Embed Size (px)
Citation preview
Toronto-Dominion Bank 8.08%
Canadian Natural Resources Ltd 7.56%
Royal Bank Of Canada 7.42%
Goldcorp Inc. 7.16%
Bank Of Nova Scotia 6.67%
Suncor Energy Inc 4.77%
TransCanada Corp 4.52%
Great West Lifeco Inc. 3.92%
Brookfield Asset MGT-A LV 3.08%
Rogers Communication-B NV 3.01%
portfolio statistics portfolio benchmark
Price/Book Value 1.93 2.08
Price Earnings Ratio 17.14 18.99
Average Market Capitalization $41.0 Billion $27.4 Billion
Dividend Yield 2.68% 2.58%
Number of Holdings 31 260
portfolio allocations portfolio benchmark
Cash 2.78% 0%
Consumer Discretionary 7.30% 4.37%
Consumer Staples 4.09% 2.56%
Energy 29.60% 27.41%
Financials 31.79% 29.14%
Health Care 1.18% 1.27%
Industrials 4.01% 5.70%
Information Technology 1.24% 1.72%
Materials 12.41% 21.63%
Telecommunications 5.61% 4.45%
Utilities 0% 1.74%
security weights
since inception performance (august 6, 2008) portfolio benchmark
3.64% 7.91%
qua rter ly per for ma nce
q1 q2 q3 q4 y td
2008 -19.14
2009 -2.64 16.36 9.02 1.18 24.97
2010 3.01 -4.05 7.11 6.11 12.33
2011 5.52 -6.10 -0.92
400-200 waterfront drive winnipeg, manitoba
r3b 3p1 canada
Performance results are from August 6, 2008 up to and inclusive of June 30, 2011. Results are from an unaudited portfolio and performance time-series.
Performance is calculated from a model portfolio. It represents returns before the deductions of expenses, like commissions and other trading frictions. No representation or warranty is hereby made either expressly or implicitly as to the accuracy or completeness of such information. Past performance is not necessarily an indicator of future performance. Wellington West Asset Management Inc. (“WWAM”), is responsible for the administration, operations, sales, service and support of the Waterfront program on behalf of Wellington West Capital Inc. (“WWCI”). The opinions, estimates and projections contained herein are those of WWAM as of the date hereof and are subject to change without notice. WWAM and WWCI makes every effort to ensure that the contents herein have been compiled or derived from sources believed reliable and contain information and opinions that are accurate and complete. However, WWAM and WWCI makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to WWAM and WWCI which is not reflected herein. This report is not to be construed as an offer to sell or solicitation for or an offer to buy any securities. WWAM and WWCI, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. C6635
Wellington West Capital Inc. Member – Canadian Investor Protection Fund.
© Copyright 2010. All rights reserved.
INFORMATION A S OF JUNE 30 , 2011
At the foundation of modern investing is the idea that investors and the managers of businesses act rationally, so that stock prices reflect the value of business fundamentals. Generally this is true; however with regularity investors and managers act irrationally and the value of businesses become mispriced.
The Nxt Canadian Equity Portfolio is focused on selecting investments with attributes that separate great investments from poor ones.
WE LOOK FOR: An undervalued business, priced at a margin of safety
A profitable business where investors fail to recognize long-term earnings power
A disciplined and rational management team
A business with sustainable and persistent earnings
We believe that good investing involves
controlling the emotions that lead to poor decision making. A systematic and disciplined investment process is required so that emotion is replaced by business logic. Staying unemotional is easy to say but harder to do. To stay disciplined, we integrate the best from quantitative analysis and fundamental analysis.
Quantitative analysis using traditional financial ratios provides us with objective measures to assess businesses, thereby minimizing the potential for irrational decision making. It focuses our analysis on the attributes of a great investment and mitigates the tendency to become overconfident or to concentrate on one aspect of an opportunity. Additionally, quantitative analysis improves the breadth of the process, allowing us to evaluate many opportunities, and increasing the probability of finding the great ones and avoiding the land mines.
investment philosophy & style
canadian equity portfolio
what makes a great business?
VALUATION Firm value
Equity value Is the company truly mispriced
Are investors behaving irrationally?
MANAGEMENT DISCIPLINE Capital spending, balance sheet growth,
net external financing share count, dividend growth
Is management a good custodian of capital?
BUSINESS QUALIT Y ROE vs. history & peers ROIC vs. history & peers Asset turnover vs. peers
Margins vs. peers Incremental ROE & ROIC Is this a good business?
EARNINGS QUALIT Y Tax rates
Are earnings reliable? Measure cash generating power
and persistence
SAM PELLET TIERI, CFA
Mr. Pellettieri is fully responsible for developing, implementing and guiding the overall investment philosophy and thought leadership for Wellington West Asset Management Inc. (“WWAM”). With a background in quantitative portfolio management, Mr. Pellettieri spearheads the augmentation of WWAM’s current separate account offerings. Mr. Pellettieri will draws heavily upon the field of behavioral finance (the understanding of investor behavior) and from the advances in portfolio optimization and construction to provide advisors and their clients with forward-thinking portfolio solutions.
PRODUC T DETAILS
Account Minimum: $100,000 Inception Date: August 6, 2008 Manager(s): Wellington West Asset Management Inc. Investment Style: Value Benchmark: S&P / TSX Composite Average # of Holdings: 30 – 50 Average Annual Turnover: 20% – 40% Average Market Cap: $41.0 Billion Current Dividend Yield: 2.68%
CHIEF INVESTMENT OFFICER , PORTFOLIO MANAGERWELLINGTON WEST ASSET MANAGEMENT INC .:
FRONT
BACK
NEWSLETTER Project: Corporate quarterly distributed double-sided newsletter (English – bilingual)
CAPITAL WELLINGTON WEST Les chiffres de rendement sont du 6 août 2008 au 31 juin 2011 compris. Les résultats proviennent d’un portefeuille non vérifié et d’analyses chronologiques des rendements.
Le rendement est calculé d’après un portefeuille modèle. Il représente les rendements avant déduction des frais, comme les commissions et autres frictions des opérations. Aucune représentation ou garantie, expresse ou implicite, n’est faite quant à l’exactitude ou à l’exhaustivité d’une telle information. Le rendement antérieur n’est pas nécessairement garant des résultats futurs. Wellington West Asset Management Inc. (« WWAM ») est responsable de l’administration, de l’exploitation, des ventes, du service et du soutien du programme Waterfront pour le compte de Capital
réserve de modification sans préavis. WWAM et Capital Wellington West font le maximum pour s’assurer que le contenu du présent rapport provient de sources considérées fiables et qu’il représente des opinions et de l’information exactes et complètes. Toutefois, WWAM et Capital Wellington West ne font aucune représentation, expresse ou implicite, relativement à de telles opinions et information, n’assument aucune responsabilité relativement aux erreurs et omissions que pourrait contenir le présent document et n’acceptent aucune responsabilité pour les pertes qui pourraient résulter de l’utilisation du présent rapport ou de son contenu ou de la foi qu’on y accorde. Il est possible que WWAM et Capital Wellington West disposent d’information non reflétée dans le présent rapport. Le présent rapport ne doit pas être interprété comme une offre de vente ou une sollicitation d’offre d’acheter des titres. WWAM et Capital Wellington West, leurs sociétés affiliées, les membres de leur direction, leurs administrateurs et leurs employés peuvent de temps à autre acquérir, détenir ou vendre des titres mentionnés dans le présent rapport en tant que mandants ou mandataires. C6635
Capital Wellington West Membre – Fonds canadien de protection des épargnants
© Copyright 2010. Tous droits réservés.
statistiques du portefeuille portefeuille indice de référence
Cours-valeur comptable 1,93 2,08
Ratio cours-bénéfice 17,14 18,99
Capitalisation boursière moyenne 41,0 milliards $ 27,4 milliards $
Dividendes 2,68 % 2,58 %
Nombre de titres 31 260
statistiques clés - actions portefeuille indice de référence
Comptant 2,78 % 0 %
Consommation discrétionnaire 7,30 % 4,37 %
Biens de consommation de base 4,09 % 2,56 %
Énergie 29,60 % 27,41 %
Finances 31,79 % 29,14 %
Soins de santé 1,18 % 1,27 %
Produits industriels 4,01 % 5,70 %
Technologies de l’information 1,24 % 1,72 %
Matières 12,41 % 21,63 %
Télécommunications 5,61 % 4,45 %
Services publics 0 % 1,74 %
rendement depuis portefeuille indice de la création (6 août 2008) référence
3,64 % 7,91 %
rendement trimestriel
t1 t2 t3 t4 cum. a n n.
2008 -19,14
2009 -2,64 16,36 9,02 1,18 24,97
2010 3,01 -4,05 7,11 6,11 12,33
2011 5.52 -6,10 -0.92
titre pondération
Banque TD 8,08 %
Cdn Natural Resources Ltd 7,56 %
Banque Royale du Canada 7,42 %
Goldcorp Inc. 7,16 %
Banque Scotia 6,67 %
Suncor Energy Inc 4,77 %
TransCanada Corp. 4,52 %
Great West Lifeco Inc 3,92 %
Brookfield Asset MGT-A LV 3,08 %
Rogers Communications Inc. -B NV 3,01 %
200 rue waterfront, bureau 400 winnipeg (manitoba)
r3b 3p1 canada
RENSEIGNEMENT S AU 30 JU IN 2011
À la base de l’investissement moderne repose l’idée que les investisseurs et les gestionnaires d’entreprise agissent rationnellement, et donc que le prix des actions correspond aux données fondamentales de la firme. En général, cela est vrai, mais régulièrement les investisseurs et les gestionnaires se comportent de façon irrationnelle et l’évaluation de l’entreprise n’est plus juste.
Le Portefeuille Actions Canadiennes Nxt se concentre sur la sélection de placements dont les attributs différencient les actifs remarquables des actifs passables.
DANS L’ESPACE DES ACTIONS, NOUS RECHERCHONS :
offre une marge de sécurité
omettent de reconnaître le potentiel de gains à long terme
rationnelle
durables et persistants
Nous croyons que les bons placements reposent sur le contrôle des émotions qui sont la source des piètres décisions. Un processus de placement systématique et discipliné permet de replacer l’émotion dans une logique d’affaires. Il est plus difficile de rester impassible que d’en parler. Pour rester disciplinés, nous intégrons les meilleurs éléments de l’analyse quantitative et de l’analyse fondamentale.
L’analyse quantitative en utilisant des ratios financiers traditionnels nous fournit des mesures objectives pour évaluer les entreprises et minimiser la possibilité de prendre des décisions irrationnelles. Elle focalise notre analyse sur les attributs d’un placement remarquable et atténue la tendance à l’excès de confiance ou à la concentration sur un aspect d’une occasion. En outre, l’analyse quantitative améliore l’ampleur du processus, nous permet d’évaluer de nombreuses possibilités, et augmente la probabilité de trouver les joyaux et d’éviter les terrains minés.
CHEF DES PL ACEMENTS, GESTIONNAIRE DE PORTEFEUILLEWELLINGTON WEST ASSET MANAGEMENT INC .
ce qui fait une grande entreprise…ÉVALUATION Valeur de la firme
Valeur nette La société est-elle vraiment mal évaluée ?
Les investisseurs agissent-ils irrationnellement ?
DISCIPLINE DE GESTION Investissements, croissance du bilan,
nombre d’actions net par financement externe, croissance des dividendes
La direction est-elle bonne gardienne des capitaux propres ?
QUALITÉ DE L’ENTREPRISE ROE vs historique et pairs ROIC vs historique et pairs Rotation des actifs vs pairs
Marges vs pairs ROE et ROIC croissants
Est-ce une bonne entreprise ?
QUALITÉ DES BÉNÉFICES Taux d’imposition
Fiabilité des bénéfices ? Mesure de la capacité de générer
des liquidités et persistance
portefeuille actions canadiennes
philosophie et style de placement
SAM PELLET TIERI, CFA
M. Pelletieri est responsable du développement, de la mise en œuvre et de la conduite de la stratégie de placements et de la pensée directrice à Wellington West Asset Management Inc. (« WWAM »). Fort d’une expérience dans le domaine de la gestion quantitative de portefeuille, il dirige l’augmentation des offres de comptes distincts de WWAM. M. Pellettieri met à contribution le domaine des finances comportementales (la compréhension du comportement des investisseurs) et les progrès relatifs à l’optimisation et à la construction d’un portefeuille pour fournir aux conseillers et à leurs clients des solutions de portefeuille évolutives.
LE PRODUIT
Solde minimum : 100 000 $Gestionnaire(s) : Wellington West Asset Management Inc.Date de création : 6 août 2008Style de placement : ValeurIndices de référence : S&P/TSX CompositeNombre moyen de titres : 30-50Rotation annuelle moyenne : 20 %-40 % Capitalisation boursière moyenne : 41,0 milliards $Revenu de dividendes courant : 2,68 %
BILINGUAL FRONT
BILINGUAL BACK
NEWSLETTER
Project: Corporate quarterly distributed double-sided newsletter (French – bilingual)
HORIZONTAL BILLBOARD (DONALD BRIDGE LOCATION)
VERTICAL VINYL BANNER (WATERFRONT LOCATION) PRE-PRINT ARTWORK RENDERINGS
90” w
80.75” w
94” w
90” w
OUTDOOR BILLBOARD SIGNAGE
WINNIPEG JETS ‘WELCOME BACK’ BILLBOARD & BANNERJets. These billboards were strategically placed in high tra!c areas throughout downtown Winnipeg.
FINANCIAL PLANNING FOR SPECIAL NEEDS FAMILIES
“Go confidently in the direction of your dreams.”Henry David Thoreau
www.wellingtonwest.com
KATHY HEINAssociate Advisor
Wellington West Capital Inc.200 Waterfront Drive, Suite 200, Winnipeg, MB R3B 3P1Tel: 204.926.7921 Toll Free: 1.800.461.6314 Fax: [email protected]
The information contained herein is derived from sources which are believed to be reliable but Wellington West Financial Services Inc. (WWFS) makes no representation that this information is accurate or complete. The comments contained herein represent the opinions of the author and should in no way be construed as being official or unofficial policy of Wellington West Financial Services Inc. C5854
David Luke is a financial planner with Wellington West Financial Services Inc. in Winnipeg, Manitoba. In his financial planning practice, David provides investment, insurance, and retirement planning services for individuals, businesses and charities.
He specializes in “transition” financial planning, guiding individuals through the retirement financial planning process.
David’s more than 30 years of financial services experience makes him uniquely qualified to provide commentary on a host of current financial planning issues. He has addressed industry and consumer groups across Western Canada.
Wellington West Financial Services Inc.
Wellington West Financial Services Inc. is affiliated with Wellington West Capital Inc. of Winnipeg. Wellington West Capital Inc. is one of the largest independent full-service investment dealers, with offices throughout Canada.
Wellington West Financial Services Inc. is a financial life management firm, providing a complete range of personal and corporate financial planning services to a broad range of individual and corporate clients. These services include investment, retirement, and estate planning. Wellington West Financial Services Inc. also provides mutual fund, fixed-income term deposit (GIC), and insurance brokerage services.
Designations
Certified Financial Planner (CFP)Chartered Life Underwriter (CLU)Chartered Financial Consultant (CH.F.C.)Registered Financial Planner (RFP)
In achieving his CLU designation, David was awarded the Leslie W. Dunstall medal, achieving the highest course marks in his graduating class.
Memberships
ADVOCISRetirement Planners Association of CanadaInstitute for Advanced Financial PlanningFinancial Planning Association (USA)
For further information on our financial planning services, our investment and insurance brokerage services, or on our seminar presentation services, please contact David J. Luke at Wellington West Financial Services Inc.
David J. Luke CFP, CLU, CH.F.C., RFP
Financial Advisor
Tel: 204.925.2073 Toll free: 1.800.848.0580 Fax: 204.956.1296 Email: [email protected]
Wellington West Financial Services Inc.200 Waterfront Drive Suite 300 Winnipeg, MB R3B 3P1
www.wellingtonwest.com
David J. LukeDECEMBER 2010
CURRENT RECOMMENDED PORTFOLIO LISTNewsletter
StockPurchase
($)
Current
($)
Target
($)
Yield
(%)
Date Action Source
Fortis24
31.88 34 3.513 Jun 30/07 stop limit Phases and
Cycles
Emera19.87 31.65 29 4.107 Mar 1/07 SOLD National
Agrium 8281.34 80 0.11 1-Sep-08 SOLD Phases and
Cycles
Canadian Oil
Sands
4426.56 35 7.533 1-Sep-08 none NBCN
Transalta 32.25 21.04 25 5.513 1-Oct-08 none Canaccord
Transcanada
Pipeline
31.5 35.77 43 4.473 August,
2009
stop limit Canaccord
Barrick Gold 38.28 51.67 59 0.929 August,
2009
none Phases and
Cycles
Labrador
Iron Ore
43.6 64.96 66 3.079 June,
2010
SOLD CIBC
Newmont
Mining
58.5 62.970.5 0.82 June,
2010
none NBCN
Paul Grinton
Investment Advisor
Tel: 902.569.8825
Kim Macinnis
Investment Advisor
Tel: 902.569.8842
Shane Grinton
Investment Advisor
Tel:902.892.3226
Virginia Duffy
Branch Administrator
To schedule appointments
with Kim, Paul or Shane, call
Virginia at 902.569.8813
Wellington West
Capital Inc.
BDC Tower, Suite 310
119 Kent Street
Charlottetown, PEI
C1A 1N3
Congratulations to Kim MacInnis and Jake Mosher on the arrival of their new baby girl, Chloe.
She was born on November 19th, 2010
Once again Wellington West has been named the top ranking financial services firm and one
of only two financial services firms in the top 10 of the BEST EMPLOYER in Canada survey.
More importantly, we ranked ahead of the three major banks in the top 50, with Scotiabank
ranked at 23, TD Bank at 26 and National Bank at 48.
Current Prices as of November 23, 2010. *Purchase prices will vary by client. Consult your records. †Yield based
on Current Price. Previous performance is not indicative of future results. **May not be suitable for all investors.
Please consult your advisor for more information.
*Buy Bank of Nova Scotia.
You’re Invited
You’re cordially invited to spend an evening with Jennifer Jones2005 & 2008 Canadian Scott Tournament of Hearts Champion2008 World Curling Champion
Meet Curling Champion Jennifer Jones and hear her amazing story of the 2008 season, being Rock Steady, and what it takes to be a champion! Don’t miss your chance for a picture or autograph!
C2655Wellington West Capital Inc., member CIPF
Wednesday February 18, 2009 Victoria Golf Club 1110 Beach Drive, Victoria BC Seating is limited. Please call 250.418.8829 to reserve.
CORPORATE DESIGN & MARKETING COLLATERAL (Wellington West Financial)
Various collection of print and web materials for Welllington West Capital. Key projects include sell sheets, newsletters, annual reports, web design, e-blasts & invitations.
LOGO ART RENDERINGS / T-SHIRT GRAPHIC CONCEPTS
POSTER / PROMOTIONAL
Get on the fastest and largest mobile network across North America. 1network across North America.network across North America.
8M401_9x12_M3_E
Ask us for details.(1) The 1xEVDO network is the fastest high-speed mobile network that is available across all countries within North America.
NEWSPAPER AD
BROCHURE / DIRECT MAIL
TRANSPORTATION ADVERTISING
PACKAGING DESIGN
CORPORATE DESIGN & MARKETING COLLATERAL (BELL Canada)
Marketing creative for bell canada. Projects include ads to be placed in print & web, packaging, posters, brochures & vehicle graphics.
BROCHURE (TRI-FOLD)
Project: Corporate brochure promoting Viterra’s ingredient products
DIRECT MAIL ADVERTISING
Project: Monsanto Direct Mail tri-fold project promoting their Riskshield seeding product.
Leading livestock producers depend on Viterra Feed Products to help them maximize the performance of their animals, and ultimately their business. Commitment to quality and ongoing investment
in R&D ensures that our feed formulations provide the highest nutritional value and
offer you the greatest growth potential. Deeply experienced field representatives,
backed by the technical support of local nutritionists, work with you to develop
custom feed formulations that deliver the results you need.
Viterra’s extensive reach and relationships
with grain growers and feed ingredients
suppliers means we can help you
control costs and that your custom
ration shows up on time, on spec,
and in the volumes promised
Our investment in modern mill facilities contributes to
consistency and allows you the flexibility to modify your feed mix
any way you like. All of our facilities are HACCP certified and have
highly advanced origination and tracking systems to ensure
the safety of your animals and your business.
So, whether its feed for hogs, beef, dairy, equine, poultry, fish or
companion animals, we have the expertise, product quality, service,
and financing to help you feed your bottom line.
Helping You Drive Growth.
Quota management, understanding innovations in the industry, maximizing herd health and production, and intensely monitoring cost per head per day – these are some of your realities and so we’ve made them ours.
BEEF
Quota management, understanding innovations in the industry, maximizing herd health and production, and intensely monitoring cost per head per day – these are some of your realities and so we’ve made them ours.
Optimizing Your Cattle Performance.
John A. SmithSales Representative, Sales and MarketingViterra Food Products
366 Industrial Park RoadBox 270, Ste. Agathe, MB R0G 1Y0 Canadaphone: (123) 456-7890fax: (123) 456-7899email: [email protected]
POUL
TRY
Tight reporting and tracking gain on a daily
basis, quota management, problem solving
for health issues, optimizing your feed
conversion rate, and adjusting to meet
processor marketing requirements–
these are some of your realities,
so we’ve made them ours.
Optimizing Your
Flock’s Performance.HO
GS
Improving number of days to weight,adapting for long term sustainability, incorporating industry innovations, international trade issues, tight tracking and monitoring of performance data – these are some of your realities, so we’ve made them ours.
Maximizing Your Herd’s Performance.DA
IRY
Optimizing production and herd health,
understanding the implementation of
innovations, quota management, and
monitoring cost per liter per day –
these are some of your realities,
so we’ve made them ours.
Optimizing YourHerd’s Performance.
PROMOTIONAL DESIGN
Project: Performance campaign for Viterra - includes promotional banners. Duties included art direction of live photoshoot at remote locations.
grow mustard grow eggs grow soup
VARIOUS CREATIVE - Detailed Photoshop work
VARIOUS CREATIVE
Projects include full publication design, in-store pop displays, direct mail pieces, event promotion projects & annual reports.
VARIOUS CREATIVE
Projects displayed include posters, corporate newsletters, logos, e-blast & publication ads.
VARIOUS CREATIVE
Projects displayed include direct-mail invites, publications, web banners, logos, event advertising, web e-blast & publication ads.
WEB ADVERTISING CREATIVE
Project: Roundup ‘Security’ campaign – created for print & web Pictured: Roundup Ad Banners in various sizes - English & French
Viterra | Corporate Tradeshow Displays
EVENT & TRADESHOW ADVERTISING
Project: Tradeshow advertising promoting Viterra’s name and products - attract audience to learn about the company and it’s latest productsPictured: top - 3 panel stand-up banner with lighting |
SUPPORT AD / SELL SHEET - BILINGUAL
Project: Customer support Sell sheet for retail English and French bilingual sell sheets
