Opinions by Ian Ainsworth | StockChase
374
Ian Ainsworth

Vice President, Investments

ON STOCKCHASE SINCE Mar 2001

MacKenzie Financial Corp.

374
Ian Ainsworth

Vice President, Investments

ON STOCKCHASE SINCE Mar 2001

MacKenzie Financial Corp.


Opinions by Ian Ainsworth


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General Market Comment 

October 28, 2013

Markets. Growth is being able to grow faster than the industry and faster than the economy.  Focus on revenue growth as they are bringing something new to the economy and then for the ability to do that profitably, with better margins than competitors.  In emerging markets we may find lots of revenue growth but it is a different benchmark than the US companies.  Canada has the potential to grow faster than the US.  It has to be driven by golds and commodities and it is interesting to see if we get that super cycle. 

Markets. Growth is being able to grow faster than the industry and faster than the economy.  Focus on revenue growth as they are bringing something new to the economy and then for the ability to do that profitably, with better margins than competitors.  In emerging markets we may find lots of revenue growth but it is a different benchmark than the US companies.  Canada has the potential to grow faster than the US.  It has to be driven by golds and commodities and it is interesting to see if we get that super cycle. 

Unknown
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$0.020
Owned Owned
_N/A

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BUY
Apple(AAPL-Q) 

October 28, 2013

He had a big run and his experience is that consumer products like this take a big run and then roll over and die.  So now he feels it is an on-going battle of whether they will make the quarter or not.

electrical/electronic

He had a big run and his experience is that consumer products like this take a big run and then roll over and die.  So now he feels it is an on-going battle of whether they will make the quarter or not.

electrical/electronic
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$529.876
Owned Owned
No

Must be logged in to use chart
DON'T BUY
American Tower(AMT-N) 

October 28, 2013

Provide and rent towers to companies like AT&T.  The problem is that it is like a real estate company and uses a lot of money to put up towers and rent them out.  There is still growth but their cost of debt would go up with interest rates. 

Telecommunications

Provide and rent towers to companies like AT&T.  The problem is that it is like a real estate company and uses a lot of money to put up towers and rent them out.  There is still growth but their cost of debt would go up with interest rates. 

Telecommunications
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$80.300
Owned Owned
Unknown

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DON'T BUY
BlackBerry(BB-T) 

October 28, 2013

A great company.  Struggled to transition to a software and service world.  They are going to use up their cash.  It is not obvious who should buy them.  There is some value buyer.  Their messaging platform is wonderful.  Thinks he will be pressured to move to other vendors because of the concerns.

electrical/electronic

A great company.  Struggled to transition to a software and service world.  They are going to use up their cash.  It is not obvious who should buy them.  There is some value buyer.  Their messaging platform is wonderful.  Thinks he will be pressured to move to other vendors because of the concerns.

electrical/electronic
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$8.550
Owned Owned
No

Must be logged in to use chart
TOP PICK
Catamaran Corp(CCT-T (Dead)) 

October 28, 2013

Been under pressure - undue concern about health care in the states.  If that happens he thinks this one will do better and recommends taking advantage of this move.  Just won the sigma contract.  Down around 16 times earnings and thinks they will be taken out at some point.  Lower highs and lower lows but he goes on fundamentals.

Business Services

Been under pressure - undue concern about health care in the states.  If that happens he thinks this one will do better and recommends taking advantage of this move.  Just won the sigma contract.  Down around 16 times earnings and thinks they will be taken out at some point.  Lower highs and lower lows but he goes on fundamentals.

Business Services
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$51.830
Owned Owned
Yes

Must be logged in to use chart
TOP PICK
Estee Lauder(EL-N) 

October 28, 2013

Quite an amazing little company.  Biggest market in face and skin creams.  Prestige beauty market is growing and these guys are growing faster.  Owner is 75 years old and there is potential for a takeout but that is not why he buys it.  Diversity of brands and countries. 

Consumer Products

Quite an amazing little company.  Biggest market in face and skin creams.  Prestige beauty market is growing and these guys are growing faster.  Owner is 75 years old and there is potential for a takeout but that is not why he buys it.  Diversity of brands and countries. 

Consumer Products
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$71.560
Owned Owned
Yes

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HOLD
Facebook(FB-Q) 

October 28, 2013

Had a bad IPO.  Comfortable buying it back in the $20s.  He modeled it out very conservatively and now targets in the high $40s.  He is holding it and their future roll out of video could really boost revenues.

Had a bad IPO.  Comfortable buying it back in the $20s.  He modeled it out very conservatively and now targets in the high $40s.  He is holding it and their future roll out of video could really boost revenues.

0
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$50.229
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
CGI Group (A)(GIB.A-T) 

October 28, 2013

Has been an amazing performer but it didn’t pass his screens.  Their debt equity ratio is beyond what is normal.  Likes the management.  Cautious about this one.  They are in a good position to pay down the debt and he would be interested in .5:1.

consulting

Has been an amazing performer but it didn’t pass his screens.  Their debt equity ratio is beyond what is normal.  Likes the management.  Cautious about this one.  They are in a good position to pay down the debt and he would be interested in .5:1.

consulting
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$34.960
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
Gilead Sciences Inc.(GILD-Q) 

October 28, 2013

Likes their technology and products.  When he models out the prospects for their new HEP C drug the numbers don’t work.  Thinks the new product is already built in. 

biotechnology/pharmaceutical

Likes their technology and products.  When he models out the prospects for their new HEP C drug the numbers don’t work.  Thinks the new product is already built in. 

biotechnology/pharmaceutical
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$68.731
Owned Owned
No

Must be logged in to use chart
DON'T BUY
Corning Inc(GLW-N) 

October 28, 2013

Fairly mature business.  Their recent deal is highly accretive, but their mix of revenues is even more mature.  He thinks that this company does not pass his growth criteria.

misc industrial products

Fairly mature business.  Their recent deal is highly accretive, but their mix of revenues is even more mature.  He thinks that this company does not pass his growth criteria.

misc industrial products
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$17.300
Owned Owned
Unknown

Must be logged in to use chart
PAST TOP PICK
Alphabet Inc (C)(GOOG-Q) 

October 28, 2013

(Top Pick Aug 29/12, Up 47.63%) Biggest holding in all his funds. One of the cheapest plays on this new technology.  They should split it but doesn’t know if they will.  Larger server manufacturer in the world, just using them internally.

Business Services

(Top Pick Aug 29/12, Up 47.63%) Biggest holding in all his funds. One of the cheapest plays on this new technology.  They should split it but doesn’t know if they will.  Larger server manufacturer in the world, just using them internally.

Business Services
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$1015.000
Owned Owned
Yes

Must be logged in to use chart
COMMENT
Illumina Inc.(ILMN-Q) 

October 28, 2013

Dominant player in gene sequencing business.  Becoming more commercially available to clinics instead of just research labs.  They are buying up some of their customers and going into competition with them.  He is nervous of the valuation.  It is at and beyond his expectations.

Consumer Products

Dominant player in gene sequencing business.  Becoming more commercially available to clinics instead of just research labs.  They are buying up some of their customers and going into competition with them.  He is nervous of the valuation.  It is at and beyond his expectations.

Consumer Products
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$92.760
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
Intel(INTC-Q) 

October 28, 2013

Not positioned for mobile because their chips use too much energy.  They are moving to better chips to compete with ARM.  There is this big battle going on and it will pressure prices for a while.  Their margins will come under pressure.  They can probably continue with their dividend but growth will come under pressure.

electrical/electronic

Not positioned for mobile because their chips use too much energy.  They are moving to better chips to compete with ARM.  There is this big battle going on and it will pressure prices for a while.  Their margins will come under pressure.  They can probably continue with their dividend but growth will come under pressure.

electrical/electronic
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$24.360
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
Oracle(ORCL-N) 

October 28, 2013

Great company, strong position in databases.  Companies find it hard to move away from them.  The problem is that the DB business is fairly mature.  Oracle is slow to adapt to the cloud, however they are also unsure how to deal with ‘Big Data’.  Others are finding that the world is changing very rapidly.  A solid company but the transition is going to start to eat into their growth.  This does not qualify according to his growth criteria.

computer software/processing

Great company, strong position in databases.  Companies find it hard to move away from them.  The problem is that the DB business is fairly mature.  Oracle is slow to adapt to the cloud, however they are also unsure how to deal with ‘Big Data’.  Others are finding that the world is changing very rapidly.  A solid company but the transition is going to start to eat into their growth.  This does not qualify according to his growth criteria.

computer software/processing
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$33.140
Owned Owned
Unknown

Must be logged in to use chart
PAST TOP PICK
Palo Alto Networks(PANW-N) 

October 28, 2013

(Top Pick Aug 29/12, Down 33.31%)  A disappointment for him.  Grew service business, but we are seeing a shift away from infrastructure stocks.  IT is a service rather than licensed hardware and software.  Would not have expected this to affect them this quickly.  Don’t be quick to sell it.

(Top Pick Aug 29/12, Down 33.31%)  A disappointment for him.  Grew service business, but we are seeing a shift away from infrastructure stocks.  IT is a service rather than licensed hardware and software.  Would not have expected this to affect them this quickly.  Don’t be quick to sell it.

0
Ian Ainsworth

Vice President, Investments, MacKenzie Financial ...

PricePrice
$42.720
Owned Owned
No

Must be logged in to use chart
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