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Markets. There is a lot of macro uncertainty. Greece, China, the Middle East, energy markets and the Russian situation. We aren’t seeing a lot of earnings or revenue momentum. The likelihood is that we would see some sort of a correction in the US. She expects the Fed to move up the interest rates in the US in September. Interest rates will be lower for longer, however. The US economy is not strong enough to stand much of an interest rate hike. There are some good opportunities with interest sensitive sectors selling off. Wait for a rate hike before stepping in aggressively.

Northland Power Inc

Renewable power development. They are in the middle of extensive growth projects. Pressure is caused by an off shore wind project. As they continue to de-risk projects the stock should go up. It will perform well over time. 6.6% sustainable dividend. By 2017 you will see the payout ratio under 100% and then you should see dividend increases.

Altagas Ltd

She quite likes it. It lagged its peer group. Some exposure to the Alberta power market. They have a very stable base of earnings. There are a number of potential projects coming on. There are also smaller scale LNG opportunities. It is a good name and something to look at here. It is an attractive entry point. It has not rebounded as much as the peer group.

oil / gas
Bank of Nova Scotia

She likes the banks although there are headwinds. BNS-T has a sizable international operation. She watches what is going on down there. The Canadian business performed very well. They had softer international revenues recently. They manage the extent of their international exposure.

Veresen Inc

The dividend is now sustainable. They are going to make a final investment decision for a US project. It makes sense to step in here if you are comfortable with the project.


High dividend yield. There is a concern in the marketplace about the sustainability of the dividend, although she is comfortable with it. If oil stayed here or went lower then she would reconsider the dividend sustainability. She is cautious about stepping into oil plays in a big way, however.

oil / gas

They announced they were dropping down assets into the income fund. It has been known in the market. The form of the deal announced recently was different than expected. She thinks it is attractive. Stay here if you are looking for income but if you can stand more growth, and less income, then move to the parent company.

oil / gas
Arc Resources Ltd

(Top Pick May 23/14, Down 28.68%) The play is getting better and better for them. They run it to create long term value and she still likes it. LNG projects could be a potential outlet for their gas. They are one of the lower cost gas producers in the basin.

oil / gas

(Top Pick May 23/14, Down 38.13%) Iron ore prices went lower than anyone anticipated this year. We have seen the bottom now. The majority of its dividend is supported by royalty. The dividend is sustainable. 5.9%.

Financial Services
Manulife Financial

(Top Pick May 23/14, Up 22.75%) It is in the initial stages of finding a new trading range. Their investor day was very beneficial to the stock. Higher rates would benefit this company. You will have stronger core earnings growth than from the banks. 10-12% growth beyond 2016. She also likes their Asian platform.

Smart REIT

Retail oriented REIT. Wal-Mart is 27% of their revenues. It is harder to get rental rate increases. They acquired 24 properties from Smart Centers. It does enhance the long term growth profile. It’s a bigger and better REIT. Below 90% payout ratio. It is about 2% below NAV. She would be patient and acquire it when it is lower.

investment companies / funds
Enerplus Corp

One of the issues is not having control over the Marcellus. They are managing through it well. There are a lot of good things going on, but she is reluctant to step in. Hold it if you own it or move into something with better quality assets.

oil / gas

She likes it. They have a lot of good opportunities through redevelopment of their sites. There are organic growth opportunities as well. Payout ratio is good and they will be able to combat this rising rate environment well.

property mngmnt / investment
Pengrowth Energy

Their debt level is a little bit high in this commodity price environment. They have a large SAG-D project. There is a bit of a binary outcome here. It could help them out a lot. She would be cautious here. There is concern about the sustainability of the dividend.

oil / gas

It is a good way to get geographic diversification into US office properties. They pay fees to their parent company, like an MER. She invests in the parent as well.

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