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TOP PICK
Nice upgrade to their product suite is coming. Changing mix a little to become more oriented to the online community. Early success of their Bing search engine may suggest a challenge to Google (GOOG-Q). Any growth in the economy over the next little while will help push this along. Looks cheap relative to the S&P.
Karl BergerOwned
computer softwareprocessing
TOP PICK
Suffered a little in the 1st quarter due to an inventory draw down among their purchasing base in the US but this will correct itself. Good suite of products and geographic distribution. Very good marketers. Good solid dividend yield.
Karl BergerOwned
food processing
TOP PICK
All their businesses are very well run with strong balance sheets. Good cash flow generation. Represents a call on the market in the event that things do go well with their Mackenzie Financial and Investors Group and Putnam in the US that is owned through Great West Life (GWO-T). Has been incredibly beaten-down. 5.5% dividend is hugely attractive.
Karl BergerOwned
financeleasing
PAST TOP PICK
(A Top Pick March 3/09. Up 25.01%.) Primarily likes this because of their 7% dividend and the commodity price. Hold.
Karl BergerOwned
integrated oils
PAST TOP PICK
(A Top Pick March 3/09. Up 24.4%.) In addition to the European exposure, he also likes their Latin American exposure, which has been growing very nicely. Increased their dividend 15% and has a current 6% yield.
Karl BergerOwned
telephone utilities
PAST TOP PICK
(A Top Pick March 3/09. Up 6.54%.) Had a couple of challenges over the last few months. But the 20% of the Keystone Pipeline that they didn't own, which implies considerable cash drains going forward and will be dilutive over the short term. Thinks dividend will increase significantly after they stop spending on capital expansion programs. 5% yield. Hold.
Karl BergerOwned
oilgas pipelines
PARTIAL BUY
Likes their reach into emerging markets and their ability to sell low-cost handsets at low margins but with great volume. Reasonable entry point but because of market volatility would suggest you take 1/3 to ½ of your position now and pick up the balance over the next 3 to 4 months.
Karl BergerOwned
Telecommunications
BUY
This is one of the only trusts that he looks at in this space. Good history of distributions and reasonable certainty that they will hold. You also don't need as robust an outlook on the underlying commodity price. Have a nice balance between oil and gas. 7.9% distribution. Excellent balance sheet.
oilgas
HOLD
One of his favourites. Australian mining company. Excellent balance sheet and cash position. In a good position to be an acquirer. Not as much exposure to commodity prices as most of their exploration projects are the development of existing brown field exploration sites as opposed to new exploration. Commodity story will take 4 to 5 years to play out. If you don't own, consider picking it up in stages.
Karl BergerOwned
other mines
COMMENT
ETF to hedge against a falling US$? ETFs are becoming more popular but you have to be very careful as to whether they include a degree of leverage, how often it is rebalanced etc. Be cognizant of the costs of hedging and how holding the US$ could impact the diversification of your portfolio. Would question why an individual investor would want to do this.
COMMENT
Primary asset is an Alaskan property Livengood. Have been in the process over the last 3-4 years of proving it reserves. Interesting way to play gold because of volatility of a junior so be careful what you allocate to it. High potential development and pretty well developed infrastructure setting. Obvious takeover target if reserves prove up. Funded through to the end of 2010.
precious metals
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