BUY
67% oil. 10% yield with a 71% payout. A combination of oil production and gas refining.
DON'T BUY
Oil-based trust with a yield in the 14% range. Payout ratio is in the 70% range. The assets they took on from Viking are not the highest quality. Sold his holdings because of the integration risks.
BUY
Equally weighted in oil/gas. Excellent management. Actively traded in the US.
BUY
This was an amalgamation of 3 large senior citizens residences and initially there was disappointment in the lack of synergies. Believes it is a good place to be in the long-term.
DON'T BUY
16% yield in their market is expecting a decrease. Can have a lot of competition in nail production and weakening housing sales can be a problem.
DON'T BUY
Passed on the original IPO as the government would be selling their holdings in 6 months. Also was not convinced that management would stick around. Likes the model and the business.
COMMENT
8% gas. 13% yield. All bets are off regarding distribution cuts. Doesn't think there is much risk to the underlying trust however. Good management.
BUY
58% gas weighted. Excellent management. Current yield of about 11% but has a very low payout ratio.
PAST TOP PICK
(A Top Pick Apr 28/06. Down 7.4%.) Getting caught in the decline of need of drilling rigs. A very good trust.
TOP PICK
An excellent play on oil. They made some interesting acquisitions. Good management. Excellent technical expertise. 10.5% yield.
TOP PICK
Current yield of 8.5%. Mortgage broker, but also manages mortgages. Have software that allows mortgage brokers to get real-time information about mortgage applications. Gives them a very strong niche.
TOP PICK
A great conservative, stable way to participate in the telephone industry. Yields about 8%. Conservative payout ratio of about 90%. Possible increased distributions in the next year or so because of surplus cash flow. Have some interesting acquisition opportunities.
PAST TOP PICK
(A Top Pick Apr 28/06. No change.) A great business model. Should continue to do well.
PAST TOP PICK
(A Top Pick Apr 28/06. Down 7%.) A good yield play. Has the potential to make acquisitions from their US parent that would be accretive with possible distribution increases.
DON'T BUY
Announced they were selling their aluminum division which is a positive step. Still feels they are involved in too many business lines.