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Stingy Investor Tip Sheet

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%
4  US BANCORP        5.11%
5  BCE INC           5.08%
6  CINTAS            5.00%
7  STRYKER           4.96%
8  DIAGEO PLC ADR    4.84%

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.

05/20/2010   11:00 PM EST   Permlink   save & shareValue Investing

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