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BNN MARKET CALL: HUGH CLELAND

BNN-Business News Network

Hugh Cleland is portfolio manager for the Northern Rivers Innovation Fund LP, Northern Rivers Innovation RSP Fund and the Horizons Northern Rivers Fund LP.

FUND STATS

Total Assets$120.5-million

MER1%

Min. investment$100,000

Globe 5-Star Rating*****

Performance

FundGroupS&P/TSX
1 year60.87%3.74 12.72
2 year68.97 10.35 22.32
5 year38.50 9.65 14.10

Current Picks

Systems Xcellence (SXC-T) $26.48

Systems is a provider of pharmacy benefits management services and Mr. Cleland believes "that accelerating adoption of their disruptive business model will drive earnings above $1 (U.S.) per share within the next 12 months."

Neptune Tech (NTB-V) $7.60

Neptune provides natural biological marine biomass extracts for the fields of nutraceuticals, pharmaceuticals and food ingredients. Mr. Cleland cites a recent analyst report that attributes $10.50 per share to their food ingredients and over $20 per share to their pharmaceutical opportunity.

Western Goldfields (WGI-T) $2.09

Western is a gold mining company that Mr. Cleland has owned and will continue to hold "expecting a marked upward revaluation in the shares as the company goes into production in Q1 2008."

Past Picks: September 7, 2006

Systems Xcellence

Then: $16.69 Now: $26.48

Up: 59 per cent

Neptune Tech & Bioresource

Then: $2.96 Now: $7.60

Up: 157 per cent

Western Goldfields

Then: $2.63 Now: $2.09

Down: 21 per cent

Outlook

After the significant rise in the markets, Mr. Cleland is positioned for a correction by selling non-core holdings and scaling back into a hedge overlay. Although he says "that his indicator pointing to a recession or bear market is still not flashing red," he will maintain his basic positive bias, believing that sticking to companies with a sustainable competitive advantage will continue to be the best way to generate solid returns on a 2-to-5 year horizon.

© 2007 The Globe and Mail. All rights reserved.

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