Power gains from IGM

Article Excerpt

POWER CORP. $29.65 (Toronto symbol POW; Shares o/s: 414.4 million; Market cap: $14.0 billion; TSINetwork Rating: Above Average; Dividend yield: 5.2%; www.powercorporation.com) holds its financial assets through its 65.6%-owned Power Financial. In turn, Power Financial’s holdings include 61.5% of mutual-fund provider IGM Financial (a recommendation of our Successful Investor newsletter). IGM had $159.1 billion in assets under management as of June 30, 2018. That’s up 7.1% from a year earlier. The company’s fee income rises and falls with the value of the mutual funds and other securities it manages. IGM’s clients contributed $141.8 million more to its mutual funds and ETFs in June 2018 than they took out over the month. Those net sales are 12.2% higher than the net sales of $126.4 million for May 2018. Power Corp. is a buy. buy…

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