Fiera Capital Corp (FSZ-T)

Pays nearly a 7% yield. Cheap PE, too. They've grown by acquisition, owning hedge funds,. private equity, etc. But can they grow organically and increase margins? If they acquire, they must buy big companies to make enough of an impact. They also face heavy competition from ETFs and companies like Blackrock.

They are in the business of asset management. Their fixed income exposure could be a bit of concern to the market. He is a holder, thinks it is good value and expects a dividend increase going forward. They announced a $5 billion acquisition of a high net worth investment business last week.

He’s been looking closely at this company recently. If you look at total assets under management, they’ve grown a lot, much of that by acquisition. Their margins and expenses seem high. This is probably partially a result of paying top dollar for acquisitions, but he thinks something else is going on too. The compensation number seems very high. He thinks the company will have to digest its acquisitions and improve its profitability before it goes back up.

A money manager based out of Montreal involved in a number of Institutional high net worth. They've been a continual acquirer of other businesses. Pretty solidly managed, and have done well over time. Recently did a financing to shore up the balance sheet and help pay for some recent acquisitions. At these levels, it is a Buy.