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Paul Harris, CFA , Portfolio Manager and Partner

Avenue Investment Management

Date Signal Symbol Company Opinion Price
2013-04-25 N/A A Commentary A Comment -- General Comments From an Expert

Markets. Earnings have been relatively good and will be reasonable through this year.  We got a pullback in the TSX but he would like to see it in the S&P and Dow.  He is sitting on about 8% cash.  Thinks he will be able to start buying into May or June.  Looks for companies with a nice balance sheet that pay a good dividend.  In the US economic numbers are not that robust but in the 3rd and 4th quarters you will see it is very different.  There is an opportunity to buy European companies and to do quite well with them down the road, but there will be volatility.

 Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
_N/A
2013-04-25 DON'T BUY ABX-T Barrick Gold

He prefers mid-cap gold stocks with a better growth profile.  ABX have lots of issues.  They need some capital discipline.  He would stay away from it.  This is not the time to buy gold – wait for mid- to late- summer.  Prefers YRI-T.

 Price:
$19.460
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
No
2013-04-25 TOP PICK BAC-N Bank of America

This is a company where people have not seen the restructuring that has gone on.  Below tangible book value.  Has some really good capital and really core businesses.  Tailwinds from lawsuits are disappearing.  Thinks dividends will be 1.5% next year.  They are buying back shares.  Non-performing loans are coming down.

 Price:
$12.440
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
Yes
2013-04-25 TOP PICK BAM.A-T Brookfield Asset Management (A)

It trades around net asset value.  Likes to own it since it owns all the other parts.  He has always owned this part of the asset.  Thinks it is a well run company.  Infrastructure, power and property businesses.  Can buy assets very, very cheap.

 Price:
$38.360
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
Yes
2013-04-25 STRONG BUY BNS-T Bank of Nova Scotia

In great shape.  Has a long, deep franchise in the Caribbean and Latin America.  Trades in line with the dividend yield.  It is a well run bank and you should probably buy it at these levels.  You will get 10-12% including the dividend.

 Price:
$56.970
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
Unknown
2013-04-25 BUY CGX-T Cineplex Inc

Have a monopoly in the business.  They have done a great job.  They have been able to push up prices.  You are going into a very good season now.  It will definitely have a good year with the blockbusters coming.  Great yield 4%.

 Price:
$33.520
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
No
2013-04-25 BUY CM-T Canadian Imperial Bank of Commerce

Trades at a discount to the other banks.  4.6% yield.  Is in better shape than it has ever been over the last few years.  They have concentrated on their core businesses. 

 Price:
$78.910
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
Yes
2013-04-25 BUY CVE-T Cenovus Energy

Great company, incredibly well run, one of the lowest cost producers in the patch.  Rail is going to transport a lot more oil.  Great management.  You can make a reasonable amount of money on it.

 Price:
$29.640
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
Yes
2013-04-25 TOP PICK DH-T Davis and Henderson

Substantial revenue from cheques (40%).  They do financial technology including credit cards.  Nice yield but not paying out much of its cash flow.  Room to increase dividend.  Made some acquisitions and getting rid of the non-core parts of the acquired company.  5.74% dividend.  They can go and buy bolt-on acquisitions.  Growth will come from credit cards.  It’s growing nicely.

 Price:
$22.390
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
Yes
2013-04-25 DON'T BUY ECA-N EnCana Corp. (US)

He sold it soon after it split up.  Company is trying to rationalize their assets, selling some off.  He prefers CVE-T.  Prefers TOU-T for Gas.

 Price:
$18.650
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
No
2013-04-25 PAST TOP PICK GS-N Goldman Sachs

(Top Pick Apr 17/12, Up 25.88%)  He sold and bought regional US banks for more substantial upside.

 Price:
$144.760
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
No
2013-04-25 BUY HPQ-N Hewlett-Packard Co

He sold out.  6 times earnings, 3% yield.  In the process of a massive restructuring project.  Can they bring down the cost structure and then spend on R&D, plus get rid of non-core products.  There are headwinds – PC business is declining.  The opportunity is that if they can do what they said they were going to do, the stock is certainly worth a lot more.  They have some very good businesses.

 Price:
$19.590
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
No
2013-04-25 BUY KKR-N KKR & Co. LP

Has done quite well.  They have low cost of funding.  The stock market is going up a fair amount so they can exit some of their deals.  A great opportunity.  A perfect environment for these types of companies.  Over 5% yield.

 Price:
$21.060
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
No
2013-04-25 PAST TOP PICK LNF-T Leon's Furniture

(Top Pick Apr 17/12, Up 11.28%)  Tightly held and owns Brick now.  It’s a cheap stock at these levels.  Nice yield.  They own a lot of the properties they sit on.  They know how to run the furniture business.

 Price:
$13.030
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
Yes
2013-04-25 BUY LYG-N Lloyds TSB Group PLC

Likes it.  It was a great company and it will continue to become a great company again.  It’s not expensive.  8 times earnings and below tangible book.  They are restructuring.  This is a retail bank in the UK, but is a country that is slowly getting back on its feet.  It’s a longer term thing.

 Price:
$3.300
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
SELECTIVE
Owned:
No
Showing 1 to 15 of 1,532 entries
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