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Stingy Investor Tip Sheet
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| Patient ETF |
Vito Maida runs Patient
Capital Management which is a conservative value-oriented
investment counsel firm based in Toronto. His most recent quarterly
letter indicates that he appears to be less than bullish ...
"However, these bailouts will not be without consequences; sovereign
global debt will rise, currencies will devalue and trade wars are
likely to erupt. As a result, global economic recovery will take
longer and growth will be slower than expected. In addition, inflation
and higher interest rates become an increasing risk. In the past, such
conditions have not been positive for broad based equity
indices. These serious economic problems combined with equity
valuations pushing the upper limit of their historical range spell
RISK to us."
The high net worth portfolios that Patient Capital manages were about
35% in cash earlier this week. You might consider that a bearish
stance. But Vito is well known for having even higher cash
allocations. Particularly before the big crash in the late 2000s.
He has also been a little shy about revealing the stocks that he holds
in his portfolio. (That's not at all uncommon for investment counsel
firms. After all, they're selling their investment expertise and are
loathe to give it away for free.)
However, Vito recently started managing the Horizons
AlphaPro North American Value ETF (HAV). (The fund's mandate
requires cash levels of at most 25% and at the end of April they were
sitting at 22.4%.) HAV lets investors peak in on Vito's picks. At
the end of April 2010, the ETF's top 10 stock holdings accounted for 50.9%
of the portfolio and were ...
1 CBS CORP 5.68%
2 LOWES 5.61%
3 GENERAL DYNAMICS 5.15%
4 US BANCORP 5.11%
5 BCE INC 5.08%
6 CINTAS 5.00%
7 STRYKER 4.96%
8 DIAGEO PLC ADR 4.84%
9 HEWLETT PACKARD 4.84%
10 JOHNSON & JOHNSON 4.63%
With stocks sagging, it's time to buff up your watch list of quality
companies. That way, you might be able to snag a few should they fall
well into bargain territory. Vito's list is a good place to start.
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| | 05/20/2010 11:00 PM EST Permlink save & share | Value Investing |
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