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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (42165)4/6/2011 1:14:07 PM
From: MCsweet  Read Replies (1) of 78498
 
AAB.TO,

I like this stock and own it. You get exposure to commodities with what seems like a good management that has experience and exposure to deal flow.

That being said, I have been tracking the top holdings of the portfolio, and it doesn't look that good recently. By my calcs, they are about 18% lower (Canadian dollars) than the last NAV publication. Also, there are warrants at 1.00 CAD that could be dilutive to future NAV. When those warrants were close to being exercised (they aren't now), I had estimated NAV diluation of 0.15.

There is a lot of the portfolio I am not tracking, so my guesstimate could be far off. There is also potential gravy that could add substantially to the NAV, such as incentive shares. Nevertheless, I am inclined to hold and not add here to see if I can buy it at a better discount in the future.

MC
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