Opinions Greg Newman
Canoe EIT Income FundEIT.UN.TOCOMMENTSep 16, 2024
Greg NewmanUnknown
$14.49
Stock price when the opinion was issued
$17.31
As of Jun 11, 2026. Market Open.
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Basket of dividend payers in Canada and the US. Just under 30% energy names. Pretty high yield, but believes some of that is ROC (so the yield is a bit misleading). As long as the underlying stocks do well, shouldn't see an erosion of capital. But the wild card to watch for is if there's a decline in the market.
Well managed, great track record.
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COMMENT
Not a fan of closed fund since the underlying securities will deviate from the net asset value of the fund. There are big dislocations. Underlying holdings are good quality companies. On a weighted basis, the yield is 3%, but the fund is paying 8%. This comes from the capital gains. It is not pure yield.
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COMMENT
Pays an 11% dividend yield. How are they paying that? They probably hold a lot of Canadian infrastructure but those stocks pay only 3-4%. The US component is also dragging down that yield. There's a mismatch here in holdings vs. the 11% yield. The total return will probably be 5-7%, but the high yield will limit share performance. This is a warning. Look at their top holdings and see how you feel about that.
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It is a basket of common stocks including big U.S. companies. He is not sure about it but it is doing well for the caller. Income is the focus.