Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: lisalisalisa who wrote (2776)	6/27/2003 11:20:09 PM
From: Cogito Ergo Sum	Read Replies (1) of 4905

lisa, I like NCN as a swing trader. I recently sold mine bought quite a while back when it was still the ugly girl at the dance but I could see her inner beauty ;o) I still think it is pretty good value. In a downturn though they are not the best hedgers (hence I bought it as a swing trade because of its energy price leverage) I've unloaded a lot recently as I was very overweight trusts. Currently I own AE.UN, HTE.UN, AY.UN, a little PWI.UN and COS.UN so I'm very oily now as opposed to NG heavy like before. I like AE.UN for long term, my primary focus. COS.UN , the tar sands play, for the mammoth reserve life index, but its yield is paltry for an energy trust. AY.UN was a high yielding laggard which I rolled other trust profits into. Its pretty fairly valued I think at current prices. HTE.UN (recent addition this week)is a new tack for me. High yield, LOW RLI (reserve life Index) but only pays out 50% of cash flow. Remainder is used to maintain reserve. Will see how it goes. Really depends on management's ability a lot. PWI.UN the perennial whipping boy that somehow keeps on going. The current dip may be an opportunity as it may show them getting serious about debt control and better management. Dual listed so nice liquidity compared to Canada only trading ones. AVN,UN (I amazingly don't own as this is my favourite due to great management. Very gassy. I owned it since before trust status though and finally couldn't resist taking a double not including dividends. I'll be a buyer when it comes down. VET.UN. another 'different tack'. No position now. It's diversified with NG in North America BUT also Trinidad (an LNG play here) and also light oil in France of all places. Again this one will also make it into my portfolio. Unique setup and diversification. Waiting for my price again as I missed it on the first go buying a lot of cheap Acclaim. I also like UET.UN but am currently out, high yield and oily. You should also think about the tax angle. For me AE.UN is a better value in a taxable account due to the non taxable nature of the payout for us Canadians. You lower your cost base each year by the payout but don't pay taxes on monies received. When you sell though you are paying cap gains using the lower ACB. However you have 1) deferred taxes and 2) payed at a lower tax rate cap gains over dividend. Of course our tax laws are different but I know you do get tax benefits also so you should investigate this if not already aware. this board is pretty good but a lot of the history is missing as one of the posters worked for a Canadian regulatory agency and apparently made inappropriate posts so they were removed 'for study' Stuck in Folsom prison ... LOL... stockhouse.ca Lastly my buys here would be tentative mainly because the NG build situation is still unclear. LT it won't matter but it can be painful waiting for the next cycle when your capital has shrunk although the yield certainly mitigates this. regards Kastel

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