CI Financial Income Fund

CIX.UN-T

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Analysis and Opinions about CIX.UN-T

Signal
Opinion
Expert
HOLD
HOLD
October 17, 2018

There's a lot of grief in this space. There's a lot of value here, but it takes a leap of faith to leap into a mutual fund company in a world of ETFs.

There's a lot of grief in this space. There's a lot of value here, but it takes a leap of faith to leap into a mutual fund company in a world of ETFs.

Chris Stuchberry
Portfolio Manager, Wellington-Altus Private Wealth
Price
$15.430
Owned
No
COMMENT
COMMENT
August 13, 2013

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.

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.

Peter Hodson
CEO & Head of Research, 5i Research Inc.
Price
$15.430
Owned
No
HOLD
HOLD
December 15, 2008
(Market Call Minute.) One of the best money managers out there.
(Market Call Minute.) One of the best money managers out there.
Norman Levine
Managing Director, Portfolio Management Corp
Price
$14.010
Owned
Unknown
COMMENT
COMMENT
December 5, 2008
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.
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 Robitaille
Portfolio Manager, Guardian Capital
Price
$13.700
Owned
Yes
PARTIAL BUY
PARTIAL BUY
November 11, 2008
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.
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.
Laura Wallace
Managing Director, Coleford Investment Management
Price
$15.450
Owned
No
DON'T BUY
DON'T BUY
October 14, 2008
Dividend is very risky. Fees they earn on mutual funds will be down. The fact that BNS (is buying 37%) may buy them does not mean it would not be at a level like they are at now.
Dividend is very risky. Fees they earn on mutual funds will be down. The fact that BNS (is buying 37%) may buy them does not mean it would not be at a level like they are at now.
Norman Levine
Managing Director, Portfolio Management Corp
Price
$17.950
Owned
Unknown
DON'T BUY
DON'T BUY
September 30, 2008
Their assets are mainly equity so you expect their revenue to be down 7% as the market has been.
Their assets are mainly equity so you expect their revenue to be down 7% as the market has been.
Gordon Higgins, CA, MBA
Vice President, Equities, Sentry Select Capital Corp
Price
$18.000
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
September 29, 2008
CI is asset heavy so they are probably down in assets 15%. This is a leveraged play on the market so the time to buy is when markets are down and you get a dividend while you wait for a recovery.
CI is asset heavy so they are probably down in assets 15%. This is a leveraged play on the market so the time to buy is when markets are down and you get a dividend while you wait for a recovery.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$17.250
Owned
Unknown
BUY
BUY
September 19, 2008
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.
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, CFA
Senior Vice-President, Sentry Investments
Price
$21.000
Owned
Yes
HOLD
HOLD
August 14, 2008
Affected because of the current malaise in the market. Very tough environment for selling mutual funds. This is one of the dominant players and has excellent backing from Sun Life (SLF-T).
Affected because of the current malaise in the market. Very tough environment for selling mutual funds. This is one of the dominant players and has excellent backing from Sun Life (SLF-T).
Michael Sprung
President, Sprung Investment Management
Price
$21.320
Owned
Unknown
BUY
BUY
May 14, 2008
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.
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, CFA
Senior Vice-President, Sentry Investments
Price
$22.430
Owned
Yes
BUY
BUY
April 9, 2008
Will be returning to a corporation in 2010. Got hit with market concerns. One of the largest players. Good distribution.
Will be returning to a corporation in 2010. Got hit with market concerns. One of the largest players. Good distribution.
Gavin Graham
Trustee, Pointbreak ETFs
Price
$22.510
Owned
Yes
HOLD
HOLD
March 27, 2008
Companies such as this tend to suffer when investment trading decreases. In the short term it’s not a great place to be. Wait for the market to bottom. If you own, hold.
Companies such as this tend to suffer when investment trading decreases. In the short term it’s not a great place to be. Wait for the market to bottom. If you own, hold.
Norman Levine
Managing Director, Portfolio Management Corp
Price
$21.680
Owned
Unknown
HOLD
HOLD
March 12, 2008
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.
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.
Laura Wallace
Managing Director, Coleford Investment Management
Price
$21.490
Owned
No
BUY
BUY
February 26, 2008
Very good entry point. Extremely well run. The selloff is cyclically related. People are concerned about the health of the asset management industry. He is a bull on this industry long-term and believes in buying them in cyclical troughs.
Very good entry point. Extremely well run. The selloff is cyclically related. People are concerned about the health of the asset management industry. He is a bull on this industry long-term and believes in buying them in cyclical troughs.
Sandy McIntyre
Vice-Chairman and CIO, Sentry Select Capital Corp
Price
$23.500
Owned
Yes
DON'T BUY
DON'T BUY
January 30, 2008
Very well managed company. All mutual fund companies are high beta stocks on the market. Most of their earnings come from their high margin products. She prefers IGM Financial (IGM-T). (See Top Picks.)
Very well managed company. All mutual fund companies are high beta stocks on the market. Most of their earnings come from their high margin products. She prefers IGM Financial (IGM-T). (See Top Picks.)
Laura Wallace
Managing Director, Coleford Investment Management
Price
$21.910
Owned
No
DON'T BUY
DON'T BUY
January 25, 2008
Just cut their distribution. It is trading at a premium multiple to the corporations such as the AGF (AGF.B-T). He would prefer AGF.
Just cut their distribution. It is trading at a premium multiple to the corporations such as the AGF (AGF.B-T). He would prefer AGF.
Gordon Higgins, CA, MBA
Vice President, Equities, Sentry Select Capital Corp
Price
$23.480
Owned
Unknown
BUY
BUY
December 4, 2007
In a pretty tight trading range for the last year between $26 and $28. Pretty decent value at today's price. Rumoured to be one of the bidders for Dundee Wealth. The risk is of a sustained downturn in the equity markets. Very well run company. Longer term, a good place to be.
In a pretty tight trading range for the last year between $26 and $28. Pretty decent value at today's price. Rumoured to be one of the bidders for Dundee Wealth. The risk is of a sustained downturn in the equity markets. Very well run company. Longer term, a good place to be.
Kevin Hall BComm, CFA
Managing Director, Guardian Capital
Price
$26.560
Owned
Unknown
HOLD
HOLD
November 28, 2007
(Market Call Minute.) Great quality stock but a negative stock market will affect the unit price.
(Market Call Minute.) Great quality stock but a negative stock market will affect the unit price.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$26.030
Owned
Unknown
BUY
BUY
November 19, 2007
One of the best plays of the whole asset management area. Has gone nowhere over the last year. Continues to be a great place to be. About a 9% yield.
One of the best plays of the whole asset management area. Has gone nowhere over the last year. Continues to be a great place to be. About a 9% yield.
Gavin Graham
Trustee, Pointbreak ETFs
Price
$25.550
Owned
Unknown
DON'T BUY
DON'T BUY
October 17, 2007
If you are bullish on the markets then you are bullish on this. But he would be careful. Don't be overweight, be lightweight.
If you are bullish on the markets then you are bullish on this. But he would be careful. Don't be overweight, be lightweight.
Bill Carrigan
Technical Analyst, Getting Technical Info Service
Price
$27.100
Owned
Unknown
WATCH
WATCH
October 1, 2007
Has done extremely well. The issue right now is what is going to happen with Dundee (DW-T). She would wait until that is cleared up. They could get stuck in a bidding war.
Has done extremely well. The issue right now is what is going to happen with Dundee (DW-T). She would wait until that is cleared up. They could get stuck in a bidding war.
Chyanne Fickes
Vice President of Investments, Stone Funds
Price
$26.450
Owned
Unknown
DON'T BUY
DON'T BUY
September 19, 2007
Very efficient. Cash flow machine. Like. Efficiently managed. Should not be committing capital to this space going forward.
Very efficient. Cash flow machine. Like. Efficiently managed. Should not be committing capital to this space going forward.
David Burrows
President & Chief Investment Strategist, Barometer Capital Management
Price
$26.980
Owned
Yes
HOLD
HOLD
September 11, 2007
One of the premier mutual fund companies in Canada. Was the November 1 with the government change on trusts. As the equity market peaked and has come down, the stock has come with it. Short term there will probably be some weakness, but long-term it's a
One of the premier mutual fund companies in Canada. Was the November 1 with the government change on trusts. As the equity market peaked and has come down, the stock has come with it. Short term there will probably be some weakness, but long-term it's a
Norman Levine
Managing Director, Portfolio Management Corp
Price
$26.060
Owned
No
BUY WEAKNESS
BUY WEAKNESS
August 23, 2007
A good long-term holding. Good cost control. Environment for mutual funds is getting more and more competitive. Outlook is good.
A good long-term holding. Good cost control. Environment for mutual funds is getting more and more competitive. Outlook is good.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$25.150
Owned
Yes
BUY
BUY
August 13, 2007
One of the best fund companies in Canada. Good price. Well-run company.
One of the best fund companies in Canada. Good price. Well-run company.
Sandy McIntyre
Vice-Chairman and CIO, Sentry Select Capital Corp
Price
$25.330
Owned
Unknown
HOLD
HOLD
August 10, 2007
Has come under a lot of pressure because of what has been happening in the market. It is dependent on the growth of their mutual funds. Be patient and wait for a little more stability in the market.
Has come under a lot of pressure because of what has been happening in the market. It is dependent on the growth of their mutual funds. Be patient and wait for a little more stability in the market.
Robert Floyd
President, R A Floyd Management
Price
$25.140
Owned
Unknown
BUY
BUY
August 2, 2007
Well-managed company. Mutual fund companies are high beta companies. As a class, they are a good medium to long term investment. Will be volatile. May be vulnerable to some fee pressure.
Well-managed company. Mutual fund companies are high beta companies. As a class, they are a good medium to long term investment. Will be volatile. May be vulnerable to some fee pressure.
Laura Wallace
Managing Director, Coleford Investment Management
Price
$27.050
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
July 3, 2007
With treat it as a buy in the $26.50 area. One of the best marketers of investment funds in Canada.
With treat it as a buy in the $26.50 area. One of the best marketers of investment funds in Canada.
Sandy McIntyre
Vice-Chairman and CIO, Sentry Select Capital Corp
Price
$27.440
Owned
Yes
STRONG BUY
STRONG BUY
June 29, 2007
Loves CI financial. Is the cheapest according to the price bearings metric. Has a significant ownership from Sunlife which will help them in the future. Great buy here.
Loves CI financial. Is the cheapest according to the price bearings metric. Has a significant ownership from Sunlife which will help them in the future. Great buy here.
Peter Brieger
Chairman & Chief Executive Officer, GlobeInvestment Capital Management
Price
$27.100
Owned
Yes
BUY
BUY
June 20, 2007
On his watch list. Could prove to be a very powerful continuing consolidator in the sector. There is some question on how well financials will do in this economy. 8% yield.
On his watch list. Could prove to be a very powerful continuing consolidator in the sector. There is some question on how well financials will do in this economy. 8% yield.
Michael Decter
President & CEO, Lawrence Decter Investment Counsel
Price
$28.100
Owned
Yes
BUY
BUY
May 30, 2007
One of the major Canadian mutual funds.
One of the major Canadian mutual funds.
Norman Levine
Managing Director, Portfolio Management Corp
Price
$29.350
Owned
Unknown
TOP PICK
TOP PICK
May 28, 2007
This will stay an income trust until 2011. Very profitable with about 35% ROE. Expect distribution increases in the mid-to high teens.
This will stay an income trust until 2011. Very profitable with about 35% ROE. Expect distribution increases in the mid-to high teens.
Pat McHugh
Vice President & Senior Portfolio Manager, MFC Global Investment Management
Price
$30.550
Owned
Yes
HOLD
HOLD
May 28, 2007
Has very good sponsorship with its alliance with Sun Life (SLF-T), etc. A very well run mutual fund company. Have a wealth division that they are attempting to grow.
Has very good sponsorship with its alliance with Sun Life (SLF-T), etc. A very well run mutual fund company. Have a wealth division that they are attempting to grow.
Michael Sprung
President, Sprung Investment Management
Price
$30.550
Owned
Unknown
COMMENT
COMMENT
May 25, 2007
Very strong management. Generates lots of very steady continuous free cash flow. Valuation is high and tends to fluctuate with the swings in the market. If there is a large correction, this would be a good way to play it.
Very strong management. Generates lots of very steady continuous free cash flow. Valuation is high and tends to fluctuate with the swings in the market. If there is a large correction, this would be a good way to play it.
Andrew Guy, CFA
Portfolio Manager, Sentry Select Capital Corp.
Price
$30.000
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
April 23, 2007
(A Top Pick May 3/06. Down 9.4%.) Became an income trust and got whacked. Will turn itself back into a corporation, and in the meantime you're picking up yield.
(A Top Pick May 3/06. Down 9.4%.) Became an income trust and got whacked. Will turn itself back into a corporation, and in the meantime you're picking up yield.
Gavin Graham
Trustee, Pointbreak ETFs
Price
$29.100
Owned
Yes
HOLD
HOLD
April 9, 2007
Very shareholder friendly. Generates good cash flow and returns to investors on a regular basis. Very high beta, so when the market is strong, it tends to be strong.
Very shareholder friendly. Generates good cash flow and returns to investors on a regular basis. Very high beta, so when the market is strong, it tends to be strong.
Andrew Guy, CFA
Portfolio Manager, Sentry Select Capital Corp.
Price
$27.720
Owned
Yes
BUY
BUY
March 30, 2007
Great company and great management team. Will probably continue to go sideways.
Great company and great management team. Will probably continue to go sideways.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$27.600
Owned
Yes
HOLD
HOLD
March 23, 2007
A high-quality company. Had a very strong 1st quarter. Relatively stable holding. Be patient in looking for an entry point.
A high-quality company. Had a very strong 1st quarter. Relatively stable holding. Be patient in looking for an entry point.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$27.570
Owned
Yes
BUY
BUY
March 20, 2007
Probably the best managed company in mutual funds. Have a good stable of businesses. On a long-term basis, will continue to do well.
Probably the best managed company in mutual funds. Have a good stable of businesses. On a long-term basis, will continue to do well.
Neil Wickham
President, Wickham Investment Counsel
Price
$27.050
Owned
Unknown
HOLD
HOLD
February 13, 2007
The acquisition of Rockwater (RCC-T) won't have a profound effect on their business. Probably the right thing to do.
The acquisition of Rockwater (RCC-T) won't have a profound effect on their business. Probably the right thing to do.
David Baskin
President, Baskin Wealth Management
Price
$26.460
Owned
Unknown
BUY
BUY
February 2, 2007
A good name and very well managed. Should continue to generate very strong cash flows supporting its distributions.
A good name and very well managed. Should continue to generate very strong cash flows supporting its distributions.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$26.100
Owned
Yes
DON'T BUY
DON'T BUY
January 25, 2007
Doesn't like trusts in general with this 4-year ticking clock that they have to deal with. The fund business in general has been a great growth story. Assets may continue to grow and his company may continue to grow its business but feels there will be margin pressure.
Doesn't like trusts in general with this 4-year ticking clock that they have to deal with. The fund business in general has been a great growth story. Assets may continue to grow and his company may continue to grow its business but feels there will be margin pressure.
John O'Connell, CFA
Chairman and CEO, Davis Rea
Price
$26.100
Owned
Unknown
COMMENT
COMMENT
January 15, 2007
Will be interesting to know what the yield will be once they convert back to a corporation. IGM (IGM-T) is one of the cheapest in the group at 15 X earnings and a 3.37% yield and this is a benchmark for them. If they come in with something similar, it’ll be particularly attractive to people looking for income.
Will be interesting to know what the yield will be once they convert back to a corporation. IGM (IGM-T) is one of the cheapest in the group at 15 X earnings and a 3.37% yield and this is a benchmark for them. If they come in with something similar, it’ll be particularly attractive to people looking for income.
Peter Brieger
Chairman & Chief Executive Officer, GlobeInvestment Capital Management
Price
$26.840
Owned
No
BUY
BUY
January 8, 2007
Asset companies both in Canada and the US have a very firm trend in place, where the fee revenue, is in favour. Right now, there are probably more sellers than there are buyers. Good business model. Would probably prefer AGF Management (AGF.B-T) but both companies are good.
Asset companies both in Canada and the US have a very firm trend in place, where the fee revenue, is in favour. Right now, there are probably more sellers than there are buyers. Good business model. Would probably prefer AGF Management (AGF.B-T) but both companies are good.
David Burrows
President & Chief Investment Strategist, Barometer Capital Management
Price
$26.010
Owned
Unknown
DON'T BUY
DON'T BUY
December 21, 2006
Doesn’t have any in his fund, but he did pick some up for a pension that he does. He has a model price of $38.50, a 48% positive differential. Will be happy to have it back when it becomes a corporation again.
Doesn’t have any in his fund, but he did pick some up for a pension that he does. He has a model price of $38.50, a 48% positive differential. Will be happy to have it back when it becomes a corporation again.
Brian Acker, CA
Chief Executive Officer, President and Chief Inves, Acker Finley Inc.
Price
$26.050
Owned
Yes
BUY
BUY
December 15, 2006
Outlook is quite good, particularly from a cash flow generation. Has had good movement, so could see a bit of a tail off in the next year or two. Very wide and broad portfolio of mutual funds.
Outlook is quite good, particularly from a cash flow generation. Has had good movement, so could see a bit of a tail off in the next year or two. Very wide and broad portfolio of mutual funds.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$26.480
Owned
Yes
BUY
BUY
November 22, 2006
A great business in a good area. Expect they will take advantage of the 4-year window given on income trusts.