The Canadian Edge model Portfolio is broken into two parts. The Conservative Holdings are chosen for their ability to pay consistent and rising dividends over time, thanks to healthy and growing underlying businesses that have proven they can prosper even in the most volatile and dangerous environments.

The Aggressive Holdings represent outsized total return potential, either because of strong positions in key natural resource sectors or a special situation with big upside. Here we take on more risk for greater potential reward.

Unlike Conservative Holdings, Aggressive Holdings’ stock prices can be deeply affected by economic events. I’m willing to hold them through the volatility so long as they remain solid as businesses. Obviously, a company that sells oil will see its earnings drop if black gold takes a tumble.

What’s important, however, is whether the producer can manage the lower prices and eventually turn them to its advantage. So long as that appears probable, I’ll stay with them.

Which Portfolio investors choose to focus on should depend on the ability to absorb risk in pursuit of potential reward. For the most conservative, this sort of tolerance will be quite low, and they should stick largely to Conservative Holdings.

Most investors, however, will want to hold stocks from each portfolio, always in a rough balance with each other. This way we’re protected against a cratering of one particular stock and are always in the game for potentially explosive returns, particularly when less-than-optimal conditions improve.

One way to build a portfolio of CE stocks this way is simply to buy the two Best Buys in each issue.

These are typically drawn one from the Conservative Holdings and one from the Aggressive Holdings, as is the case this month with Conservative Holding Cineplex Inc (TSX: CGX, OTC: CPXGF) and a returning member of the Aggressive Holdings, PHX Energy Services Corp (TSX: PHX, OTC: PHXGF).

Since May 2013, when I took over management of the CE Portfolio, Best Buy picks have generated solid total return figures, with the 11 Aggressive Holdings named among the 13 monthly articles–two stocks, Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF) and ARC Resources Ltd (TSX: ARX, OTC: AETUF), have been identified twice each–posting an average return of more than 20 percent from the issue date of selection through June 2, 2014.

And 12 of the 13 Aggressive Best Buys have outperformed both the S&P/Toronto Stock Exchange Composite Index and the S&P 500 Index on a US dollar total return basis from issue date through June 2, 2014.

Conservative Best Buys have posted an average total return of 7.5 percent, with just five of 13 picks outperforming both the S&P/TSX Composite and the S&P 500. But only two were in negative territory from issue date of selection through June 2, and one those, TransForce Inc (TSX: TFI, OTC: TFIFF), a May 2014 Best Buy, has rebounded late this week and is now up 2.7 percent from May 9, 2014, through June 5, 2014.

Of further note, the three stocks we’ve added to the Portfolio since assuming the CE helm in May 2013 have all outperformed both the S&P/TSX Composite and the S&P 500 since original recommendation.

Bank of Nova Scotia (TSX: BNS, NYSE: BNS), which we added to the Conservative Holdings in the August 2013 issue, has since posted a US dollar total return of  16.7 percent versus 13 percent for the main Canadian benchmark and 15.7 percent for the main US benchmark.

We recommended Scotiabank again as a Best Buy in February 2014; it’s up 15.4 percent since that recommendation versus 8.6 percent for the S&P/TSX Composite and 7.9 percent for the S&P 500.

We added Magna International Inc (TSX: MG, NYSE: MGA) to the Aggressive Holdings in December 2013. From Dec. 6, 2013, through June 2, 2014, the global automotive parts, components and systems designer and manufacturer has returned 28.5 percent in US dollar terms. The S&P/TSX Composite is 9.5 percent to the positive for the comparison period, the S&P 500 7.7 percent.

ShawCor Ltd (TSX: SCL, OTC: SAWLF) joined the Aggressive Holdings in February 2014, and the specialized pipeline services firm with global reach has amply rewarded the decision, with a US dollar total return of 37.9 percent versus 7.8 percent for the broad Canadian index and 5.4 percent for the broad US index.

If you have new money to put to work now, you could do much worse than to start with this month’s Best Buys.

Soft Currency

The Bank of Canada helped send the Canadian dollar lower again this week as it highlighted the benefits of a weaker currency.

The central bank under Governor Stephen Poloz held its neutral stance in its June 4 interest rate decision, providing very little indication of where its benchmark interest rate could be headed or when it might move.

The BoC held the key overnight rate at 1 percent, where it’s been since September 2010.

“Global economic growth in the first quarter of 2014 was weaker than anticipated in the [monetary policy report] and recent developments give slightly greater weight to downside risks,” the BoC noted in its statement.

“The US economy is rebounding after a pause in the first quarter, but there could be slightly less underlying momentum than previously expected.”

It did note a faster-than-expected rise in inflation but attributed it to factors such as higher energy prices.

So called-core inflation, which strips out volatile items, is still “significantly below” its target.

The central bank noted that the economy expanded at a modest pace in the first quarter of the year–by 1.2 percent on an annualized basis–notably because of the weather.

But it’s still counting on a boost in exports to feed the recovery. And it was careful not to say anything that would drive up the loonie because it’s comfortable with a weaker currency that would help push trade: “The ingredients for a pickup in exports remain in place, including the lower Canadian dollar and an anticipated strengthening of foreign demand.”

REIT Update

Canadian Apartment Properties REIT (TSX: CAR, OTC: CDPYF), at its May 28, 2014, annual general meeting, announced a 2.6 percent increase in its distributions from a monthly rate of CAD0.09583 per unit (CAD1.15 on an annualized basis) to approximately $0.09833 per unit (CAD1.18 on an annualized basis), effective for the June 2014 distribution payable on July 15, 2014, to unitholders on record as of June 30, 2014.

This is the 11th increase in CAP REIT’s distributions, reflecting a “positive future outlook.”

CAP REIT posted a 9.1 percent year-over-year increase in first-quarter normalized funds from operations (NFFO) per unit to CAD0.395, despite a 9 percent increase in the average number of units outstanding.

The payout ratio based on NFFO was 74.7 percent, down from 79.3 percent a year ago.

Operating revenue was up 9.7 percent to CAD126.5 million, as high and stable occupancy, which was 97.9 percent as of March 31, 2014, growth in average monthly rents of 2.9 percent and contributions from acquisitions offset the effects of unseasonably cold temperatures and major Ontario ice storms.

Operating expenses were up 6.4 percent to CAD55.2 million.

Management noted that ongoing energy saving initiatives contained energy costs, despite the record cold temperatures across the country, and effective cost management resulted in reduced costs associated with the ice storms and overall repairs and maintenance.

Net operating income (NOI) grew by 12.4 percent to CAD71.4 million, while NOI margin was 56.4 percent, up from 55.1 percent a year ago. Same-property NOI was up 5.3 percent compared to the prior corresponding period.

CAP REIT’s subsidiary in Ireland, Irish Residential Properties REIT Plc, completed a EUR200 million initial public offering and listed on the Irish Stock Exchange on April 16. Growth for the Irish subsidiary, which will be driven by favorable apartment market metrics in Dublin, will allow CAP REIT to generate a stable and growing stream of fee revenue from our asset and property management activities.

Canadian Apartment Properties REIT is a solid buy for stable income up to USD25.

Northern Property REIT (TSX: NPR, OTC: NPRUF) reported an 8.3 percent increase in first-quarter total revenue to CAD45.4 million, while net operating income (NOI) grew by 1.9 percent to CAD23.9 million.

Funds from operation declined by 2.4 percent to CAD15.5 million, while FFO per unit slipped by 2 percent to CAD0.49. The payout ratio for the period based on FFO was 81.5 percent.

Management attributed the declines to the impact of severe winter weather and weaker hotel and execusuite performance as well as “stubbornly higher” vacancy rates in Yellowknife, Northern Territories, and Fort McMurray, Alberta.

Utility costs were also higher–by CAD900,000, taking CAD0.03 per unit off FFO–due to increased consumption owing to colder temperatures.

Total residential vacancy loss for the three months ended March 31, 2014, was 8.8 percent compared to 6.4 percent for the same period of 2013 and 6.7 percent in the fourth quarter of 2013.

Stabilized vacancy for the three months ended March 31, 2014 was 7.8 percent.

Financing costs also increased compared to the first quarter of 2013, as mortgage interest expense was higher due to a higher number of leveraged properties.

Northern Property acquired five residential units in Iqaluit, Nunavut, bringing the total to 9,905 multifamily units as of March 31. The REIT also purchased 30,000 square feet of commercial space in St. John’s, Newfoundland.

On the development front, Northern Property completed the 189 multifamily-unit project in Regina, Saskatchewan, at a cost of CAD26.7 million. Lease-up is progressing, with approximately 70 percent of the project currently leased.

Northern Property also completed 39 multifamily units in Iqaluit at a total cost of CAD9.2 million, with lease-up expected to be completed during the second quarter.

Management noted that, moving into the more favorable spring and summer seasons and based on the allocation of significant resources and efforts to leasing, customer service and the maintenance of its properties, it’s seeing signs of improvement in the portfolio that should translate into better performance in coming quarters.

Northern Property REIT is a buy under USD30.

RioCan REIT (TSX: REI, OTC: RIOCF), Canada’s largest real estate investment trust, has also been the sector’s top performer in total return terms this year.

From Dec. 31, 2013, through June 2, 2014, the REIT posted a capital gain plus distributions paid, in US dollar terms, of 11.1 percent.

RioCan continues to post solid operating and financial numbers as well. First-quarter operating funds from operations (FFO) increased by 2 percent to CAD127 million for the three months ended March 31, 2014. Operating FFO per unit were up 2 percent to CAD0.42.

RioCan’s concentration in Canada’s six major markets–Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver–increased to 72.2 percent of annualized rental revenue from 71.7 percent as of Dec. 31, 2013.

National and anchor tenants represented about 86.4 percent of RioCan’s total annualized rental revenue as of March 31, a slight increase from 86 percent a year ago. No individual tenant comprised more than 4.4 percent of annualized rental revenue.

Overall occupancy was in line at 96.8 percent as of March 31, 2014, compared to 96.9 percent as of Dec. 31, 2013.

RioCan renewed 1,282,000 square feet in the Canadian portfolio during the first quarter at an average rent increase of CAD1.02 per square foot, representing an increase of 7 percent and a renewal retention rate of 91.2 percent.

Same-store growth was 3.1 percent in Canada and 3 percent in the US.

A strong balance sheet supporting continuing growth via property acquisitions and development on both sides of the Canada-US border, RioCan REIT, currently yielding 5.1 percent, is a buy under USD27 for reliable income.

Conservative Update

Bank of Nova Scotia (TSX: BNS, NYSE: BNS) posted fiscal 2014 second-quarter net income of CAD1.8 billion, up 5.3 percent sequentially and 13.8 percent year over year.

Earnings per share were CAD1.39, up from CAD1.32 last quarter and CAD1.22 for the second quarter of fiscal 2013.

Total revenue was up 9.8 percent year over year to CAD5.725 billion.

Return on equity improved to 16.3 percent versus 15.4 percent for the first quarter of fiscal 2014. Expenses were well managed, as the productivity ratio–operating expenses as a percentage of total revenue–improved to 51.6 percent from 54.2 percent as of Dec. 31, 2013, and 53.9 percent as of April 30, 2013.

Results were strong across all of Scotiabank’s businesses, with particularly good results generated by Canadian Banking and Global Wealth & Insurance.

Canadian Banking posted an 11 percent profit increase to CAD565 million on solid top-line growth, an eight basis-point improvement in interest margin, “double-digit growth” in credit card and auto lending volumes and positive operating leverage. Credit quality remained stable.

Global Wealth & Insurance earnings were up 11 percent to CAD355 million, driven by strong performance in Scotiabank’s asset management businesses due to solid net sales and favorable market conditions.

International Banking posted strong volume growth, particularly in Latin America and Asia, and disciplined expense management, though profit declined by approximately 1 percent. Interest margins declined but have settled into a range management expected. Credit quality remained within expectations, with a modest increase in the provision for credit losses.

Global Banking & Markets reported 9.4 percent profit growth to CAD385 million on good results for its fixed-income, investment banking and US corporate banking businesses. Credit quality remained “favorable.”

On May 28 the bank announced the sale of 72 million shares of Toronto-based money manager CI Financial Corp (TSX: CIX, OTC: CIXUF) at CAD31.60 per. The sale will leave Scotiabank with an 11.4 percent stake in CI, which could drop to 7.7 percent if an overallotment option for additional shares is exercised. Scotiabank will record a pretax gain of up to CAD440 million on the sale if the option is fully exercised.

Proceeds–CAD2.28 billion as of press time–are earmarked for acquisitions Scotiabank is considering in areas such as wealth management and retail banking in Mexico, Peru, Chile and Colombia as well as credit cards in Canada and abroad.

Scotiabank reported a Common Equity Tier 1 capital ratio of 9.8 percent as of April 30, up from 9.4 percent at the end of the first quarter and 8.6 percent a year ago.

Canada’s third-biggest lender by assets also announced a plan to repurchase up to 12 million shares, or about 1 percent of its outstanding stock, over the next 12 months.

Scotiabank, on track to boost its dividend by 3 percent to 5 percent when it announces fiscal 2014 third-quarter results on Aug. 26, 2014, is now a buy under USD66.

Bird Construction Inc’s (TSX: BDT, OTC: BIRDF) first quarter didn’t play out the way management expected, though leadership expressed confidence–supported by an uptick in construction activity and the award of new contracts–that  the remainder of 2014 will be much better.

The first three months of the year are typically slower for Bird due to seasonal factors, and the winter of 2013-14 was more severe than most. Two other factors contributed to underwhelming results: disproportionate expenditure in pursuit of large projects versus planned spending, which must be expensed as incurred without offsetting revenues, and the deferral of planned projects by clients in the mining sector.

Management doesn’t expect either of these factors to continue through 2014, its confidence supported by a record backlog that should drive construction activity for the balance of the year.

During the first quarter Bird secured CAD417.7 million of new construction contracts and put in place work valued at CAD275 million, pushing the backlog to CAD1.412 billion as of March 31, up from CAD1.269 billion as of Dec. 31, 2013, and CAD1.029  billion a year ago.

Management also noted a shift in its work program toward the industrial sector, which generally has higher embedded gross profit percentages. These projects will drive earnings growth for 2014.

First-quarter net income was CAD915,000 million, down  from CAD2.4 million for the first quarter of 2013. Construction revenue decreased by 4.8 percent to CAD274.7 million, primarily due to lower revenues from commercial clients, offset to some extent by higher construction revenue in Bird’s industrial sector.

Cash flow from operations was CAD5.4 million, down from CAD8.4 million a year ago. The payout ratio for the period was 148.7 percent, though this level should come down with improved operating and financial results over the course of 2014.

During the quarter Bird announced the award of new contracts totaling CAD300 million involving civil and building construction activity spread through its industrial, institutional and commercial sectors across many of its geographic operating areas.

Bird, as part of various consortia, was also short-listed to submit proposals for the construction of the Calgary Composting Facility and the Moncton Events Centre.

The board of directors also declared monthly dividends of CAD0.0633 per share for May, June, July and August.

A potentially significant upside driver for Bird will be the development of liquefied natural gas (LNG) export capabilities in northeast British Columbia. Management is currently monitoring potential opportunities and has highlighted that it could be interested in working on both LNG facilities and peripheral off-site civil work.

Bird has strong experience in the oil sands and industrial sector, and many of the skills and aptitudes it’s acquired could be applied toward potential LNG opportunities.

Bird continues to believe that oil sands and related pipeline activity in northern Alberta will continue to be the primary driver of its industrial construction work over the next two or three years.

And while LNG could provide some additional upside to growth, Bird management doesn’t expect these projects to get to the contract-letting phase until 2017. And then it will likely favor .

Management noted during its first-quarter conference call that “all the proponents that are involved that are potentially making plays to have a plant built are either clients of ours or we have a relationship with them through consultants.”

Bird has been in touch with these proponents about budgets and “constructability,” but its position at this point is not unlike its competitors in the market.

Management also noted that “the real play” for Bird “would be in the peripheral work associated with the LNG rather than right in the main work.,” explaining that it usually finds “that there’s better offerings that are more profitable, there’s less spotlights on them, less  issues on the stuff that’s around the side rather than the big name plan.”

At the same time, management described the oil sands market as “very strong right now.” Bird has picked up work recently, and there are other opportunities on the horizon, though its focus is on executing the work it does have. The goal is to build out the work on its “full plat” successfully.

But as for the oil sands, “It’s on fire, quite frankly, to put it bluntly.”

Bird Construction is a buy under USD14.50.

EnerCare Inc (TSX: ECI, OTC: CSUWF) didn’t benefit directly from Just Energy Group Inc’s (TSX: JE, NYSE: JE) woes, as the latter announced this week, in addition to a 40.5 percent dividend cut, that it had reached agreement to sell its waterheater and HVAC home services business to Reliance Comfort LP for CAD505 million.

But EnerCare will benefit from the removal of an aggressive door-to-door competitor from the market.

Customer retention–or the slowdown of attrition–is one of the key highlights of the Conservative Holding’s first-quarter operating and financial report.

Total revenue for the three months ended March 31, 2014, was up 10.6 percent to CAD82.2 million, as attrition in the rentals portfolio decreased by 18 percent, helped by new consumer protection legislation enacted in Ontario last year that limits the activities of door-to-door marketers.

Rentals revenue increased by 3.3 percent to CAD48.6 million, primarily due to a rate increase implemented in January 2014, improved billing and changes in asset mix, partially offset by fewer installed assets.

Submetering revenue grew by 24.5 percent to CAD33.6 million, primarily due to increased billable units and the associated commodity charges. EnerCare added approximately 7,000 contracted submetering units during the quarter.

Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) were up 3.8 percent to CAD43 million. The payout ratio for the period was 47.5 percent.

The Stronger Protection for Ontario Consumers Act 2013–known as Bill 55–will continue to aid EnerCare’s efforts to limit customer attrition, though the positive trend has been in place for five years due to management’s successful efforts to control what it can, such as providing solid products and attentive customer service.

Management is focused growing revenue in excess of annual rate increase for the rentals business, primarily through the addition of more units. Along with improving attrition, this will drive adjusted EBITDA growth.

For submetering, the priorities are to add new contracts, improve productivity and operation efficiencies and provide good customer service.

Sales growth trends for both businesses are solid. Improving attrition is the key. EnerCare is a buy under USD10.

Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF) has a trailing-12-month payout ratio as of March 31, 2014, of 111.9 percent, which is a red flag. We’re not going to abandon the position at this time, but it is a point on which we will be hung up on when management reports results for the second quarter in early August.

Revenue for the first quarter grew by 5 percent to CAD37.6 million, while adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) was flat year over year at CAD25.3 million.

Power generated was up 8 percent to 417 gigawatt-hours (GWh), 84 percent of the long-term average.

Free cash flow declined by 4.8 percent to CAD49.8 million.

Hydro facilities only produced 187 GWh for 67 percent of its long-term average, primarily due to below-average hydrology in British Columbia. Management noted during its first-quarter conference call that low water flows in BC continued in April, though it was starting to see an improvement as of mid-May.

The wind segment generated 223 GWh for 105 percent of its long-term average.

Innergex recently signed an agreement with BC Hydro to increase installed capacity at the Upper Lillooet River to 81.4 megawatts (MW) and the Boulder Creek facility to 25.3 MW.

Construction continued on time and on budget at Tretheway Creek, with clearing and bulk excavation for intake, the powerhouse and the penstock near completion.

Innergex and its First Nation partner signed a 20-year power purchase agreement with Hydro-

Quebec for the 150 MW Mesgi’g Ugju’s’n wind project in Quebec. The PPA price of CAD101.2 per GWh will escalate by 100 percent of consumer price index until the end of 2016 and by 20 percent thereafter.

The Kwoiek Creek (25 MW net) and Northwest Stave River hydro (17.5 MW net) projects came in on time and on budget.

Innergex posted very similar results in the first quarter of 2013, when consolidated production was also at 84 percent of long-term average, mainly because of poor weather conditions in BC as well. The Magpie hydro facility acquired in July 2013 and the better   performance of the wind facilities helped increase production by 8 percent for the three months ended March 31, 2014. Unfortunately, the contribution from the newly commissioned Northwest Stave and Kwoiek Creek hydro assets was limited given the low water flows in BC.

It’s tough to pin this on management, as weather can have both positive and negative effects on results. On a positive note, recent acquisitions and project commissions give Innergex 95 MW more of net installed capacity, a 20 percent year-over-year increase, all demonstrating a high availability rate. So the renewable power producer does have more capacity to produce if the weather actually shows up.

Innergex remains a buy under USD10.

TransForce Inc (TSX: TFI, OTC: TFIFF), one of last month’s Best Buy selections, has agreed to buy Transport America Inc, which provides truckload carriage and logistics services, for about CAD160 million plus the assumption of about USD150 million in debt. 

Transport America has 12 terminals throughout the U.S. and more than 2,000 staff and independent contractors.

The deal, which adds approximately USD350 million of annual revenue, is expected to close at the end of this month. It’s expected to be immediately accretive to earnings. It bolsters TransForce’s US truckload division and serves as platform from which the company can penetrate Mexico.

TransForce also announced the smaller, tuck-in acquisition of Veolia Solid Waste
Canada for about CAD25 million. Veolia Solid Waste has been operating for about 40 years in the Quebec City, Montreal and Beauce regions, where it offers trash collection, disposal, recycling and related services to municipalities and businesses.

The transaction should help TransForce’s Matrec subsidiary, one of several waste management companies within the group, to broaden its service offering and improve its efficiency. Annual revenue for Veolia Solid Waste is approximately CAD30 million, while 2013 earnings before interest, taxation, depreciation and amortization (EBITDA) were CAD5 million.

These two deals illustrate management’s execution of its growth-via-acquisition strategy, and the former deal in particular providing increased exposure to the building US economic recovery. TransForce is a buy under USD23.

Aggressive Update

Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF) punctuated its first-quarter financial and operating results announcement with a 25 percent increase to its monthly dividend to CAD0.10 per share, effective with the May installment to be paid on June 13, 2014, to shareholders of record as of May 31.

Peyto reported first-quarter production-per-share growth of 27.9 percent, as overall output was up 30.4 percent from 332.23 million cubic feet equivalent per day (MMcfe/d), or 55,372 barrels of oil equivalent per day (boe/d), for the first quarter of 2013 to 433.25 MMcfe/d, or 72,209 boe/d, for the three months ended March 31, 2014.

Funds from operations were up 56.3 percent to a company-record CAD160.8 million due to increased production volumes and improved commodity prices. FFO per share were CAD1.06, up by 53.6 percent from CAD0.69 a year ago.

The payout ratio for the period was 22.6 percent.

Peyto accomplished this on industry-leading cash costs of CAD1.25 per thousand cubic feet equivalent (Mcfe), up from CAD1.02 a year ago due to higher royalties, driven by higher commodity prices, and higher operating costs, due to front-end loaded chemical and maintenance costs. Higher revenues, combined with these cash costs, resulted in a cash netback of CAD4.12 per Mcfe (CAD24.74 per boe), or a 77 percent operating margin.

Peyto invested CAD179 million during the quarter, resulting in production additions of 11,500 boe/d at an annualized cost of CAD17,140 per boe/d. A total of 31 gross wells were drilled, concentrated in the Deep Basin.

Natural gas prices were extremely volatile, as cold winter weather reduced storage volumes to multi-year lows and caused gas prices to increase dramatically. Peyto increased its pace of activity and accelerated 2014 spending plans in response to the increase in natural gas prices with an urgency to deploy more capital earlier in the year, before potential cost inflation could occur.

Drilling through spring break-up became part of that plan, as did stockpiling chemicals and accelerating facility maintenance during unscheduled transportation outages. These efforts, combined with increased government and regulatory fees, resulted in higher per-unit operating costs for the first quarter.

Management noted in its first-quarter commentary that commodity prices for the balance of 2014 “continue to look robust,” with higher commodity prices likely to drive FFO. As ever, however, management remains focused on containing cost inflation.

Peyto is executing more of its 2014 capital program in the first half of the year to mitigate this potential cost inflation and fully expects to meet its rate of return objectives. Peyto Exploration & Development is a strong buy under USD38.

Please note that we discuss first-quarter 2014 results for Aggressive Holdings Acadian Timber Corp (TSX: ADN OTC: ACAZF), Ag Growth International Inc (TSX: AFN, OTC: AGGZF), Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF) and Noranda Income Fund (TSX: NIF-U, OTC: NNDIF) in this months In Focus feature on non-oil and gas Canadian resources.

Another Quarter Down

Here are estimated and confirmed dates for the next set of operating and financial numbers from Canadian Edge Portfolio Holdings. Except where noted, Holdings will be reporting second-quarter 2014 results.

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–Aug. 1, 2014 (estimate)
• Artis REIT (TSX: AX-U, OTC: ARESF)–Aug. 8, 2014 (estimate)
• Bank of Nova Scotia (TSX: BNS, NYSE: BNS)–Aug. 26, 2014 (FY 2014 Q3, confirmed)
• Bird Construction Inc (TSX: BDT, OTC: BIRDF)–Aug. 12, 2014 (estimate)
• Brookfield Real Estate Services Inc (TSX: BRE, OTC: BREUF)–Aug. 12, 2014 (estimate)
• Brookfield Renewable Energy Partners LP (TSX: BEP-U, OTC: BRPFF)–Aug. 8, 2014 (estimate)
• Canadian Apartment Properties REIT (TSX: CAR, OTC: CDPYF)–Aug. 7, 2014 (estimate)
• Cineplex Inc (TSX: CGX, OTC: CPXGF)–Aug. 8, 2014 (estimate)
• Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF)–Aug. 7, 2014 (estimate)
• Dream Office REIT (TSX: D-U, OTC: DRETF)–Aug. 8, 2014 (estimate)
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–Aug. 13, 2014 (estimate)
• Innergex Renewable Energy Inc (TSX: INE, OTC: INGXF)–Aug. 8, 2014 (estimate)
• Keyera Corp (TSX: KEY, OTC: KEYUF)–Aug. 7, 2014 (estimate)
• Northern Property REIT (TSX: NPR, OTC: NPRUF)–Aug. 13, 2014 (estimate)
• Pembina Pipeline Corp (TSX: PPL, NYSE: PBA)–Aug. 8, 2014 (estimate)
• RioCan REIT (TSX: REI, OTC: RIOCF)–July 31, 2014 (estimate)
• Shaw Communications Inc (TSX: SJR/B, NYSE: SJR)–June 26, 2014 (FY 2014 Q3, confirmed)
• Student Transportation Inc (TSX: STB, NSDQ: STB)–Sept. 16, 2014 (FY 2014 Q4, estimate)
• TransForce Inc (TSX: TFI, OTC: TFIFF)–July 29, 2014 (estimate)

Aggressive Holdings

• Acadian Timber Corp (TSX: ADN OTC: ACAZF)–July 31, 2014 (estimate)
• Ag Growth International Inc (TSX: AFN, OTC: AGGZF)–Aug. 14, 2014 (estimate)
• ARC Resources Ltd (TSX: ARX, OTC: AETUF)–Aug. 1, 2014 (estimate)
• Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF)–Aug. 8, 2014 (estimate)
• Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF)–Aug. 8, 2014 (estimate)
• Enerplus Corp (TSX: ERF, NYSE: ERF)–Aug. 8, 2014 (estimate)
• Extendicare Inc (TSX: EXE, OTC: EXETF)–Aug. 8, 2014 (estimate)
• Magna International Inc (TSX: MG, NYSE: MGA)–Aug. 8, 2014 (estimate)
• Newalta Corp (TSX: NAL, OTC: NWLTF)–Aug. 7, 2014 (estimate)
• Noranda Income Fund (TSX: NIF-U, OTC: NNDIF)–July 22, 2014 (confirmed)
• Parkland Fuel Corp (TSX: PKI, OTC: PKIUF)–Aug. 7, 2014 (estimate)
• PHX Energy Services Corp (TSX: PHX, OTC: PHXHF)–Aug. 8, 2014 (estimate)
• Lightstream Resources Ltd (TSX: LTS, OTC: LSTMF)–Aug. 7, 2014 (estimate)
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–Aug. 13, 2014 (estimate)
• ShawCor Ltd (TSX: SCL, OTC: SAWLF)–Aug. 8, 2014 (estimate)
• Vermilion Energy Inc (TSX: VET, NYSE: VET)–July 31, 2014 (confirmed)
• Wajax Corp (TSX: WJX, OTC: WJXFF)–Aug. 8, 2014 (estimate)