| TOP PICK | | Canadian Real Estate Investment | REF.UN-T | 28.500 | One of the largest and oldest REITs. Portfolio of retail offices and industrial properties. Diversified by properties and class and geography. Conservative management team. Great long-term track record. Lower growth profile but very stable. Conservative payout ratio. Trading at a discount to NAV. Could be a takeout candidate by a pension fund. | 2007-11-28 | |
| TOP PICK | | CML Healthcare Income Fund | CLC.UN-T | 16.270 | A leading provider of laboratory testing services in Ontario as well as non-hospital medical imaging services across Canada. Very predictable in terms of growth and margins. Very lean operating style. Good management. Acquired 9 imaging services in 2007 and will be closing 8 more giving good growth opportunities. Not cheap, but very defensive. 6.5% yield. | 2007-11-28 | |
| TOP PICK | | Calloway REIT | CWT.UN-T | 22.590 | Basically a retail focused REIT with 25% of annual rents coming from Wal-Mart. High-quality leases with 92% of properties constructed after 1995. Near-term organic growth is limited but the development pipeline is second to none. Cheap at 17% of NAV. | 2007-11-28 | |
| PAST TOP PICK | | Teranet Income Fund | TF.UN-T | 10.250 | (A Top Pick Dec 15/06. Up 15.3%.) A defensive play. Slower growth, but very stable. Has a monopoly on the property licensing in Ontario. Distribution is very safe. | 2007-11-28 | |
| PAST TOP PICK | | Mullen Group Income Fund | MTL.UN-T | 16.150 | (A Top Pick Dec 15/06. Down 16.7%.) Taking into account the dividend, it is probably down 5%. 11.3% yield. Oilfield services and trucking. Both sectors have been hit very hard. Virtually no debt. Still likes. | 2007-11-28 | |
| PAST TOP PICK | | Davis & Henderson Income Fund | DHF.UN-T | 20.780 | (A Top Pick Dec 15/06. Up 35.7%.) 8% yield. A safe, stable business. Cheque volumes have been quite high in Q2 and Q3. Also acquired an acquisition mortgage brokerage services. Doesn't feel the growth in 2007 is sustainable in the long term and the company is targeting a 3% to 5% growth rate. Still likes. | 2007-11-28 | |
| HOLD | | Newalta Income Fund | NAL.UN-T | 15.470 | Faced a number of challenges. Oil field services sector is weak and she feels this one will be a little bit weaker going into 2008. Have some cost cutting coming in. 14% yield and there could be a distribution cut. | 2007-11-28 | |
| HOLD | | Penn West Energy Trust | PWT.UN-T | 26.400 | Under delivered in 2007 on their capital efficiencies and production results. Put a lot of money into their heavy oil play Seal and haven't seen the results. Recently announced a merger with Canetic (CNE.UN-T). Feels this was to access More cash flow to put in the projects. Generates significant cash flows but also creates a much bigger company with much bigger declines that have to be replaced annually. Not convinced this is the best move for them. | 2007-11-28 | |
| BUY | | BFI Canada Income Fund | BFC.UN-T | 25.690 | Trades at about 8.5 EBITDA basis. 60% of their operations is in the US. Feels that in 2011 their taxes will be up from about 11% to about 22%. Organic growth has vastly outperformed its US peers. Strong management and conservatively run. | 2007-11-28 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 19.170 | Have about a 50-50 split between oil and gas. Good track record of value appreciation over the long term. 13.2 years reserve life index. Very strong technical team. Great place to be if you have a long-term time horizon. Thinks distribution is safe. | 2007-11-28 | |
| BUY | | Altagas Services | ALA.UN-T | 24.850 | A great long-term hold. Will have a very easy time converting back to a corporation. Very conservative balance sheet and payout ratio. Just acquired another high-quality company, which diversifies their asset base. | 2007-11-28 | |
| BUY | | Epcor Power L.P. | EP.UN-T | 20.820 | Thinks distribution is safe. Has been really beaten up here. Investors are concerned about their US$ exposure but they have hedges on about 70% of their cash flow. 50% stake in Primary Energy recycling (PRI.UN-T), which suspended their distributions, but expects it will be reinstated. Yield of about 12%. | 2007-11-28 | |
| SELL | | Harvest Energy Trust | HTE.UN-T | 20.500 | 75% mostly heavy oil and have issues on the upstream operation. Have a refinery, which drove the earnings up, but crack spreads are now weak. Has a 50,000 acre oil sand lease. Recently had a distribution cut. Expects another weak quarter in Q4. Doesn't see a lot of near-term upside. | 2007-11-28 | |
| BUY | | RioCan Real Estate Investment | REI.UN-T | 21.860 | One of the premier quality REITs. Retail focused with high quality real estate. Has been hammered giving a great opportunity to buy. 6% plus yield. Outlook is fantastic. | 2007-11-28 | |
| BUY | | Bonavista Energy Trust | BNP.UN-T | 25.450 | Good quality name. Has been knocked back to where the valuation is very attractive. One of the premier management teams in this space. Strongly focused technically. Solid balance sheet. There is a possibility they could make a small cut to the distribution. | 2007-11-28 | |
| HOLD | | Chartwell Seniors housing | CSH.UN-T | 10.190 | One of the names that is really in a “show me” mode now. Has been a perennial disappointer in growing its cash flows and managing its payout ratios. Starting to see some better metrics. Acquisition program is starting to slow down and seeing some decent growth in same property Net Operating Income. | 2007-11-28 | |
| DON'T BUY | | Livingston Int'l Income Fund | LIV.UN-T | 15.040 | Hammered by the cyclical downturn. As the US economy worsens, theirs worsens. Has been a dramatic falloff of goods both ways. Sees more challenges than upside. Not cheap at 8X EBITDA 2008. Payout ratio of about 96%. Doesn't expect an imminent cut in distributions but with an extended downturn in the US there probably won't be a turnaround anytime soon. | 2007-11-28 | |
| BUY | | Enerplus Resources Fund | ERF.UN-T | 40.470 | Good quality name. Diverse asset base. Have a lot of options with their oil sands leases and their US gas play. Have been a little challenged in the last couple of quarters having missed slightly. Longer term it is a very decent holding. Prefers Bonavista (BNP.UN-T) or Arc Energy (AET.UN-T). | 2007-11-28 | |
| BUY | | Fort Chicago Energy Partners | FCE.UN-T | 10.270 | A great holding. Has a more diversified business model through their acquisition of Countryside Power operational units. Quite cheap. | 2007-11-28 | |
| HOLD | | H&R Real Estate Inv Trust | HR.UN-T | 20.150 | A relatively high quality REIT. Feels the distribution is fine. Being hammered a little bit because of some US$ exposure. Also there is a lack of news on the construction of the Bow Valley Centre in Calgary. | 2007-11-28 | |
| BUY | | Labrador Iron Ore | LIF.UN-T | 39.800 | Expecting iron ore pricing to be quite strong going into 2008. Estimates are for a 25% increase. Good production profile. | 2007-11-28 | |
| HOLD | | InnVest Reit | INN.UN-T | 10.280 | (Market Call Minute.) There will be more cyclicality with the acquisition of Legacy, which increased their exposure to mid-level hotels. | 2007-11-28 | |
| HOLD | | CI Financial Income Fund | CIX.UN-T | 26.030 | (Market Call Minute.) Great quality stock but a negative stock market will affect the unit price. | 2007-11-28 | |
| BUY | | Keyera Facilities Income Fund | KEY.UN-T | 17.920 | (Market Call Minute.) Great business and great exposure to a number of high-growth areas. | 2007-11-28 | |
| BUY | | Canadian Apartment Properties | CAR.UN-T | 16.900 | (Market Call Minute.) One of the most defensive names in the residential sector. The metrics in the Toronto market are starting to improve. | 2007-11-28 | |
| DON'T BUY | | Canetic Resources Trust | CNE.UN-T | 15.080 | Some concerns about their longer term sustainability. In a bit of a “show me” mode. Made a number of acquisitions leading up to the point where the government changed the rules last year and are going through a bit of an integration mode. Questions if they have deep enough technical focus and drilling inventory. Have a strong US ownership base, so could consider changing to the US. | 2007-10-03 | |
| BUY | | Teranet Income Fund | TF.UN-T | 9.860 | Have a monopoly on the land Registry system in Ontario. Decent value at this price. Yield is sustainable over the next couple of years. Will give you slow steady growth. | 2007-10-03 | |
| HOLD | | Precision Drilling Corp. | PD.UN-T | 19.040 | All the oilfield service trusts have had big corrections because of weak activity levels in western Canadian sedimentary basin. This will probably continue right through 2008. Cut the distribution earlier this year but doesn't see a lot of risk with the current level. | 2007-10-03 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 20.750 | One of the core names in the oil patch. High quality management team. Strong technical focus and good history of delivering value added results. Expect there will be softness on gas prices. | 2007-10-03 | |
| HOLD | | Peyto Energy Trust | PEY.UN-T | 16.790 | Has been hit pretty hard because it is pretty highly levered to natural gas. Have cut back on their capital expenditure programs, which cuts into their production. Well run. | 2007-10-03 | |
| HOLD | | RioCan Real Estate Investment | REI.UN-T | 25.400 | REITs had quite a correction through the summer and have started to recover but are still reasonably valued. This one is getting a little expensive relative to some of the others. A great long-term holding. | 2007-10-03 | |
| BUY on WEAKNESS | | Yellow Pages Income Fund | YLO.UN-T | 13.560 | A high quality trust with a good track record of delivering. They are handling the migration to online searches quite well. Would be a buyer under $13.50. | 2007-10-03 | |
| HOLD | | Newalta Income Fund | NAL.UN-T | 19.700 | Oilfield services have been pretty beat up. Had a weak 2nd quarter because of wet weather in their Western division. Have expanded pretty strongly into the east, which is more industrial focused. This gives them diversification. 3rd quarter should look at little bit better for them. Payout ratio is creeping a little bit high. | 2007-10-03 | |
| TOP PICK | | Crescent Point Energy Trust | CPG.UN-T | 20.760 | About 75% weighted to oil and focused on large pools of oil and have a good track record of increasing reserves. Limited exposure to Alberta sold the royalty review will have little effect. Have about 11.2 year reserve life index. Sustainable payout ratio of 76%. | 2007-10-03 | |
| TOP PICK | | BFI Canada Income Fund | BFC.UN-T | 26.640 | Waste management. Recession resistant. Very stable operating results. Made an acquisition in the Northeast US, which solidifies their position in the Northeast US. | 2007-10-03 | |
| TOP PICK | | Calloway REIT | CWT.UN-T | 25.300 | The REIT sector should give you pretty stable returns. Focused on the un-enclosed retail area with Wal-Mart being their main tenant. Undervalued. | 2007-10-03 | |
| HOLD | | Chartwell Seniors housing | CSH.UN-T | 12.900 | Has declined over the last several weeks since they announced there is no sale in the cards. They are in a “show me” mode here. Had been on a big acquisition binge and had not focused on bringing their operations into line. | 2007-10-03 | |
| HOLD | | Penn West Energy Trust | PWT.UN-T | 30.640 | A decent name. They are in a “show me” mode. There are better places to be. | 2007-10-03 | |
| TOP PICK | | RioCan Real Estate Investment | REI.UN-T | 23.200 | Retail oriented. Strong management team. Looking for upside from some growth opportunities from lease renewals and their developing pipeline. Potential takeout candidate. | 2007-08-23 | |
| TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 13.390 | Very competitive position in all of its key markets. Very high cash flow stability. Good stability and earnings and a strong revenue growth profile. Online business grew 50% in the 2nd quarter. | 2007-08-23 | |
| TOP PICK | | BFI Canada Income Fund | BFC.UN-T | 26.160 | Waste management. Operations in Canada and US. Very stable business. Recession proof. Organic growth has been phenomenal. | 2007-08-23 | |
| WAIT | | Arc Energy Trust Units | AET.UN-T | 19.980 | Has gotten very cheap. Going into the shoulder season with oil prices so you don't need to be in a big rush. Towards the beginning of November would be a great time to be moving into these oil/gas names. | 2007-08-23 | |
| BUY | | Allied Properties REIT | AP.UN-T | 21.720 | Have a great track record. Focused on the brick and beam type business. Primarily Toronto but expanding to Montreal. | 2007-08-23 | |
| Comment | | Progress Energy Trust | PGX.UN-T | 11.400 | Gas weighted which is its biggest knock but there has been quite a correction in all of the gas-weighted names. If you are long-term bullish on gas, it would be a good place to be and you will have to be patient with it. | 2007-08-23 | |
| DON'T BUY | | Canetic Resources Trust | CNE.UN-T | 14.890 | A bit of a “show me” story. 2nd quarter numbers have come in quite strongly. Their capital program is quite significant this year with acquisitions and getting their production on track. Prefers others. | 2007-08-23 | |
| HOLD | | Newalta Income Fund | NAL.UN-T | 19.450 | Oil field waste management. 2nd quarter was weak, but had been expected. Drilling activity has fallen off in Western Canada and this is a trend she expects to continue. Longer term she likes this company. | 2007-08-23 | |
| BUY | | H&R Real Estate Inv Trust | HR.UN-T | 22.180 | Very high quality assets. Long-term leases. Not a ton of upside, but no down side either. Relatively good long-term holding. | 2007-08-23 | |
| BUY | | Calloway REIT | CWT.UN-T | 23.800 | A retail focused REIT. Almost a play on Wal-Mart expansion in Canada. A little bit of development upside. Not a lot of rental rate increases. Trades at a bit of a discount. | 2007-08-23 | |
| HOLD | | North West Company Fund | NWF.UN-T | 20.630 | Very high-quality company. They are the leading retailer of food and everyday products and services in northern Canada and Alaska. Stable business. Conservative management team. Not cheap. | 2007-08-23 | |
| PARTIAL SELL | | Penn West Energy Trust | PWT.UN-T | 30.360 | Has been lightening up on her positions over the last 3/4 months. Basically in a “show me” mode. Capital efficiencies have been slipping. Results from Seal have not been as good as they expected. | 2007-08-23 | |
| BUY on WEAKNESS | | CI Financial Income Fund | CIX.UN-T | 25.150 | A good long-term holding. Good cost control. Environment for mutual funds is getting more and more competitive. Outlook is good. | 2007-08-23 | |
| BUY on WEAKNESS | | BFI Canada Income Fund | BFC.UN-T | 28.330 | A core holding in their portfolio. Recession proof, very well managed.
| 2007-06-11 | |
| DON'T BUY | | Harvest Energy Trust | HTE.UN-T | 32.620 | A bit cautious on this. | 2007-06-11 | |
| DON'T BUY | | Precision Drilling Corp. | PD.UN-T | 27.290 | Foreign exchange is moving against them. Be cautious on this name.
Good long term hold, but don't be in any rush to jump in. | 2007-06-11 | |
| HOLD | | Yellow Pages Income Fund | YLO.UN-T | 14.090 | Excellent management team. Moving into vertical media.
Looking for strong online growth (30%).
Not very cheap right now. Expects a pull back, but if you are holding it, continue to hold. | 2007-06-11 | |
| SELL | | Canetic Resources Trust | CNE.UN-T | 17.070 | Have had problems. Many acquisitions, so too much growth too quickly.
| 2007-06-11 | |
| BUY | | Penn West Energy Trust | PWT.UN-T | 37.090 | A higher quality trust. One of the larger trusts.
| 2007-06-11 | |
| PAST TOP PICK | | Teranet Income Fund | TF.UN-T | 9.620 | Dec 15,2006
Then $8.85
Had been a bit beaten up, and the valuation hadn't come back. A boring stable business. Not a lot of risk to their distributions. | 2007-06-11 | |
| PAST TOP PICK | | Mullen Group Income Fund | MTL.UN-T | 21.900 | Then 18.93
Really beat up because of negative views on oil patch. Excellent management team. The perfect type of market for them, because they are good at making acquisitions. | 2007-06-11 | |
| PAST TOP PICK | | Davis & Henderson Income Fund | DHF.UN-T | 18.930 | Then $15.40
Had a good run. Pretty close to fully valued but a very stable boring stock.
| 2007-06-11 | |
| HOLD | | Peyto Energy Trust | PEY.UN-T | 20.010 | One of the more traditional energy trust. They are well placed going into the transition period. Had a good run up, was trading at a discount to actual value.
Long term an excellent play. Maybe longer then a 1 year time frame. An excellent hold. | 2007-06-11 | |
| BUY | | Newalta Income Fund | NAL.UN-T | 24.240 | Middle of last year started to diversify. Will take another 12 to 18 months for that to start to show.
Are more oil weighted.
Good entry point on them. | 2007-06-11 | |
| Comment | | H&R Real Estate Inv Trust | HR.UN-T | 24.200 | She prefers individual names as opposed to an index. Very stable, not a lot of up or down side.Don't like that it has external management. But it's a very high quality which overcomes that. | 2007-06-11 | |
| BUY on WEAKNESS | | Baytex Energy Trust | BTE.UN-T | 21.060 | Heavy oil weighted trust. Strong management team.
Good capital efficiencies. A decent balance sheet.
| 2007-06-11 | |
| HOLD | | Crescent Point Energy Trust | CPG.UN-T | 20.040 | A high quality trust. Focused on large oil in place. Looking at increasing their reserves by improving production techniques. Have had a nice run up, are a bit expensive. | 2007-06-11 | |
| Comment | | Prime West Energy Trust | PWI.UN-T | 22.720 | You will start to see a lot of these companies struggle. | 2007-06-11 | |
| HOLD | | Canadian Oil Sands Trust | COS.UN-T | 30.110 | The largest trust in their funds. Expect to see increases in distributions.
| 2007-06-11 | |
| BUY | | Enerplus Resources Fund | ERF.UN-T | 51.490 | Very strong management team, and strong tech focus. Some oil sands exposures.
Cheap for all the things they have. Are very well positioned. | 2007-06-11 | |
| TOP PICK | | CCS Income Trust | CCR.UN-T | 37.230 | In the oil field services area. Very strong marketing position, 55% market share.
Last year started to build up their US footprint. | 2007-06-11 | |
| TOP PICK | | Bonavista Energy Trust | BNP.UN-T | 30.620 | Balanced trust, 45% oil, 55% natural gas. Sustainable business model.
Very flexible business model.
| 2007-06-11 | |
| TOP PICK | | Calloway REIT | CWT.UN-T | 25.950 | A play on the big box Wall-mart anchored store. | 2007-06-11 | |
| Comment | | Sunrise Senior Living REIT | SZR.UN-T | 17.080 | Have been some bids to take over the company. The initial one is due relatively shortly. In the event it gets voted down, there is no assurance that the 2nd bid is going to materialize, but stock movement indicates the market feels it is going to happen. | 2007-03-23 | |
| HOLD | | Newalta Income Fund | NAL.UN-T | 26.000 | 4th quarter results were a little bit softer than expected, so the stock fell. Outlook for them remains strong. Expecting a recovery in the oil patch in late 2007, early 2008 and there should be a resurgence in the stock price. 1st & 2nd quarter may be soft. | 2007-03-23 | |
| DON'T BUY | | Algonquin Power Income Fund | APF.UN-T | 8.540 | She doesn't like the power space in general because of the limited growth and limited upside. This is not one of the top-quality names in that group. High payout ratio. | 2007-03-23 | |
| HOLD | | Precision Drilling Corp. | PD.UN-T | 26.780 | In the oil field service space. Expecting the weakness in this sector will continue until the 4th quarter and 1st quarter of next year. Relatively clean balance sheet. | 2007-03-23 | |
| HOLD | | CI Financial Income Fund | CIX.UN-T | 27.570 | A high-quality company. Had a very strong 1st quarter. Relatively stable holding. Be patient in looking for an entry point. | 2007-03-23 | |
| HOLD | | Chartwell Seniors housing | CSH.UN-T | 15.470 | Has struggled with some operating issues. Very high growth oriented. Seniors’ housing is a business that she likes longer-term, but a challenge they face is their fast growth creating high expenses. 2008 will be a relatively good year for them. | 2007-03-23 | |
| PAST TOP PICK | | Davis & Henderson Income Fund | DHF.UN-T | 16.520 | (A Top Pick Dec 15/06. Up 6.5%.) Came out very strong 4th quarter results and increased distributions. Will continue to show modest but stable growth over time. | 2007-03-23 | |
| PAST TOP PICK | | Mullen Group Income Fund | MTL.UN-T | 18.670 | (A Top Pick Dec 15/06. Down 2.5%.) One of the oil service stocks that has been hit. There won't be any short-term catalyst to get it moving, but longer-term it is an excellent company. Good buy at these levels. | 2007-03-23 | |
| PAST TOP PICK | | Teranet Income Fund | TF.UN-T | 9.610 | (A Top Pick Dec 15/06. Up 9.2%.) Land Registry in Ontario. Very solid, stable company. Still likes. | 2007-03-23 | |
| TOP PICK | | Keyera Facilities Income Fund | KEY.UN-T | 17.700 | Natural gas gathering & processing facility. Great management team. High-quality assets. Focused primarily on sour gas, which is a little more specialized and stable. A lot of organic growth opportunities. Good entry point. | 2007-03-23 | |
| TOP PICK | | CCS Income Trust | CCR.UN-T | 36.750 | Oil field waste treatment. A duopoly, so very strong margins. Growth opportunities through their US expansion will be very significant. Payout ratio of 65%. Clean balance sheet. | 2007-03-23 | |
| TOP PICK | | Vermilion Energy Trust | VET.UN-T | 32.400 | Very significant international operations. Evenly balanced between oil & gas. Strong management team. Payout ratio is about 45% of their CapX. Won't be impacted by the governments tax legislation. Strong balance sheet. Trading at about net asset value. | 2007-03-23 | |
| BUY | | BFI Canada Income Fund | BFC.UN-T | 26.150 | Extremely well managed. A great long-term holding. Great track record of organic and acquisition growth. Relatively recession proof. | 2007-03-23 | |
| BUY on WEAKNESS | | Yellow Pages Income Fund | YLO.UN-T | 13.630 | Executing well on their growth strategy as they develop the online segment of their business. Wait for a bit of a pullback before buying. Strong management team. | 2007-03-23 | |
| WAIT | | Livingston Int'l Income Fund | LIV.UN-T | 20.770 | Relatively good company. A leading customs broker. With their acquisition last year they are at 27% market share. She is a little cautious about trade volumes if the US economy slows down. Wait for their 4th quarter results. | 2007-03-23 | |
| HOLD | | Enerplus Resources Fund | ERF.UN-T | 49.540 | Very stable, well-managed company. Very well positioned for transformation back to a corporation. Have significant resource potential. Has exposure to the US. | 2007-03-23 | |
| DON'T BUY | | Canetic Resources Trust | CNE.UN-T | 15.520 | Have grown very quickly and, as a result, there are some integration issues. Unclear if they can put themselves into the sustainability model. | 2007-03-23 | |
| HOLD | | Penn West Energy Trust | PWT.UN-T | 35.660 | Will be able to grow through the drill bit and internal development. Has a very significant land base and have done some farm-outs on some of the lower quality areas. Also have some resource plays with good potential. | 2007-03-23 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 21.900 | Has one of the best management teams in the oil/gas trust sector. Very strong technical focus. Good resources. | 2007-03-23 | |
| BUY | | Crescent Point Energy Trust | CPG.UN-T | 18.590 | Because of their tax pools, not expected to pay any tax until 2016. Have over 400 drilling locations, so can grow by the drill bit. Have some good hedging. | 2007-03-23 | |
| Comment | | Peyto Energy Trust | PEY.UN-T | 16.590 | A gas weighted name so they have been hit pretty hard. Also hit hard because of high service costs. A good play from a risk/reward perspective. 1st & 2nd quarter may be soft. | 2007-03-23 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil/Gas: - Most companies in this sector (including the service companies) suffered from a weak 4th quarter due to both a drop in the price of oil and gas as well as higher production and drilling costs. She expects Q1 to be soft and Q2 to be softer. Looking for a recovery in until late 2007 and early 2008. | 2007-03-23 | |
| TOP PICK | | Teranet Income Fund | TF.UN-T | 9.400 | (A Top Pick Dec 15/06. Up 5.8%.) Electronic land Registry. Very strong, dominant market position with an Ontario contract that runs until 2017. Low payout ratio of about 70% giving them flexibility. Growth will be relatively lower at about 2%-3%. Good core holding. | 2007-02-02 | |
| TOP PICK | | CCS Income Trust | CCR.UN-T | 37.920 | Levered to the oil field services sector. Basically provide waste treatment and disposal services. Expecting a good quarter. Expanded into the US with some salt caverns that will provide a new growth platform for them. | 2007-02-02 | |
| TOP PICK | | Vermilion Energy Trust | VET.UN-T | 32.450 | Only oil/gas trust with significant international operations. 40% of operations are in Canada and the rest being in France, Netherlands and Australia. Strong management. High-quality asset base. Payout ratio of about 40%. A leader in adding production and reserves. Very strong balance sheet. | 2007-02-02 | |
| PAST TOP PICK | | Davis & Henderson Income Fund | DHF.UN-T | 15.650 | (A Top Pick Dec 15/06. Up 1.4%.) Likes the underlying operating business and would continue to recommend this one. | 2007-02-02 | |
| PAST TOP PICK | | Mullen Group Income Fund | MTL.UN-T | 19.750 | (A Top Pick Dec 15/06. Up 4.1%.) Could see a softer Q4 and Q1 than the market is expecting, so there could be a bit of downside risk. That would be a great buying opportunity. | 2007-02-02 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 22.920 | A high-quality name. Excellent management team. Payout ratio is about 65%. Good Reserve Life Index. Good balance sheet. | 2007-02-02 | |
| BUY | | BFI Canada Income Fund | BFC.UN-T | 27.100 | A core position in her funds. A great business. Good management. Have achieved 7%-9% organic growth over the last 3 or 4 years. | 2007-02-02 | |
