Opinions by Alex Ruus | StockChase
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Alex Ruus

Portfolio Manager

ON STOCKCHASE SINCE Nov 2006

Arrow Capital Management


Opinions by Alex Ruus



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2017-11-16

N/A
A Comment -- General Comments From an Expert 

Market. Overall, it was a very, very strong quarter. Thinks it’s a prelude to a pretty good year to come, and continuation of this grudging bull market we’ve been in. While we are getting a few divergences on the valuation front, which is creating some great opportunities for active managers, overall things are looking very, very good, and he is optimistic going forward. Economically, things are very good. The US central bank is now unwinding the quantitative easing that they’ve had in place for about 5 years. Interest rate increases will probably continue.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.020
Owned: _N/A

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2017-11-16

N/A
A Comment -- General Comments From an Expert 

IPOs? With these, you have to do a lot of homework. There is no background in the public market. For the average retail investor, it is tough. There is also another aspect. It’s the way shares are delved out to people who have asked to get them. The average person is at a disadvantage, as there is a bit of a network among dealers. His general rule is to avoid them.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.020
Owned: _N/A

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2017-11-16

TOP PICK
Anthem Inc (ANTM-N)

A free cash flow machine. Have retired 58% of their outstanding shares in the last decade. The #2 managed care organization, health insurer, in the US. Dividend yield of 1.3%. (Analysts’ price target is $226.)

medical services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $220.890
Owned: Yes

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2017-11-16

COMMENT
Arc Resources Ltd (ARX-T)

A well run company. The problem with this and a lot of the Western Canadian E&P’s is that the biggest part of production is natural gas coming out of Western Canada. At times in September, that production was basically worthless. The oil and condensates they are producing is worth quite a bit of money, but gas is almost being given away. The Western Canadian gas market continues to be depressed, and will be for a number of years.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $16.010
Owned: Unknown

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2017-11-16

HOLD
Brookfield Asset Management (A) (BAM.A-T)

(Market Call Minute.) A very good manager of multiple funds. They get a flow of inflows from Brookfield’s Limited partnerships.

management/diversified
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $52.590
Owned: Unknown

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2017-11-16

HOLD
Bonavista Energy Corp (BNP-T)

(Market Call Minute.) A good, solid energy company, but has a bit of a hangover because of its natural gas exposure.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $2.430
Owned: Unknown

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2017-11-16

HOLD
Brick Brewing Company Ltd. (BRB-T)

(Market Call Minute.) A very solid brewer with excellent beer products. If it got down to the mid-$2, he would be a buyer.

breweries/beverages
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $3.250
Owned: Unknown

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2017-11-16

WAIT
Celgene Corp (CELG-Q)

One of the larger biotech companies. The big drop last month was due to a halt in one of their trials where they were developing what looked like a pretty good drug which would have been a big market. He would stay away for another month or so, but longer-term, it is a pretty good company with a portfolio of good drugs in development and good drugs in the market.

Consumer Products
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $103.350
Owned: Unknown

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2017-11-16

DON'T BUY
Dollarama Inc. (DOL-T)

Your classic momentum stock. One of the few companies in Canada that has continuous earning beats. Has a good business that continues to grow. It is a really expensive stock. There is a world of investable opportunities out there, and a lot of great companies like this that he would like to own at some point, but you are paying many, many, many future years of profits now at these valuation levels.

Consumer Products
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $151.490
Owned: No

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2017-11-16

WAIT
DowDuPont Inc. (DWDP-N)

A lot of the bigger US companies are reflecting a fair bit of good news. This merger entity is a really great company, and over time you will make money with it. He would hold off and wait for a correction. The stock is not cheap.

chemicals
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $70.680
Owned: Unknown

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2017-11-16

PAST TOP PICK
Element Fleet Management (EFN-T)

(A Top Pick Feb 21/17. Down 30%.) On a standalone basis going forward, this is a cheap, cheap company. Trading at 9X earnings. Management has been buying stock, which is a very bullish signal. North America’s #1 leading vehicle fleet manager. They provide service for their customers on running their fleets more efficiently. Pays a 3% dividend yield, which is likely going to be increased every year.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $9.660
Owned: Yes

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2017-11-16

DON'T BUY
Exchange Income (EIF-T)

(Market Call Minute.) There are Short reports out there, and he is trying to get his head around as to whether the Shorts have nailed this or not. There are some concerning signals. He would hold off on this.

Transportation & Environmental Services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $34.820
Owned: Unknown

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2017-11-16

HOLD
Enbridge (ENB-T)

One of the world’s largest pipeline companies, and a leader in North America in oil transportation. A great, long term company. Has a fair bit of growth projects coming at them. Part of the issue is debt. People are worried they are going to have to raise more equity. There is a chance we could see an equity issue in the next year. With that overhang, the stock may just be going sideways. At these levels, it looks like reasonable value, but don’t expect much upward movement until there is more clarity. If you already own this, you are probably safe in just sitting tight. Dividend yield of 5.5%.

oil/gas pipelines
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $44.010
Owned: Unknown

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2017-11-16

WEAK BUY
Enerplus Corp (ERF-T)

(Market Call Minute.) A good, solid oil and gas company with good exposure in the right areas. He would call this a soft Buy.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $11.510
Owned: Unknown

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2017-11-16

HOLD
Flyht Aerospace Solutions (FLY-X)

A fascinating small-cap company that recently became profitable. However, the 3rd quarter was not profitable which caused softness. Feels there are a lot of good things to come in the coming year. They have fascinating technology to help airlines run fleets more efficiently, as well as dealing with problems like lost airplanes. Feels it is going to be a very successful company long-term. The recent pullback is a buying opportunity.

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $2.010
Owned: Unknown

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2017-11-16

TOP PICK
Freehold Royalties (FRU-T)

This operates in the capital-intensive business of oil and gas but, because they are a royalty company, their capital intensive is extremely low. They have the lowest operating cost in the industry. Has a 6% free cash flow yield. Dividend yield of 3.9%, which he expects to be increased again next year. (Analysts’ price target is $17.75.)

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $15.090
Owned: Yes

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2017-11-16

WAIT
Gap (GPS-N)

This is a cheap retail stock. Has a pretty good franchise, but like a lot of brick-and-mortar retail, their numbers have stagnated. This is probably one of the longer-term survivors, but the general sector still seems to be under pressure.

specialty stores
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $27.480
Owned: Unknown

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2017-11-16

DON'T BUY
Gluskin Sheff and Associates (GS-T)

A long-term manager of high net worth clients, who historically has done pretty well. He would avoid the stock right now. In the last year there has been a lot of infighting. The 2 founders are suing the company. Performance numbers have not been impressive. He worries what is going to happen to their asset flows, given some of the stuff that has happened.

Financial Services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $15.520
Owned: Unknown

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2017-11-16

HOLD
Halliburton Co (HAL-N)

The #2 oil/gas services company globally, and the leader in US fracturing services. The stock has done nothing for a while because it is a pretty big conglomerate with a lot of debt and multiple services, with some areas still in the doldrums. Prefers some of the more pure-play companies in the US.

oil/gas field services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $41.510
Owned: Unknown

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2017-11-16

BUY
Global X Lithium E.T.F. (LIT-N)

(Market Call Minute.) This has had a pretty good run. The greater picture on electronic vehicles is that it is going to create a lot of demand for lithium. This would be a positive place to invest.

E.T.F.'s
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $39.570
Owned: Unknown

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2017-11-16

PAST TOP PICK
Magna Int'l. (A) (MG-T)

(A Top Pick Feb 21/17. Up 16%.) This is going to pay off more in the coming year. Earnings are going up and it has a great balance sheet. Trading at 8X next year’s earnings and 5X EV to EBITDA. It’s the 2nd biggest auto parts company globally and is really well positioned. Pays a small 2% yield that increases every year.

Automotive
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $68.050
Owned: Yes

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2017-11-16

TOP PICK
Microsoft (MSFT-Q)

He likes companies that produce a lot of free cash flow, because it generates a lot of shareholder wealth. This is the world’s largest software company, and they generate increasing streams of revenue and free cash flow. Trades at about a 6% free cash flow yield. Has recently started to accelerate their business as they’ve accelerated their web business. Dividend yield of 2%. (Analysts’ price target is $92.)

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $83.200
Owned: Yes

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2017-11-16

BUY on WEAKNESS
MTY Food Group (MTY-T)

(Market Call Minute.) This operates a number of different fast food franchises in food courts. He likes it longer-term. It has had a bit of a run and he would be a buyer on weakness.

food services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $54.710
Owned: Unknown

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2017-11-16

COMMENT
Neptune Tech & Bioresource (NEPT-T)

This is undergoing a transition. They have vested the lions share of their Neptune krill oil business, and entered into partnerships with other players in that market. Has a plant in Sherbrooke which is a very good oil processor, and they want to become a leader in the marijuana oil processing market. An evolving company and he likes the story longer-term.

biotechnology/pharmaceutical
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $1.320
Owned: Yes

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2017-11-16

PARTIAL SELL
Raytheon (RTN-N)

A very solid US defence company. Probably one of the stronger subsectors within defence. They are one of the leaders in the missile defence systems. If he had owned this for the last year, he would probably take half his position off.

electrical/electronic
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $184.270
Owned: No

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2017-11-16

DON'T BUY
Tesla Motors Inc (TSLA-Q)

A very high profile stock. Thinks the company could go bankrupt. They are really doing things to push forward the adoption of electric vehicles, and have burned through $5 billion of capital in the last 12 months. Expects they will burn through another $5 billion in the next 1-2 years. They are going to have to do multiple capital raises. So far, the market has been willing to give boatloads of cash to them.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $312.500
Owned: No

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2017-11-16

PAST TOP PICK
United Parcel Services (UPS-N)

(A Top Pick Feb 21/17. Up 8%.) Given the advent of e-retailing there are more package deliveries going on. Amazon has been the high profile player in e-commerce, but he would argue that the safer players would be companies like this and FedEx. Trading at 16X 2018 earnings with a 3% dividend yield that gets increased every year.

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $113.700
Owned: Yes

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2017-11-16

COMMENT
Westshore Terminals Inc. (WTE-T)

A really good asset. Terminals at ports are kind of scarce assets. Long-term, they are good investable assets. This one primarily serves the coal market. With the downturn in coal there was some panic and worries they would lose a lot of business. The stock really got battered, but has had a nice rebound back.

investment companies/funds
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $24.730
Owned: Unknown

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2017-09-27

N/A
A Comment -- General Comments From an Expert 

Market.Since last year’s election, the message has been clear. Trump is trying to push a pro-growth agenda and it is having an effect. They’ve had some difficulty in getting legislation through the 3 houses, which is always the case in the US. On the executive branch, he is pushing the regulation and helping to get things approved, as opposed to holding things up. The market has had some pretty decent growth, and we are seeing economic growth and earnings progression in companies. Even though there is a lot of conjecture back and forth, we are now into a slow tightening cycle on the monetary side. In this interest rate environment, the multiples on a lot of the stocks look pretty reasonable. For investors that are looking for individual securities that are fantastic companies and trading at really, really low valuations, this is a great environment. There are great opportunities.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.020
Owned: _N/A

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2017-09-27

COMMENT
A Comment -- General Comments From an Expert 

Which bank would you buy based on earnings and dividend growth?His favourite Canadian bank is Toronto Dominion (TD-T), which has had the best execution over time. They are well positioned both in Canada and the US. In the short term, there is probably more upside in a number of the US banks, and he feels the US economy is going to be stronger than the Canadian economy. In that case, something like a Wells Fargo (WFC-N) or one of the mid tier US banks would be a good opportunity.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.020
Owned: Unknown

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2017-09-27

BUY
Acasti Pharma (ACST-X)

A spin-out out of Neptune (NEPT-T), which still owns 35% of the company. There are positive developments going on and they are getting very close to going forward with phase 3. Discussions have been going on with the FDA. It’s fallen off the radar screen and there isn’t much in terms of analysts’ coverage. Expects there will be news this fall and winter which should really catalyze the stock. A good time to accumulate the stock.

Consumer Products
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $1.630
Owned: Unknown

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2017-09-27

WEAK BUY
Altagas Ltd (ALA-T)

A good combination of a mid-streamer as well as a utility. They’ve migrated more into the power producer and utility area. They continued to make that migration by making a big US acquisition, which should close some time next year. The stock has been in neutral as investors wait to make sure the deal closes. Pays a good dividend. Will probably move sideways until the deal closes, and then do better after that.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $28.720
Owned: Unknown

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2017-09-27

PAST TOP PICK
Anthem Inc (ANTM-N)

(A Top Pick Dec 5/16. Up 31%.) The 2nd largest health insurer in the US, and has been a long term holding for him. Trading at only about 14X his earnings estimate for next year and trades at almost a 7%-8% free cash flow yield.

medical services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $186.450
Owned: Yes

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2017-09-27

SELL
Boeing (BA-N)

There is a lot of focus around this company and Bombardier. A very interesting political issue. Dirty politics are being played. As an investment, it has done really well over the last 2 years. The world’s leader and biggest commercial aerospace company. It has had a heck of a run, and his target price was around $240. If he owned this, he would definitely be selling it.

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $255.280
Owned: No

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2017-09-27

COMMENT
D-Box Technologies (DBO-T)

There have been outflows from US international investors out of Canadian energy, and a lot of the generals have kind of fled the small-cap market because of better performance of the larger caps. A lot of the smaller caps are experiencing money flow issues, and there are a lot of buyers around. This is a good, decent little company, but very, very small. It is growing steadily, but it is still too small to attract attention of the bigger investors. You have to be very patient with this.

Consumer Products
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.335
Owned: Unknown

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2017-09-27

TOP PICK
Element Fleet Management (EFN-T)

North America’s largest vehicle fleet manager with a growing dominant presence. Over time they are going to increase their margins and bring a lot of value to the customers in a market that is growing. Trading at a single digit PE. Dividend yield of 3.2%. (Analysts’ price target is $10.25.)

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $9.300
Owned: Yes

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2017-09-27

COMMENT
Enbridge (ENB-T)

This has underperformed the sector of pipelines and mid-streamers. A good company, but has a fairly convoluted structure overall, which has created a lot of confusion. Some of the bigger money managers are really questioning and worried that they might come back to market to raise more equity. Because of that, the stock has been under pressure.

oil/gas pipelines
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $51.470
Owned: No

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2017-09-27

PAST TOP PICK
Freehold Royalties (FRU-T)

(A Top Pick Dec 5/16. Up 11%.) An owner of royalty interests, primarily in Western Canada, the #2 player after PrairieSky (PSK-T). Thinks it is cheaper than PrairieSky and pays a better dividend. Expects it to go higher in the next year.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $15.050
Owned: Yes

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2017-09-27

HOLD
Honeywell International (HON-N)

Has had a heck of a run in the last year and he probably wouldn’t be a buyer today, but on a pullback, he would. A good, long term growth stock.

mngmnt/diversified
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $139.570
Owned: Unknown

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2017-09-27

HOLD
Hexcel Corp (HXL-N)

Favourite defence stock?He likes defence, but a lot of them have had huge runs in the last year. You need to be cautious. They are probably “Holds” at best. Trading at pretty close to 52-week highs, and he wouldn’t be a buyer. You probably would be okay holding them, but wait for a pullback. His favourite is Hexcel, but it has had a big, big run and he would treat it as a hold.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $57.560
Owned: Unknown

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2017-09-27

COMMENT
Lear Corp. (LEA-N)

A big producer of auto seats and a solid, solid company. Has done really well over the last couple of years, executing extremely well. Prefers Magna (MG-T), which is a lot cheaper and probably a heck of a lot better. As a Canadian company, it is probably easier for a Canadian investor, plus the dividends are eligible for Canadian dividend credits.

Automotive
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $172.690
Owned: Unknown

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2017-09-27

PAST TOP PICK
Magna Int'l. (A) (MG-T)

(A Top Pick Dec 5/16. Up 21%.) The #2 auto parts Company globally, and a great global success story. They will continue to do well going forward. Thinks it is going to do better in the next year. A table pounding Buy. Trading at less than 10X forward earnings.

Automotive
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $66.880
Owned: Yes

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2017-09-27

HOLD
3M Co. (MMM-N)

A fantastic, huge multinational industrial. Operates in a number of specialty industrial areas, as well as some consumer products. A classic, long term growth company, but given the run, you have to be really careful. Wait for some sort of correction.

mngmnt/diversified
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $209.480
Owned: Unknown

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2017-09-27

TOP PICK
Microsoft (MSFT-Q)

One thing that really capitalized Amazon (AMZN-Q) in the last 2 years, is Amazon Web Services. This company is a close #2 in that business, and there are certain aspects of their historic legacy business that puts them in a powerful position to potentially pull even or even surpass them over time. Generates a ton of free cash flow. Dividend yield of 2.3%. (Analysts’ price target is $82.)

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $73.850
Owned: Yes

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2017-09-27

COMMENT
Neptune Tech & Bioresource (NEPT-T)

Has been an under performer over the last several years. However, it is moving forward and they’ve grown over the last year. New management came in about 1.5 years ago made all the right changes in moving the company forward. Unfortunately, the stock hasn’t performed. They’ve been caught up in this money flow issue of a flow away from small-cap companies. There will be a catalyst that comes along. Management and the board have been buyers of the stock over the last year, which is a pretty positive signal.

biotechnology/pharmaceutical
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $1.080
Owned: Yes

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2017-09-27

COMMENT
Osisko Gold Royalties Ltd. (OR-T)

Osisko Gold (OSK-T) owns a fair amount of acreage in the Noranda trend with some pretty interesting early stage gold prospects. An interesting speculation, but not the sort of thing he invests in.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $16.090
Owned: No

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2017-09-27

BUY
Open Text (OTEX-T)

In recent years, this has been a bit of a consolidator in the industry, and has some very strong niches. He doesn’t own this, but is something he would look at.

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $39.470
Owned: No

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2017-09-27

COMMENT
Parex Resources Inc. (PXT-T)

One of the better oil/gas companies. A solid company. Canadian-based but all their operations are basically in Colombia. Really well run and they’ve been very successful. Thinks the long-term fundamentals are good. If you are going to own an oil and gas company, this is one he would want to own.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $15.200
Owned: Unknown

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2017-09-27

TOP PICK
United Parcel Services (UPS-N)

World’s largest package delivery company. Trading at about 9X-10X EV to EBITDA. Trading at 17-18 times earnings for a dominant position, and it is going higher. Dividend yield of 2.8%. (Analysts’ price target is $117.)

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $118.620
Owned: Yes

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2017-08-01

N/A
A Comment -- General Comments From an Expert 

Market. We are in a kind of Goldilocks environment in that there is slow economic growth. The one problem is that central banks are inclined to be raising rates. It has been a while since we have had a correction, and that could be the catalyst for our first 5% correction for some time. The US and Chinese economies are growing probably as strong as they have for a year or 2. That gives central banks the ability to start to slowly taper back to a tighter monetary policy. There are certain areas of the market that are being left behind because of the craze over ETF’s that are flooding their market into a smaller and smaller cadre of really big large cap companies that are leading the market. There is a lot of stuff getting left behind, and there is a lot of value there. It shows up in terms of takeover activity.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.020
Owned: _N/A

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2017-08-01

COMMENT
Apple (AAPL-Q)

Just reported and looks like they had a pretty decent quarter. He would caution that on a very long-term perspective, leaders eventually always get toppled. This one probably has a more sustainable handset model than any of the previous leaders. Sales climbed like crazy for many years, but are basically flat lining now. They will be under margin pressure because they’ve filled the market with their high-priced phones, but the broader population in the emerging markets can’t afford an iPhone. He sees Android taking a bigger and bigger market share. He would be cautious.

electrical/electronic
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $150.050
Owned: No

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2017-08-01

TOP PICK
Alaris Royalty (AD-T)

This became public about 10 years ago and has done extremely well over the long-term. They’ve had a few issues in the last couple of years, and the stock has struggled because of that. Dividend yield of 7.1%. (Analysts’ price target is $24.00.)

Financial Services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $22.680
Owned: Yes

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2017-08-01

PAST TOP PICK
Anthem Inc (ANTM-N)

(A Top Pick Sept 6/16. Up 53%.) The number 2 health insurer in the US. They are primarily in 13-14 states and tend to be the #1 provider. Has about a 2% dividend yield. Trading at only around 14X earnings.

medical services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $186.670
Owned: Yes

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2017-08-01

SELL
Boeing (BA-N)

(Market Call Minute.) Good solid company, but not a big grower and is super expensive now.

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $239.440
Owned: Unknown

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2017-08-01

COMMENT
BlackBerry (BB-T)

(Market Call Minute.) There is an interesting revival happening here. He is still doing a lot of homework on this. There is a lot of technology risk here.

electrical/electronic
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $11.910
Owned: No

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2017-08-01

HOLD
CAE Inc (CAE-T)

The world leader in aircraft simulators. They have a dominant market share in that sector. Most of the major airlines buy from this company. Stock is starting to get a little pricey.

transportation equip & components
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $21.290
Owned: Unknown

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2017-08-01

BUY on WEAKNESS
Canadian Pacific Rail (CP-T)

(Market Call Minute.) Rails are a great business, and this one has corrected a bit. Would prefer something like Union Pacific (UNP-N) or Canadian National (CNR-T).

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $195.930
Owned: Unknown

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2017-08-01

BUY
Cisco (CSCO-Q)

He likes this. As far as network deployment, they are still in the thick of things, central to everything that is going on. It had a slight correction after the last quarter after coming out with a fairly dour forecast.

electrical/electronic
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $31.650
Owned: Unknown

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2017-08-01

COMMENT
CVS Health Corp (CVS-N)

A solid company. The #2 drug store in the US, as well as being involved in the pharmacy benefits management business, which has been a super profitable business over time, but is now under pressure. Feels the whole PBM business could be under a bit of profit pressure for the next several years. He would prefer a health insurer.

specialty stores
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $79.700
Owned: Unknown

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2017-08-01

PAST TOP PICK
ECN Capital (ECN-T)

(A Top Pick Sept 6/16.) Split into 2 companies. ECN Capital (ECN-T) was up 21%, while Element Fleet Management (EFN-T) was down 11%. He likes both.

Financial Services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $3.950
Owned: Yes

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2017-08-01

PAST TOP PICK
Element Fleet Management (EFN-T)

(A Top Pick Sept 6/16.) Split into 2 companies. ECN Capital (ECN-T) was up 21%, while Element Fleet Management (EFN-T) was down 11%. He likes both.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $9.650
Owned: Yes

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2017-08-01

COMMENT
Flyht Aerospace Solutions (FLY-X)

A great little Calgary-based company. An Infotech provider to aerospace. It has been around for about 15 years, and just recently emerged into profitability. This is the type of leader of tomorrow that he likes to invest in. A very cheap stock. It provides smart black box streaming off planes. They sell their product to the airlines as a streaming service, which helps the airlines maximize profitability of their planes.

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $2.420
Owned: Unknown

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2017-08-01

TOP PICK
Freehold Royalties (FRU-T)

Very similar characteristics to PrairieSky (PSK-T). Historically people preferred PrairieSky because it was bigger and was absolutely a 100% pure royalty story. This one has had some working interest properties, and they are now getting rid of those, and is already 90% royalties, and will soon be 100%. Dividend yield of 4.2%. (Analysts’ price target is $16.50.)

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $14.020
Owned: Yes

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2017-08-01

WAIT
General Dynamics Corp. (GD-N)

This has had a great run. It has done really well since Mr. Trump was elected in November. He would stay away over the next 3 months. We are coming up to the US debt ceiling limit in the fall, and it is going to be very interesting to see what happens. One of the worst places to be, could be defence stocks. The stock did really well over the past year, so it is really expensive now.

transportation equip & components
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $196.530
Owned: Unknown

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2017-08-01

PAST TOP PICK
Gilead Sciences Inc. (GILD-Q)

(A Top Pick Sept 6/16. Down 0.4%.) This was in a downtrend, but has finally broken into an uptrend. A cheap, cheap stock, trading at a single digit PE. The #1 provider of HIV drugs globally, and the #1 provider of hepatitis drugs. About 2-3 years ago, they introduced a revolutionary Hepatitis C drug which cured, so the inflow of patients dropped off. Pays about a 3% dividend. Cheap, cheap stock.

biotechnology/pharmaceutical
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $75.700
Owned: Yes

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2017-08-01

HOLD
Home Depot (HD-N)

(Market Call Minute.) A leader in home improvement retail. A little ahead of where he would like to buy it. Weak Buy to a Hold.

specialty stores
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $149.850
Owned: Unknown

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2017-08-01

COMMENT
Lundin Mining Corp. (LUN-T)

Mining is a difficult business. When he is investing in resources, he much prefers oil and gas. The companies tend to be much more diversified on a property perspective. This company is an example of one that has been well-managed. They keep their capital allocation hat on and really go after the best properties. He would have this as a Hold to a Buy.

metal mines
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $9.160
Owned: Unknown

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2017-08-01

TOP PICK
Microsoft (MSFT-Q)

He likes the Web services. This has had a good run over the last year, but thinks it is justified by the evolution of the company picking up LinkedIn. A real competitor to Amazon and Web services. Dividend yield of 2.1%. (Analysts’ price target is $82.00.)

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $72.580
Owned: Yes

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2017-08-01

BUY
Neptune Tech & Bioresource (NEPT-T)

A super frustrating stock. It has been discarded by the market because it has taken much longer to recover. New management came in about 2 years ago, and have done an excellent job. Last year they more than doubled revenues and turned it profitable after a number of years of struggling. The really exciting part is that they own 35% of Acasti Pharmaceuticals. In his viewpoint, this is a huge opportunity. The stock is trading around a $25 million market cap, and they have almost $10 million in cash. Going into phase 3 trials, and thinks their drug has multi-billion-dollar potential.

biotechnology/pharmaceutical
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $1.080
Owned: Unknown

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2017-08-01

COMMENT
Nvidia Corp (NVDA-Q)

Great tech company, but really expensive. It has had a huge run and he would stay on the sidelines until there is a huge ramp up in earnings to justify the ramp up in the stock price.

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $164.490
Owned: Unknown

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2017-08-01

BUY on WEAKNESS
Oracle (ORCL-N)

He likes this, but doesn’t own it. A leader in databases and a number of other areas in software. They are starting to make some progress, and he would categorize this as a more conservative way to play technology. It has had a run, so he wouldn’t be a buyer here. In the lower $40, it would be quite interesting.

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $50.160
Owned: No

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2017-08-01

HOLD
Starbucks (SBUX-Q)

(Market Call Minute.) A great company, and he would classify it as a Weak Buy to a Hold. If it dropped another 10% he would definitely be a buyer.

food services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $54.730
Owned: Unknown

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2017-08-01

DON'T BUY
Shopify Inc. (SHOP-T)

The market leader in what it does. They help small businesses get an online presence effectively. They’ll become profitable eventually. At these levels, you are factoring in 10-20 years of growth, and taking a lot of risk. The company has not made a penny of earnings yet. If it went down 50%-60% he would be interested, but not at these levels.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $130.610
Owned: No

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2017-08-01

BUY
Spartan Energy Corp (SPE-T)

A solid Junior to intermediate oil producer. The energy sector took quite a beating in the 1st half. Feels energy is probably in a bottoming process. This is one of the companies that has kept themselves in good shape from a balance sheet perspective. A relatively low cost operation. Good properties in southern Saskatchewan.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $6.010
Owned: Unknown

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2017-08-01

HOLD
Visa Inc. (V-N)

Great, great company. One of the central players in the electronic commerce. Purchases of anything are happening increasingly electronically, and the credit cards are right at the front of that. Great franchise and great business, but it is trading at a 52-week all-time high. Expensive.

other services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $100.870
Owned: Unknown

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2017-08-01

COMMENT
Wells Fargo (WFC-N)

(Market Call Minute.) There is an interesting revival happening here. He is still doing a lot of homework on this. There is a lot of technology risk here.

investment companies/funds
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $54.080
Owned: Unknown

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2017-08-01

COMMENT
Wal-Mart Stores Inc. (WMT-N)

Widely viewed as an old time conventional huge retailer. He is positively predisposed towards it. They are one of the biggest Internet retailers. Feels this is going to be right up there as being one of the successful long-term e-retailers.

department stores
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $80.500
Owned: No

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2017-05-15

N/A
A Comment -- General Comments From an Expert 

Market. The 3 US government houses are aligned, which is a big deal. That is good for the economy, and we have already seen a pickup in business in consumer confidence. We are starting to see a pickup in economic growth in the US. When the US gets better, that is great for Canada as its biggest trading partner, and that will be positive for stock markets. The corporate tax cut plan of 35% to 15% could probably be brought down to 20%. The direction is the important part. Probably most important from a tax perspective is some movement on the repatriation of capital from foreign subsidiaries.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.020
Owned: _N/A

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2017-05-15

COMMENT
Altaba Inc (AABA-Q)

From a sum of the parts basis, this is undervalued. The risk is that you have to be careful of Chinese companies. The primary value in this company is there shareholding in Ali Baba (BABA-N). There is a lot of great growth in China, but Ali Baba does not pay a dividend. If something bad happens in China, the primary determinant in this stock is going to get hit.

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $49.860
Owned: No

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2017-05-15

PAST TOP PICK
Alaris Royalty (AD-T)

(A Top Pick April 21/16. Down 29.47%.) A company that has done really well building a really well run business. Kind of a unique model. It is kind of like a royalty on non-resource companies. A great buying opportunity. Dividend yield of 8% which is sustainable. The stock is worth about $30.

Financial Services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $20.070
Owned: Yes

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2017-05-15

TOP PICK
Anthem Inc (ANTM-N)

A great story. The stock has done really well over the last 10 years. The 2nd largest health insurer in the US. It helps to deal with some of the escalating health-care costs problems. Generates gobs and gobs of free cash flow. Trading at about 13X next year’s earnings. Dividend yield of 1.4%. (Analysts’ price target is $191.)

medical services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $182.300
Owned: Yes

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2017-05-15

HOLD
Blackbird Energy Inc (BBI-X)

A great little small cap in the energy sector. They own a nice block of land in the Montney, and have done a good job of moving the story forward. Drilling a number of wells this year, and tying in production.

Energy
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.490
Owned: Unknown

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2017-05-15

COMMENT
CCL Industries (B) (CCL.B-T)

A well-run Canadian company. Involved in packaging, and recently developed some innovative technology aspects in packaging. He likes the company, but at these prices this would definitely be at least a Hold if not a Sell. It is really rich compared to historic trading valuations.

packaging/containers
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $305.880
Owned: Unknown

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2017-05-15

COMMENT
Canadian Pacific Rail (CP-T)

Great company. One of 6 major rails in North America. From a long-term perspective, they are all great holdings. This had a fantastic run from 2011 to 2015. It is still in a consolidation phase. The entire rail space is pricey from his perspective, and he has a hard time finding anything to buy in the sector. This would be a Hold to a Weak Sell. On pullbacks, these are very interesting stocks.

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $217.490
Owned: Unknown

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2017-05-15

BUY
EnerCare Inc (ECI-T)

Good solid company. They made a big acquisition to enter the US market last year. Now is probably a good time to be buying the stock as it has had a pullback off its recent high.

Consumer Products
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $18.670
Owned: Yes

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2017-05-15

HOLD
Ensign Resource Service Group (ESI-T)

The 2nd largest driller in Canada with significant international drilling operations as well. This is a derivative play on the energy sector. Unlike some of the other service companies, it has not performed that well from a stock perspective.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $7.240
Owned: Unknown

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2017-05-15

BUY on WEAKNESS
Facebook (FB-Q)

A great company. A leader in social media and continuing to grow strongly. A lot has been reflected in the stock. They are continuing to perform really well. In the next 2 to-3 years, the stock will go higher again. He would wait for a pullback.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $150.190
Owned: Unknown

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2017-05-15

BUY
Flyht Aerospace Solutions (FLY-X)

A great little aerospace technology story, based out of Calgary. They have a smart “black box” which has following capabilities as well as flight data monitoring capabilities. They allow airlines to operate more efficiently. It has taken a while for them to develop a market, but it has now turned profitable in the last year. The stock is quite undervalued here. If you buy it today, 12 to 24 months out you will be very, very happy.

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.240
Owned: Unknown

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2017-05-15

TOP PICK
Freehold Royalties (FRU-T)

Energy prices are slowly gravitating upwards, but we are still probably a year or 2 sideways in oil prices. The key to successful investing is keeping costs low, and you can’t get lower costs than what the royalty companies have. This company has a great portfolio of royalty properties. Dividend yield of 4.3%. (Analysts’ price target is $16.75)

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $14.010
Owned: Yes

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2017-05-15

PAST TOP PICK
Gilead Sciences Inc. (GILD-Q)

(A Top Pick April 21/16. Down 33.5%.) World’s largest provider of HIV medication. In the last 3-4 years, it became the market leader in providing hepatitis C medication, which actually cures the patient. It has a 13% free cash flow yield and trades at about 8X earnings with over a 3% dividend that will increase every year for the next several years. This is worth in the $90’s.

biotechnology/pharmaceutical
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $65.950
Owned: Yes

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2017-05-15

PAST TOP PICK
Magna Int'l. (A) (MG-T)

(A Top Pick April 21/16. Up 16.76%.) This continues to grow, despite all the skeptics saying the auto cycle is coming to an end. Trading at 7X next year’s earnings and 3.9X EBITDA, which is unheard of for this size of company. 2.5% dividend, which increases every year.

Automotive
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $62.540
Owned: Yes

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2017-05-15

TOP PICK
Microsoft (MSFT-Q)

This blue-chip stuff that you want to invest in, in the Tech sector. They are going to connect in market services with Amazon (AMZN-Q). A great balance sheet with tons of cash. Trading at around 18X 2019 earnings. Thinks it still has another 20%-30% to go. Dividend yield of 2.3%. (Analysts’ price target is $75.)

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $68.430
Owned: Yes

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2017-05-15

STRONG BUY
Neptune Tech & Bioresource (NEPT-T)

This is really, really undervalued here. This owns 35% of Acasti Pharmaceuticals, manufacturer of a drug which has great test results in reduction of hypertriglyceridemia, as well as having positive benefits for lowering your LDL and increasing HEL cholesterol. They are going to be going into phase 3 in the next 12 months. Over half the value of the company is represented by cash on the balance sheet. Their main business is krill oil and nutraceuticals, which was struggling for a while. They’ve turned this around and are starting to make some acquisitions.

biotechnology/pharmaceutical
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $1.360
Owned: Yes

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2017-05-15

HOLD
Open Text (OTEX-T)

One of the largest Canadian software companies which has a combination of some organic growth along with a consolidation play. Very well-run. The stock has done extremely well, and is probably going to be in a sideways pattern for a while.

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $44.300
Owned: Unknown

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2017-05-15

BUY
Peyto Exploration & Develop. (PEY-T)

Very, very solid Western Canadian gas producer. Like a lot of the energy stocks, the past 6 months have been very painful. It is undervalued, and you get paid a nice dividend to wait.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $26.110
Owned: Unknown

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2017-05-15

BUY
Qualcomm (QCOM-Q)

The global leader in wireless technology licensing. They have 2 businesses, licensing their wireless technology to other companies and producing conductor chips for the wireless area. The stock has been choppy over the last year. Apple (AAPL-Q) has basically stopped paying them, being unhappy with the terms. A good franchise, and with a pullback, this is good value here. 4.1% dividend yield.

Telecommunications
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $55.400
Owned: Unknown

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2017-05-15

DON'T BUY
Shopify Inc. (SHOP-T)

A great Canadian success story. It enables small retailers to sell online. He wouldn’t touch this here as it is crazy, crazy expensive. The company has yet to turn profitable, but is expected to this year.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $128.970
Owned: Unknown

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2017-05-15

COMMENT
Spartan Energy Corp (SPE-T)

A good, little, oil/gas producer in Southern Saskatchewan. A well-run company with good management. Trying to pick a bottom on this is a tough one, but a year from now, he would expect the stock to be higher.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $2.420
Owned: Unknown

Must be logged in to use chart

2017-05-15

HOLD
Suncor Energy Inc (SU-T)

Canada’s largest oil producer. Solid, solid company. This has done really well over the last year, and is probably going to be in a holding pattern for a while. Relatively expensive compared to other stocks in the sector. Depending on commodity prices, it should gravitate upwards.

integrated oils
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $43.850
Owned: Unknown

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2017-05-15

DON'T BUY
Twitter, Inc (TWTR-N)

Despite having a fairly prominent name and a place in the media, they really haven’t learned to make money yet. He has never owned this stock. He continues to watch it with interest, but at these levels he wouldn’t touch it.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $19.230
Owned: No

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2017-05-15

BUY
Verizon Communications (VZ-N)

US’s largest cell phone provider. He likes the sector. Growth in North American wireless has slowed down quite a bit. We are reaching a relatively high level of penetration, and there is not going to be as much growth as there has been over the last 10 years. However, these companies continue to generate a lot of free cash flow. They are great businesses, and he likes to buy the market leader in this type of business. From his perspective, this company has the best network, so they get the highest value customers.

telephone utilities
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $45.380
Owned: Yes

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2017-05-15

SELL
Canopy Growth Corp. (WEED-T)

A hot, hot space in the Canadian market these days. He owns nothing in marijuana. If he did, he would be trimming his positions if not exiting altogether. The stocks have had massive runs. There is an opportunity in the longer-term, but if you look at the market valuations relative to the actual profit generation opportunity over the next 5-10 years, they are super expensive. He would urge taking profits.

agriculture
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $8.260
Owned: No

Must be logged in to use chart

2017-02-21

N/A
A Comment -- General Comments From an Expert 

Market. There is more bullishness. Canadians, with our much more centric political viewpoint, have taken the Trump election much more cautiously than the US, which are putting the pedal to the metal, as they are realizing it is really, really good for business. Canadians are slowly starting to clue in that it is really good for the US economy, and consequently good for Canadian and global economies. We will get indigestion in certain areas as we move on through 2017, but in other areas we will get some very positive results.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2017-02-21

SELL
Apple (AAPL-Q)

(Market Call Minute.) A great company, but it is coming up to an unsustainable earnings level and their margins are going to be under pressure in the future.

electrical/electronic
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $136.700
Owned: Unknown

Must be logged in to use chart

2017-02-21

PAST TOP PICK
Alaris Royalty (AD-T)

(A Top Pick Feb 2/16. Up 3.97%.) This has been a phenomenal long-term performer. The market has become very quantitative and momentum driven. The stock is now stabilizing and it is a great buying opportunity.

Financial Services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $23.200
Owned: Yes

Must be logged in to use chart

2017-02-21

PAST TOP PICK
Anthem Inc (ANTM-N)

(A Top Pick Feb 2/16. Up 31.82%.) The #2 healthcare insurer in the US. Healthcare has been out of favour in the last year, but even with that this has made decent money. A testament to what a great quality business is. A fantastic cash generating business. Undervalued, trading at 12X 2018 earnings. Dividend increases every year, and they buy back stock.

medical services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $164.220
Owned: Yes

Must be logged in to use chart

2017-02-21

BUY
Birchcliff Energy Ltd. (BIR-T)

(Market Call Minute.) A solid, solid gas producer on the West Coast.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $7.580
Owned: Unknown

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2017-02-21

HOLD
Bristol Myers Squibb (BMY-N)

A big legacy pharmaceutical company that has undergone a bit of a Renaissance in the last 5 years. One of the 2 big pharmas (along with Merck (MRK-N)) that have become leaders in cancer immunotherapy area, a fast growing area. In mid-2016 the stock really dropped because of a negative trial result. He likes this longer-term, but you have to be cautious because they are going through some turbulence. The stock still isn’t cheap. If it got down to around the 52-week low, that would be an area to start looking.

biotechnology/pharmaceutical
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $54.780
Owned: Unknown

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2017-02-21

BUY
Anheuser Busch Companies Inc. (BUD-N)

(Market Call Minute.) This would be a Buy on weakness, and we are now at that weak point.

breweries/beverages
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $109.330
Owned: Unknown

Must be logged in to use chart

2017-02-21

BUY
Crescent Point Energy Corp (CPG-T)

One of Canada’s preeminent oil companies. The largest landholder on the Canadian Bakken play in Saskatchewan, and have built a very big company on the back of that. One of the more profitable oil plays. We are now in a bottoming and slowly rising process now with oil prices. This is probably one of the better plays in the Canadian energy patch. A lot of institutions have a sour taste because of past transactions. A good investment.

oil/gas
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $16.310
Owned: Unknown

Must be logged in to use chart

2017-02-21

HOLD
CT Real Estate Invest Trust (CRT.UN-T)

(Market Call Minute.) Owns a lot of Canadian Tire retail holdings.

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $15.330
Owned: Unknown

Must be logged in to use chart

2017-02-21

BUY on WEAKNESS
Canadian Tire Corporation Ltd. (A) (CTC.A-T)

(Market Call Minute.) A great, long term, Canadian retail franchise. It’s close to its 52- week high.

specialty stores
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $156.740
Owned: Unknown

Must be logged in to use chart

2017-02-21

TOP PICK
Element Fleet Management (EFN-T)

This is one of 2 parts that was spun out from the old Element Financial. North America’s leading fleet manager and growing organically as well as rolling up other fleet managers over time. They also have some fleet management in other parts of the world. Also, have a lot of peripheral services that they can provide to customers. Trading at 11X next year’s earnings. Dividend yield of 0.71%, which will probably be increased every year. He can see 40% upside from here. (Analysts’ price target is $14.66.)

Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $14.030
Owned: Yes

Must be logged in to use chart

2017-02-21

HOLD
Exchange Income (EIF-T)

(Market Call Minute.) A good, well-run company. It has had a heck of a run over the last year.

Transportation & Environmental Services
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $39.640
Owned: Unknown

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2017-02-21

COMMENT
Flyht Aerospace Solutions (FLY-X)

An “Internet of things” company in a way, but for the aircraft industry. Provides critical data streaming from planes to the ground, and are the leader in that segment. Over time, this will become a global standard. They struggled for a number of years and just became profitable this year. It has great things ahead of it. Thinks the stock goes significantly higher.

Transportation
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $0.270
Owned: Unknown

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2017-02-21

HOLD
Hudson Bay Co. (HBC-T)

(Market Call Minute.) Going through a bit of choppiness. Real estate is probably worth a lot, relative to the share price. Until you actually see that realized, weakness in their retail operations could put pressure on the stock.

department stores
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $12.360
Owned: Unknown

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2017-02-21

SELL
IBM (IBM-N)

This has done pretty well in the last year, but that is after a five-year period of choppy performance. It has rallied out of the Trump election, and is probably not sustainable over a longer-term basis. They are a little behind the curve in terms of where technology is moving these days. It is more of a trading range stock now, and is at the higher end of its range. If it got closer to its 52 week lows, it would be a Buy again.

electrical/electronic
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $180.260
Owned: Unknown

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2017-02-21

HOLD
McKesson Corp (MCK-N)

One of 3 really big pharmaceutical distributors in the US. A perfect example of short-term versus long-term investing. Healthcare has been a tough sector for the last year. Politically, it always has a big target on it back. He expects the sector as a whole to do a lot better this year. They are working in an oligopoly type structure now. They’ve had a lot of margin expansion over time, which may have ended. Longer-term he likes this, but in the short term it is going to struggle.

wholesale distributors
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $150.890
Owned: No

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2017-02-21

TOP PICK
Magna Int'l. (A) (MG-T)

The biggest auto parts manufacturer in Canada, and the 2nd globally. One of the most underappreciated Canadian success stories. He continues to be defied by the valuation in this market where we have Shopify (SHOP-T) trading at 100X 3-4 years out earnings, and you can buy this one at 7X next year’s earnings with a dividend that increases every year and they buy back stock. Dividend yield of 2.25%. (Analysts’ price target is $65.37.)

Automotive
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $59.890
Owned: Yes

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2017-02-21

PAST TOP PICK
Microsoft (MSFT-Q)

(A Top Pick Feb 2/16. Up 25.38%.) A nice performer. One of those great tech companies that is sticking with what is working and evolving with technology. They and Amazon (AMZN-Q) are neck and neck for Web services now. Amazon has the early lead in that business, but this company is better positioned to potentially become the longer-term winner because of their historic legacy relationships with businesses. 10% of their market cap is in cash. They pay a nice dividend and buy back a lot of shares. Thinks it is going higher.

computer software/processing
Alex Ruus

Portfolio Manager, Arrow Capital Management

Price: $64.490
Owned: Yes

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