Paul Gardner, CFA
Member since: Dec '04
Partner and Portfolio Manager at
Avenue Investment Management

Latest Top Picks

(A Top Pick Nov 22/18, Up 16%) This is like Slate REIT, but all industrial, all in the U.S. though it's a Canadian REIT. Industrials are sexy in REITs, but there are few of them in Canada. They can grow because they have outside investors, such as CPP. SGreat managers. Trades at a 15% discount to its sector. Logistic centers are in high demand, and WIR boasts 99% occupancy. Pays a 5.5% yield, but the payout ratio is high. Still has room to move up.
(A Top Pick Nov 22/18, Up 12%)Convertible 8% 2022 bonds He owned the Yellow senior bonds, but then moved into these convertibles. Most of their revenues are in digital, but that has struggled. New management has cut costs a lot until free cash flow now stands around $100 million this year. Their EBITDA margins are now 40% which nobody expected. With that cash, they are paying down a lot of debt.
(A Top Pick Nov 22/18, Up 22%) It's an easy election issue--Trudeau now and Harper before for 10 years. Canada is a big country with a small population. Trudeau's threat to slash rates doesn't worry him, thinks it's unlikely. BCE is his favourite telco. (see his comments today)
Trades at a 34% discount to NAV, which he has never seen. They hold offices and retail spaces in the US, UK and Canada. A great portfolio. They do a great job of accreting new assets. (Analysts’ price target is $31.13)
The petrochemical plant (now in year 2) is costing them several billion, but will add $500 million in free cash flow. (Analysts’ price target is $25.38)