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Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: Further to the earlier questions on the Constellation Software debentures, the prospectus indicates that 5 years notice of redemption must be provided by the company. Given this, the earliest possible redemption date would be March 31st, 2023. Is my understanding of this correct?

"During the period beginning on March 16 and ending on March 31 of each year, the Company will have the right, at its option, to give notice to holders of Debentures of its intention to redeem the Debentures, in whole or in part, on March 31 in the year that is five years following the year in which notice is given, at a price equal to the principal amount thereof plus accrued and unpaid interest up to but excluding the date fixed for redemption. For example, if the Company chooses to exercise its right to redeem the Debentures in March 2015, the Company would be required to deliver notice of such redemption to holders of Debentures during the period beginning on March 16, 2015 and ending on March 31, 2015, and the effective date of redemption would be March 31, 2020. Given the foregoing, the first possible redemption date is March 31, 2020."
Read Answer Asked by Stephen on September 26, 2017
Q: I note that CPD is included in your Income Portfolio (with a unit cost of $16.19). I purchased a significant holding of CPD in Nov. 2012 (at $17.30), and am understandably upset with the current market price of $14.09 (i.e., down 18.5% on the unit price basis). I have held on to this ETF for the monthly dividend flow (which has continuously shrunk), and with the hope that, when the tide turned in GOC 5-year rates, the unit price would recover. While individual preferred share issues that I hold have shown a marked price recovery in recent months, CPD not so much! I am curious to know why you include this ETF in your portfolio while I consider it to be the worst investment that I have ever made! Do you envision a day when the market price will recover to your purchase price level?
Read Answer Asked by Doug on September 25, 2017
Q: Hi 5i, today with the Canada EU free trade agreement taking effect there is a 20% export tariff on canadian seafood to the EU coming off. I would think that this should be a very good thing for both clr and hlf and with both stocks fairly beaten up at this time do you think that this is a good time to initiate a position in either one of these stocks or both, what would be your preference and would would be an appropriate weighting disregarding asset allocation ? 3-5%?

thanks Tom
Read Answer Asked by Tom on September 25, 2017
Q: Good morning Peter and Team,

Thanks for answering my previous RESP question. In reviewing iTrade's commission-free ETFs, I note that they have a new bond offering HAF (although it appears to be a bit of a 'hybrid').

There have been no questions yet about this ETF, and I'd really appreciate your take. Interestingly, the sub-advisor is Fiera and I know that you think highly of them.

Thanks in advance!
Read Answer Asked by Jerry on September 25, 2017
Q: Hi All,
Just a comment about DR.
Your comment today on DR says that insider buying is only 1%. However, the doctors own approx. 45% of the company and DR equity holders 55%. We have owned DR in 3 portfolios since 2006 and are verrry pleased with it's eligible dividends and steady growth, eventhough it can be quite volatile at times.
Dick
Read Answer Asked by Richard on September 22, 2017
Q: Hi Peter and Team,

In our grandchildren's RESP (ages 15 and 16) I have been using accumulated dividends to 'top up' the above ETFs, as I'm able to do so commission-free through Scotia iTrade. The portfolio is balanced, with the majority of holdings from the 5i portfolios. Can you suggest a strategy as to which ETF(s) I should invest this extra cash at any given time? Since the 16-year-old is in grade eleven, and the 15-year-old is in grade ten, is it safer to use CLF and/or CBO, even though their charts don't look so great, as compared to CDZ and CUD?

Thanks in advance for your valued advice.
Read Answer Asked by Jerry on September 22, 2017
Q: Hi Peter as a holder of Stb on the US side of my cash account and my TSFA,s I do have considerable cap app.as well as US cash flow which we need .
It saddens my when I see people beat on this stock that I held since 2007 and served my family well I feel they are not looking at the full picture.The current payout ratio is 60% very acceptable.
Todays results were ok
Stan
Read Answer Asked by Stan on September 21, 2017
Q: Does the price of this debenture rise and fall with demand only. What are the other factors that would negatively affect this bond. When you say it can be redeemed in 2020 I assume this is by the company. (What are the terms of redemption) If you redeem at any other period I assume it is traded as any other security. I called TD but they were not able to provide me with any real info. The current price is $117.00 does that include paying the seller the interest payment since inception and the rest represents supply and demand? How could this debenture be seriously negatively affected? Thanks so much.
Read Answer Asked by Maureen on September 21, 2017
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