Pat McHugh
Member since: May '07
Vice President & Senior Portfolio Manager at
MFC Global Investment Management

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ROE of 24%. Up steadily and consistently at 17% from the bottom of this cycle. Have problems with insurance and assets in the US, but these are fixable. They will continue to increase dividends.
New management made some good positive moves. Slight dividend increase of 3%, which indicates they are rebuilding their tier one capital. 10% share buyback.
This will stay an income trust until 2011. Very profitable with about 35% ROE. Expect distribution increases in the mid-to high teens.