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| Sandy McIntyre of Sentry Select Capital Corp |
|---|
| The Exchange Tower |
| 130 King Street West, Suite 2850 |
| Toronto ON |
| M5X 1A4 |
| 416-861-8729 |
| Sandy McIntyre's website |
| Toll Free: 1-888-246-6656 |
| Fax: 416-364-1197 |
| info@sentryselect.com |
| TOP PICK | Thomson Reuters Corp | TRI-T | 34.120 | Being affected by the unwinding of the 2-share structure with outbound selling from Europe. One of their great franchises is the legal one, which is an astonishing cash cow. 3.5% yield is decent. Cheap. | 2009-12-14 | ||
| TOP PICK | McGraw-Hill Ryerson Ltd. | MHR-T | 45.560 | A closet financial play. They own S & P, which is the indices, but is also the rating agency that has very strong market share. 2.3% yield. | 2009-12-14 | ||
| TOP PICK | Enbridge | ENB-T | 48.400 | Has 10% compound annual earnings growth for the next 3 years. Very rare for a utility with this growth rate. | 2009-12-14 | ||
| PAST TOP PICK | Telus Corp | T-T | 32.100 | (A Top Pick Jan 22/09. Up 18.27%.) 4.95% bond maturing March 15/17. | 2009-12-14 | ||
| PAST TOP PICK | CML Healthcare Income Fund | CLC.UN-T | 13.420 | (A Top Pick Jan 22/09. Up 13.22%.) Still a buy. 3 years from now this will be a great dividend paying stock. There will be a distribution cut between now and then. | 2009-12-14 | ||
| PAST TOP PICK | Imperial Oil | IMO-T | 39.610 | (A Top Pick Jan 22/09. Up 1.5%.) This has disappointed on refining margins but the asset growth they have over the next 3-5 years is substantial. Still a buy. | 2009-12-14 | ||
| STRONG BUY | K-Bro Linen Income Fund | KBL.UN-T | 13.700 | Linen cleaning. Long-term hotels/hospital contracts. Stable company with a strong balance sheet. Under 50% payout ratio. 8.2% yield. | 2009-12-14 | ||
| BUY | H&R Real Estate Inv Trust | HR.UN-T | 14.550 | Financing is now in place. Long-term assets with long-term leases. Good long-term hold. | 2009-12-14 | ||
| BUY | Boardwalk REIT | BEI.UN-T | 36.300 | One of the best financing spreads that you will see because of their CMHC financing. Low pay out ratio. Good free cash flow yield. | 2009-12-14 | ||
| SELL | Harvest Energy Trust | HTE.UN-T | 9.930 | Korea National Oil Company have offered to acquire but will be subject to government approval. If you own and have a nice profit and are close to the bid, Sell and that the arbitrageurs take the risk. | 2009-12-14 | ||
| HOLD | Penn West Energy Trust | PWT.UN-T | 18.230 | Positioning itself for the transition into a Corp with a 5%-8% dividend yield and a modest growth rate. This one is actively on his Watch list. | 2009-12-14 | ||
| BUY | Westshore Terminals Inc. | WTE.UN-T | 14.450 | This is an asset that is irreplaceable and has no debt. There is very strong coal demand out of Asia. | 2009-12-14 | ||
| Comment | Yellow Pages Income Fund | YLO.UN-T | 5.200 | Fairly substantial amount of debt through debentures, preferred shares outstanding and some bank debt. 15% yield. Have a very good engine in their Internet delivery of proximity-based retail solutions. Would like to see them put more cash into this. Speculative. | 2009-12-14 | ||
| HOLD | Wajax Income Fund | WJX.UN-T | 21.930 | Equipment and construction material and will be helped by the trend in infrastructure building. | 2009-12-14 | ||
| Comment | Consumers Waterheater Fund | CWI.UN-T | 4.050 | Debt has been an issue and they have refinanced this. A lot of competition. Tax loss selling will be finished in about 2 weeks so if you own, give it a bit more time for possible better pricing before selling. | 2009-12-14 | ||
| TOP PICK | Enbridge | ENB-T | 36.890 | Defensive names of pipelines, utilities have lagged in this run. A little bit of catch-up needs to come. History of growing its dividends. Also grows its assets by investing in itself. Has become an energy distribution company besides the pipeline business of moving oil. 4% yield. | 2009-05-14 | ||
| TOP PICK | Canadian Real Estate Investment | REF.UN-T | 21.600 | Very high quality real estate company with a rock solid balance sheet and exposure across the country. Conservative payout ratio. The only tax efficient income post 2011. | 2009-05-14 | ||
| TOP PICK | Imperial Oil | IMO-T | 41.000 | They will announce the go-ahead of the Kearl project, which will be a material growth aspect for them. Hopefully that will be recognized in the marketplace. | 2009-05-14 | ||
| PAST TOP PICK | A Comment -- General Comments From an Expert | A Commentary | 0.020 | (A Top Pick May 5/08. % N/A.) Canadian banks. When Lehman's failed he liquidated his financial services. Since then, he has traded them. Not yet convinced that we have gone enough through the earnings cycle to say that the recession problems are fully recognized. | 2009-05-14 | ||
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| PAST TOP PICK | Russel Metals | RUS-T | 13.900 | (A Top Pick May 5/08. Down 51.06%.) Steel service centres. Sold his holdings after the Lehman failure. Back on his radar screen. | 2009-05-14 | ||
| PAST TOP PICK | Reitmans (Canada) Ltd. (A) | RET.A-T | 12.520 | (A Top Pick May 5/08. Down 27.63%.) This is a bet on consumers spending. Rock solid balance sheet with net cash. He is holding this for stock price appreciation and the 5.75% dividend. | 2009-05-14 | ||
| DON'T BUY | Wajax Income Fund | WJX.UN-T | 13.900 | Have conflicting issues. Very much involved in the construction cycle. Will be a beneficiary of infrastructure spending when and if it ever starts. Cyclical business and will recover with the cycle. You need a pick-up in construction that uses heavy equipment. | 2009-05-14 | ||
| DON'T BUY | General Electric | GE-N | 13.040 | Found it incredibly complicated review in their financials to try to assess the true value of the company. | 2009-05-14 | ||
| Comment | Royal Bank | RY-T | 42.350 | He bought about a month ago and has been selling over the last 2 weeks. Financials had a pretty good run off the bottom. 2nd quarter earnings are coming up in the next couple of weeks and he wants to stand back and let the normal seasonal effects take hold. | 2009-05-14 | ||
| Comment | Freehold Royalty Trust | FRU.UN-T | 11.950 | CN (CNR-T) pension fund is a significant shareholder and may need to re-jig its ownership interest. Taxable investors will be beneficiaries as he expects it will become some form of a dividend paying security after 2011. Will be at a 15%-20% lower rate. | 2009-05-14 | ||
| Comment | Crescent Point Energy Corp | CPG-T | 29.270 | Oil weighted so it will benefit from the rebound in oil prices. Consolidating 2 plays in South Saskatchewan and have reached a point where they are forced to convert to a corporation. Keeping dividends at the old distribution level. | 2009-05-14 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Telecom Sector: Becoming relatively positive on this sector. 1st quarter earnings have shown a shrinkage in cell phone usage. Heavy users have largely done their staff cuts so he doesn't see another big round of that. The business is a high margin one. | 2009-05-14 | ||
| BUY | Bell Aliant | BA.UN-T | 24.400 | Very comfortable with this one. The regional companies are likely to be picked up by one of the seniors. 11.75% distribution. | 2009-05-14 | ||
| HOLD | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 48.200 | Consumer discretionary play. Retail sales in the US in April were disappointing. Same-store sales on this were up 2.5%, which doesn't get him excited. He senses that traffic is down. 1.7% yield is rock solid. | 2009-05-14 | ||
| DON'T BUY | Talisman Energy | TLM-T | 16.360 | New management is doing a very good job. He is not buying because he does not like the price of oil and he sees the gas price having problems. | 2009-05-14 | ||
| BUY | Petro-Canada | PCA-T | 42.700 | Merging into Suncor (SU-T). Stock price became attractive so he just bought some. | 2009-05-14 | ||
| DON'T BUY | UTS Energy | UTS-T | 1.500 | This is a warrant on future oil sands development. Fort Hills project is an excellent one but it's pushed back. Petro Canada (PCA-T) is merging with Suncor (SU-T). He doesn't see the Fort Hills being developed in the foreseeable future so he would more likely put his money on PetroCan. | 2009-05-14 | ||
| BUY | Rogers Communcations (B) | RCI.B-T | 29.780 | Telus (T-T) is going to distribute the BCE (BCE-T) satellite service and he can't see this being a serious problem for Rogers longer-term. 3.8% yield. | 2009-05-14 | ||
| Comment | Yellow Pages Income Fund | YLO.UN-T | 6.060 | Doesn't know this will look like in 5 years. A lot of competition coming into the directory business. Prefers businesses where he has visibility 5, 10, 15 years out. Good sales force and decent balance sheet. If they can get their web-based delivery accepted by the market as a growth story, it would get multiple expansion. 13% yield. | 2009-05-14 | ||
| BUY | Premium Brands Holdings Corp | PBH-T | 9.000 | Good defensive play in this recession. A strong business that has been around for decades. 13% yield. | 2009-05-14 | ||
| SELL | Penn West Energy Trust | PWT.UN-T | 13.940 | (Market Call Minute.) It has never hit its production numbers. Very complicated asset base. There are simpler alternatives in energy. | 2009-05-14 | ||
| BUY | RioCan Real Estate Investment | REI.UN-T | 13.750 | (Market Call Minute.) One of the top 3 real estate companies in Canada. Great tenants and great assets. | 2009-05-14 | ||
| DON'T BUY | Precision Drilling Corp. | PD.UN-T | 5.980 | (Market Call Minute.) Too much financial leverage. A commodity cyclical with a bad balance sheet. | 2009-05-14 | ||
| BUY | Bonavista Energy Trust | BNP.UN-T | 18.550 | (Market Call Minute.) A great oil company that has protected its balance sheet. | 2009-05-14 | ||
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| DON'T BUY | Second Cup Royalty Income Fund | SCU.UN-T | 4.950 | (Market Call Minute.) Would pass on this one. Small-cap name and the restaurant royalty trust future is quite difficult to see. | 2009-05-14 | ||
| WATCH | Canadian Pacific Rail | CP-T | 40.370 | (Market Call Minute.) He needs to see some turn in training traffic and would wait a month. | 2009-05-14 | ||
| TOP PICK | Imperial Oil | IMO-T | 38.040 | Fantastic capital allocators and have a clean balance sheet. Although dividend yield is low, they buy back 5% of the stock each year, which supports the share price. The option value on this is bitumen accrual and the frontier gas Mackenzie Delta. | 2009-02-24 | ||
| TOP PICK | Arc Energy Trust | AET.UN-T | 13.380 | Has consistently maintained or grown reserves and production per unit while maintaining a sustainable distribution ratio. Have a Montney play in Dawson that has a big resource. | 2009-02-24 | ||
| TOP PICK | Bank of Montreal | BMO-T | 26.000 | Market is absolutely convinced that as Canadian banks report this week numbers are going to be a disaster. What if it's not as bad as everyone expects? Tier 1 capital ratio is now pushing 10% for this bank. Trading at the same PE multiple that it did in 1982. 11% yield, which he has on a DRIP plan. | 2009-02-24 | ||
| PAST TOP PICK | Bank of Nova Scotia | BNS-T | 26.240 | (A Top Pick Feb 26/08. Down 47.2%.) Well-managed company and he will ride it out. | 2009-02-24 | ||
| PAST TOP PICK | Artis Real Estate Investment Trust | AX.UN-T | 5.710 | (A Top Pick Feb 26/08. Down 59%.) Has under performed the REIT space because of fears of the Western economy. He likes Alberta and energy longer-term so is continuing to average in. | 2009-02-24 | ||
| PAST TOP PICK | Spectra Energy Income Fund | SP.UN-T | 11.250 | (A Top Pick Feb 26/08. Up 17.7%.) Sold his holdings before the company was acquired. | 2009-02-24 | ||
| Comment | Yellow Pages Income Fund | YLO.UN-T | 5.600 | Continues to evolve their web-based strategy. It's upwards of 20%-25% of revenues at this point. Down because investors are cool to income trusts. | 2009-02-24 | ||
| HOLD | Mullen Group Ltd | MTL-T | 8.200 | Heavy-duty truckers that get the oilrigs into remote locations. One of the best operators in the oilfield services. While there is a downturn in services, he will ride this one through the down cycle. | 2009-02-24 | ||
| Comment | Wajax Income Fund | WJX.UN-T | 15.840 | High-quality company, but in a very cyclical business. Not immune to a cut in distributions. When there is evidence of a cyclical rebound, this is a name he would come back at as it is well managed. | 2009-02-24 | ||
| HOLD | NAL Oil & Gas Trust | NAE.UN-T | 6.050 | Very high quality asset based. Have consistently been able to deliver distributions with maintaining modest growth in reserves and production. He will continue to hold this through the cycle. | 2009-02-24 | ||
| BUY on WEAKNESS | RioCan Real Estate Investment | REI.UN-T | 12.140 | Good-quality balance sheet and properties. This is one that he periodically adds to on the dips. Payout looks solid. | 2009-02-24 | ||
| BUY | Canadian Natural Rsrcs | CNQ-T | 39.740 | Horizon project is coming on this quarter and will start to see cash flow. | 2009-02-24 | ||
| BUY on WEAKNESS | Davis & Henderson Income Fund | DHF.UN-T | 12.050 | Very stable industry over the years. Have some exposure to the mortgage market through a subsidiary. Has added to his holdings on dips. He'll continue to own this through their conversion to a corporation. | 2009-02-24 | ||
| Comment | Sunlife Financial | SLF-T | 19.720 | Lifecos are being beaten up on fears of the equity market taking another major leg downwards. This will only be known a year from now. Every major bear market he has looked at has resolved to the upside after a 25% to 55% decline in value with the exception of 1929 to 1933. | 2009-02-24 | ||
| BUY on WEAKNESS | Crescent Point Energy Corp | CPG-T | 21.680 | One of the best quality of the oil/gas royalty trusts. Developing a field in the Bakken in South Saskatchewan. Good well production. Over distributing a bit at these commodity prices. 2 years from now as the reserves will be worth more. 13% yield. | 2009-02-24 | ||
| DON'T BUY | Harvest Energy Trust | HTE.UN-T | 6.420 | Balance sheet problems. Too much debt. Need to renegotiate an operating line over the next year. 60% distribution | 2009-02-24 | ||
| Comment | Pengrowth Energy Trust | PGF.UN-T | 7.290 | Just cut distributions substantially, which was the correct thing to do. Has a brilliant asset base. Would be warming up to this name significantly if it continues down at these levels. | 2009-02-24 | ||
| HOLD | DirectCash Income Fund | DCI.UN-T | 7.600 | Manufacture no-name ATMs. Very viable business model. Reasonable balance sheet and a lot of insider ownership. 18% yield looks secure. | 2009-02-24 | ||
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| BUY | Armtec Infrastructure Income Fund | ARF.UN-T | 15.200 | A beneficiary of the infrastructure build. Manufactures things like corrugated conduit under roads, etc. | 2009-02-24 | ||
| Comment | Suncor Energy Inc | SU-T | 22.760 | Oil sands, which is high cost, so margins are very skinny. He has focused more on Imperial Oil (IMO-T) (See Top Picks) during this cycle. Very good name. | 2009-02-24 | ||
| Comment | Sherritt International Corp. | S-T | 2.590 | An option on the commodities market with coal, nickel and some oil in Cuba. As an option on the market, he would be very interested in it. Has some outstanding debt so if you can get some of their debentures, you'll get a yield while you are waiting. | 2009-02-24 | ||
| DON'T BUY | General Electric | GE-N | 9.080 | One of the few AAA companies left in the US but doesn't know how long that will last. A financial/manufacturing identity and both sides of the business are challenged at this time. He doesn't own any US financials at this point. | 2009-02-24 | ||
| BUY | Fortis Inc. | FTS-T | 23.450 | A high quality income security. 4.6% yield. Has a reinvestment plan. | 2009-02-24 | ||
| DON'T BUY | Jazz Air Income Fund | JAZ.UN-T | 4.070 | Doesn't like the airline business so doesn't invest in them. | 2009-02-24 | ||
| BUY | Trans Canada Corp | TRP-T | 30.110 | The key to pipeline companies/utilities is that they will survive any form of economic downturn. Very well owned in the large mutual funds and they have been experiencing redemptions so they have been forced to sell. Would be happy with this name for a 1 to 5 year time horizon. Prefers Enbridge (ENB-T). | 2009-02-24 | ||
| WAIT | Advantage Oil & Gas Ltd | AAV-T | 2.910 | Did the right thing in substantially cutting its distribution to live within its means. Near-term issue with some convertible debt that needs to be rolled over and thinks the market is concerned that it will be refinanced with shares so would wait for some clarity. Pretty good asset base. | 2009-02-24 | ||
| TOP PICK | Telus Corp | T-T | 33.990 | 4.95% bond maturing March 15/17. | 2009-01-22 | ||
| TOP PICK | CML Healthcare Income Fund | CLC.UN-T | 12.790 | Lab testing. This trust has held him like a rock all through the bear market. Very predictable income stream. | 2009-01-22 | ||
| TOP PICK | Imperial Oil | IMO-T | 38.950 | They are renown for their balance sheets management, consistently increasing its dividend and returning capital to shareholders through share repurchases. 1% yield. Buying it for capital appreciation. If the Mackenzie pipeline goes ahead, they have the largest gas reserves in the Mackenzie Delta, which is not on their reserve report yet. | 2009-01-22 | ||
| PAST TOP PICK | Bank of Nova Scotia | BNS-T | 28.080 | (A Top Pick Feb 28/08. Down 38.3%.) Still not buying domestic or financial services. Too early. | 2009-01-22 | ||
| PAST TOP PICK | Artis Real Estate Investment Trust | AX.UN-T | 6.550 | (A Top Pick Feb 28/08. Down 49.6%.) Real estate is deeply out of favour on concerns about refinancing. Actually had a 6% increase in operating income over the year. A levered play on Alberta so there is a negative view on housing. Wait for REITs to normalize. | 2009-01-22 | ||
| PAST TOP PICK | Spectra Energy Income Fund | SP.UN-T | 11.250 | (A Top Pick Feb 28/08. Up 17.7%.) Sold just before they acquired and got 98% of the deal price. Acquired in May/08. | 2009-01-22 | ||
| DON'T BUY | Harvest Energy Trust | HTE.UN-T | 10.500 | Have something in the order of 8 or 9 outstanding issues of convertible debt plus a fairly substantial bank line. Not comfortable with highly levered commodity cyclicals. | 2009-01-22 | ||
| DON'T BUY | Chemtrade Logisitics Inc. | CHE.UN-T | 9.250 | Creates pulp chemicals and the pulp industry has not been vibrant for a number of years. Higher-cost producer than Canexus (CUS.UN-T). Too early to get into this type of security. 13.3% yield. | 2009-01-22 | ||
| DON'T BUY | Canexus Income Fund | CUS.UN-T | 3.030 | Creates pulp chemicals and the pulp industry has not been vibrant for a number of years. Lower-cost producer than Chemtrade (CHE.UN-T). Too early to get into this type of security. | 2009-01-22 | ||
| Comment | Yellow Pages Income Fund | YLO.UN-T | 6.210 | Best in class amongst the various Yellow Pages type businesses. Balance sheet is acceptable but not pristine. Will be able to absorb a certain amount of tax friction going into 2011. Management has advised distributions will be safe as a dividend. Internet is about 20% of their business and will grow over the years. | 2009-01-22 | ||
| HOLD | Pengrowth Energy Trust | PGF.UN-T | 10.050 | Reduced their distributions to a level, which is living mostly within their means. Very good asset base. Would be very comfortable with this on a 2 to 3 year time horizon. | 2009-01-22 | ||
| BUY | Bell Aliant | BA.UN-T | 23.450 | Likes businesses that have structures of everyday life. You need telephone and you need cable. Ideal in the income fund structure. 12.5% yield. | 2009-01-22 | ||
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| BUY | Livingston Int'l Income Fund | LIV.UN-T | 6.370 | Border brokers which is very cyclical. Clear cargoes between Canada and the US. Very sharp decline in activity that sharply reduced revenues. Very well run company. If looking for an economic recovery, he would be a buyer. Could be a takeover target. | 2009-01-22 | ||
| BUY | Armtec Infrastructure Income Fund | ARF.UN-T | 17.700 | Manufacture culverts for creeks running under roads, etc. Legitimate growth story within the trust sector. Will be a beneficiary of infrastructure spending. Not a bad place to be. | 2009-01-22 | ||
| BUY | Altus Group Income Fund | AIF.UN-T | 7.750 | Value and administers properties. Distribution is safe into 2011. | 2009-01-22 | ||
| DON'T BUY | Enerflex Systems | EFX.UN-T | 9.360 | Has not held service companies in his portfolio for quite some time. They are not immune from the decline in commodity prices. As energy prices drop, these companies get hit harder. | 2009-01-22 | ||
| BUY | NAL Oil & Gas Trust | NAE.UN-T | 7.900 | Excellent property base. Some risk to their distributions in a lower commodity price environment than today’s. Good management. | 2009-01-22 | ||
| BUY on WEAKNESS | Westshore Terminals Inc. | WTE.UN-T | 9.050 | Coal distribution terminal in BC. A key piece of global infrastructure. No debt. Throughput is declining as a result of weak demand for metallurgical coal. Statistics of China indicate steel production is rising. Coal prices are being negotiated and use this as a point to Buy. | 2009-01-22 | ||
| DON'T BUY | Chartwell Seniors housing | CSH.UN-T | 5.370 | Beginning to hit some of their numbers operationally. Prefers other REITs. | 2009-01-22 | ||
| HOLD | Pizza Pizza Royalty Income Fund | PZA.UN-T | 6.400 | Very well run business and the payout is safe. During recessions, people go back to simpler comfort food. Same-store sales have been doing well. Doesn't know what the business will transform into in 2011. On his radar screen. | 2009-01-22 | ||
| BUY | Student Transport of America Ltd. | STB-T | 8.110 | Stock has largely been unwound into a common stock structure. Continue to win contracts. School boards are looking to outsource suppliers of services. 13.5% yield. | 2009-01-22 | ||
| TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 27.990 | No significant capital spending in front of it. Current distribution of $5. You can buy at with a prospective 10% yield, no declines and have an asset with a life expectancy of 50 odd years. Relatively low level of debt. | 2008-10-24 | ||
| TOP PICK | Labrador Iron Ore | LIF.UN-T | 31.120 | Cyclical business and we are going into recession, but the assets are multi-decade assets. No debt. Have generated free cash flow year after year. | 2008-10-24 | ||
| TOP PICK | Canadian Real Estate Investment | REF.UN-T | 22.600 | A basket of high-quality real estate across Canada. Well tenanted. If you believe the economy is going to recover 6 to 9 months from now, you are picking up one of the best selection of assets at a significant discount. | 2008-10-24 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Economy: Believes we are going to have a recession in the 4th quarter, 1st quarter and possibly into the 2nd quarter. The stimulus that has been pumped into the system is designed to kindle the economy. Eventually the banks have to start lending. | 2008-10-24 | ||
| PAST TOP PICK | Brookfield Properties | BPO-T | 11.000 | (A Top Pick Aug 13/07. Down 55%.) Best property company in Canada and North America. Job losses in the financial services industry, which means tenants coming out of the system. Valuation is good. | 2008-10-24 | ||
| PAST TOP PICK | Allied Properties REIT | AP.UN-T | 13.340 | (A Top Pick Aug 13/07. Down 29%.) Dominant landlord in Spadina/King area of Toronto and buildings are 98% occupied. Net operating income is up about 6% year-over-year. If you have a view that the economy will recover, the stock will be worth more in 3-5 years time. Distribution is safe. | 2008-10-24 | ||
| PAST TOP PICK | Student Transport of America Ltd. | STB-T | 9.470 | (A Top Pick Aug 13/07. Down 44%.) This is school buses and kids are still going to school. Exposure to fuel costs is minimal as school boards pay for fuel. Good Buy. | 2008-10-24 | ||
| Comment | InStorage REIT | IS.UN-T | 3.550 | Being acquired for $3.75 by Canadian Storage Partners. He feels the price is acceptable and he is committed to it. | 2008-10-24 | ||
| Comment | Atlantic Power Corp. | ATP-T | 7.360 | Marginal generation of power in North America at this point is gas fired. Has a collection of gas-fired plants in the US and is generally in the lower cost quadrant of generation in its region. Distribution coverage is much better than most power trusts. Has the ability to absorb some taxation but expects a modest distribution cut in 2011. | 2008-10-24 | ||
| Comment | Bell Aliant | BA.UN-T | 23.170 | Business itself is a decent one but what he doesn't like is that it is land lined in eastern Canada and not cellular. An ideal cash cow business. | 2008-10-24 | ||
| Comment | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 93.500 | Being acquired by Teck Cominco (TCK.B-T). If you are holding this in a taxable account, there are some very negative consequences. In an RRSP or RIF you can avoid the tax consequences. He sold the majority of his holdings into the market prior to the transaction. | 2008-10-24 | ||
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| BUY | New Flyer Industries Inc. | NFI.UN-T | 8.900 | Not an income trust structure so won't be caught by the CIFT (?) Rules. Manufacture urban buses. Order backlog is close to record levels. Delivering a lot of higher margin buses and winning market share. | 2008-10-24 |
