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(A Top Pick Aug 06/20, Up 78%) Was purchased by Whitecap. Was offering very meaningful upside. Still likes the management team and would support them in the future.
Profoundly miss-priced energy stock. Has done a good job with pivoting into the two exciting plays, Clearwater and Charlie Lake. 31% free cashflow yield, which means they can privatize themselves in 3 years. Could easily pay a 5% dividend and buy back stocks with free cashflow left over. Biggest holding for him.
It was the banks that had forced small and mid-caps with horrendous hedges. Now they have rolled off. Bought 9.9% off Equinor. With Cardinal, this gives you the highest leverage to the rising oil price. Will probably be successful with renewing their notes. If you buy, you are betting that this will go well. Could trade at 4x multiple.
Only large cap name he holds in the fund. The on-going asset sales from the Husky purchase is a catalyst. They are well down the path of selling them to pay down debt. Once this is done, they should initiate a share buyback. Deep value with a catalyst for a re-rate.
A great small cap pick. Did well with getting a deal with the Metis for their play. Needs the Clearwater play to bring interest. Leverage is too high so this play will help them. Theoretically a 90% upside.
