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Pat McHugh is vice-president and senior portfolio manager for MFC Global Investment Management. He is responsible for MFC Global's Canadian large-cap core mandates and has $535-million under management. He is the lead manager of the Claymore Canadian Financial Monthly Income ETF (FIE-T).

Fund Stats

Total Assets $234.3-million

MER 1.65%

Globe Five Star Rating Not available

Top Five Holdings

Royal Bank of Canada 12.98 %

Bank of Nova Scotia 10.76 %

TD Bank 8.67 %

Bank of Montreal 8.13 %

CIBC 5.77 %


3 mo6 mo1 year

Current Picks

RBC (RY - TSX) $59.05

With an ROI (return on invested capital) of 24 per cent, Mr. McHugh looks to Royal Bank of Canada for its "steady and consistent" upward momentum. He is confident of continued "high teen percentage dividend" increases.

CIBC (CM - TSX) $106.21

Mr. McHugh likes the "leadership that new management has displayed" and suggests a recent 3-per-cent dividend increase is only the beginning.

CI Financial Income Fund

(CIX.UN - TSX) $30.55

Very profitable at a 35-per-cent ROE (return on equity), the fund's "very strong management structure will deliver increased distributions," he says.


None: First-time guest


The Canadian stock market is running at an annualized rate of return exceeding 20 per cent and Mr. McHugh believes "we are overdue for a correction." He notes the typical profitability cycle lasts two to 2½ years and cautions "as we are now 5½ years into this profitability cycle ... ."

Maureen Darrigo, BNN

BNN-Business News Network presents Market Call live Monday to Friday at 12:30 p.m. ET/9:30 a.m. PT. To send a question to upcoming guests, e-mail

© 2007 The Globe and Mail. All rights reserved.

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