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| Goldcorp presentation
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Keith Damsell
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Monday, April 16, 2007
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Bay Street is bullish on Goldcorp Inc. -- with a few caveats.Last Thursday, the Toronto-based miner held an investor's day, getting generally positive reviews. ''Over all, we were impressed with the significant internal growth opportunities,'' particularly Goldcorp's projects in Mexico and Northern Ontario,'' said analyst Tony Lesiak of UBS Investment Research. He has a ''buy'' rating on Goldcorp stock, and has raised his 12-month price target to $37 (U.S.) from $36.50.
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| UBS Investment sweet on Tim Hortons stock
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Keith Damsell
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Friday, April 13, 2007
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The equity team at UBS Investment Research like their doughnuts and coffee.The Toronto firm describes Tim Hortons Inc. as ''one of the most profitable restaurants in UBS's global restaurant universe.''
FULL STORY
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| Canaccord tabs Shaw as 'next takeover candidate'
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Keith Damsell
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Friday, April 13, 2007
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David Lambert, analyst at Canaccord Adams Inc., believes Shaw Communications Inc. ''could be the next takeover candidate'' in Canada's consolidating communications sector. The Calgary cable giant's operating momentum and strategic position in Alberta and British Columbia could cause Rogers Communications Inc. or a private equity fund to bite, Mr. Lambert said in a note.
FULL STORY
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| Deals, dividends and growth set tobacco stocks alight
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KEITH DAMSELL
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Wednesday, April 11, 2007
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University students may be butting out but tobacco stocks have been an investor's best friend.Despite ethical and legal concerns, the shares of many big tobacco producers have been smoking lately thanks to healthy dividends, growth in international markets and a wave of deal making.
FULL STORY
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| Communications investors on hold for this week's results
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KEITH DAMSELL
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Tuesday, April 10, 2007
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It's a week of nail-biting for communications investors as four of Canada's largest broadcasting and cable companies report earnings results. On Thursday, Astral Media Inc., Cogeco Inc. and cable unit Cogeco Cable Inc., all of Montreal, report second-quarter results.
FULL STORY
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| Scotiabank seeks bigger slice of mutual fund pie
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KEITH DAMSELL
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Monday, March 26, 2007
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Bank of Nova Scotia wants a bigger piece of Canada's mutual fund pie. ''We are turning the corner. Improving mutual fund sales is a key priority,'' Barbara Mason, executive vice-president of wealth management at Canada's third-largest bank, told a Montreal investment conference last week.
FULL STORY
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| Pendulum swinging for growth and value holdings
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KEITH DAMSELL
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Wednesday, March 21, 2007
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Microsoft Corp. a value stock?Yes, the essential software growth stock of the 1990s is today ''a compelling value investment,'' said Michael Embler, chief investment officer at value-driven Franklin Mutual Advisers.
FULL STORY
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| Tax-driven products gain traction
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KEITH DAMSELL
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Monday, March 19, 2007
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Tax cuts are at the top of the investment industry's wish list for today's federal budget. The Investment Funds Institute of Canada wants the Conservative government to remember its campaign promise to eliminate taxation of capital gains that are reinvested within six months. The Independent Financial Brokers of Canada, along with the C.D. Howe Institute, are pushing for ''capital gains deferral accounts'' that would allow taxpayers to roll over investments and defer taxes until assets are withdrawn.
FULL STORY
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| Wraps dominate RRSP sales
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KEITH DAMSELL
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Friday, March 16, 2007
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Mutual fund-of-funds or so-called ''wrap'' accounts are dominating industry sales this registered retirement saving plan season. Packaged portfolios of mutual funds accounted for about $6.3-billion in net sales in January and February, about 53 per cent of total net sales of $11.9-billion during the two month period. More than $98-billion of funds are held in wrap accounts, representing about 14 per cent of industry assets, the Investment Funds Institute of Canada reported yesterday.
FULL STORY
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| Seven funds that buck the trust trend
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KEITH DAMSELL
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Thursday, March 15, 2007
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Just how bad has it been for income trusts?This bad: Since last Halloween's surprise announcement that Ottawa will begin taxing trusts as corporations, only seven of 38 income trust mutual funds examined have posted positive returns.
FULL STORY
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| Dundee seen as auction winner
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KEITH DAMSELL
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Monday, March 12, 2007
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Dundee Wealth Management Inc. is the dark-horse favourite to win Berkshire Group of Cos. The ongoing auction of Berkshire, the brokerage controlled by billionaire money manager Michael Lee-Chin, has been the worst-kept secret on Bay Street. Last summer, employees were told ''a strategic partnership'' was in the works. Then in October, staff were promised ''a very attractive liquidity event for your shares in the next 24 months.''
FULL STORY
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| Market swings intensify yearning for bonds
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KEITH DAMSELL
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Friday, March 09, 2007
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Stomach-churning swings in the equity markets have given a new sense of urgency to finding the right fixed-income fund. The asset class -- anchored by core Canadian bond funds and supported by a mix of corporate and international bond funds -- was an afterthought during the market's four-year bull run, said Jordan Benincasa, fund analyst at Toronto research firm Morningstar Canada.
FULL STORY
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| Rating agency truce will help investors assess mutual funds
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KEITH DAMSELL
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Wednesday, March 07, 2007
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Rival mutual fund ratings agencies have agreed to bury the hatchet, paving the way for the return of a single set of industry-wide categories for Canadian investment funds. After a year's absence, Toronto-based Morningstar Canada agreed yesterday to rejoin the Canadian Investment Funds Standards Committee, which will end two competing classifications for mutual funds that has created puzzlement for financial advisers and investors alike.
FULL STORY
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| For mutual fund industry, 130/30 is the new black
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KEITH DAMSELL
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Wednesday, March 07, 2007
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Institutional money managers are adding a new catch phrase to their vocabulary -- 130/30.It refers to an asset allocation strategy that is sweeping through the U.S. and gaining more traction in Canada. It is viewed as the most efficient means to tap the hedge fund market and maximize coveted ''alpha,'' that is, performance or profit that exceeds a benchmark.
FULL STORY
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| Magna shareholders advised 'to suck back several Rolaids'
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KEITH DAMSELL
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Monday, March 05, 2007
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Bay Street is sitting on its hands when it comes to Magna International Inc.This past week, the auto parts giant was all over the news, including speculation that it's looking to cut a deal with ailing DaimlerChrysler AG, slashing its dividend in half and reporting some disappointing fourth-quarter results. Class A shares of the Aurora, Ont.-based firm took a pounding, slipping about 8 per cent in value over the past five trading sessions to close the week at $85.66 on the Toronto Stock Exchange. On Feb. 20 -- only two weeks ago -- the stock hit a 52-week high of $94.75.
FULL STORY
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| Only third of fund managers beat index
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KEITH DAMSELL
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Friday, March 02, 2007
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Little more than one-third of Canadian equity fund managers beat the SandP/TSX composite index in the last quarter of 2006, data that once again heats up the sometimes bitter debate over active-versus-passive fund management.
FULL STORY
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| Funds unscathed by stock selloff
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KEITH DAMSELL
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Thursday, March 01, 2007
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''Meltdown? What meltdown?''That was the reaction of Olivia Woo, vice-president and investment counsellor at T.E. Investment Counsel Inc. in Calgary, to Tuesday's stock market rout. She, along with a long list of advisers and fund companies, say investors by and large shrugged off volatile markets this week, a key sales period that marks the close of the registered retirement savings plan sales season.
FULL STORY
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| China's stock market tumble no surprise to fund managers
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KEITH DAMSELL
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Wednesday, February 28, 2007
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The rout on the Chinese stock market and its ripples around the world prompted a little ''I told you so'' finger-wagging from some on Bay Street yesterday. There have been plenty of signs a market correction was in the works, clear ''sell'' signals that many chose to ignore, fund managers agreed.
FULL STORY
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| Looking for bright stars in a small universe
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KEITH DAMSELL
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Wednesday, February 28, 2007
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The Canadian dividend fund, an elusive and easily misunderstood asset class, is perhaps the most important choice a mutual fund investor will make.A blue-chip dividend fund is an essential core holding, and it can make or break an investor's returns. For most investors, the fund class may represent anywhere from 15 per cent to 30 per cent of the value of a portfolio.
FULL STORY
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| Absence makes advisers' hearts grow fonder for ex-Fidelity star
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KEITH DAMSELL
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Monday, February 26, 2007
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The revival of the Fidelity NorthStar Fund got off to a shaky start last week. On Feb. 20, Fidelity Investments Canada Ltd. presented the fund's three-member equity team to an audience of about 400 investment advisers. The goal of the Toronto event was to reassure the audience that their clients' money was safe and poised for great gains in the capable hands of Joel Tillinghast, Cecilia Mo and Chris Goudie.
FULL STORY
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| Water fund seeks to quench investor thirst
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KEITH DAMSELL
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Thursday, February 22, 2007
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If Criterion Investments Ltd. has its way, a new water equity fund will tap into a reservoir of investor enthusiasm. The Toronto fund company today will launch the Criterion Water Infrastructure Fund, the first equity fund in Canada that invests across many sectors in the global water industry. The fund is the Canadian version of the Pictet Global Water Fund, an equity fund overseen by Pictet Asset Management SA of Switzerland.
FULL STORY
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| Man doing what it can to prove its hedge note not like the others
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KEITH DAMSELL
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Monday, February 19, 2007
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Psst! Wanna buy a hedge fund note?Since 2005, that product pitch may have been met with a slamming door. The well-publicized scandals at Portus Alternative Asset Management Inc. and Norshield Asset Management (Canada) Ltd. decimated the retail market for hedge-fund-linked, principal-protected notes.
FULL STORY
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| Venture capital investment doubles in Canadian firms
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Keith Damsell
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Wednesday, February 14, 2007
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Buyout funds and private equity firms sank a record $10.9-billion (U.S.) into Canadian companies last year, more than double the $4.5-billion reported in 2005, Canada's Venture Capital and Private Equity Association reported yesterday. Fundraising by Canadian buyout funds also reached record levels, with $6.4-billion in new capital commitments, more than four times the $1.4-billion total raised in 2005. The interest in the asset class is being fuelled by strong returns, and increased investing opportunities as more firms choose to go private, said Rick Nathan, association president and managing director of Kensington Capital Partners.
FULL STORY
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