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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: In response to your answer to Indra regarding ZSP vs HXS, I just have a follow-up comment:

HXS uses a total return swap to replicate the S&P 500. This should allow for more accurate tracking and better tax efficiency. HXS does not receive any dividend distributions so unitholders will not be subject to tax on foreign income or any withholding tax.

Any distributions by the stocks in the index are included as part of the total return swap, so a unitholder would not miss out on the dividends. This increases the tax efficiency of HXS since the only taxes paid would be capital gains tax.

This increase in tax efficiency should also outweigh the negligible increase in MER compared to ZSP.

See http://www.horizonsetfs.com/Pdf/FactSheets/FundFactSheets/HXS%20Fact%20Sheet.pdf for details.
Read Answer Asked by Arneh on March 25, 2015
Q: Are you surprised at the listlessness of High Liner Foods, today, given the Kraft/Heinz deal? Looks like Kraft went from 19x this year's earnings to 26x this years earnings with its move today.

Do you have any insight whats to account for the large estimated eps increase from 2015 to 2016 for High Liner ($1.55 to $1.97)

Thanks.
Read Answer Asked by john on March 25, 2015
Q: I have a 3.5% position in Cannacord and down 38%. Volume is low but the price seems to have caught a bottom. I am very tempted to average down my cost. Do you think I would still be trying to catch a falling knife? Do insiders own a lot of the company? Thanks.
Read Answer Asked by Helen on March 25, 2015
Q: What do you think of their recent results? Do you see this as a growth company?
Should I sell or hold or buy more?
Thank you.
Read Answer Asked by patricia on March 25, 2015
Q: Although we are still buried under mounds of snow here in the Maritimes, it is spring cleaning time. I am looking to get rid of some of my loser stocks for other opportunities.
Would you recommend bailing on any of the following? Or conversely, would any be good to average down on? I have a long term investment horizon.
GXI -34%
CVE -35%
ESN -57%
NTB -31%
RMM.UN -19%
AX.UN -3%

Thanks
Read Answer Asked by Robert on March 25, 2015
Q: Good morning team, What would you think would be a good price to add to ET? Chart looks a bit negative right now.
Thank you!
Read Answer Asked by Silvia on March 25, 2015
Q: I like many was "overexposed" to energy and also made the mistake of trying to catch too many falling knives on way down. I am determined not to spend more new $ on energy and when or if it rises dump some so I do not end up like that again.
I am resigned to the fact that some of my losers may never recover to my ACB but also feel some of them(I dont know which ones) will have more potential for a bounce. Looking at my weightings within the sector, I feel I have more BTE than I would want later and not enough PEY.
I know you are a fan of PEY...do you feel a switch of some of my BTE for PEY makes sense? ie not losing out on any potential spike in BTE from current levels?
Read Answer Asked by Dennis on March 25, 2015
Q: What is your considered opinion of the investment merits of Kirkland Lake? It has been approx. one year since the last inquiry about the company. In your assessment, please comment on the nature of the ore body that is being exploited as well as the results of exploration on the property. Finally, what is the impact of Eric Sprott becoming the Chairman of the Board?

Thanks for your insight and analysis.
Read Answer Asked by Owen on March 25, 2015
Q: Hello,

From the above companies (or any other in the sector) which ones do you think has the best potential for the next couple of years.

Thank you
M
Read Answer Asked by Marios on March 25, 2015
Q: Hi
I realize 5i doesn't follow Kraft, but with today's popping news, what advice would you give to owners with a full position? Would you wait it out or cash in on the hype by selling this morning? Would you sell half and let the other half ride it out? Would love to hear how you handle a situation like this. I'm up 10% before the Heinz merger, but it's up another 30% in premarket this morning.
Thank you

Read Answer Asked by Carlo on March 25, 2015
Q: Peter Ryan and team
I have a limited accounting background I understand most of the ratio's eg ROE PE CF but I have great difficulty in figuring out how to calculate them on a complex financial statement

Could you suggest a course or literature to help members calculate the different ratios and determine debt levels etc

Everyone says do your own research and I want to become better equipped

Any suggestions would be appreciated

Thanks
Paul
Read Answer Asked by Paul on March 25, 2015
Q: This company has hit new highs the pas 2 days on the venture. Ravi Sood is on of the principles behind what they claim is using the income trust structure as it is based on foreign assets--in this case renewable power on the fringes of the EU. Does the concept work? Is it for real and not phony magic?

Bryon from Elmira
Read Answer Asked by Bryon on March 25, 2015
Q: Could you comment on Pivot. They say they will initiate a 3 cents dividend in September and will convert the pref shares. At 30 cents , its a 10% dividend for a growing company.

Their last earning a few months ago showed a 10% increase in profit and they maintained 11% margins.
Read Answer Asked by Olivier on March 25, 2015
Q: Could you please comment on Logistec recent earnings (03/24) and the news release about expansion of their Montreal terminal? The stock had a great run, do you see more upside or would you recommend something else?

https://ca.finance.yahoo.com/news/logistec-announces-expansion-termonts-container-173000129.html

thank you
Read Answer Asked by Olivier on March 25, 2015
Q: Greetings to all and I hope everyone is well. I am considering Hexcel for a long term hold as I like the sector and carbon fiber demand may increase in the future. Does HXL have a wide moat, or is it easy for other manufactures to produce carbon fiber? It seems expensive, but I think growth prospects are good. Thank you and best wishes to all.
Read Answer Asked by william on March 25, 2015
Q: I have a handful of blue chip (industrial?) U.S. stocks which I'm up 20 to 40%. UTX,GE,AMT,AA,GLW. I would like to think of myself as a long term investor but with all the indicators of rising interest rates and pull backs, should I look at taking some profit here? I'm usually guilty of hanging on too long and not selling. I'd be looking at putting it into what you recommended to Nick for his TFSA on 03/24/15 WSP or STN,XTC, HGC, WCP and / or ATD.B
Thanks
Read Answer Asked by Nick on March 25, 2015
Q: Hello 5i team, This name reached all time high in January this year at $17.02, after that it keeps dropping. Now it is at $14.12. Even when the market is rising like today, it still makes new low. What is wrong with it? what should I do? I am fairly diversified now. If sell, please suggest a name to replace it. Thanks.

Lin
Read Answer Asked by Lin on March 25, 2015
Q: Wondering what your thoughts were on VAB and XQB as alternatives to CBO? Or as part of a bond portfolio including CBO? Vanguard reduced fees last year and XQB looks interesting. Goal is to get between 3% and 4% return (yield and +/- capital) with low(er) risk. Thanks
Read Answer Asked by Richard on March 25, 2015
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