(A Past Top Pick Oct 27/06. Down 13.3%.) Benefiting in the last several months from very strong frac spreads, the difference between oil and natural gas prices. Generating a lot of free cash flow. Very good growth prospects on the horizon. Reasonable valuation. Just bumped their distribution from $.93 to $1. Defensive.
Had been beaten up quite a bit but recently had a nice little recovery. Well diversified across 20 different power facilities through natural gas, hydro and biomass. Market has over penalized and it is cheap. Over 11% yield. Defensive.
(A Past Top Pick Oct 27/06. Up 1%.) A dominant landlord in Quebec city. Acquired a number of under performing assets in the Montreal area and was able to increase occupancy. Superior management team owns 20% to 25% of the REIT.
Like all energy services it has corrected good amount. Natural gas has been very soft with inventory levels being full. There’ve been big imports of LNG. This will be a late 2nd half 08 story. Distribution cut was made, so this should now be stable. Yield of 9% plus.
Weakening with the general weakness in the REIT sector. Growth by acquisition story and that strategy is facing a fair amount of headwind today. Consolidator of the self-storage space. A good little business but would be patient about buying.
Merging with Canetic (CNE.UN-T) and bought Vault (VNG.UN-T), so there is a lot going on. Will be the largest oil/gas trust in Canada but not sure how a bigger trust will benefit. Down with tax loss selling, but market is also indicating it is not sure how a bigger trust will benefit going forward.
Has corrected in line with the broader equity markets. This is a good, steady, core holding. Not a lot of excitement. Will deliver a pretty good, steady, stable yield. There might be 1%-2% annual growth in the underlying business.
Unique story in the oil/gas trust space. Bought a refinery in Newfoundland. Did very well the first part of this year with healthy refining margins. Conventional assets disappointed in 2nd and 3rd quarters and refining margins have now fallen out of bed. Doesn't have a lot of confidence in refining margins, which can be very volatile.
In a pretty tight trading range for the last year between $26 and $28. Pretty decent value at today's price. Rumoured to be one of the bidders for Dundee Wealth. The risk is of a sustained downturn in the equity markets. Very well run company. Longer term, a good place to be.
Natural gas focused. Would put Focus (FET.UN-T), Peyto (PEY.UN-T) or even Progress (PGX.UN-T) ahead of it. Cut the distribution earlier this year. Good discount to NAV. Debt ratio is a bit higher than he would like.
This is a good example of a trust that has a lot of flexibility between now and 2011. Made a very good trust and has done very well with a good steady, stable cash flow. One of the more growthy trusts. Feels the distribution is very sustainable.