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BNN MARKET CALL: MICHAEL SMEDLEY

BNN

Michael Smedley is the chief portfolio manager at Morgan Meighen & Associates. He manages Canadian General Investments Ltd., a closed-end equity fund focused on medium- to long-term investments in primarily Canadian corporations. It trades on the Toronto Stock Exchange under the symbol CGI.

Fund stats

Total assets: $893,052

Globe 5-Star Rating: 4-Stars

Dividend yield: 5.6 %

TOP FIVE HOLDINGS

Research In Motion3.6%

Urbana Corp.2.9

Rogers Communications2.5

TSX Group2.4

Cameco Corp.2.1

CURRENT PICKS

Agrium (AGU-TSX) $59.93

Agrium Inc. is a retail supplier of agricultural products and services in North and South America. "Agrium is riding on the great agricultural and harvest boom; they are a brilliantly run company," Mr. Smedley says.

Urbana (URB.A-TSX) $4.86

Mr. Smedley likes the uniqueness of Urbana Corp. "Built on a rack of stock exchanges from around the world," the long-term prospects for the demutualization and consolidation of the exchange industry is very positive for this stock.

Oilsands Quest (BQI-Amex) $4.78

Oilsands Quest Inc. is engaged in a variety of projects in the oil and gas industry in Western Canada with an emphasis on oil sands and oil shale exploration. Mr. Smedley expects the company will be listed in Toronto early 2008 and says "$7.25 is a reasonable expectation."

PAST PICKS: NOV. 22, 2006

FNX Mining (FNX-TSX)

Then: $15.15 Now: $34.44

Up: 127.3%

Yellow Pages Income Fund (YLO.UN-TSX)

Then: $12.90 Now: $13.60

Up: 14.9% (total return)

Orca Exploration

(ORC.B-TSX-VEN)

Then: $9.75 Now: $10.30

Up: 5.6%

OUTLOOK

Mr. Smedley believes tax-related selling of losers is nearing completion and it will become easier for more robust and sustained market rallying to create a finish with some strength at year-end.

© 2007 The Globe and Mail. All rights reserved.

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