CI Financial Corp

CIX-T

Analysis and Opinions about CIX-T

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COMMENT
COMMENT
September 3, 2014

Biggest independent mutual fund company in Canada. Very strong management team and has clearly done very well for shareholders. Now that they are fairly well free of bank of Nova Scotia’s (BNS-T) influence, they probably have more room to grow. Trading like they are a leading organization and he has always had trouble with how much people are paying for these organizations. If you own, you could probably stay with it and enjoy the dividends, but it is not the cheapest stock you could find.

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CI Financial Corp (CIX-T)
September 3, 2014

Biggest independent mutual fund company in Canada. Very strong management team and has clearly done very well for shareholders. Now that they are fairly well free of bank of Nova Scotia’s (BNS-T) influence, they probably have more room to grow. Trading like they are a leading organization and he has always had trouble with how much people are paying for these organizations. If you own, you could probably stay with it and enjoy the dividends, but it is not the cheapest stock you could find.

COMMENT
COMMENT
June 18, 2014

They do a great operating job. Probably one of the best Mutual Funds in the country. They are very cognizant of costs. Dividend is safe.

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They do a great operating job. Probably one of the best Mutual Funds in the country. They are very cognizant of costs. Dividend is safe.

TOP PICK
TOP PICK
June 4, 2014

Bank of Nova Scotia (BNS-T) has sold most of its stake, which is a good thing as most of its overhang is gone, and it is healthy for the company. Has been producing very good results. Has had a bit of a correction and pays a good dividend.

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Bank of Nova Scotia (BNS-T) has sold most of its stake, which is a good thing as most of its overhang is gone, and it is healthy for the company. Has been producing very good results. Has had a bit of a correction and pays a good dividend.

COMMENT
COMMENT
June 3, 2014

Bank of Nova Scotia (BNS-T) sold most of their interest. The remaining 7.7% will probably be an overhang as they will eventually be selling that also. She prefers dealing with banks to get exposure to capital markets and wealth management. Stocks in the brokerage area are doing well because the equity markets have been positive. If you want space in the brokerage area, this is a good name.

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Bank of Nova Scotia (BNS-T) sold most of their interest. The remaining 7.7% will probably be an overhang as they will eventually be selling that also. She prefers dealing with banks to get exposure to capital markets and wealth management. Stocks in the brokerage area are doing well because the equity markets have been positive. If you want space in the brokerage area, this is a good name.

BUY
BUY
June 2, 2014

Surprised him how well this stock has done. Have been the industry leaders for a number of years. They are a great play on the markets. They have it all going right now. It got whacked down on an IPO. He bought more.

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Surprised him how well this stock has done. Have been the industry leaders for a number of years. They are a great play on the markets. They have it all going right now. It got whacked down on an IPO. He bought more.

COMMENT
COMMENT
May 29, 2014

This stock fell because Bank of Nova Scotia (BNS-T) owned a large percentage of their holdings and were selling the stocks. Stock went up today because the deal was done. They have a great franchise. The mutual fund industry has come down to only 6 or 7 major players. No longer a high growth industry. With the stock market doing so well, these companies do well during that period. This company has had great performance.

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This stock fell because Bank of Nova Scotia (BNS-T) owned a large percentage of their holdings and were selling the stocks. Stock went up today because the deal was done. They have a great franchise. The mutual fund industry has come down to only 6 or 7 major players. No longer a high growth industry. With the stock market doing so well, these companies do well during that period. This company has had great performance.

COMMENT
COMMENT
May 22, 2014

Could Scotia’s (BNS-T) divestiture of its 37% stake impact their ability to sustain the dividend? This has nothing to do with CI’s paying its dividend because it pays its dividend out of the cash it generates from management fees from their funds they manage. Well-run company. Dividend is a little over 3% and is likely to rise. This is a good company and well run.

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Could Scotia’s (BNS-T) divestiture of its 37% stake impact their ability to sustain the dividend? This has nothing to do with CI’s paying its dividend because it pays its dividend out of the cash it generates from management fees from their funds they manage. Well-run company. Dividend is a little over 3% and is likely to rise. This is a good company and well run.

HOLD
HOLD
May 21, 2014

A terrific mutual fund company. Their assets have absolutely ballooned. Canadians love to pay high prices for mutual funds so the company will gladly sell you a mutual fund and take a 3% management fee. He is very bullish on financial investments over the long-term, especially in Canada.

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A terrific mutual fund company. Their assets have absolutely ballooned. Canadians love to pay high prices for mutual funds so the company will gladly sell you a mutual fund and take a 3% management fee. He is very bullish on financial investments over the long-term, especially in Canada.

HOLD
HOLD
May 16, 2014

Scotia disposition is an overhang on the stock and if they have to go into the general market to Sell their $3.8 billion asset, there is the potential that this will cause an overhang for a period of time because they may have to commit to a discount. However, the underlying business is very, very solid. 1-3 years down the road, this will be a longer-term Hold.

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Scotia disposition is an overhang on the stock and if they have to go into the general market to Sell their $3.8 billion asset, there is the potential that this will cause an overhang for a period of time because they may have to commit to a discount. However, the underlying business is very, very solid. 1-3 years down the road, this will be a longer-term Hold.

DON'T BUY
DON'T BUY
April 22, 2014

Canadian financials in particular have a period of seasonal strength from January all the way through to their earnings. This one reports May 7. The big 6 report closer to the end of May so you still have a bit of time. Chart shows consolidation for the past few months so it hasn’t really played out according to seasonal tendencies. There are better alternatives out there. Revisit financials in August.

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Canadian financials in particular have a period of seasonal strength from January all the way through to their earnings. This one reports May 7. The big 6 report closer to the end of May so you still have a bit of time. Chart shows consolidation for the past few months so it hasn’t really played out according to seasonal tendencies. There are better alternatives out there. Revisit financials in August.

COMMENT
COMMENT
March 10, 2014

One of the things that puzzle people when they look at Canada is that why are Canadians prepared to pay so much to own mutual funds. Highest management expense ratio in the developed world. Fund industry in Canada had a couple of lousy years when they couldn’t sell new product. People were traumatized after the stock market crash of 2008-2009. Now all of a sudden, people are buying new funds and not as worried about the stock market. A lot missed the class of “Buy Low and Sell High”. Doesn’t think it is an outrageous price right now.

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One of the things that puzzle people when they look at Canada is that why are Canadians prepared to pay so much to own mutual funds. Highest management expense ratio in the developed world. Fund industry in Canada had a couple of lousy years when they couldn’t sell new product. People were traumatized after the stock market crash of 2008-2009. Now all of a sudden, people are buying new funds and not as worried about the stock market. A lot missed the class of “Buy Low and Sell High”. Doesn’t think it is an outrageous price right now.

HOLD
HOLD
January 21, 2014

Bank of Nova Scotia (BNS-T) have major holding. Do you think it will take it over completely? They would have to pay a premium to acquire a great company like this. This was their original premise, but there has been some friction initially between the 2 companies and nothing much has happened and he doesn’t really know what will happen. Fully valued and expensive, but it deserves a premium price. He has been buying AGF Management (AGF.B-T), which he feels has great value, but they still have some issues to iron out to return to growth before the market comes back into this.

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CI Financial Corp (CIX-T)
January 21, 2014

Bank of Nova Scotia (BNS-T) have major holding. Do you think it will take it over completely? They would have to pay a premium to acquire a great company like this. This was their original premise, but there has been some friction initially between the 2 companies and nothing much has happened and he doesn’t really know what will happen. Fully valued and expensive, but it deserves a premium price. He has been buying AGF Management (AGF.B-T), which he feels has great value, but they still have some issues to iron out to return to growth before the market comes back into this.

BUY WEAKNESS
BUY WEAKNESS
January 10, 2014

Probably the best performer of the asset managers. He would encourage you to Buy if you saw a pullback. From a valuation and income standpoint, he prefers IGM Financial (IGM-T).

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CI Financial Corp (CIX-T)
January 10, 2014

Probably the best performer of the asset managers. He would encourage you to Buy if you saw a pullback. From a valuation and income standpoint, he prefers IGM Financial (IGM-T).

BUY
BUY
December 27, 2013

This company is in a very sweet spot right now. Really great asset growth and is trading at about 16-17 times earnings. Great dividend yield which should continue. Funds have been doing incredibly well through this period. A lot of international funds and overseas money. Thinks it will continue to increase their dividends.

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CI Financial Corp (CIX-T)
December 27, 2013

This company is in a very sweet spot right now. Really great asset growth and is trading at about 16-17 times earnings. Great dividend yield which should continue. Funds have been doing incredibly well through this period. A lot of international funds and overseas money. Thinks it will continue to increase their dividends.

COMMENT
COMMENT
December 13, 2013

High quality company. Asset management is a good spot. Feels it has the ability to continue to take market share. The knock has always been that it is expensive. It will probably always be expensive because it is such a high-quality operation. You could make an argument for holding it here. If the market continues to do well, they will do well.

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CI Financial Corp (CIX-T)
December 13, 2013

High quality company. Asset management is a good spot. Feels it has the ability to continue to take market share. The knock has always been that it is expensive. It will probably always be expensive because it is such a high-quality operation. You could make an argument for holding it here. If the market continues to do well, they will do well.

TOP PICK
TOP PICK
December 12, 2013

Sector has been out of favour for a long time. New net buyers. Shares had a great year and there is lots of runway going forward. 3.41% yield and a strong dividend policy.

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CI Financial Corp (CIX-T)
December 12, 2013

Sector has been out of favour for a long time. New net buyers. Shares had a great year and there is lots of runway going forward. 3.41% yield and a strong dividend policy.

COMMENT
COMMENT
November 15, 2013

Had a terrific run. Just had their best quarter since Q3 2000. However, he took down his target price by $1 to $36 just because it had such a terrific run. Trading at 2 standard deviations above their 5-year average. Solid assets under administration with good sales momentum. Thinks AGF Management (AGF.B-T) has a lot more upside.

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CI Financial Corp (CIX-T)
November 15, 2013

Had a terrific run. Just had their best quarter since Q3 2000. However, he took down his target price by $1 to $36 just because it had such a terrific run. Trading at 2 standard deviations above their 5-year average. Solid assets under administration with good sales momentum. Thinks AGF Management (AGF.B-T) has a lot more upside.

TOP PICK
TOP PICK
November 6, 2013

Very well run. Very good at managing and maintaining their costs. Have come out of a tough equity market with very good equity returns. Good asset growth. Have a very strong policy of returning capital to their shareholders.

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CI Financial Corp (CIX-T)
November 6, 2013

Very well run. Very good at managing and maintaining their costs. Have come out of a tough equity market with very good equity returns. Good asset growth. Have a very strong policy of returning capital to their shareholders.

PAST TOP PICK
PAST TOP PICK
September 27, 2013

(A Top Pick June 8/12. Up 54.83%.)

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CI Financial Corp (CIX-T)
September 27, 2013

(A Top Pick June 8/12. Up 54.83%.)

COMMENT
COMMENT
August 16, 2013

This, along with all the other asset managers, is benefiting from improving market returns which increases their assets. Also, there is a slight shift to equities from income products and equity funds generally garner a higher management fee. If you think the markets are going to continue to do fairly well, she would continue to Hold.

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This, along with all the other asset managers, is benefiting from improving market returns which increases their assets. Also, there is a slight shift to equities from income products and equity funds generally garner a higher management fee. If you think the markets are going to continue to do fairly well, she would continue to Hold.

COMMENT
COMMENT
August 15, 2013

Bank of Nova Scotia (BNS-T) would like to take this in at some point in time, but they are not in any big rush and are not going to overpay to get this. Have expanded their wealth management business quite significantly over the last number of years.

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Bank of Nova Scotia (BNS-T) would like to take this in at some point in time, but they are not in any big rush and are not going to overpay to get this. Have expanded their wealth management business quite significantly over the last number of years.

DON'T BUY
DON'T BUY
July 24, 2013

Biggest shareholder would be Bank of Nova Scotia (BNS-T) which controls a good chunk of the company. There is a lot of speculation that they may consolidate their interest at some point at which time you could see the stock move up 15%-20%. This company is an asset manager and in this environment, asset managers do very well. Thinks this one is fairly valued. There are others that he likes such as Gluskin Sheff (GS-T).

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Biggest shareholder would be Bank of Nova Scotia (BNS-T) which controls a good chunk of the company. There is a lot of speculation that they may consolidate their interest at some point at which time you could see the stock move up 15%-20%. This company is an asset manager and in this environment, asset managers do very well. Thinks this one is fairly valued. There are others that he likes such as Gluskin Sheff (GS-T).

DON'T BUY
DON'T BUY
June 19, 2013

(Market Call Minute.) Based on its current valuation, he would not be a buyer. Extremely well run. Committed to paying and growing dividends.

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(Market Call Minute.) Based on its current valuation, he would not be a buyer. Extremely well run. Committed to paying and growing dividends.

WEAK BUY
WEAK BUY
October 16, 2012

These kinds of mutual fund companies get hurt in this environment. At the end of the day the ETF market has been very, very strong. Behind this one is BNS and it is supporting the stock price. It was tough in '08 but even this year it was up 10% with a dividend above 4%.

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CI Financial Corp (CIX-T)
October 16, 2012

These kinds of mutual fund companies get hurt in this environment. At the end of the day the ETF market has been very, very strong. Behind this one is BNS and it is supporting the stock price. It was tough in '08 but even this year it was up 10% with a dividend above 4%.

TOP PICK
TOP PICK
August 8, 2012

CI has bought a lot of the acquisition targets and have been successful in integrating them. They could one day become a take-over candidate. They are one of the few candidates that have growth through assets sales. Attractive management and assets. Yield doesn’t hurt. Stock is not cheap.

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CI has bought a lot of the acquisition targets and have been successful in integrating them. They could one day become a take-over candidate. They are one of the few candidates that have growth through assets sales. Attractive management and assets. Yield doesn’t hurt. Stock is not cheap.

TOP PICK
TOP PICK
June 8, 2012
Mutual fund industry is a very difficult business so consolidations will get going as things get tougher. This company can either be consolidated or consolidate other firms.
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Mutual fund industry is a very difficult business so consolidations will get going as things get tougher. This company can either be consolidated or consolidate other firms.
HOLD
HOLD
May 24, 2012
Of all the companies in this sector, they have done a great job. However, they have the same problem in that assets are not growing and they are getting pressure on fees. If you own, stick with it but he wouldn't be buying any of these types of companies.
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Of all the companies in this sector, they have done a great job. However, they have the same problem in that assets are not growing and they are getting pressure on fees. If you own, stick with it but he wouldn't be buying any of these types of companies.
TOP PICK
TOP PICK
March 8, 2012
Excellent cost control. You have to have a positive view on the markets. They are moving into hedge fund business. Morning Star recently said that of any fund family they have the most funds in top quartile. Up’ed their dividend. Bank of NS has a lot of cash and owns a lot of CI Financial. The two companies are getting along much better.
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Excellent cost control. You have to have a positive view on the markets. They are moving into hedge fund business. Morning Star recently said that of any fund family they have the most funds in top quartile. Up’ed their dividend. Bank of NS has a lot of cash and owns a lot of CI Financial. The two companies are getting along much better.
HOLD
HOLD
March 1, 2012
Because of high fees, should he get out of this and into ETFs? One of the leading mutual funds and has done very well in consolidating the landscape, getting scale, cutting fees and paying out very good dividends, which would make it a good holding. However, he doesn't see a lot of growth. Very capable management.
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Because of high fees, should he get out of this and into ETFs? One of the leading mutual funds and has done very well in consolidating the landscape, getting scale, cutting fees and paying out very good dividends, which would make it a good holding. However, he doesn't see a lot of growth. Very capable management.
DON'T BUY
DON'T BUY
September 8, 2011
Doesn't think the stock is going anywhere. Bank of Nova Scotia (BNS-T) owns 1/3 so he doesn't expect it will get taken out. 4.5% dividend.
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CI Financial Corp (CIX-T)
September 8, 2011
Doesn't think the stock is going anywhere. Bank of Nova Scotia (BNS-T) owns 1/3 so he doesn't expect it will get taken out. 4.5% dividend.
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