Latest Expert Opinions

Signal
Opinion
Expert
HOLD
HOLD
September 17, 2013

The question around this is what has happened fundamentally to the market for potash. At the end of July, there were some massive developments. The potash cartel was effectively broken. Economic demand-side has not changed but pricing power for companies has changed. Thinks this is a Hold short-term. Demand side pull, long-term looks fantastic. For a long-term investor, he looks at this as a buying opportunity.

The question around this is what has happened fundamentally to the market for potash. At the end of July, there were some massive developments. The potash cartel was effectively broken. Economic demand-side has not changed but pricing power for companies has changed. Thinks this is a Hold short-term. Demand side pull, long-term looks fantastic. For a long-term investor, he looks at this as a buying opportunity.

Michael Underhill
Portfolio Manager, Exempler Funds, Capital Innovations
Price
$33.450
Owned
Yes
BUY
BUY
September 17, 2013

Great footprint in Latin America. Well-positioned and has great free cash flow. Accumulating market share away from John Deere and others.

Agco Corporation (AGCO-N)
September 17, 2013

Great footprint in Latin America. Well-positioned and has great free cash flow. Accumulating market share away from John Deere and others.

Michael Underhill
Portfolio Manager, Exempler Funds, Capital Innovations
Price
$59.160
Owned
Yes
DON'T BUY
DON'T BUY
September 17, 2013

This company is not attractive to him.

This company is not attractive to him.

Michael Underhill
Portfolio Manager, Exempler Funds, Capital Innovations
Price
$7.000
Owned
No
BUY
BUY
September 17, 2013

This company is well-positioned. In a rising interest rate environment, energy is a great place to be.

CVR Refining, LP (CVRR-N)
September 17, 2013

This company is well-positioned. In a rising interest rate environment, energy is a great place to be.

Michael Underhill
Portfolio Manager, Exempler Funds, Capital Innovations
Price
$26.250
Owned
Unknown
BUY
BUY
September 17, 2013

With a company like this, that is restructuring itself, and to have a yield is going to attract more capital. Question is, is it going to be more sustainable institutional capital. Short-term, we’ll see. Longer-term it is a very interesting company. The fact that it pays a dividend now and has a dividend payout ratio that is appropriate and prudent, between 30%-60%, absolutely.

With a company like this, that is restructuring itself, and to have a yield is going to attract more capital. Question is, is it going to be more sustainable institutional capital. Short-term, we’ll see. Longer-term it is a very interesting company. The fact that it pays a dividend now and has a dividend payout ratio that is appropriate and prudent, between 30%-60%, absolutely.

Michael Underhill
Portfolio Manager, Exempler Funds, Capital Innovations
Price
$1.460
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
September 17, 2013

(A Top Pick Jan 22/13. Up 7.70%.) This is all about the tower business. A highly scalable, attractive economic model. Free cash flow generation. Strong management team. Have a global footprint. Buying the towers and leasing them back. Very little debt. Well-positioned for the next leg of the bull market in the next 18-24 months.

(A Top Pick Jan 22/13. Up 7.70%.) This is all about the tower business. A highly scalable, attractive economic model. Free cash flow generation. Strong management team. Have a global footprint. Buying the towers and leasing them back. Very little debt. Well-positioned for the next leg of the bull market in the next 18-24 months.

Michael Underhill
Portfolio Manager, Exempler Funds, Capital Innovations
Price
$77.280
Owned
Yes
PAST TOP PICK
PAST TOP PICK
September 17, 2013

(A Top Pick Jan 22/13. Down 8.67%.) Nitrogen, base fertilizer, as opposed to potash-based names. Nitrogen applications increased in the spring and will continue to increase. We have gone from cooler/wetter weather in North America to now being dried up in the last 5-6 weeks. Whenever you get lower yield in corn forecasts, applications for nitrogen-based fertilizers are going to go up.

Terra Nitrogen Co. LP (TNH-N)
September 17, 2013

(A Top Pick Jan 22/13. Down 8.67%.) Nitrogen, base fertilizer, as opposed to potash-based names. Nitrogen applications increased in the spring and will continue to increase. We have gone from cooler/wetter weather in North America to now being dried up in the last 5-6 weeks. Whenever you get lower yield in corn forecasts, applications for nitrogen-based fertilizers are going to go up.

Michael Underhill
Portfolio Manager, Exempler Funds, Capital Innovations
Price
$204.880
Owned
Yes