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This would be one of his top names in power trusts, but he is negative on this sector. Expects a couple of more are right increases. Good management. Fairly conservative payout ratio of about 85%.
Utilities
DON'T BUY
This is a higher risk investment. There is a good chance they could cut distributions. They are paying out more than 100% of their cash flow. Debt ratio is very low.
INDUSTRIAL PRODUCTS
HOLD
At these prices, it's dead money for a year. Likes it, but doesn't expect any growth. Having a little bit of trouble meeting their construction timeline on the new hotel/casino, which will probably affect earnings in the short-term. 8% percent yield.
investment companies / funds
DON'T BUY
A hardware/wood product distributor that converted to a trust. Very, very low margins at around 3%. Cut distributions 30%. There is no catalyst to make it go higher in the near term.
wholesale distributors
BUY
A REIT that has good properties in areas that have higher growth.
investment companies / funds
TOP PICK
A more defensive way to play the oil sector as an income trust. Works in the oil service waste management. Also starting to grow in the US. Good organic growth.
oil / gas field services
TOP PICK
Ratio of over 20% on return of capital over the last five years. Good management. Continuing to make acquisitions. Will be merging with another company in May and spinning out another company focused in the high north.
Transportation