Stock Opinions by Marc-Andre Gaudreau - Stockchase Experts
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Marc-Andre Gaudreau

On Stockchase since : Aug 2010

Sr. VP Fixed Income at Natcan Investment Management

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Stock Opinions by Marc-Andre Gaudreau - Stockchase Experts

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General Market Comment 

September 19, 2012

Corporate bonds. With the ECB announcing that they would be buying bonds from countries such as Italy and Spain and also the US Fed with QE 3, he could say riskier assets have performed very well and obviously high-yield had a very good ride. Short-term, he is taking profit right now. His long-term view is that you want to capture the credit spread that companies are paying vesters (?). Generally, corporations have strong balance sheets, good cash flows and they don’t have short-term maturities.

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Corporate bonds. With the ECB announcing that they would be buying bonds from countries such as Italy and Spain and also the US Fed with QE 3, he could say riskier assets have performed very well and obviously high-yield had a very good ride. Short-term, he is taking profit right now. His long-term view is that you want to capture the credit spread that companies are paying vesters (?). Generally, corporations have strong balance sheets, good cash flows and they don’t have short-term maturities.

Unknown
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$0.020
Owned Owned
_N/A

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DON'T BUY

This is the ultra-short long treasuries, which is basically a levered product. With this one you are betting against the Fed which recently announced they are going to be buying 10-30 year bonds until the economy improves. You will have a buyer against you for a long time, however if the economy succeeds, the yield should increase. You have the time against you so you have to be careful. Wait until you see growth rates really pick up in manufacturing, consumers and housing.

E.T.F.'s
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This is the ultra-short long treasuries, which is basically a levered product. With this one you are betting against the Fed which recently announced they are going to be buying 10-30 year bonds until the economy improves. You will have a buyer against you for a long time, however if the economy succeeds, the yield should increase. You have the time against you so you have to be careful. Wait until you see growth rates really pick up in manufacturing, consumers and housing.

E.T.F.'s
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$16.400
Owned Owned
Unknown

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N/A
General Market Comment 

September 19, 2012

How can we expect a Canadian Bond Index Fund to perform looking out to 2015 with interest rates staying low? Bernanke stated he would keep interest rates at 0 for the next 3-4 years and that he would try to keep the curve flat so it is hard to see rates rising significantly. The place to be in this scenario would probably be in credit.

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How can we expect a Canadian Bond Index Fund to perform looking out to 2015 with interest rates staying low? Bernanke stated he would keep interest rates at 0 for the next 3-4 years and that he would try to keep the curve flat so it is hard to see rates rising significantly. The place to be in this scenario would probably be in credit.

Unknown
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$0.020
Owned Owned
_N/A

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DON'T BUY
Yellow Media Inc(Y-T) 

September 19, 2012

Bonds. Based on the restructuring proposal, which will be settled on October 15, the bonds are trading at $.60 to the $1.00 and seem to be fully valued. If the restructuring does not occur, he could see more downside to it.

communications/media
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Bonds. Based on the restructuring proposal, which will be settled on October 15, the bonds are trading at $.60 to the $1.00 and seem to be fully valued. If the restructuring does not occur, he could see more downside to it.

communications/media
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$0.065
Owned Owned
No

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BUY
General Market Comment 

September 19, 2012

10-year bond ladders. Do you agree with this strategy? A laddered portfolio makes sense. The key is to have a diversified portfolio to spread the risks.

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10-year bond ladders. Do you agree with this strategy? A laddered portfolio makes sense. The key is to have a diversified portfolio to spread the risks.

Unknown
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$0.020
Owned Owned
Unknown

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BUY

This is a short-term, 1 to 5 year corporate bond ETF. Relatively diversified. Sensitivity to interest rates remains high. Good investment.

E.T.F.'s
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This is a short-term, 1 to 5 year corporate bond ETF. Relatively diversified. Sensitivity to interest rates remains high. Good investment.

E.T.F.'s
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$20.280
Owned Owned
Unknown

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DON'T BUY
Cliffs Natural Resources(CLF-N) 

September 19, 2012

Regarding government bonds, the risk of rates being so low, he would try to avoid them.

Mining
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Regarding government bonds, the risk of rates being so low, he would try to avoid them.

Mining
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$42.890
Owned Owned
Unknown

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COMMENT
Iamgold Corp(IMG-T) 

September 19, 2012

Just did an issue, 6.75%- Oct/20. Rated high-yield. Lending to gold producers, you want to make sure they have diversified mines as well as being low cost producers. This company could eventually get taken over.

precious metals
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Just did an issue, 6.75%- Oct/20. Rated high-yield. Lending to gold producers, you want to make sure they have diversified mines as well as being low cost producers. This company could eventually get taken over.

precious metals
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$15.750
Owned Owned
Unknown

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PAST TOP PICK
Goldman Sachs(GS-N) 

September 19, 2012

(A Top Pick Sept 16/11. Up 11.79%.) From a regulatory standpoint, brokers cannot take on as much risk as before. From a debt standpoint this is good. He is taking profit right now but longer-term he is still comfortable with the name

investment companies/funds
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(A Top Pick Sept 16/11. Up 11.79%.) From a regulatory standpoint, brokers cannot take on as much risk as before. From a debt standpoint this is good. He is taking profit right now but longer-term he is still comfortable with the name

investment companies/funds
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$119.020
Owned Owned
Yes

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PAST TOP PICK
Intact Financial(IFC-T) 

September 19, 2012

(A Top Pick Sept 16/11. Up 14.22%.) Still likes.

insurance
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(A Top Pick Sept 16/11. Up 14.22%.) Still likes.

insurance
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$59.250
Owned Owned
Yes

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PAST TOP PICK
Royal Bank(RY-T) 

September 19, 2012

(A Top Pick Sept 16/11. Up 4.28%.) Still likes.

banks
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(A Top Pick Sept 16/11. Up 4.28%.) Still likes.

banks
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$56.720
Owned Owned
Yes

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TOP PICK
Capital Power(CPX-T) 

September 19, 2012

4.6% bonds maturing 2015. This is a company that is relatively new to the bond market. Have grown a lot more than what the market was expecting. Current spreads of 250 basis points for a 3-year paper is a lot wider than its peer group. Expect these bonds to perform well over the next 3 years.

electrical utilities
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4.6% bonds maturing 2015. This is a company that is relatively new to the bond market. Have grown a lot more than what the market was expecting. Current spreads of 250 basis points for a 3-year paper is a lot wider than its peer group. Expect these bonds to perform well over the next 3 years.

electrical utilities
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$21.100
Owned Owned
Yes

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TOP PICK

4.54% bonds maturing 2023. You are lending to a holding company but they are hard asset investments, diversified over North and South America and Europe. At a spread of 233 basis points for 10-years there is a decent pickup for the risk.

management/diversified
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4.54% bonds maturing 2023. You are lending to a holding company but they are hard asset investments, diversified over North and South America and Europe. At a spread of 233 basis points for 10-years there is a decent pickup for the risk.

management/diversified
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$34.280
Owned Owned
Yes

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TOP PICK
Atlantic Power Corp.(ATP-T) 

September 19, 2012

5.95% bonds maturing 2036. He bought these at $.63 on the dollar. Feels the risk/reward is pretty good.

electrical utilities
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5.95% bonds maturing 2036. He bought these at $.63 on the dollar. Feels the risk/reward is pretty good.

electrical utilities
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$14.460
Owned Owned
Yes

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COMMENT
2040 Bonds? There are lots of uncertainties over 30 years in the technology space. The good thing about them is that if you don’t intend to hold them to maturity, they are liquid and you can sell them into the market. For the long end of the curve, he prefers companies that could be protected so he can make sure he gets his coupons and capital back.
Cable
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2040 Bonds? There are lots of uncertainties over 30 years in the technology space. The good thing about them is that if you don’t intend to hold them to maturity, they are liquid and you can sell them into the market. For the long end of the curve, he prefers companies that could be protected so he can make sure he gets his coupons and capital back.
Cable
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Marc-Andre Gaud

Sr. VP Fix, Natcan Investment Ma...

Price Price
$37.220
Owned Owned
Unknown

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