All their properties are in high job growth markets in the US. In the US, job creation is mostly in low wage service jobs, and people are looking for a place to live, but house prices have increased quite a bit. That is driving a lot of demand for properties, and this company’s average rent is about $900 a month, quite affordable and very good quality locations. They have been able to derive rent growth at about 6% in the past few years, and looking forward he thinks that is what they will do, deriving pretty good cash flow growth. Dividend yield of 3.86%.

Auto repair/collision repair shops. Growing mostly in the US. Insurance companies want to deal with fewer suppliers, especially for collision repairs, and this company is able to offer them lower costs, faster service and more standardized service. That is why they are getting market share with insurance companies, and that is driving structural growth. Miles driven has increased in the US which is resulting in more collisions. They are supplementing their organic growth with more acquisitions. The market is very fragmented in the US. Dividend yield of 0.69%.

This has come back quite a bit because potash prices have been very weak. If you have a very long-term view, you could probably Hold this. We could arguably be near the lows. There has been weaker demand, and potash is priced in US$, which makes these products more expensive, especially for emerging countries. Yielding about 6% and there is a question whether they can sustain the dividend.

Electricity transmission and gas utility. She likes this. Recently announced a US acquisition which will help the growth profile. Thinks they can grow earnings in the mid-single digit range, and they’ll grow their dividend in that same range. Yield of around 3.5%.

Has very nice US exposure, and she is more positive on the US economy versus Canadian. All banks have given disclosure on their energy book. Provisions are going up a bit, and thinks they are manageable. Expects to see a slow recovery in the Canadian economy. For a new client, she would start building a position in this.

Emerging markets represents about 40% of their earnings. Have a very strong branded generic division and a lot of that is in the emerging-market, so currency has been a huge head wind for them. Also, have a leading adult and infant nutritional business as well as medical devices. There was some concern that the medical device area was not growing as fast as some of their other businesses. Management is quite competent they can get things improving.

Has done relatively better this year than some of the others. Feels they have less growth potential because they are Canadian domestically oriented. She is more positive on the US economy. The Short interest on the Canadian banks has been relatively high, and that is really coming from American investors that are very negative on the Canadian economy.