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The Globe and Mail

Consultant packs his portfolio with income stocks

Monty Spivak



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The portfolio

Includes Artis REIT, Dundee REIT, NorthWest Healthcare Properties REIT, Pengrowth Energy Corp., Zargon Oil and Gas Ltd., Algonquin Power & Utilities Corp., Northland Power Inc., Boardwalk Pipeline Partners LP, Niska Gas Storage Partners LLC, AES Tiete SA and DUET Group.

The investor

Monty Spivak lives in Oakville, Ont., and runs a consulting business in the technology and business fields.

How he invests

Mr. Spivak buys only income stocks. He likes them because "you get paid to wait when the market goes down and an income stream that you can reinvest." Once purchased, they are held for the long term: "It is difficult to buy low and sell high in a short time frame," he says.

His portfolio has a concentration in the Canadian real estate investment trust, resource and utilities sectors. It's also diversified geographically, with 25 per cent in U.S. Master Limited Partnerships and global firms in the utilities and telecom sectors.

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Mr. Spivak has been buying more Master Limited Partnerships – mainly pipelines and refineries. "The yields are very high, and they will benefit from the recovering U.S. economy and U.S. dollar."

He is also adding to his Canadian REIT positions. REITs have sold off as fears of interest rate hikes mount, but Mr. Spivak thinks they will weather higher rates just fine.

Many currently yield more than 8 per cent, and have taken advantage of the low interest rate environment to put in place long-term financing at cheap rates. This gives them the ability to deliver good financial results even when interest rates trend upward.

Best move

"Ignoring the advice of various authors and investment analysts and buying at 2009 lows."

Worst move

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"Like many Canadian investors … Nortel."


Keep in mind the impact of fees and taxes on investment returns. Do-it-yourself investors might also consider "buying small positions in many securities to mitigate risks."

Want to share your strategies?


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