Opinions Peter Hodson
CI Financial Income FundCIX.UN.TOCOMMENTAug 13, 2013
$15.43
Stock price when the opinion was issued
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COMMENT
Investment management. High quality holding. One of the highest quality management teams in the business. Great environment and should be able to make some good acquisitions. Not a lot of upside, but thinks the market is forming a bottom. Longer-term, they are going to come out of this in a very good position.
Michele RobitailleOwned
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PARTIAL BUY
An extremely well managed company but mutual fund companies are high beta stocks on the equity markets because they are a high margin product. Will be quite challenged on their earnings in the short term. Long-term it's a great company. Purchase by Bank of Nova Scotia (BNS-T) is very positive. If you believe markets are going to start coming back, it is not a bad time to start building a position.
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BUY
Mutual funds. Very strong competitor with good leadership. Talk about them getting together with Bank of Nova Scotia (BNS-T) taking on their mutual fund arm. Also talk about selling their brokerage arm. Looks like the talks have fallen apart. Good price.
Michael Simpson, CFAOwned
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BUY
One of the largest and best run mutual fund company in Canada. Just increased their distribution by $0.01. Expect they will convert to a corporation in 2011 and continue to pay their free cash flow as a dividend. Likes the demographics of this long-term.
Michael Simpson, CFAOwned
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BUY
Will be returning to a corporation in 2010. Got hit with market concerns. One of the largest players. Good distribution.
Gavin GrahamOwned
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HOLD
Greatly admire their management. She owns Investors Group (IGM-T), which she feels is safer due to its size and distribution network. It will revert back to a corporation that will involve some machinations and costs. Well capitalized. If you are comfortable with the inherent volatility, continue to Hold. 8.9% yield.
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CI Financial (CIX.UN-T) or Sun Life (SLF-T)? This is a fairly tough one, because the insurance sector tends to do well if interest rates rise. Insurance sector, and Sun Life in particular, have had a big move this year as people have transitioned their portfolio just in case interest rates go up. CI has great leverage if equity markets continue to rise. They keep raising their dividend. Bank of Nova Scotia (BNS-T) keeps hovering over their shoulder to take them over and the stock is at a 10-12 year high. Thinks this company is more likely to do well because he thinks the equity markets are going to do well.