etc. Also sell chemicals to water treatment facilities. Markets sulphur-based products in Atlantic Canada. Long-term contracts. Refineries are processing more heavy oil, which helps them. Recently increased dividends. | 2009-07-06 | ||
| TOP PICK | Badger Income Fund | BAD.UN-T | 12.000 | Hydro/vacuum trucks that dig holes. High-pressure water with vacuum that exposes pipes, etc. that companies want to excavate or check. Generated very high returns on equity through the years. Will benefit from infrastructure spending in Canada and US. Very cheap at 3.7X cash flow. | 2009-07-06 | ||
| PAST TOP PICK | K-Bro Linen Income Fund | KBL.UN-T | 12.000 | (A Top Pick May 14/08. Up 8.98%.) Linens with hospital/hotel long-term contracts. Margins were dropping because of higher Alberta labour costs. Turning around and margins are expanding. Low payout ratio. Alberta is building out infrastructure giving this company good chance for contracts with new hospitals. No problem changing to a corp in 2011. | 2009-07-06 | ||
| PAST TOP PICK | Lassonde Industries Inc. | LAS.A-T | 39.250 | (A Top Pick May 14/08. Down 5.39%.) Manufactures fruit juices/drinks. Health trend is good for them. Still Buying. | 2009-07-06 | ||
| PAST TOP PICK | Vermilion Energy Trust | VET.UN-T | 28.730 | (A Top Pick May 14/08. Down 27.76%.) 55% oil/45% natural gas. Still likes. Good balance sheets. Never had to raise equity. Recently announced selling their Libyan assets but not sure when this will be completed. Acquiring an 18% interest in a North Sea project but won't be operator. Low pay out ratio. Well managed. No problem changing to a corp in 2011. Currently Buying. | 2009-07-06 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 32.950 | About 85% production comes from southwest Saskatchewan Bakken play. Acquired companies with tax pools. Converting to a Corp. now as they see good opportunities in front of them. Very conservatively run. | 2009-07-06 | ||
| BUY | H&R Real Estate Inv Trust | HR.UN-T | 10.800 | Very high-quality institutional portfolio including industrial, office and retail properties along with a 25 year lease on the Encana (ECA-T) Bow property in Calgary. Recently got bank financing as well as doing an equity raise. Seem to be on track but may have to sell some smaller properties. Earning their distributions from their cash flow. | 2009-07-06 | ||
| WAIT | Cathedral Energy Services Income Trust | CET-T | 3.390 | Directional drilling. Operates in Canada and US with a small project in Venezuela. With lower natural gas prices and rigs coming off there is less drilling. Longer-term this is an excellent company. Expecting weak Q2 results in August so would wait before buying and do it in stages. | 2009-07-06 | ||
| DON'T BUY | Liquor Stores Income Fund | LIQ.UN-T | 12.550 | Liquor stores. Originally in Alberta and BC but made an acquisition of a chain in Alaska. Debt levels are a bit high for him. Converting to a Corp., which will give them a little bit more breathing space on their debt lines. | 2009-07-06 | ||
| WATCH | Wajax Income Fund | WJX.UN-T | 16.490 | Rents equipment for construction, forestry, natural gas, etc. Outlook is still a bit uncertain. A recovery in natural gas prices and more activity around the oil sands could make it a buy. On his radar list. | 2009-07-06 | ||
| Comment | Yellow Pages Income Fund | YLO.UN-T | 5.200 | Owns more of their bonds than the common shares. Like all media companies it has been suffering during the recession. Also ongoing movement towards online advertising. Also have magazines catering to the automotive sector, which has also hurt. Feels distribution is okay for the rest of 2009. | 2009-07-06 | ||
| Comment | Just Energy Income Fund | JE.UN-T | 11.400 | Recent merger with Universal Energy (UEG-T) gives them a powerful sales force in Ontario, New York, Ohio, Indiana and Michigan. Also got an ethanol plant in Saskatchewan. Will be quite strong but the issues are low natural gas prices and lack of a catalyst. Consumers don't like locking in lower gas prices. Have been issues with foreclosures in the US. | 2009-07-06 | ||
| DON'T BUY | Precision Drilling Corp. | PD.UN-T | 5.220 | Recently did a very dilutive equity issue and debt levels have come down. Short-term outlook for natural gas drilling is not very good. Questions management decisions. Expect there will be a better time to buy this. | 2009-07-06 | ||
| WAIT | Enerplus Resources Fund | ERF.UN-T | 24.070 | Have a slightly higher natural gas weighting making him a bit more cautious on this. Expect there will be an opportunity this summer to get it cheaper. Well managed company. | 2009-07-06 | ||
| DON'T BUY | Advantage Oil & Gas Ltd | AAV-T | 4.610 | Has been converted to a Corp. As an oil/gas royalty trust they have struggled with their debt levels and payout ratios. Have an interesting project natural gas Montney play. He is more interested in oil/natural gas companies that pay stable dividends. | 2009-07-06 | ||
| DON'T BUY | Consumers Waterheater Fund | CWI.UN-T | 6.350 | Rents water heaters, etc. and recently diversified into smart meters. The issue with them is the recent refinancing of their debt at slightly higher rates. Always found debt levels too high and with the slowdown in housing it has been an issue of attrition. | 2009-07-06 | ||
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| BUY | Pizza Pizza Royalty Income Fund | PZA.UN-T | 6.550 | Pizza chain. Dominant market share in Ontario. Diversified into Alberta and slowly expanding into other provinces. Because of the recession, payout ratio went above 100% but have cash on their balance sheet. Feels they will transition towards 2011 so is expecting a distribution cut but feels this is already reflected in the stock price. Good price. | 2009-07-06 | ||
| BUY | Enbridge Income Fund | ENF.UN-T | 11.300 | Primarily pipelines in Saskatchewan. Closer to 2011 he expects the parent, Enbridge (ENB-T) will buy it back in. In the meantime, you have a 10%-11% yield, which he thinks is safe. | 2009-07-06 | ||
| BUY | Westshore Terminals Inc. | WTE.UN-T | 11.150 | Excellent infrastructure business trust. Handle all the coal coming out of Alberta and BC. Distribution is set quarterly and is tied to the price of coal and volume. At the end of the year they top it up. No debt. Would be a good acquisition for a pension fund. | 2009-07-06 | ||
| BUY | Parkland Income Fund | PKI.UN-T | 9.600 | Service station chain in Western Canada and in rural areas in Ontario for Esso. Distribution should be safe for 2009. Benefit from refining margins which are now doing well. | 2009-07-06 | ||
| BUY on WEAKNESS | CML Healthcare Income Fund | CLC.UN-T | 13.070 | Currently the market is a little concerned about Obama's healthcare plan and the reimbursement rate for some imaging procedures but this is not a large part of their business. Have about 30% of the lab business in Ontario and continue to see growth here. Also acquiring small imaging clinics in other provinces. Could be a distribution cut as we get closer to 2011. | 2009-07-06 | ||
| Comment | Capital Power L.P. | CPA.UN-T | 14.700 | Have about 20 power facilities in Canada and the US. Recently cut its distribution with their payout ratio at about 75%-80%. Their parent recently spun off another entity Capital Power, which has a lower payout ratio but greater growth prospects. It also owns 30% of this company. The 2 may merge in 2011. | 2009-07-06 | ||
| WAIT | Daylight Energy Trust | DAY.UN-T | 7.440 | About 70% gas weighted. Have good hedges in place in the short-term. There is talk they will convert to a Corp and become growth oriented because of some good development prospects. He'd like a clarification of this before he buys, as they may have to cut distributions. | 2009-07-06 | ||
| DON'T BUY | Penn West Energy Trust | PWT.UN-T | 13.820 | One of the larger oil/gas royalty trusts and about evenly weighted. At about 185,000 BOE is a day. Made some acquisitions that didn't pan out as they wanted. Have some interesting oilfields where they can extract more oil with CO2 flood. Traditionally has a higher payout ratio that he is comfortable with. | 2009-07-06 | ||
| BUY | A&W Revenue Royalties Income Fund | AW.UN-T | 13.950 | (Market Call Minute.) Has been a great performing restaurant royalty trust. | 2009-07-06 | ||
| BUY | Altagas Services | ALA.UN-T | 15.910 | (Market Call Minute.) Energy infrastructure trusts. Will convert to a Corp. in 2011. | 2009-07-06 | ||
| BUY | Bonavista Energy Trust | BNP.UN-T | 17.590 | (Market Call Minute.) Great management. Spends capital prudently. | 2009-07-06 | ||
| BUY | Student Transport of America Ltd. | STB-T | 3.380 | (Market Call Minute.) This is an IPS structure that has a common stock element and a bond attached to it. Just announced they are calling in all their IPS units and converting to common shares. | 2009-07-06 | ||
| Comment | Pengrowth Energy Trust | PGF.UN-T | 8.660 | (Market Call Minute.) Getting a new president and COO. Wants to meet with him before they buy but it is positive news. | 2009-07-06 | ||
| TOP PICK | Yellow Pages Income Fund | YLO.UN-T | 6.290 | 5.85% bonds maturing Nov/19. Yield to maturity over 9%. In a recession media stocks get impacted because of smaller revenues and lower cash flows. This allows him to be higher up in claims/cash flow if there are any problems. In a recovery, spreads will narrow and you have a capital appreciation. (He also owns the equities.) | 2009-03-25 | ||
| TOP PICK | CML Healthcare Income Fund | CLC.UN-T | 13.420 | Big in medical imaging and lab testing, a very stable, defensive area. Have also expanded into the US, which will give some growth. Conservatively run. Distribution is safe. | 2009-03-25 | ||
| TOP PICK | Canadian Helicopters Income Fund | CHL.UN-T | 8.390 | One of the largest onshore helicopter providers. About 60% of future revenues will come from governments including Ontario for health services, US Air Force in the far north and Afghanistan. No debt. Could be a takeover target. | 2009-03-25 | ||
| PAST TOP PICK | K-Bro Linen Income Fund | KBL.UN-T | 11.500 | (A Top Pick May 14/08. Down 1.4%.) Linen cleaning. Mostly hospitals with about 20% from hotels. Good management. Benefiting from lower wages and natural gas prices in Alberta. Low payout ratio and low debt. Still a Buy. | 2009-03-25 | ||
| PAST TOP PICK | Lassonde Industries Inc. | LAS.A-T | 35.000 | (A Top Pick May 14/08. Down 17.4%.) Fruit juice manufacturer and packager. Well run. Dominant in Quebec. Long history of raising dividends. Solid, defensive investment. | 2009-03-25 | ||
| PAST TOP PICK | Vermilion Energy Trust | VET.UN-T | 27.940 | (A Top Pick May 14/08. Down 29.3%.) Good balance sheet so will be able to buy assets very cheaply. Operations in Canada, Australia, Netherlands and France. Low payout ratio. Will transition to a corporation very easily. A Buy. | 2009-03-25 | ||
| DON'T BUY | Peyto Energy Trust | PEY.UN-T | 8.030 | Primarily natural gas, which is not his favourite commodity. Concerns about their debt levels. | 2009-03-25 | ||
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| BUY | RioCan Real Estate Investment | REI.UN-T | 12.570 | One of the largest shopping centre REITs in Canada. Their anchor tenants are all doing very well. | 2009-03-25 |
