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Compiling comments that experts make about stocks while on public TV.

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Randy LeClair , Chief Investment Officer & Portfolio Manager

Portland Investment Counsel


Date Signal Chart Symbol Company Opinion Price
2014-05-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Interest Rates. Thinks they are going to stay low for at least a year. We are getting improvements in the economy, probably better than what we were doing in the fall. However, we are still getting muted inflation, there are no wage gains and consumer debt levels are high. The consumer really isn’t in a position to spend their way out of this so it is going to be a muted recovery. Federal reserve still has to finish the ending of the quantitative easing program. We are probably looking out about a year before we can get serious about talking about interest-rate increases. Also, any increases will be slow and incremental. The best place to be is the short end of the curve in short dated maturities. For the last 18 months, he has been overweight in corporates in his broad mandated portfolios and of short duration.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-05-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Preferred shares as a fixed income vehicle? Preferred shares are really undervalued at this time. It’s a really misunderstood market that doesn’t have a lot of institutional players. We are playing catch up at this stage and he thinks they are really great value. Prefers insurance companies over banks as there is more yield in them. You are receiving dividends, not interest so you get a preferential tax treatment.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-05-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Target bond ETFs. This is a basket of bonds, very short, around a maturity date. The ETF will terminate, usually late in the year, of that date. For example, with a target date of 2018, the company will wind down that ETF on Nov 30/18. Most of the bonds will mature at that time. As it gets closer and closer to maturity, the actual value will get closer to the original NAV and they will distribute whatever is left at the end. An example of a target bond ETF would be RBC Target 2014 Corp. Bond ETF (RQB-T).


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-05-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Interest rates of corporate debt versus yields of their preferred shares? Would this differ between perpetuals and resets if both are trading below par? The gap between the bond yield and the preferred does matter somewhat and tend to follow what the corporate bonds do. We measure things in fixed incomes with the spread, usually over Canada so resets tend to be spread off of the 5-year Canada. However, the relationship is very, very loose because you also have the equity on the other side and the pref yield cannot be driven lower than the common.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-05-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Laddered bonds coming due and interest rates are atrocious. Should this be put into preferred shares? If the money is RRSP, you are not going to get the tax advantage of preferred shares, but you will still get a really decent yield. He would think that is where the value is. You are taking a step down in the capital structure, but preferreds look and act so much like bonds and you are getting all the pickup in yield, it is well worthwhile to look at.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-05-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Is now a good time to buy Real Return Bonds for 2026 for a ladder? Not a big fan of Real Return bonds. A Real Return bond usually has a fixed coupon plus it pays whenever the CPI rate is. These really came out for pension fund managers that had an established book of business that they were paying out indexed to inflation. You really have to ask yourself whether or not there is going to be inflation because this is what they were designed for.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-05-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Safest and most secure place to park cash for 10 months? There are options such as floating rate funds and he would recommend a floating rate preferred which gives you some protection if rates go up. Trading with a yield of about 3%.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-05-13 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Brookfield Preferred Shares Series E. (BRF.PR.E-T) Really likes these. These are one of the ones that he thinks it should do better. 5% dividend. Trading at around $21 so the current running yield is almost 6%.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2014-05-13 PAST TOP PICK Must be logged in to use chart BA-T Bell Aliant

(A Top Pick March 15/13. Down 0.58%.) Preferred E series 4.25%. Trading above $1.30 lower than it was last year. Thinks this one will do better as we go along.


Price:
$28.190
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2014-05-13 COMMENT Must be logged in to use chart BCE-T BCE Inc.

3.5% Reset preferred. This is sort of a fixed floater. It’s the old-style resets before we got what we have now. As you come to the reset date, it has not been predetermined what you will get at that time, fixed or floating, but the company is going to tell you what they are going to pay.


Price:
$49.620
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2014-05-13 TOP PICK Must be logged in to use chart BEP.UN-T Brookfield Renewable Energy

Preferred E 5% Series 5. This is a perpetual and won’t get called until 2018 at $26 and starts dropping down the Call price. Current yield is 5.81%. The yield to Call out to 2022 is 7.38%, which is a bond equivalent of almost 10%.


Price:
$31.970
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2014-05-13 COMMENT Must be logged in to use chart BPO-T (Dead) Brookfield Office Properties

Floating rate Preferred shares. Yielding about 3.7%. Rated P3. If interest rates go up, the yield goes up. The one downside is the concentrated real estate, but their portfolio is so large and diversified, it is hard to think that they would be hurt. That is the only negative thing he can think of.


Price:
$22.010
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
No
2014-05-13 COMMENT Must be logged in to use chart ENB-T Enbridge

Preferred series F. Likes the company. In the preferred share markets it is a solid P2. Have great capital plans. Have 12 or 14 issues in the preferred share market. Most of them are at a 4% coupon. This will come up for reset in 2018. The reset spread is 251 so at that time you will get either 5 year Canada +251 basis points or T-bills. Most likely it will be called in.


Price:
$51.970
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-05-13 TOP PICK Must be logged in to use chart ENB-T Enbridge

Preferred Y 4% Series 3. This is a rate reset and will go to reset in 2019 with a reset spread of 238 basis points. Trading a little over 4% currently with a 4.5% yield to reset.


Price:
$51.970
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2014-05-13 COMMENT Must be logged in to use chart NA-T National Bank of Canada

Preferred series 28. 3.8% coupon. This is the only bank reset out there. Prefers insurance companies over banks. This is a reset that has held up and is coming up for reset in November 2017. Has a higher back end of 243 basis points so you have some protection there as we come up to reset. Pays a decent coupon of 3.8.


Price:
$45.790
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
No
Showing 1 to 15 of 286 entries
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