James TelfserSecond stock in the clip. As can be seen, it's also the largest holding in his fund. GLTA
https://www.bnn.ca/Video/player.aspx?vid=782568
Fund Profile
Aventine Canadian Equity Fund
• Aventine Canadian Equity Fund was the top Canadian Equity Fund in 2015, according to Morningstar.
• ACE Fund finished 2015 up 12.7% versus the TSX down -8.3% and the category down over 3%.
Performance as of: December 2015
Fund Index*
1 Month (DEC) 0.9% -3.1%
1 Year12.7% -8.3%
Since Inception (Mar 31, 2014) – Annualized10.9% -2.6%
* Index: S&P/TSX Composite Total Return Index
* Returns are net of fees and include reinvested dividends
Top 5 holdings and weightings:
Concordia Healthcare - 7.1%
goeasy - 6.0%
Clearwater Seafoods Inc. - 5.8%
New Flyer Industries - 4.5%
Winpak - 4.4%
CXR-T 2016-01-06 COMMENT James Telfser
This is one of the best opportunities in Canada. An extremely cheap undervalued stock that gets painted with the same brush as Valeant (VRX-T). They made an acquisition he liked, which is going to generate a lot of cash flow going forward. Debt is high at 5 to 6 times EBITDA, above the range that he would typically like. However, as a company that sells legacy pharmaceuticals and orphan drugs, high margin drugs that generate a lot of cash, they are going to pay off that debt quite quickly. As that happens, you are going to see the multiple expand.
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Price:
$56.900
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Yes