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AndrewKenon Apr 09, 2015 9:16am
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Globe says Trimark's MacDonald keen on Crew
Globe says Trimark's MacDonald keen on Crew
Globe says Trimark's MacDonald keen on Crew, others
2015-04-08 08:49 ET - In the News
See In the News (C-CR) Crew Energy Inc
The Globe and Mail reports in its Wednesday, April 8, edition that Trimark Resources Fund portfolio manager Norman MacDonald is using the current volatility in commodities, including oil and gas, as an opportunity to buy some really great quality companies. The Globe's Gillian Livingston writes that Mr. MacDonald says he does not know where prices will be in the next year. He says, "All I can say is it will be choppy, but when you have commodity prices hovering around the marginal cost of production there is not much downside from here." Over the past three to four months Mr. MacDonald has increased his weighting in the oil and gas sector. Mr. MacDonald says: "We have been adding to core positions like Canadian Natural Resources, Crew Energy and Range Energy Resources, to name a few. The other area of value that surfaced over the last few months was the mid-cap gold developers. Due to the waning interest in gold and the gold equities we have increased our weighting in names like Torex Gold Resources and Continental Gold." When buying stocks Mr. MacDonald looks at the quality of the assets and then the quality of the management. He says he likes to buy companies at discounts to net asset value.