Opinions by James Hodgins | StockChase
880
James Hodgins

Chief Investment Officer

ON STOCKCHASE SINCE Oct 2010

Curvature Hedge Strategies


Opinions by James Hodgins


Signal Opinion Expert Chart

2017-06-23

COMMENT
New Flyer Industries Inc. (NFI-T)

This has had a huge run. He is a little nervous about some of the Canadian companies that have big US businesses. The political environment is not that favourable, so he has a Short position on this.

income trust
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $55.760
Owned: Yes

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2017-06-23

COMMENT
Patient Home Monitoring (PHM-X)

This was taking over all the little sleep-aid companies in the US, and then ran into some issues, both with management and Medicare. Then it collapsed, but seemed to have turned around. They have some debt, but it is not a big problem. Sold off a couple of non-core businesses. Management has changed. He likes the new management team. Cash flow is growing again, so the debt is not a problem. He owns some of the debt, but not the equity.

other services
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $0.475
Owned: Yes

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2017-06-23

COMMENT
Prometic Life Sciences Inc. (PLI-T)

This does blood plasma protein. It is something that has been very easy for them to get FDA approval for their treatments. However, revenues and cash flow just haven’t come as they promised in the past. Did a pretty dilutive equity raise recently, which didn’t go that well. He is Short this, and probably will stay Short until the stock from the equity deal gets cleaned up.

biotechnology/pharmaceutical
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $1.780
Owned: Yes

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2017-06-23

COMMENT
TheScore Inc. (SCR-X)

As the growth slowed in the adoption of the app, the stock declined. However, the company still has plenty of cash and they are getting a big tax refund. Thinks they are going to be “break even” in the 3rd quarter this year. They’ve taken their user base of about 11 million people or so, and are starting to break into some really larger advertising accounts. Revenue growth has been quite nice, and he sees that continuing. They also have a good relation with Facebook (FB-Q) where they get a lot of traffic. Sees more upside than downside.

James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $0.185
Owned: Yes

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2017-06-23

DON'T BUY
Stella-Jones Inc. (SJ-T)

This doesn’t show up well on his screens. Earnings growth has really slowed, so he has a small Short on it. The railway ties are tied to oil/gas and infrastructure in Western Canada. He would stay away from this.

misc industrial products
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $43.740
Owned: Yes

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2017-06-23

COMMENT
StorageVault Canada (SVI-X)

Public storage. Fairly valued at this time. Management still has a lot of runway in terms of acquisitions.

James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $2.710
Owned: Unknown

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2017-06-23

PAST TOP PICK
Stillwater Mining Co. (SWC-N (Dead))

(A Top Pick March 29/16. Up 4%.) *Short* This was taken over by another company.

other mines
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $18.000
Owned: No

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2017-06-23

DON'T BUY
Yamana Gold Inc. (YRI-T)

There are concerns over the balance sheet as it has quite a bit of debt. They spun off a few mines into a new vehicle called Brio Gold, and got some cash in the door from that. Operationally, it has been an under performer for such a long period of time, and the stock has really tracked that. There are better places to be in gold. He is Short this against some of his Long positions. (See Top Picks.)

precious metals
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $3.530
Owned: Yes

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2016-12-22

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

Market.The Dow Jones is within striking distance of $20,000. He typically focuses on small to mid-cap stocks, but does follow every index. The Dow is the oldest of the indices and most commonly followed by the public. However, it is only 30 stocks and is representative of the broader industrial economy. Since the election, stocks have been doing quite well. It wouldn’t surprise him if it hit $20,000, because sentiment around the US industrial economy is quite positive. Once Trump actually takes office, things are going to get a little harder. It’s easy to announce all these programs, but a little more difficult to implement them. From a seasonal perspective, he thinks there will be some reversion. There are a couple of drivers late in the year that typically have a major impact. January is usually a very good month for gold, and because they are so oversold and with tax loss selling, January could be a very nice month for the gold sector. Stocks that are really oversold that have good valuation and good fundamentals should do very well over the next 6 weeks. Tax loss selling is different this year because of the violent rotation of winners and losers late in the year.

James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $0.020
Owned: _N/A

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2016-12-22

COMMENT
Alaris Royalty (AD-T)

Has a very small Short position, because their most recent quarter showed their growth had slowed down. He tends to invest in companies on the long side that have positive change, in short those that have negative change. Doesn’t think there is any problem with the dividend. A lot of their business is out west, and with oil prices increasing, this could see a bit of a rebound.

Financial Services
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $23.700
Owned: Yes

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2016-12-22

HOLD
Avigilon Corp (AVO-T)

He has historically been short this and still has a tiny bit but has been covering it. They didn’t have very efficient use of capital. The main negative though, has been on the cost side, which seems to be under control now.

INDUSTRIAL PRODUCTS
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $12.260
Owned: Yes

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2016-12-22

COMMENT
Artis Real Estate Investment Trust (AX.UN-T)

A well-managed company, largely based in Western Canada. Real estate, particularly commercial real estate, in Western Canada has not done as well. That may come back as the energy market comes back, but this is an interest sensitive stock, and if the market feels rates will rise over the next year, which he thinks is the case, REITs generally will underperform. However, this one looks pretty cheap.

property mngmnt/investment
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $12.430
Owned: Unknown

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2016-12-22

COMMENT
Chorus Aviation Inc (CHR-T)

They have an agreement with Air Canada (AC-T), so it kind of precludes them from being a take-out candidate. Just did their 1st lease deal prior to a Fairfax investment with them. This is positive, as it diversifies them away from Air Canada. It is quite a competitive market, and the stock had a really nice run up over the last couple of weeks, so he sold his position.

Transportation & Environmental Services
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $7.180
Owned: No

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2016-12-22

COMMENT
Clearwater Seafoods Inc.  (CLR-T)

He likes this quite a bit. It has been a victim of tax loss selling. They missed the last quarter, and said the next quarter is also going to be soft. They instituted a new clam boat, and it was so efficient that they actually pressured their own pricing, and margins came down. They are also stimulating demand and gaining customers, because of the lower prices. That price pressure is going to last only one more quarter. Heading into Q2 and the back half of next year, he is quite bullish on this. The company has the greatest quota for clams and mussels in Canada.

Financial Services
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $11.240
Owned: Yes

Must be logged in to use chart

2016-12-22

COMMENT
Corby Spirit and Wine (B) (CSW.B-T)

This has been a core holding for his fund since inception. They have a very nice tendency to not only pay a regular dividend, but in years when they don’t make growth acquisitions, they typically also make a very nice special dividend at year-end. They made a nice growth acquisition this year. With their relationship with Pernod, they have very nice distributorship to the US and the UK.

breweries/beverages
James Hodgins

Chief Investment Officer, Curvature Hedge Strategies

Price: $20.125
Owned: Yes

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