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Stingy Investor Tip Sheet

Slow Growth, Big Returns

Growth is good, right? Well, it turns out that Asset Growth is bad for stock returns. Cooper, Gulen & Schill found,

"Over our sample period, firms with low asset growth rates earn subsequent annualized risk-adjusted returns of 9.1% on average while firms with high asset growth rates earn -10.4%. The large 19.5% per year spread is highly significant. Weighting the firms by capitalization reduces the spread to a still large and significant 8.4% per year."

That's why I set out to find stocks with high, or low, total asset growth over the last year. I stuck to Canadian stocks with prices in excess of $10 per share to make the list manageable. Here are the top, and bottom, 25 growers of assets.

Company				 Price	A.Growth
=============================== ======= ========
SXC HEALTH SOLUTIONS (SXC)	 $15.61	 202.6%
AGRIUM INC (AGU)		 $40.14	 174.9%
TMX GROUP INC (X)		 $27.50	 121.0%
PETROBANK ENERGY (PBG)		 $20.70	 119.5%
NUVISTA ENERGY LTD (NVA)	 $10.52	 111.1%
LULULEMON (LLL)			 $15.63	 109.0%
NIKO RESOURCES (NKO)		 $49.50	 103.2%
ASTRAL MEDIA INC (ACM.A)	 $27.49   82.8%
FIRST QUANTUM MINERALS (FM)	 $21.41	  78.3%
RESEARCH IN MOTION (RIM)	 $60.52	  72.8%
TANGANYIKA OIL (TYK)		 $26.00	  71.4%
LOGIBEC GRP INFORMATIQUE (LGI)	 $15.00	  64.1%
ATRIUM INNOVATIONS INC (ATB)	 $10.50	  53.8%
STANTEC INC (STN)		 $18.03	  49.7%
POTASH CORP (POT)		 $82.92	  49.6%
SUNCOR ENERGY INC (SU)		 $26.46	  41.8%
WORLD POINT TERMINALS (WPO)	 $12.00	  41.7%
INMET MINING CORPORATION (IMN)	 $25.00	  40.2%
CONSTELLATION SOFTWARE (CSU)	 $23.49	  39.1%

...

TVA GROUP INC- B SHRS (TVA.B)	 $10.99	  -3.6%
MANITOBA TELECOM (MBT)		 $40.33	  -5.1%
BIOVAIL CORPORATION (BVF)	 $10.19	  -6.7%
WEST FRASER TIMBER (WFT)	 $28.40	  -6.8%
REVENUE PROPERTIES CO LTD (RPC)	 $11.50	  -7.0%
ATLANTIC POWER CORP (ATP)	 $11.00	 -13.0%
BAM INVESTMENTS LTD (BNB)	 $11.00	 -19.6%
PARAMOUNT RESOURCES A (POU)	 $10.79	 -37.1%
QUEBECOR INC -CL B (QBR.B)	 $20.50	 -38.3%
GLUSKIN SHEFF + ASSOCIATES (GS)	 $10.80	 -48.1%
Source: Bloomberg, October 22, 2008

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10/24/2008   2:30 PM EST   Permlink   save & shareAsset Growth



 
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