COMMENT

Rising bond yields (10-year) a concern for investors.
Believes investors entering a tougher economic environment.
Rates expected to be higher due to inflation concerns. 
Productive assets will be more valuable vs. long dated tech investments. 
Even a portion of capital flowing out of big tech will benefit traditional asset-backed companies.
Likes prospects of traditional companies paying dividends. 


TOP PICK

Seeing value at current share price level. 
Volumes expected to increase as LNG expansion continues in Canada. 
Overhang on the stock due to Trans Mountain uncertainty. 
Excellent balance sheet with well covered dividend.
Good investment for long term investors. 

TOP PICK

Excellent long term prospects.
Recent selloff in share price due to rising interest rates. 
Fundamentally strong business. 
80% + of cash flow protected from inflation.
HVAC business unit will benefit from Federal Government subsidies. 

TOP PICK

Expecting volatility, but good long term investment.
Large immigration in Canada will be good for business.
Assets currently built are valuable - hard to replicate.
Good management team. 

PAST TOP PICK
(A Top Pick Nov 11/22, Up 14%)

M&A acquisitions performing 3-4 years later.
4 years of dividend increases. 
One of largest positions.
Debt falling down to better levels.
Midstream assets performing well.
New CEO also bringing credibility.

PAST TOP PICK
(A Top Pick Nov 11/22, Down 20%)

Surprised how much share price has fallen.
Believes that weakness in share price will pass.
Assets very strong - move 25% of gas in North America; 35% of LNG feed stock.
LNG growth also growing. 
Buying more shares given current price. 
Good long term investment. 

PAST TOP PICK
(A Top Pick Nov 11/22, Down 9%)

Expecting further annual returns with dividends.
Will keep shares in company for next 50 years.
Good long term investment.
Believes future of renewables very bright. 

DON'T BUY

Ongoing turnaround case.
Does not like asset management business (tough to make profits).
Revenues sensitive to market environments.
Current price not presenting a buying opportunity.

BUY ON WEAKNESS

Though few years for the business.
Renewables business sector being hit hard.
Rising interest rates hard on business (borrowing costs up).
Very large projects will be harder to complete with higher borrowing costs.
Owns shares, buying on weakness. 

HOLD

Lots of debt on company, but is sustainable given structure.
Energy infrastructure sector undervalued.
Worry that assets stranded not a valid concern.
Energy demand rising - will make infrastructure assets very valuable.
Good long term investment.
Strong dividend at 7.5% - believes is sustainable. 

HOLD

Patient on performance of shares.
Not expensive at current share price.
Is a good long term investment (5-10 years).
Short term, expecting volatility.
Chance of recession in the next 1-2 years. 

SELL ON STRENGTH

Current share price presenting a good selling opportunity.
Soft landing expectations not feasible. 
Expecting pain in the markets with rising interest rates and sticky inflation.
Cyclical business that moves with economy. 

HOLD

Large selloff in share price given rise in interest rates.
Industrial real estate not as strong as Covid-19.
Not many barriers to entry within industrial real estate. 
eCommerce growth will help demand for storage. 
Current share price a "hold". 

BUY ON WEAKNESS

Current share price a good time to buy.
Sees long term value in business (10 - 15 years).
Base assets (utilities) valuable.
Upside to current share price. 
Capital appreciation expected given fundamentals of business. 

HOLD

Market sensitive stock due to asset management business.
10 year performance not very good.
Owns shares due to dividend only.
Not expecting major capital appreciation.
Long term investment (10-15 years).