Horizons Active Preferred Share ETF (HPR-T) Stock Predictions - Stockchase
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Horizons Active Preferred Share ETF (HPR-T)

ON STOCKCHASE SINCE Aug 2012

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Horizons Active Preferred...

HPR-T

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Horizons Active Preferred Share ETF (HPR-T) SAVE Mar, 18, 2019, 2:09 pm

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SELL ON STRENGTH
HPR outperforms the larger index. It's interest-rate sensitive. Pays a good yield. However, if the Bank of Canada cuts rates, this will decline 10-15%. This is a tactical buy, so sell on a rally of 5-10%. Not a long-term buy.
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HPR outperforms the larger index. It's interest-rate sensitive. Pays a good yield. However, if the Bank of Canada cuts rates, this will decline 10-15%. This is a tactical buy, so sell on a rally of 5-10%. Not a long-term buy.
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Larry Berman CF

Chief Inve, ETF Capital Manageme...

Price Price
$8.370
Owned Owned
Yes

BUY
Preferreds are Jekyll and Hyde: when markets are calm, they act normally and give you a coupon-like return, but when markets act crazy, they act like an equity. All preferred share indices have declined 10-15% because of the rate reset and credit. When there's equity duress and rate resets, these ETFs go down. Instead, buy an actively managed ETF; it's worth the extra fee.
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Preferreds are Jekyll and Hyde: when markets are calm, they act normally and give you a coupon-like return, but when markets act crazy, they act like an equity. All preferred share indices have declined 10-15% because of the rate reset and credit. When there's equity duress and rate resets, these ETFs go down. Instead, buy an actively managed ETF; it's worth the extra fee.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$8.305
Owned Owned
Unknown

HOLD
He likes this and ZPR-T, but in general is not a big fan of preferred shares as he feels they have the yield of bonds and the risk of stocks. He holds it as a partial position, but does not view it as a good place to park cash. The yield on HPR-T is over 4%.
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He likes this and ZPR-T, but in general is not a big fan of preferred shares as he feels they have the yield of bonds and the risk of stocks. He holds it as a partial position, but does not view it as a good place to park cash. The yield on HPR-T is over 4%.
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John Hood

President , J. C Hood Investment...

Price Price
$8.310
Owned Owned
Unknown

BUY

ZPR-T vs HPR-T? Preferred shares in Canada are subject to resets, so they’re a great thing when interest rates rise. But when rates go down, they get creamed. It’s unlikely that rates will go down anytime soon. ZPR-T is laddered, and very short term and floating rate. Not a bad strategy. A better strategy would be HPR-T, which is actively managed by Fierra a fantastic manager in the fixed income space. The price on HPR-T is kinda in the same category as ZPR-T but you get the advantage of Fierra without paying a lot. Prefers HPR-T to ZPR-T. 

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ZPR-T vs HPR-T? Preferred shares in Canada are subject to resets, so they’re a great thing when interest rates rise. But when rates go down, they get creamed. It’s unlikely that rates will go down anytime soon. ZPR-T is laddered, and very short term and floating rate. Not a bad strategy. A better strategy would be HPR-T, which is actively managed by Fierra a fantastic manager in the fixed income space. The price on HPR-T is kinda in the same category as ZPR-T but you get the advantage of Fierra without paying a lot. Prefers HPR-T to ZPR-T. 

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Terry Shaunessy

President , Shaunessy Investment...

Price Price
$9.650
Owned Owned
Unknown

HOLD

Preferred shares are a great investment due to the favorable tax treatment.  With active management you are getting a great benefit.  They will be holding a balance of fixed versus floating holdings.  A casual investor can get caught in the various different covenants associated with this class.  He thinks this is an excellent way to add preferred exposure to your portfolio.    

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Preferred shares are a great investment due to the favorable tax treatment.  With active management you are getting a great benefit.  They will be holding a balance of fixed versus floating holdings.  A casual investor can get caught in the various different covenants associated with this class.  He thinks this is an excellent way to add preferred exposure to your portfolio.    

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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$9.700
Owned Owned
No

COMMENT

Preferred share market in Canada has become complicated with all these resets. HPR is actively managed. Would work pretty well in rising rate environment.

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Preferred share market in Canada has become complicated with all these resets. HPR is actively managed. Would work pretty well in rising rate environment.

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Terry Shaunessy

President , Shaunessy Investment...

Price Price
$9.650
Owned Owned
Yes

BUY

ZPR-T vs. HPR-T.  HPR-T is actively managed whereas the other is a laddered, index ETF.  The HPR-T is probably a better hold even though the fees are higher.

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ZPR-T vs. HPR-T.  HPR-T is actively managed whereas the other is a laddered, index ETF.  The HPR-T is probably a better hold even though the fees are higher.

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Larry Berman CF

Chief Inve, ETF Capital Manageme...

Price Price
$9.650
Owned Owned
Unknown

HOLD

Active preferred share ETF.  ZPR-T is almost entirely resets, but HR-T is 70% resets and 30% perpetuals.  If there is another down stroke in interest rates, this one could retain its value more.  But ZPR-T could retain its value better during rate increases.  Do a little of each.  He is not a big fan.  If you need the income then stay with it.

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Active preferred share ETF.  ZPR-T is almost entirely resets, but HR-T is 70% resets and 30% perpetuals.  If there is another down stroke in interest rates, this one could retain its value more.  But ZPR-T could retain its value better during rate increases.  Do a little of each.  He is not a big fan.  If you need the income then stay with it.

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John Hood

President , J. C Hood Investment...

Price Price
$9.280
Owned Owned
Unknown

COMMENT

He often gets asked about preferreds, because it is a very popular asset class for retail investors and has a very nice yield. Lately it has been extremely volatile. A very small market, anywhere between $40 billion and $60 billion. Because it is so small and the issues are so complicated, this is one of the few areas where active management may be able to help the investor. It is actively managed, not an index product, and has handily outperformed the S&P/TSX Preferred index. Buying an ETF for this asset class makes a lot more sense than using an individual issue, because you are diversified and you have the active management as well. Dividend yield of 4.2%.

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He often gets asked about preferreds, because it is a very popular asset class for retail investors and has a very nice yield. Lately it has been extremely volatile. A very small market, anywhere between $40 billion and $60 billion. Because it is so small and the issues are so complicated, this is one of the few areas where active management may be able to help the investor. It is actively managed, not an index product, and has handily outperformed the S&P/TSX Preferred index. Buying an ETF for this asset class makes a lot more sense than using an individual issue, because you are diversified and you have the active management as well. Dividend yield of 4.2%.

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Daniel Straus

Head of ET, National Bank Financ...

Price Price
$8.920
Owned Owned
Unknown

PAST TOP PICK

(A Top Pick Sept 23/15. Up 8.53%.) He likes preferred shares in general as an asset class. What he likes about this one is that unlike the US side, this is a pretty plain-vanilla fixed rate preferred perpetuals. He likes that it is an actively managed ETF.

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(A Top Pick Sept 23/15. Up 8.53%.) He likes preferred shares in general as an asset class. What he likes about this one is that unlike the US side, this is a pretty plain-vanilla fixed rate preferred perpetuals. He likes that it is an actively managed ETF.

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Terry Shaunessy

President , Shaunessy Investment...

Price Price
$8.610
Owned Owned
Yes

COMMENT

He is finding his clients have a real need for income, and you can’t get that in the bond market. The only way you could is to buy Long Bonds. However, these behave inversely to interest rates, and the 70-basis point rise in US interest rates has really hurt the Long Bond market. Yet it hasn’t impacted the preferred share market. This is a great source of income for yield oriented investors.

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He is finding his clients have a real need for income, and you can’t get that in the bond market. The only way you could is to buy Long Bonds. However, these behave inversely to interest rates, and the 70-basis point rise in US interest rates has really hurt the Long Bond market. Yet it hasn’t impacted the preferred share market. This is a great source of income for yield oriented investors.

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Lyle Stein

Sr. Portfo, Vestcap Investment M...

Price Price
$8.435
Owned Owned
Unknown

COMMENT

Preferreds are a very interesting market. It is not very large in Canada, so is a bit illiquid and small. In a market like that, a little element of active management can be quite helpful. This one has managed to outperform the index steadily and incrementally, which is a rare thing to see.

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Preferreds are a very interesting market. It is not very large in Canada, so is a bit illiquid and small. In a market like that, a little element of active management can be quite helpful. This one has managed to outperform the index steadily and incrementally, which is a rare thing to see.

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Daniel Straus

Head of ET, National Bank Financ...

Price Price
$8.110
Owned Owned
Unknown

COMMENT

The pain in the preferred share market was mostly the result of the huge number of Reset Preferreds that came onto the market within the last 5 years, so a lot of these preferreds did not reset their dividend for 5 years, and a lot of them did it this year because it was their 5 year anniversary. When they reset their dividends, they were cut dramatically, because they were based on some value above either a 5-year Government of Canada bond or treasury bill if it was a floating rate, or a 5-year Government bond if it was a reset. In both cases, they came down because interest rates declined. However, preferred shares that have fixed rates, that has stayed the same for a long period of time and are investment quality, they have not done that bad. This one is yielding 5% because they have a collection of quality preferreds and different terms giving you instant diversification.

E.T.F.'s
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The pain in the preferred share market was mostly the result of the huge number of Reset Preferreds that came onto the market within the last 5 years, so a lot of these preferreds did not reset their dividend for 5 years, and a lot of them did it this year because it was their 5 year anniversary. When they reset their dividends, they were cut dramatically, because they were based on some value above either a 5-year Government of Canada bond or treasury bill if it was a floating rate, or a 5-year Government bond if it was a reset. In both cases, they came down because interest rates declined. However, preferred shares that have fixed rates, that has stayed the same for a long period of time and are investment quality, they have not done that bad. This one is yielding 5% because they have a collection of quality preferreds and different terms giving you instant diversification.

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Richard Croft

President, R.N. Croft Financial...

Price Price
$7.800
Owned Owned
Unknown

TOP PICK

The Preferred asset class has started to not behave like it normally does. Usually when a instrument like preferred shares, gets clocked like this one did this year, there is a credit problem. But in fact, there isn’t a credit problem. What came up is that preferred shares in Canada were not homogenous because of all the resets. Because this is an illiquid market, everybody just hit the doors.

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The Preferred asset class has started to not behave like it normally does. Usually when a instrument like preferred shares, gets clocked like this one did this year, there is a credit problem. But in fact, there isn’t a credit problem. What came up is that preferred shares in Canada were not homogenous because of all the resets. Because this is an illiquid market, everybody just hit the doors.

E.T.F.'s
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Terry Shaunessy

President , Shaunessy Investment...

Price Price
$8.410
Owned Owned
Yes

DON'T BUY

Doesn’t like preferreds. You are getting bond yields for stock risks, which doesn’t make sense. On this one you had negative resets when the rates went down, so they got clobbered. Yields are pretty good, but he is not a big fan of that asset class.

E.T.F.'s
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Doesn’t like preferreds. You are getting bond yields for stock risks, which doesn’t make sense. On this one you had negative resets when the rates went down, so they got clobbered. Yields are pretty good, but he is not a big fan of that asset class.

E.T.F.'s
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0 comments
John Hood

President , J. C Hood Investment...

Price Price
$8.710
Owned Owned
No

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