Topic: How To Invest

Q: Hi. What’s your take on Canoe EIT, Pat? Thanks.

Article Excerpt

A: Canoe EIT Income Fund, $11.12, symbol EIT.UN on Toronto (Units outstanding: 117.6 million; Market cap: $1.3 billion;, changed its name from EnerVest Diversified Income Trust in November 2013. The stock symbol is unchanged. Canoe EIT is a closed-end fund that invests in a portfolio of dividend-paying stocks. Canadian stocks account for 46.3% of its holdings, followed by the U.S. at 37.8%. Other key holdings by country include Ireland at 3.7%, Switzerland at 1.4%, and the Netherlands at 0.3%. The fund’s top individual stock holdings are Anthem Inc. (6.5%), Berkshire Hathaway (6.3%), Brookfield Asset Management (5.6%), Franco-Nevada (5.3%), Coca-Cola (5.1%), Wells Fargo (3.9%), Medtronic plc (3.7%), ARC Resources (3.6%), Microsoft (3.5%) and Canadian Natural Resources (3.5%). More generally, Canoe EIT has 18.5% of its assets in financial stocks and 18.2% in oil and gas firms. Closed-end funds, such as this one, are a lot like conventional, open-end mutual funds. They hold a diversified portfolio of stocks, chosen by a fund manager who gets a..

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