Crescent Point Energy Corp
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The Canadian dollar appreciated against the US dollar by almost 1% on January 22, 2016. Crude prices recovered by more than 10% to $32 per barrel.
Crude oil is Canada’s primary export and the slump weighed negatively on the Canadian dollar. Crude prices fell by more than 20% since the beginning of 2016.
GER has net assets of $877 million. Of its total managed assets, 29% are borrowed funds. GER charges a 1% management fee on managed assets.
Energy & Utilities
Adage Capital raised its position in NiSource Inc. (NI) in the third quarter. The position accounted for 0.52% of the fund’s total 3Q14 portfolio.
Ackman’s fund owned a stake in McDonald’s from 2005 to 2007. He urged McDonald’s to restructure itself. McDonald’s stock almost doubled during that time.
D.E. Shaw upped its position in Time Warner Cable (TWC) that accounted for 0.17% of the company’s U.S. long portfolio in 4Q13.
D.E. Shaw upped its position in Liberty Global PLC (LBTYK) that accounted for 0.76% of the company’s U.S. long portfolio in 4Q13.
D.E. Shaw decreased its position in Bank of America Corp. (BAC) that accounted for 1.11% of the company’s U.S. long portfolio in 4Q13.
D.E. Shaw decreased its position in Apple Inc. (AAPL) that accounted for 5.76% of the company’s U.S. long portfolio in 4Q13.
D.E. Shaw bought new small positions in Crescent Point Energy (CPG), Knowles Corp. (KN), and St. Jude Medical (STJ).
While Sprott’s share price has been bottoming out due to the dividend cut, Long Run Exploration (LRE.TO), Sprott’s largest holding, has seen its share price increase over 30%.
Energy & Utilities
SRC passes our 3-M’s test (management, moat, and mis-pricing). Our analysis tells us that the company is worth north of CAD$3.50 based on its NAV.