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Technology Stocks : Newbridge Networks -- Ignore unavailable to you. Want to Upgrade?

To: zbyslaw owczarczyk who wrote (12404)	7/27/1999 5:22:00 PM
From: New Economy	Read Replies (1) \| Respond to of 18016

Just in from Bloomberg News 3:58 PM TEMPLETON STARTS BUYING NN quote.bloomberg.com Toronto, July 21 (Bloomberg) -- Templeton Management Ltd. said it's been buying smaller Canadian stocks and even a few gold shares in the hopes these beleaguered companies are set to rally. ''It's been extremely tough to find value in the large caps and that's tended to lead us into the mid-cap areas and the smaller cap names as well,'' said Peter Moeschter, a portfolio manager at Templeton Management Ltd., which runs C$20 billion (US$13 billion) of assets in Canada. Moeschter considers small-cap stocks to be ones with a market value of C$500 million and less. He said that while Templeton had been buying stock of ATS Automation Tooling Systems Inc. and Canadian Marconi Co., it's not building up a larger position in the industry. The three-year slide in gold companies also piqued Templeton's interest. ''Golds are starting to look interesting,'' said Templeton fund manager George Morgan. ''We've actually been nibbling in a small way at one or two Canadian names.'' He wouldn't elaborate and cautioned investors against thinking all gold-related companies are good value. The index of 21 gold and precious minerals companies lost two-thirds of its value since 1996 as bullion slumped to a 20- year low. Today, they rose 221.30 to 4899.89. In the second- quarter alone, average gold prices shed about 9 percent on concern about sales by central banks. Templeton also likes oil and gas companies and other resource producers, such as forest products. The top ten holdings in Templeton's Canadian Stock Fund, by weight are: Anderson Exploration Ltd., Renaissance Energy Ltd., Northstar Energy Corp., BCE Inc., MacMillan Bloedel Ltd., Abitibi- Consolidated Inc., TransCanada PipeLines Ltd., Alcan Aluminium Ltd., Newbridge Networks Corp., and Westcoast Energy Inc. Templeton Management, the Canadian arm of U.S.-based fund managers Franklin Resources Inc., is the country's No. 6 mutual fund company. San Mateo, California-based Franklin is the biggest publicly traded fund manager by market value in the U.S. and runs C$329 billion in assets worldwide. Templeton invests in value stocks, or shares that typically have lower price-to-earnings ratios than the market average. quote.bloomberg.com 9070429cdc&view=story&version=marketslong99.cfg