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| TOP PICK | | Le Château Inc. (A) | CTU.A-T | 13.600 | A very cheap name right now. Investors are frightened of the retail space, primarily because of the weak US$ and cross-border shopping cutting into the margins. Same-store sales growth has been double digit. No debt. | 2007-11-02 | |
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| TOP PICK | | Spectra Energy Income Fund | SP.UN-T | 9.680 | Natural gas pipelines in Western Canada. A solid name that has been overlooked by the market. Very experienced, well-run management team. Good asset growth with some small tuck-in construction. Very cheap. | 2007-11-02 | |
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| TOP PICK | | Trans Canada Corp | TRP-T | 40.060 | This is going to be a great industry to be in. Investors will value stability a lot more going forward. There will be a sector rotation eventually into the ultra defensive names. | 2007-11-02 | |
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| PAST TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 21.900 | (A Top Pick Nov 1/06. Down 5%.) Rents continue to go up and vacancies continue to do well. There is a larger debate as to where interest rates should be right now. | 2007-11-02 | |
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| PAST TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 14.190 | (A Top Pick Nov 1/06. Up 15.5%.) As one of the larger names, he looks at this as a bellwether. Fantastic market share. Spins off a lot of free cash flow. Very aggressive. | 2007-11-02 | |
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| PAST TOP PICK | | Vermilion Energy Trust | VET.UN-T | 40.310 | (A Top Pick Nov 1/06. Up 20%.) Gas. Has outperformed a lot of the trusts. International assets, so not focused in Alberta. | 2007-11-02 | |
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| HOLD | | Canetic Resources Trust | CNE.UN-T | 15.270 | Merging with Penn West (PWT.UN-T). If you own the, you will be in a better position as they had been under a lot of pressure. You will also get more visibility, particularly in the US. | 2007-11-02 | |
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| BUY | | Crescent Point Energy Trust | CPG.UN-T | 23.520 | Operates mainly is Saskatchewan, so not affected by the Alberta royalty issues. Predominantly an oil producer. Feels they will continue their momentum. Have nice tuck in acquisitions. | 2007-11-02 | |
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| BUY | | Toronto Dominion | TD-T | 69.210 | Over the long term you will be a winner with either Toronto Dominion (TD-T) or Royal RY-T). Fantastic retail franchises, which will really determine the winners in the banking space. This stock has been knocked back a bit so you are getting a better valuation than with Royal. | 2007-11-02 | |
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| Comment | | Royal Bank | RY-T | 53.900 | Over the long term you will be a winner with either Toronto Dominion (TD-T) or Royal RY-T). Fantastic retail franchises, which will really determine the winners in the banking space. TD has been knocked back a bit so you get a better valuation with it. | 2007-11-02 | |
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| BUY | | Noranda Income Fund | NIF.UN-T | 10.200 | Zinc refinery in Quebec. Stock does not swing widely with the commodity price. Very stable, visible cash flow stream. | 2007-11-02 | |
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| Comment | | Precision Drilling Corp. | PD.UN-T | 17.000 | The classic value pick for the contrarian investor. Market does not like the energy services space right now. Over the long term, this will bounce back. If you Buy you will have to hold until 2009, which will be the first time for a significant turnaround in terms of utilization rates. | 2007-11-02 | |
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| BUY | | Armtec Infrastructure Income Fund | ARF.UN-T | 19.600 | A part of the infrastructure and this is a wonderful place to be in Canada. A lot of money is sloshing around Government coffers right now. This company is doing a good job. Has a good presence in western Canada. | 2007-11-02 | |
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| BUY | | Brookfield Asset Management (A) | BAM.A-T | 35.040 | As an interest sensitive holding, it is going to get whipped around a fair bit. Its main legs are real estate and infrastructure in regards to power assets. Over the long term, it is an excellent company. Good strategy of offloading their assets and they remain as management. | 2007-11-02 | |
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| BUY | | Fairborne Energy Trust | FEL.UN-T | 6.870 | Distributions are going to be cut to zero as they prematurely covert into a corporation. At under $7 he believes there is significant upside. Management has a good track record to grow. | 2007-11-02 | |
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| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Preferred Shares – Are currently down. A lot of blue chip stocks are down because of credit concerns. There is a bit of a supply glut. A lot of companies are issuing preferreds because other venues are too expensive, or even closed down to them. Once the glut clears trading will go back a bit more to the fiundamentals. | 2007-11-02 | |
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| Comment | | Bell Aliant | BA.UN-T | 30.910 | Secondary market landlines rather than wireless. Slow growth. A fairly stable earnings growth story. When BCE gets de-listed there will be additional demand as people look for other telecom names to go to. For better growth prospects look at Telus (T-T). | 2007-11-02 | |
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| Comment | | Mullen Group Income Fund | MTL.UN-T | 17.830 | A 2 pronged company with oil field services and trucking outside of western Canada. The oil field is dominating the sentiment right now. Won’t be fixed in the winter of 2008. This company will be one of the survivors. Good track record. | 2007-11-02 | |
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| BUY | | Liquor Stores Income Fund | LIQ.UN-T | 23.400 | Bullish on this company. Good population growth and earnings generation in western Canada. Same store sales growth is clicking. | 2007-11-02 | |
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| BUY | | Boston Pizza Royalties | BPF.UN-T | 14.200 | He’s quite positive at these levels. Has a concentration in western Canada. | 2007-11-02 | |
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| BUY | | National Bank of Canada | NA-T | 53.640 | An unloved name right now for because of their asset backed commercial paper. Thinks the market has overdone it and has baked in the worse case scenario. Even in the worse situation, the target price would be in the mid to high $50 range. | 2007-11-02 | |
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| BUY | | Jazz Air Income Fund | JAZ.UN-T | 7.810 | Transportation space can be fickle, but this name is a relatively conservative way to play the airline space. | 2007-11-02 | |
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| BUY | | Northland Power Income Fund | NPI.UN-T | 12.630 | A good name within the power group for both the near and long term. Won’t be volatile because of the long-term nature of its contract. Have some nice tuck-in acquisitions. | 2007-11-02 | |
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| TOP PICK | | Cineplex Galaxy Income Fund | CGX.UN-T | 18.100 | A lot of their revenues and cash flows come from concessions, which have high margins. What is very exciting is the ancillary services such as digital advertising (a 20% growth division for them.) | 2007-09-21 | |
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| TOP PICK | | Le Château Inc. (A) | CTU.A-T | 14.000 | Girls’ clothing. One of the best executors out there. Has been beaten up in the last couple of weeks because of a weaker back-to-school report. Has been oversold. 3.65% yield. | 2007-09-21 | |
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| TOP PICK | | Trans Canada Corp | TRP-T | 36.000 | A great blue chip name. Worries about the US economy, slowdowns and lower interest rates, drives the flight of money to quality. Good growth. 3.8% yield. | 2007-09-21 | |
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| DON'T BUY | | Baytex Energy Trust | BTE.UN-T | 18.320 | A very solid portfolio of assets. Primarily weighted to oil with significant heavy oil exposure. Has been some volume disappointments. | 2007-09-21 | |
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| SELL | | PDM Royalties Income Fund | PDM.UN-T | 10.020 | Restaurant trusts in eastern Canada. 14.3% yield is stretched. Momentum on the earnings is not strong. | 2007-09-21 | |
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| DON'T BUY | | Boston Pizza Royalties | BPF.UN-T | 14.710 | Has always been one of the highest value names because it is recognized as an almost pure Western Canada play. Have enjoyed some of the highest same-store sales growth because of the Western economy. However, a lot of that has already been reflected in the price. | 2007-09-21 | |
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| HOLD | | Peyto Energy Trust | PEY.UN-T | 17.030 | Gas weighted trust and feels you will eventually be rewarded by holding on. Commodities have had a positive run in the last week or so and feel that this will continue. | 2007-09-21 | |
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| BUY | | Arc Energy Trust | AET.UN-T | 20.310 | A great long-term core holding. When you're looking for energy exposure, this will be one of the long-term stable names. Have a fantastic asset base. One of the few that have been lowering their costs of operations. | 2007-09-21 | |
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| HOLD | | Epcor Power L.P. | EP.UN-T | 24.480 | Dividend is fairly safe. Have had concerns about some of their long-term contracts as to whether they will be able to roll them over at the current attractive rates. Should be okay for a couple of years. Well diversified asset base. | 2007-09-21 | |
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| BUY | | Focus Energy Trust | FET.UN-T | 16.750 | A great gassy trust, very low cost. The majority of their properties are outside of Alberta so the royalty review process does not impact them significantly. | 2007-09-21 | |
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| WEAK BUY | | Fort Chicago Energy Partners | FCE.UN-T | 10.150 | Prospects are looking better. Completed an acquisition of Countryside Power which has created new platform for power generation. Turning into more of a conservative play than last year. Should turn around. This is sector you want to be in. | 2007-09-21 | |
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| WEAK BUY | | Pizza Pizza Royalty Income Fund | PZA.UN-T | 10.350 | Hasn’t gotten respect they deserved. Have delivered a lot of consistent sales returns. Flown under the radar. Benefit from inflation. Murky in long term. | 2007-09-21 | |
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| PAST TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 22.880 | (A top pick Nov 1/06, up 6.9%) Still happy with it. Core holding within real-estate. Net operating income growing well. Risks have been overblown. One of bluest chip names you can hold. Shareholders will be rewarded. | 2007-09-21 | |
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| PAST TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 13.690 | (A top pick Nov 1/06, up 18.1%) very liquid. “old-faithful”. Continue to soldier on, online business is fantastic: 10% of total revenue. Will be steady climb up. | 2007-09-21 | |
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| PAST TOP PICK | | Vermilion Energy Trust | VET.UN-T | 37.300 | (A top pick Nov 1/06, up 20.5%) best oil/gas royalty trust performer in 2007. unique portfolio, a lot of assets outside of Canada. A bit riskier. | 2007-09-21 | |
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| WEAK BUY | | Cinram | CRW.UN-T | 19.900 | Need to be very aggressive investor to hold position right now. People are worried about new technology. Definitely a decline in volumes they’re shipping. They want to be known as a logistics company. A transformation story. Not worth risk unless aggressive. | 2007-09-21 | |
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| VAGUE | | TransForce Inc. | TFI-T | 11.210 | Wont be affected really by U.S dollar value. May be affected by slowdown in U.S economy. | 2007-09-21 | |
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| DON'T BUY | | Parkland Income Fund | PKI.UN-T | 17.640 | Been a very successful run lately, because of play on gasoline margins. A lot of earnings income’s come from favourable margins, which can be volatile. Expect there to be pullback. Too volatile to own. | 2007-09-21 | |
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| WAIT | | Penn West Energy Trust | PWT.UN-T | 29.350 | Been frustrating name. Diversified asset base. Have been operational problems. Need to show volume turnarounds. A lot of people calling for distribution to be cut. Has been under performing its peers. | 2007-09-21 | |
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| WAIT | | Canadian Oil Sands Trust | COS.UN-T | 33.150 | Worst-case scenario $28-30. You should wait. See if its drops, and buy below $30. buy companies with less exposure to oil sands. | 2007-09-21 | |
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| WATCH | | Canexus Income Fund | CUS.UN-T | 4.950 | In chemical manufacturing business. U.S dollar driving its price down. Highly leveraged play on U.S dollar. For those with strong stomach for volatility. | 2007-09-21 | |
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| TOP PICK | | Livingston Int'l Income Fund | LIV.UN-T | 21.210 | The leading customs brokerage between Canada and the US. Stock price has come off in the last couple of days because of a weak Q1 report. Good as a trading stock. He sells when it gets up to $23-$24. | 2007-05-14 | |
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| TOP PICK | | BFI Canada Income Fund | BFC.UN-T | 28.130 | On a very positive upswing right now. Garners most of its earnings from the US. Strong organic growth. Very under appreciated. | 2007-05-14 | |
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| TOP PICK | | Trans Canada Corp | TRP-T | 39.760 | For a yield investor that has a diversified portfolio of dividend paying stocks, this should be one of your holdings. One of the best-positioned utilities. | 2007-05-14 | |
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| PAST TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 24.810 | (A Top Pick Nov 1/06. Up 8.7%.) Still a Buy. Continues to be global demand for Canadian real estate. | 2007-05-14 | |
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| PAST TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 14.530 | (A Top Pick Nov 1/06. Up 19%.) Very close to its target price. | 2007-05-14 | |
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| PAST TOP PICK | | Vermilion Energy Trust | VET.UN-T | 36.750 | (A Top Pick Nov 1/06. Up 11%.) This is a core holding that you should look at. A lot of their assets are outside of Canada. Great diversified portfolio. | 2007-05-14 | |
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| BUY | | Arc Energy Trust | AET.UN-T | 22.170 | Excellent entry point. One of the top trusts when looking at the underlying portfolio. Roughly 50%-50% oil/gas. Fantastic management record. | 2007-05-14 | |
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| BUY | | Fortis Inc. | FTS-T | 27.800 | Acquiring Terasen (TER-T). A very high-quality utility stock. A fantastic company when it comes to growing. Likes the utility space in general. | 2007-05-14 | |
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| WAIT | | Petrowest Energy Services Trust | PRW.UN-T | 7.450 | Oilfields servicing sector. Well-run, but the last quarter was pretty dismal. A little less enthusiastic about near-term prospects. Feels the distribution is safe. Made 5 more acquisitions, and to put more debt on the balance sheet was not the right thing to do. Wait to see how they integrate. | 2007-05-14 | |
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| BUY | | Cinram | CRW.UN-T | 26.350 | Produces and duplicates DVDs, CDs, etc. A lot of people are concerned about how sustainable this business is. Last couple of earnings have been positive. Business is still resilient. Good track record of morphing and understanding trends. | 2007-05-14 | |
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| BUY | | ING Canada Inc. | IIC-T | 50.070 | One of the pre-eminent property and casualty companies. Good price. Fantastic track record of having some of the highest ROE’s in the business. Good management team. | 2007-05-14 | |
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| WATCH | | Toronto Dominion | TD-T | 69.730 | Hasn't done as well as some of the other banks, mainly because of its US subsidiary Bank North. Now going to be run by TD. Canadian operations have been fantastic. Should see signs towards the end of the year of their progress. | 2007-05-14 | |
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| HOLD | | K-Bro Linen Income Fund | KBL.UN-T | 13.750 | Coming close to full value. 8% yield is very attractive. The Calgary contracts have now been settled. | 2007-05-14 | |
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| SELL | | Manitoba Telecom Services | MBT-T | 49.250 | Investors buying into this name have been doing so for the potential takeover only. The underlying business is a pretty weak business. Their bulk of their business is from local and long-distance which is a brutal business. | 2007-05-14 | |
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| DON'T BUY | | BCE Inc. | BCE-T | 37.040 | (Question was on preferreds.) Preferred shares in reality fixed income, almost like buying a bond. While the Common shares are going up, the exact opposite is happening on preferred shares. | 2007-05-14 | |
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| BUY | | GMP Capital Trust | GMP.UN-T | 24.030 | A very strong franchise. Primarily an institutional investment dealer. Going forward, he believes there will be more diversification and not so much reliance on energy. High beta and that it will move very much with the TSX. Would prefer at $22. | 2007-05-14 | |
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| WAIT | | Precision Drilling Corp. | PD.UN-T | 29.180 | A play on natural gas. Current price is displaying some optimism in the market. Don't look for good news out of their quarterly reports until this winter. Price has gone up on speculation about M7A activity. All the good news is fully factored in. Wait for the summer doldrums. | 2007-05-14 | |
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| PAST TOP PICK | | H&R Real Estate Inv Trust | HR.UN-T | 26.230 | (A Top Pick Nov 1/06. Up 14%.) A lot of REITs are hitting their all-time highs. This is one of the most blue-chip ones. | 2007-02-22 | |
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| PAST TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 13.710 | (A Top Pick Nov 1/06. Up 10.1%.) Continue to hit their targets. Deliver his organic growth of about 5%-7% year after year. | 2007-02-22 | |
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| PAST TOP PICK | | Vermilion Energy Trust | VET.UN-T | 32.070 | (A Top Pick Nov 1/06. Down 2.3%.) There is a lot of pessimism in terms of energy. This one is held in relatively well compared to other royalty trusts. | 2007-02-22 | |
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| TOP PICK | | Petrowest Energy Services Trust | PRW.UN-T | 7.200 | Couldn't pass this one up because it is so cheap right now. Provide a lot of temporary road building, hauling services and equipment rental. Primarily in the Grand Prairie region which is more oily. 17% yield. Have a lot of cash and no debt. | 2007-02-22 | |
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| TOP PICK | | AGF Management (B) | AGF.B-T | 30.880 | Has performed well. Have been delivering the numbers. International expertises with 40% of their assets in international equities. | 2007-02-22 | |
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| TOP PICK | | Livingston Int'l Income Fund | LIV.UN-T | 21.500 | The leading customs broker. One of the most blue chip industrial trusts that you can buy. Very conservative balance sheet. Conservative payout ratio. Stable business. | 2007-02-22 | |
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| BUY | | Great West Lifeco | GWO-T | 37.360 | Putnam Fund acquisition in the US is being looked on very favourably. Issue could exposure to the US market and the equity market is strong. | 2007-02-22 | |
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| Comment | | Macquarie Power Income Fund | MPT.UN-T | 11.510 | A very unique vehicle in that they are a hybrid of a power plant and some senior care facilities. Great management strength. Getting fairly valued, so consider trimming profits if you own. | 2007-02-22 | |
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| DON'T BUY | | Tree Island Wire Income Fund | TIL.UN-T | 7.350 | They are at an apex in change for the company. Yield of about 20% which he expects will be cut. Payout ratio is at least 125%. | 2007-02-22 | |
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| Comment | | Bell Aliant | BA.UN-T | 29.310 | Sold their directory business to Yellow Pages (YLO.UN-T). Predominantly wire line with some wireless. Buying back stock. Prefers Telus (T-T), which has a decent yield and a much better growth potential. | 2007-02-22 | |
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| DON'T BUY | | Canetic Resources Trust | CNE.UN-T | 15.130 | Royalty trust space has had a very rough 4 months. Has a fairly diverse portfolio. A fair bit of debt. Reserve life is a little shorter than average. | 2007-02-22 | |
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| BUY on WEAKNESS | | Brookfield Asset Management (A) | BAM.A-T | 64.120 | Conglomerate with real estate, power generation, infrastructure, timberland, etc. Stock has been on fire. It is restructuring and difficult to value. Would buy in the lower $60’s. If you have the patience, you could buy now. | 2007-02-22 | |
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| DON'T BUY | | PDM Royalties Income Fund | PDM.UN-T | 10.150 | Multi-brand restaurant chain. Bullish on the restaurant group. This one has had some pretty lacklustre sales growth. Same-store sales growth has been anaemic at best. | 2007-02-22 | |
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| BUY | | Newalta Income Fund | NAL.UN-T | 27.150 | If you are looking for exposure to the oil field services, this is a good name to have. Not tied so directly to the production side of oil/gas companies. | 2007-02-22 | |
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| BUY | | Arc Energy Trust | AET.UN-T | 22.220 | One of the best-run royalty trusts. Very high quality and long-term life assets. Distributions are at a relatively sustainable level. Should be a core holding as it will outperform the majority. | 2007-02-22 | |
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| DON'T BUY | | Fortis Inc. | FTS-T | 27.350 | Power generation. A fairly stable, boring business. Increases dividends regularly. Trading at about 20 X forward earnings, which is quite high. Had a good last quarter and surpassed estimates. There are others that provide more exciting growth potential. | 2007-02-22 | |
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| BUY | | Canadian Western Bank | CWB-T | 24.740 | Has been a great performer and has benefited greatly from the growth in the economy in Alberta. Pretty lofty multiple at 20 X’s, but is just reflective of the hot pace of growth. | 2007-02-22 | |
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| BUY | | Sunlife Financial | SLF-T | 51.840 | If he had to rank the insurance companies, this would have to be his top pick. All 3 of the major names are doing well, but this one is closing the gap. | 2007-02-22 | |
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| BUY | | Keystone North America Inc. | KNA.UN-T | 8.450 | Funeral services in the US. Technically not an income trust, but an Income Participation Security. Doesn't feel it is subject to the new income trust rules. Non-cyclical. A great long-term business. Good yield of about 12%. | 2007-02-22 | |
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| BUY | | Eveready Income Fund | EIS.UN-T | 6.290 | In the energy services field, but not tied to the short-term volatility of commodity prices. A good third to a quarter of their earnings are tied to oil sands, which are long-term projects. | 2007-02-22 | |
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| TOP PICK | | K-Bro Linen Income Fund | KBL.UN-T | 12.400 | One of the largest laundry providers. Great business model. Very little competition and non-cyclical. Looks like it is ready to renew Calgary contracts. | 2007-01-26 | |
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| TOP PICK | | Connors Bros. Income Fund | CBF.UN-T | 11.250 | Feels the tide has turned for them. Tuna costs are coming down rapidly. Fuel costs are far less. US$ is strengthening. | 2007-01-26 | |
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| TOP PICK | | Eveready Income Fund | EIS.UN-T | 6.000 | Although they are in the energy services field, they can also be described as an industrial company. Have a lot of stable work that is not tied to exploration. Good exposure to the oil sands. | 2007-01-26 | |
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| PAST TOP PICK | | Livingston Int'l Income Fund | LIV.UN-T | 22.500 | (A Top Pick Jan 13/06. Down 7.1%.) His favourite name in the industrial trusts. Have a fantastic market position. | 2007-01-26 | |
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| PAST TOP PICK | | Enerplus Resources Fund | ERF.UN-T | 49.640 | (A Top Pick Jan 13/06. Down 12.7%.) This one should always be on the radar for investors looking to consolidate their position in royalty trusts. As fantastic, long-term, stable assets. | 2007-01-26 | |
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| PAST TOP PICK | | Calloway REIT | CWT.UN-T | 29.700 | (A Top Pick Jan 13/06. Up 18.9%.) A good place to be. | 2007-01-26 | |
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| BUY | | Petrowest Energy Services Trust | PRW.UN-T | 7.990 | Energy services, but not so much in the exploration side. More stable than the drilling sector. Likes the name. Good value. | 2007-01-26 | |
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| BUY | | Newalta Income Fund | NAL.UN-T | 24.690 | Became significantly undervalued, compared to its peers. A lot of industrial applications outside of Alberta and British Columbia. Last quarter earnings were a little disappointing, but given their defensive position they should have been rewarded, not penalized. | 2007-01-26 | |
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| BUY | | Pollard Banknote Income Fund | PBL.UN-T | 9.900 | Involved in the printing of lottery tickets. One of 3 significant players globally. Not particularly expensive and supply good yield for a portfolio. Non-cyclical. Could become privatized. | 2007-01-26 | |
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| BUY | | CML Healthcare Income Fund | CLC.UN-T | 15.610 | Involved in lab services, blood test work and diagnostic imaging. Good choice for investors looking for stability. A non-cyclical play on the economy. | 2007-01-26 | |
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| BUY | | BFI Canada Income Fund | BFC.UN-T | 28.000 | 6th largest solid waste management company in North America. Have recovered quite nicely. Coming off very strong Q3 results. Expect they can grow quite nicely organically. Will benefit from a strengthening US$. | 2007-01-26 | |
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| BUY | | Canetic Resources Trust | CNE.UN-T | 15.250 | Looks fairly attractive on a valuation basis. Leveraged to natural gas. | 2007-01-26 | |
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| BUY | | Arctic Glacier Income Fund | AG.UN-T | 12.720 | Market leaders in manufacturing and distributing ice. Fairly non-cyclical. Not all that exciting regarding their growth potential. Have delivered fairly stable returns over the long run. Reasonable buy long-term. | 2007-01-26 | |
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| BUY | | North West Company Fund | NWF.UN-T | 15.960 | An excellent buy. One of the major grocers and general merchandise retailers up in northern Canada and Alaska. Fantastic organic growth. Limited competition. | 2007-01-26 | |
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| Comment | | Bell Nordique Income Fund | BNQ.UN-T | 12.250 | Will be privatizing. Price dropped $4 the amount shareholders will receive. Merely a readjustment of cash and shares of Bell Aliant (BA.UN-T). | 2007-01-26 | |
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| DON'T BUY | | Penn West Energy Trust | PWT.UN-T | 35.000 | The stock is in a bit of a difficult phase right now. Better value elsewhere at this time. | 2007-01-26 | |
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| HOLD | | Bell Aliant | BA.UN-T | 29.540 | Thinks it will go up in the near term. Not a huge fan of the business model relative to what else is available. Longer term, would look outside income trusts to something like Telus T-T). | 2007-01-26 | |
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| BUY | | A&W Revenue Royalties Income Fund | AW.UN-T | 13.910 | A revenue royalty trust. The 2nd largest hamburger chain in Canada. Have done very well. A fantastic industry. | 2007-01-26 | |
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| DON'T BUY | | Genivar Income Fund | GNV.UN-T | 15.300 | Quebec-based construction/engineering professional services firm. Loves the infrastructure space. Governments have so much money that the outlook for infrastructure is fantastic. Sold his holdings because it went up 30% in the last month and the valuation is looking a little full. | 2007-01-26 | |
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