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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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Signal	Opinion	Expert
SELL ON STRENGTH	Horizons Active Preferred Share ETF(HPR-T) February 25, 2019 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. E.T.F.'s 0 0 0 0 0 0 comments	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. E.T.F.'s 0 0 0 0 0 0 comments Larry Berman CF Chief Inve, ETF Capital Manageme... Price $8.370 Owned Yes

BUY	Horizons Active Preferred Share ETF(HPR-T) January 29, 2019 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. E.T.F.'s 0 0 0 0 0 0 comments	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. E.T.F.'s 0 0 0 0 0 0 comments Mike Philbrick President, ReSolve Asset Manage... Price $8.305 Owned Unknown
HOLD	Horizons Active Preferred Share ETF(HPR-T) January 2, 2019 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%. E.T.F.'s 0 0 0 0 0 0 comments	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%. E.T.F.'s 0 0 0 0 0 0 comments John Hood President , J. C Hood Investment... Price $8.310 Owned Unknown
BUY	Horizons Active Preferred Share ETF(HPR-T) September 21, 2018 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. E.T.F.'s 0 0 0 0 0 0 comments	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. E.T.F.'s 0 0 0 0 0 0 comments Terry Shaunessy President , Shaunessy Investment... Price $9.650 Owned Unknown
HOLD	Horizons Active Preferred Share ETF(HPR-T) August 31, 2018 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. E.T.F.'s 0 0 0 0 0 0 comments	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. E.T.F.'s 0 0 0 0 0 0 comments Mike Philbrick President, ReSolve Asset Manage... Price $9.700 Owned No
COMMENT	Horizons Active Preferred Share ETF(HPR-T) July 13, 2018 Preferred share market in Canada has become complicated with all these resets. HPR is actively managed. Would work pretty well in rising rate environment. E.T.F.'s 0 0 0 0 0 0 comments	Preferred share market in Canada has become complicated with all these resets. HPR is actively managed. Would work pretty well in rising rate environment. E.T.F.'s 0 0 0 0 0 0 comments Terry Shaunessy President , Shaunessy Investment... Price $9.650 Owned Yes
BUY	Horizons Active Preferred Share ETF(HPR-T) March 5, 2018 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. E.T.F.'s 0 0 0 0 0 0 comments	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. E.T.F.'s 0 0 0 0 0 0 comments Larry Berman CF Chief Inve, ETF Capital Manageme... Price $9.650 Owned Unknown
HOLD	Horizons Active Preferred Share ETF(HPR-T) May 11, 2017 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. E.T.F.'s 0 0 0 0 0 0 comments	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. E.T.F.'s 0 0 0 0 0 0 comments John Hood President , J. C Hood Investment... Price $9.280 Owned Unknown
COMMENT	Horizons Active Preferred Share ETF(HPR-T) January 13, 2017 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%. E.T.F.'s 0 0 0 0 0 0 comments	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%. E.T.F.'s 0 0 0 0 0 0 comments Daniel Straus Head of ET, National Bank Financ... Price $8.920 Owned Unknown
PAST TOP PICK	Horizons Active Preferred Share ETF(HPR-T) December 16, 2016 (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. E.T.F.'s 0 0 0 0 0 0 comments	(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. E.T.F.'s 0 0 0 0 0 0 comments Terry Shaunessy President , Shaunessy Investment... Price $8.610 Owned Yes
COMMENT	Horizons Active Preferred Share ETF(HPR-T) November 30, 2016 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. E.T.F.'s 0 0 0 0 0 0 comments	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. E.T.F.'s 0 0 0 0 0 0 comments Lyle Stein Sr. Portfo, Vestcap Investment M... Price $8.435 Owned Unknown
COMMENT	Horizons Active Preferred Share ETF(HPR-T) May 26, 2016 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. E.T.F.'s 0 0 0 0 0 0 comments	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. E.T.F.'s 0 0 0 0 0 0 comments Daniel Straus Head of ET, National Bank Financ... Price $8.110 Owned Unknown
COMMENT	Horizons Active Preferred Share ETF(HPR-T) October 15, 2015 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 0 0 0 0 0 0 comments	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 0 0 0 0 0 0 comments Richard Croft President, R.N. Croft Financial... Price $7.800 Owned Unknown
TOP PICK	Horizons Active Preferred Share ETF(HPR-T) September 23, 2015 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 0 0 0 0 0 0 comments	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 0 0 0 0 0 0 comments Terry Shaunessy President , Shaunessy Investment... Price $8.410 Owned Yes
DON'T BUY	Horizons Active Preferred Share ETF(HPR-T) August 7, 2015 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 0 0 0 0 0 0 comments	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 0 0 0 0 0 0 comments John Hood President , J. C Hood Investment... Price $8.710 Owned No

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