Date updated:09-28-2007
The goal for the stock investments in this portfolio is high current yield with decent capital appreciation. The preservation of capital is paramount. The Canadian Income Trusts (a.k.a. Energy Trusts) offer a fertile ground for "bargains" since the Harper Administration's "Halloween Surprise" to begin taxing trusts in 2011 caused a deep 40% sell-off. In reality, many of the trusts will be able to continue offering tax-free yields well beyond 2011 through the use of tax pools from depletion , depreciation, etc. Other trusts with substantial operations in the USA will be converting to the MLP structure. And the recent take-over of a "weak" trust, PrimeWest Energy (PWI), at a 40% premium shows the intrinsic value of assets held by trusts.

-
BTE
Baytex Energy Tr - $26.31
- -0.04%
- $26.34
This is a Canadian Income Trust. Successful acquisitions jacked up production and held cash flow steady. The current yield is 10.4%. The stock is up +119.7% since my original purchase in September 2004. The yield on the amount of my original investment is 22.1%!!!

-
ERF
Enerplus Res Fd - $23.05
- -0.65%
- $23.24
This is a Canadian Income Trust. Last quarter's production on line with full year target, as the trust develops oil sands and Baaken. The current yield is 10.2%.

-
PWE
Penn West Energy - $17.76
- -0.50%
- $17.75
This is a Canadian Income Trust. Conditions hurt production and share issue dilutes cash flow, but distribution covered. The current yield is 12.4%.

-
PVX
Provident Energy - $6.93
- +0.43%
- $6.88
This is a Canadian Income Trust. The current yield is 11.6%. Infrastructure throughput and production gains boost Q2 net revenue. The stock is up +52.9% since my original purchase in September 2004. The yield on the amount of my original investment is +17.5%.

-
HNP
Huaneng Power Int - $26.96
- -2.95%
- $26.68
This is the largest public utility company in China. It has a current yield of 5.6%. The stock is up +80.1% since my original purchase in March 2006. The yield on the amount of my original investment is 21.9%.

-
ALD
Allied Cap Corp - $3.26
- 0.00%
- $N/A
Allied Capital Corporation (ALD) is a principal investment firm specializing in buyouts, acquisitions, recapitalizations, note purchases, growth capital, and middle market equity and debt investments. The firm provides debt financing in the form of senior loans, second lien debt, subordinated debt, and unitranche facilities. It prefers to invest in business services, financial services, consumer products, healthcare services, energy services, and consumer services sectors. The firm seeks to invest a maximum of $300 million in buyout transactions and between $10 million and $150 million in debt transactions. It provides equity capital, typically in conjunction with a debt investment for management buyouts of companies with enterprise values between $50 and $300million. The current yield is 8.8%. This firm has been steady throughout the 2001 recession. Look at its long-term chart!!!

-
TICC
Ticc Capital Corp - $5.50
- 0.00%
- $N/A
TICC is trading below book value, which is fairly high quality, and well capitalized with solid growth opportunities.TICC has been unfairly beaten down along with the rest of the specialty finance group. Run by a conservative management team, credit quality and the current 11.3% dividend yield are both solid, with the chance for accelerating growth into 2008.

-
LYG
Lloyds Bnkg Gp Ad - $5.74
- +1.06%
- $5.62
Lloyds TSB Group plc (LYG), provides financial services in the United Kingdom and internationally. The company operates through three divisions: UK Retail Banking, Insurance and Investments, and Wholesale and International Banking. As of December 31, 2006, it operated approximately 2,000 branches and 4,100 ATMs. The current yield is 6.4%. The stock is up 37.6% since my original September 2004 purchase. The yield on the amount of my original investment is 8.8%.
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A. nothing is ever a long term hold now
days.
A. The only one I own : SLX,
too hard pick a winner out all of them
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