News

Issue 3 – TFSA and the 72 Rule

I usually write about a company that our funds are invested in. This time, I’ve decided to write about something different yet important to all investors. The tax-free savings account (TFSA) was introduced in Canada in 2009. For the first year, any Canadian 18 years of age or older could make a TFSA contribution of […]

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Issue 1 – What Worked And What Didn’t In 2019 And How The Funds Are Positioned In Early 2020

2019 was a difficult year for active managers as headline news created many uncertainties. Active managers carried more cash than usual, held large short positions, or were long volatility. These protection trades were costly. The Palos Income Fund LP and Palos Equity Income Fund, which are active funds, fared well when compared to other actively […]

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Issue 54 – Happy New Year

Happy New Year! Please note that the performance of Palos funds in the weekly commentary has been updated, as well as Hubert’s weekly note of the Macro View. We wish you and your family a joyful and festive holiday season. Bonne Année! Veuillez noter que le bulletin de performance des fonds Palos dans le commentaire […]

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Issue 53 – Happy Holidays

Happy Holidays! Please note that the performance of Palos funds in the weekly commentary has been updated, as well as Hubert’s weekly note of the Macro View. We wish you and your family a joyful and festive holiday season. Joyeux Fêtes! Veuillez noter que le bulletin de performance des fonds Palos dans le commentaire hebdomadaire […]

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Issue 52 – Happy Holiday & Thank You

As the holiday season approaches, I would like to extend my warmest wishes for happiness, health and a prosperous new year. I’d also like to express how grateful I am for having the privilege of serving your needs. Having your trust and loyalty are very much appreciated, and we never take your patronage for granted. […]

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Issue 51 – Restaurant Brands (too much of a good thing)

Restaurant Brands International (TSX/NYSE: QSR) operates fast food restaurants all over the world. They own iconic brands like Burger King (BK), Tim Hortons (TH), and Popeyes (POP). Combined, they have over 40,000 restaurants around the world; and growing. Most of this growth originates from BK and POP locations while TH appears to be slowing. Looking […]

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Issue 50 – Special Issue

Good morning dear clients, Hubert has updated his “Macro View” on the weekend. As it is time sensitive, we decided to publish a special issue. Please also note that from next week, we will change the scheduled time for our weekly newsletter to every Monday around noon. Bonjour chers clients, Hubert a mis à jour […]

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Issue 49 – Travel Message

Charles is on the road this week for meetings outside of the office. His weekly commentary will resume next week. However, please note that Hubert’s “Macro View” has been updated. Charles est en déplacement par affaires cette semaine. Son commentaire hebdomadaire reprendra la semaine prochaine. Cependant, veuillez noter que la revue macroéconomique de Hubert a […]

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Issue 48 – Alimentation Couche-Tard is Taking Flight

On November 26th, Alimentation Couche-Tard Inc (ATD/B) announced an unsolicited CAD $8.9 billion offer to buy Australian convenience store chain Caltex. It’s notable that should this transaction be realized; Couche-Tard has the means to the finance the deal entirety with debt. However, under such a scenario we are cognizant that Couche-Tard’s balance sheet may become […]

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Issue 47 – Travel Message

Charles was unable to write their commentary this week as he has been in meetings outside of the office. Their column will resume next week. However, please note that Hubert’s “Macro View” has been updated. Charles ne rédigera pas de commentaires cette semaine puisqu’il est en déplacement à l’extérieur. Vous pourrez les lire à leur […]

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Issue 46 – Superior Surprises to The Upside

The 3rd quarter (3Q) has historically been a weak quarter, as a majority of the company’s business activity is seasonal in nature. However, Superior Plus (TSX:SPB) managed to report a strong Q3 with adjusted EBITDA of $48 million, well above the street’s consensus estimate of $35 million. Disclaimer: Palos Funds are shareholders of SPB.   […]

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Issue 45 – Out of Favor, But Far from Out

It does not take a genius to know that the energy sector is out of favor. Oil & gas producers and midstream companies are currently bearing the brunt of it. Midstream companies usually have long term take-or-pay contracts with customers and provide product marketing. Disclaimer: Palos Funds are shareholders of KEY.   By Charles Marleau, […]

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Issue 44 – Happy Halloween!

Dear Clients, Charles and Joany were unable to write their commentary this week as Charles has been travelling to Toronto. Their column will resume next week. However, please note that Hubert’s “Macro View” has been updated. We hope you have a fun Halloween! Chers clients, Charles et Joany ne publierons pas de commentaires cette semaine […]

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Issue 43 – Canadian National Railway Strong as Nails

Earnings season is back at the forefront and one of the Canadian bellwether stocks reported on Tuesday night. Canadian National Railway (TSX: CNR) reported in-line 3Q 2019 results which were driven by cost cutting and lower taxes. However, they are reducing their guidance from low double digit to high single digit EPS growth. The company […]

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