Glenn MacNeill is a Chief Investment Officer and Senior Portfolio Manager at Lawrence Asset Management. Today, we look at the Lawrence Income & Growth Fund.
Total Assets $32-million
Globe 5-Star Rating n/a
Top Five Holdings
Crescent Point Energy Trust; Vermilion Energy Trust; BCE Inc.; Northern Properties; TD Bank
Past Picks: June 9, 2008
Baytex Energy (BTE.UN-TSX)
Then: $31.95 Now: $18.77
Fairborne Energy (FEL-TSX)
Then: $10.70 Now: $4.80
Total return: -55.14%
Savanna Energy (SVY-TSX)
Then: $22.95 Now: $6.09
Total return: -73.19%
Keyera Facilities Income Fund
"This infrastructure trust operates a natural gas midstream business in Canada. Mostly a fee business, it takes little natural gas pricing risk. It has had good growth in cash flow and distributions, which are just under 10 per cent."
Allied Properties REIT
"This real estate investment trust owns offices with a concentration in Class 1 urban office properties in Toronto. It is well managed, has stable tenants and manageable mortgage maturities. It pays nine per cent and has over 10 per cent owned by a competing REIT: First Capital Realty."
"This business service trust generates excellent cash flow and has low capital expenditure requirements. Cash-on-cash yield is 11 per cent and management are significant owners."
"I believe investors should focus on three principles in these unstable times: income, reduced downside and steady liquidity. Investors deserve income. If the market goes sideways, we need to get paid to be there. Limiting the downside is done through investing only with recession-resistant businesses and through diversification. Liquidity and portfolio flexibility provide additional support."
© 2007 The Globe and Mail. All rights reserved.
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