| Entity | Initial Price/ Purchase Date | Price 2014/02/19 |
Gain/Loss
year to date % |
Gain/Loss Since Purchase % |
|---|---|---|---|---|
Central
Fund of Canada (CEF.A)
|
9.77
2007-09-04
|
16.26
|
15.9
|
66.4
|
Silver
Wheaton
(SLW)
|
12.37
2007-09-04
|
27.62
|
28.8
|
123.4
|
| Polaris Minerals (PLS)** |
10.70
2007-06-01
|
2.46
|
36.7
|
-77
|
| Cenovus (CVE) |
32.39
2010-07-27
|
28.49
|
-6.3
|
-12
|
| Canadian National Railway (CN) * |
48.88
2009-04-14
|
61.65
|
1.8
|
155.5
|
| North West Company (NWF) |
16.23
2009-05-07
|
24.83
|
-2.5
|
53
|
| Powell Industries (POWL) |
36.75
2009-11-12
|
SOLD
|
61.24
|
|
| Waterfurnace Renewable Energy (WFI) |
28.62
2010-04-12
|
22.59
|
-5.8
|
-21
|
| ABB (ABB-N) |
20.18
2012-12-13
|
25.31
|
-4.7
|
25.4
|
| Oceaneering International
(OII-N) |
52.95
2012-12-13
|
71.75
|
-9
|
35.5
|
| Deere & Company (DE) |
88.07
2013-01-03
|
84.29
|
-7.2
|
-4.3
|
| Rocky Mountain Dealerships (RME) |
11.89
2013-01-03
|
12.85
|
0.5
|
8
|
| HollyFrontier (HFC) |
47.95
2013-01-28
|
45.86
|
-7.7
|
-4.4
|
| Titan Logix (TLA) |
1.25
2013-09-11
|
1.48
|
16.8
|
18.4
|
| Kelso Technologies Inc. (KLS) |
2.20
2013-09-11
|
3.16
|
0.6
|
43.6
|
| U.S. Silica Holdings (SLCA) |
25.15
2013-09-11
|
30.25
|
-11
|
20.2
|
| Oak Tree Capital Group (OAK) |
56.45
2013-10-28
|
60
|
2
|
6.3
|
*CN
split 2 for 1 2013.12.02
** does not reflect impact of follow-on investment @ $.67 per share
Note: the performance figures for SLW and CEF.A do not reflect profit taking at the beginning of last year when I decided to take about 75 of my stake off the table and invest it elsewhere.
I see no reason to exit from any of the positions noted in the preceding table.
The petroleum companies are, in essence, marking time until the market finally reacts to:
- regulatory decisions regarding pipelines which would very likely result in higher prices for producers;
- the impact of unconventional production in the U.S. and, to some extent, Canada; and,
- domestic demand.
In my view, the long-term outlook for tar sands producers remains positive.
The most recent rail-oriented investments have done exceptionally well and my sense is that even better days are yet to be reflected in the prices of Kelso and Titan.
A more detailed commentary will be presented in the March 2014 edition of The Financial Passage Maker.
