Opinions David Taylor, MBA, CFA
Sceptre Investment Council LtdSZ.TOBUYAug 29, 2005
Too illiquid for his funds. Expects there will be a continuation of the consolidation of the money management industry. Great numbers. Well run. Prefers AGF Management (AGF.NV-T).
$6.40
Stock price when the opinion was issued
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BUY
He did like it and he did get out previously. There is great cash on the books. Generally descent performance. The one negative is that it has a lot of institutional and pension business. The best part of the business is the private client business because of better fees. It’s relatively cheap and a chance there could be a takeover, although he is not sure they are set up for it. He is not interested in this point in time but it probably could go up from here.
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TOP PICK
Has a positive view on asset/investment managers. A very highly leveraged business in that most firms have enough people to allow them to significantly increase assets over the next 5 years. Looking for 10%-11% annual growth. Expecting a dividend increase next year. Look to hold for 3-5 years and take your time buying.
Peter BriegerOwned
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TOP PICK
6th largest money manager in Canada and is dirt-cheap. 4.8% yield is safe.
Peter BriegerOwned
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HOLD
In the institutional and no-load investment fund space. Suffered a drop last year because their small-cap manager left but that didn’t really affect them. Have great managers. Because of market volatility it is hard for them to grow in this market. Will do better over a long-term. Pays a good dividend.
Paul Gardner, CFAOwned
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PAST TOP PICK
(A Top Pick May 17/07. Down 23%.) Sold about half his position at around $13. Still likes the company.
Paul Gardner, CFAOwned
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COMMENT
In the small cap asset management space. Small caps are being hit hard because of the liquidity issue. Also got hurt when one of their managers left to go to another firm although his fund has continued doing well if not better. No dent on the balance sheet. Have improved their costs. Thinks it will do well longer term and looking for it to recover in the next year or so.
Paul Gardner, CFAOwned
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TOP PICK
Stock fell apart when one of their key managers left to go to a hedge fund. Have grown their assets and have very good performance with their other products. Very good story at these levels. Pays a good yield.
Paul Harris, CFAOwned
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TOP PICK
Great dividend yield. Dropped recently because one of the top small-cap managers left. Has not seen any redemptions from their fund and the performance has actually gotten better. Trades at a 12 X multiple. They're an institution money manager and their performances all through their offering are very good.
Paul Gardner, CFAOwned
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TOP PICK
4.5% yield. Reduced their cost structure considerably. Performance has turned around really nicely in a lot of their core products. Because they have institutional money they are in a lot of mandates to win pension fund assets.
Paul Harris, CFAOwned
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PAST TOP PICK
(A Top Pick Nov 7/06. Up 24.2%.) Great asset manager. They are more in the institution pension market. Great cash flow company. Still a Buy.
Paul Gardner, CFAOwned
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TOP PICK
One of the lead portfolio managers of the small cap funds left and the stock dropped. Feels that the younger managers will come up and fill the space quite nicely.
Paul Gardner, CFAOwned
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TOP PICK
A recovery story. Costs were out of line 3-5 years ago. Used to be a $12 billion asset. Deal mostly in the institutional market. Numbers have been fantastic. Have a lot of cash on the books.
Paul Gardner, CFAOwned
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