CI Financial Corp | StockChase
232
CI Financial Corp (CIX-T)

Last Price Recorded: $29.4900 on 2017-12-15

ON STOCKCHASE SINCE Dec 2000

investment companies/funds
232
CI Financial Corp (CIX-T)

Last Price Recorded: $29.4900 on 2017-12-15

ON STOCKCHASE SINCE Dec 2000

investment companies/funds

CI Financial Corp


Signal Opinion Expert
COMMENT
CI Financial Corp(CIX-T) 

December 6, 2017

Sell this and buy Shaw Communications (SJR.B-T) or BCE (BCE-T)? He likes all 3. It really comes down to your portfolio and what else you own. These are 3 very different businesses. BCE is the most boring name and is the “Steady Eddie”. You’re getting a dividend of about 4.7%, and the stock is up about 6% this year giving you a 10% return. He would steer you more towards BCE.

investment companies/funds

Sell this and buy Shaw Communications (SJR.B-T) or BCE (BCE-T)? He likes all 3. It really comes down to your portfolio and what else you own. These are 3 very different businesses. BCE is the most boring name and is the “Steady Eddie”. You’re getting a dividend of about 4.7%, and the stock is up about 6% this year giving you a 10% return. He would steer you more towards BCE.

investment companies/funds
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$28.680
Owned Owned
Unknown

PAST TOP PICK
CI Financial Corp(CIX-T) 

November 24, 2017

(A Top Pick Sept 15/16. Down 22%.) *Short* He is still Short. The return represents the worst snapshot possible, but as he has held this for a long time, he is still profitable. Wealth management and mutual fund space in general has been a very tough spot. Feels the stock is still expensive.

investment companies/funds

(A Top Pick Sept 15/16. Down 22%.) *Short* He is still Short. The return represents the worst snapshot possible, but as he has held this for a long time, he is still profitable. Wealth management and mutual fund space in general has been a very tough spot. Feels the stock is still expensive.

investment companies/funds
Daniel Lloyd

Portfolio Manager, Forge First Asset Ma...

PricePrice
$28.680
Owned Owned
Yes

BUY
CI Financial Corp(CIX-T) 

September 28, 2017

Just bought Sentry, which looks accretive to him, in the upper single digits. Bought First Asset about a year ago, as well as an Australian asset manager. He is modelling 9% earnings per share growth with about a 3% annual dividend growth. Trades at around 12X, versus its five-year average of 16X. Even though their MER’s are coming down, the margins still are at 42%. 71% payout ratio on its 5%+ dividend.

investment companies/funds

Just bought Sentry, which looks accretive to him, in the upper single digits. Bought First Asset about a year ago, as well as an Australian asset manager. He is modelling 9% earnings per share growth with about a 3% annual dividend growth. Trades at around 12X, versus its five-year average of 16X. Even though their MER’s are coming down, the margins still are at 42%. 71% payout ratio on its 5%+ dividend.

investment companies/funds
Greg Newman

Director & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$27.220
Owned Owned
Unknown

DON'T BUY
CI Financial Corp(CIX-T) 

August 28, 2017

Not his favourite space.  There is tons of competition from everywhere.  They made a recent acquisition and that is a positive.  You have to get bigger in the business and then take costs out.  Mutual funds have to disclose fees now.  It is a tough grind for them.  They are doing all the right things, but he does not see a ton of growth. 

investment companies/funds

Not his favourite space.  There is tons of competition from everywhere.  They made a recent acquisition and that is a positive.  You have to get bigger in the business and then take costs out.  Mutual funds have to disclose fees now.  It is a tough grind for them.  They are doing all the right things, but he does not see a ton of growth. 

investment companies/funds
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$27.180
Owned Owned
No

TOP PICK
CI Financial Corp(CIX-T) 

August 23, 2017

There has been a real knock at active management in the industry. These guys are the lowest cost provider of actively managed mutual funds. They have a 28% return on equity. This is quite a stable business.  (Analysts’ target: $30.00).

investment companies/funds

There has been a real knock at active management in the industry. These guys are the lowest cost provider of actively managed mutual funds. They have a 28% return on equity. This is quite a stable business.  (Analysts’ target: $30.00).

investment companies/funds
Jason Mann

CIO & Co-Founder, Edgehill Patners...

PricePrice
$27.320
Owned Owned
Yes

COMMENT
CI Financial Corp(CIX-T) 

August 1, 2017

Dividend yield of a little over 5%, and can grow this over the coming years. The entire mutual fund industry is struggling with commissions and the reduction of commissions as interest rates have come down. The industry has been hammered for the last 4-5 years with this problem, so their growth with the market hasn’t been as high. Feels it is largely priced in and the stock can gradually recover.

investment companies/funds

Dividend yield of a little over 5%, and can grow this over the coming years. The entire mutual fund industry is struggling with commissions and the reduction of commissions as interest rates have come down. The industry has been hammered for the last 4-5 years with this problem, so their growth with the market hasn’t been as high. Feels it is largely priced in and the stock can gradually recover.

investment companies/funds
Bruce Murray

CEO & Chief Investment Officer, The Murray Wealth Gr...

PricePrice
$27.050
Owned Owned
Yes

PAST TOP PICK

(A Top Pick July 5/16. Down 9.98%.) *Short* He’s been Short this for a couple of years and it has been good to him. The stock has rallied recently. A very expensive stock and margins are shrinking because of the management fees they are able to charge. Feels this is a long-term structural Short.

investment companies/funds

(A Top Pick July 5/16. Down 9.98%.) *Short* He’s been Short this for a couple of years and it has been good to him. The stock has rallied recently. A very expensive stock and margins are shrinking because of the management fees they are able to charge. Feels this is a long-term structural Short.

investment companies/funds
Daniel Lloyd

Portfolio Manager, Forge First Asset Ma...

PricePrice
$27.950
Owned Owned
Yes

TOP PICK

*Short* The competitive pressure has gotten worse. The stock price has risen, but that has been with the broader market in general, not because the business has improved. They still have very weak underlying net sales. Dividend yield of 5.1%. (Analysts’ price target is $29.50.)

investment companies/funds

*Short* The competitive pressure has gotten worse. The stock price has risen, but that has been with the broader market in general, not because the business has improved. They still have very weak underlying net sales. Dividend yield of 5.1%. (Analysts’ price target is $29.50.)

investment companies/funds
Daniel Lloyd

Portfolio Manager, Forge First Asset Ma...

PricePrice
$27.950
Owned Owned
Yes

HOLD
CI Financial Corp(CIX-T) 

March 24, 2017

They had 2.4 Billion in outflows due to industry headwinds.  They have a 65% payout ratio so you are going to get that dividend.  He forecasts 10% share growth over the next couple of years.  It is cheap, 12 times, vs. its 7 year average.  You will get a better exit later on.  He has been writing puts to pick it up.  Don’t have it as a big position or to hold for 50 years.  You should exit if it reaches $32 over the next couple of years.

investment companies/funds

They had 2.4 Billion in outflows due to industry headwinds.  They have a 65% payout ratio so you are going to get that dividend.  He forecasts 10% share growth over the next couple of years.  It is cheap, 12 times, vs. its 7 year average.  You will get a better exit later on.  He has been writing puts to pick it up.  Don’t have it as a big position or to hold for 50 years.  You should exit if it reaches $32 over the next couple of years.

investment companies/funds
Greg Newman

Director & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$26.510
Owned Owned
Yes

PAST TOP PICK
CI Financial Corp(CIX-T) 

March 14, 2017

(A Top Pick July 5/16. Down 5%.) *Short* Still one of his largest short positions.

investment companies/funds

(A Top Pick July 5/16. Down 5%.) *Short* Still one of his largest short positions.

investment companies/funds
Daniel Lloyd

Portfolio Manager, Forge First Asset Ma...

PricePrice
$27.020
Owned Owned
Yes

PAST TOP PICK
CI Financial Corp(CIX-T) 

January 9, 2017

*Short* (Top Pick Nov 9/16, Up 13.10%) He has been short.  He is just leaving it on.  The stock is up a reasonable amount but an insider is selling.  It is a very expensive stock in a dying industry.  They are seeing net outflows.

investment companies/funds

*Short* (Top Pick Nov 9/16, Up 13.10%) He has been short.  He is just leaving it on.  The stock is up a reasonable amount but an insider is selling.  It is a very expensive stock in a dying industry.  They are seeing net outflows.

investment companies/funds
Daniel Lloyd

Portfolio Manager, Forge First Asset Ma...

PricePrice
$28.390
Owned Owned
Yes

TOP PICK
CI Financial Corp(CIX-T) 

January 9, 2017

*Short*, stay short.  The industry is in secular decline. (Analysts’ Target: $28.83).

investment companies/funds

*Short*, stay short.  The industry is in secular decline. (Analysts’ Target: $28.83).

investment companies/funds
Daniel Lloyd

Portfolio Manager, Forge First Asset Ma...

PricePrice
$28.390
Owned Owned
Yes

HOLD
CI Financial Corp(CIX-T) 

December 8, 2016

There are always take over rumours on this. It is the biggest independent fund company out there. He sees that as being less likely these days as most Canadian banks have their fund presence already. This is one of the more efficient operators, concerning expenses and paying good dividends, so it is a good place to be. However, they are facing challenges with regulations on fees.

investment companies/funds

There are always take over rumours on this. It is the biggest independent fund company out there. He sees that as being less likely these days as most Canadian banks have their fund presence already. This is one of the more efficient operators, concerning expenses and paying good dividends, so it is a good place to be. However, they are facing challenges with regulations on fees.

investment companies/funds
Jim Huang

President, T.I.P. Wealth Manage...

PricePrice
$29.500
Owned Owned
Unknown

TOP PICK
CI Financial Corp(CIX-T) 

November 9, 2016

*Short* He recently added to his short position.  It was the first real pop in the stock since he started shorting it.  The earnings were particularly bad and the firm sees net outflows from their funds.  CRM2 is forcing brokers to disclose what they are paid by mutual fund companies.  He thinks it is a secular bear story.  There is somewhat of a risk that they get bought out.

investment companies/funds

*Short* He recently added to his short position.  It was the first real pop in the stock since he started shorting it.  The earnings were particularly bad and the firm sees net outflows from their funds.  CRM2 is forcing brokers to disclose what they are paid by mutual fund companies.  He thinks it is a secular bear story.  There is somewhat of a risk that they get bought out.

investment companies/funds
Daniel Lloyd

Portfolio Manager, Forge First Asset Ma...

PricePrice
$25.310
Owned Owned
Yes

PAST TOP PICK
CI Financial Corp(CIX-T) 

November 9, 2016

*Short* (Top Pick Sept 15/16, Up 2.14%) He is keeping it on as he sees it going into the teens.  There is enormous competitive and regulatory pressure. 

investment companies/funds

*Short* (Top Pick Sept 15/16, Up 2.14%) He is keeping it on as he sees it going into the teens.  There is enormous competitive and regulatory pressure. 

investment companies/funds
Daniel Lloyd

Portfolio Manager, Forge First Asset Ma...

PricePrice
$25.310
Owned Owned
Yes

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