What did you sell? What might you sell? (2017)

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Taggart
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Re: What did you sell? What might you sell? (2017)

Post by Taggart »

AltaRed wrote: 14 Oct 2017 11:37
Taggart wrote: 14 Oct 2017 11:19I don't own ALA, but i do note they haven't increased their dividend in 2017, so that alone precludes me from even considering buying in until they do so.
If they did increase this year, it would be a reason to actually sell them, not buy them. It would be stupid for them to bleed even more cash on those subscription receipts (to help pay for the acquisition) until that money is actually doing something for them. Indeed, I think it is counter-productive to the existing business that so much cash is being paid out on what is, so far, just a loan 'anticipating a purchase'.
I'm certainly not saying they should increase. I've always found that if a company stops increasing the dividend there's always a reason. Either they are having major problems or they've changed their mind and want to use their cash flow in other ways. Two other companies in my own portfolio that have done this are Rogers and Shaw Communications. No dividend increase, then no fresh investment funds from me.

Sometimes a company will basically lie to their investors and increase their dividend even when they are having major problems. A good example would be Home Capital Group which I dumped before Buffett came on the scene. Funny enough the whiz kids at Mawer sold their shares about the same time as I did.
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Re: What did you sell? What might you sell? (2017)

Post by bpither »

The ALA acquisition could go one way or the other ... how's that for an analysis!

No one knows despite what management tells us. I bought some just before the subscription receipt announcement ... didn't see that one coming, did you? They had "record second quarter normalized EBITDA" in July this year ... sounds good. They have a high payout ratio ... sounds bad. They intend to raise the dividend sometime this quarter ... sounds good. They're taking on a lot of debt ... sounds bad. They're selling off assets to partly finance the merger ... sounds good and bad :|

I wouldn't bet the farm. And I think Brad has the wisest sell approach but I'll hang in there since it represents 1.2% of my portfolio and I'll review it again if management reneges on their assured dividend increase. I also agree with Taggart - Home Capital is the epitome of a long term dividend growth company gone bad.
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Re: What did you sell? What might you sell? (2017)

Post by brad911 »

JaydoubleU wrote: 14 Oct 2017 11:13 Speaking of ALA and management, another to have an eye on is AD, Alaris Royalty....
I think that goes with the partners they attract. These are companies that for the most part aren't accessing normal channels for financing and are paying a price to retain control. I have owned it in the past but at this point continue to watch.
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Re: What did you sell? What might you sell? (2017)

Post by brad911 »

I'll also clarify regarding Empire. I held them for a long time but the safeway purchase made little sense to me given their strength in distribution was on the other side of the continent and operated NS vs. EW. They paid a steep price and at that point I was moving my allocations (consumer) into SAP, MRU, HRL and CARA/MFI so I didn't need it. Its definitely a stock I may own again in the future, but for the moment they have to prove they can get efficient and stop competing on price (always a bad move, especially when you state it publicly!). That was the sole reason I didn't re-enter when it got down into the mid-high teens.
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Arby
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Re: What did you sell? What might you sell? (2017)

Post by Arby »

Sold a portion of my holding in Waste Connections (TSX: WCN-T). I originally owned Progressive Waste Solutions, which merged with WCN in 2016. WCN/Progressive has grown to become a 10-bagger for me, and it is now my largest individual stock holding. The new management at WCN has done an excellent job of growing the company, but I felt it was time to take some profits. I still like the company and will continue to hold a smaller position.
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Re: What did you sell? What might you sell? (2017)

Post by ockham »

I did some early tax loss harvesting by closing my position in IMO. Opened the position in Nov 2013. Four years of holding earned me a loss of about 15%.
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Re: What did you sell? What might you sell? (2017)

Post by SkaSka »

Sold out the rest of my Boston Beer at $177.

Outside of a buyout scenario, I think the price has gotten a little ahead of itself relative to its business fundamentals. While a good company led by a great founder/CEO, the business finds itself in a bit of a "no man's land" between smaller, nimbler, more regional and local craft brewers and the giants. Would get interested if it falls again into the low $100s.

Accumulated in the $165 to $130 range over the past year, then sold off a large portion on the big spike in late-July, then sold off some more between August and September, and finally closed out the position.

Overall, it was a 8.8% IRR from around a year ago when I bought it.

Not great, not bad, coulda timed better, but timing is hard.
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Re: What did you sell? What might you sell? (2017)

Post by jay »

End of year cleaning and raising some cash. Exited all of
  • Stella Jones (TSE:SJ) at $50/share. Bought it in the spring when it dropped below $40. I kinda have a feeling I will regret selling it but oh well.
  • Shaw (TSE:SJR.B) at $27.67. Had bought in late 2015 and early 2016 around $23/share. I have enough in Bell, Telus and Rogers. Besides, I don't know how to categorize Shaw (Telco or Consumer?). Either way, I have enough in both sectors now.
  • Manulife (TSE:MFC). It still looks relatively cheap but insurers make me nervous. I have enough in Power Corp and Sunlife.
All are non-core holdings of the dividend portfolio and I had bought them when they got cheap during the last couple of years. Shaw is the only one I will be looking to replace relatively soon and I will likely be using its proceeds to add to Bell and Telus.

Next on the list to get rid of are High Liner Foods (TSE:HLF) - currently sitting at a 10% loss - but I will be looking to exit on a pop anyday now.
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Re: What did you sell? What might you sell? (2017)

Post by THEMAINEVENT »

Sold almost 50% of the XIC in my kids RESP this morning at $25.10 with the goal of buying XAW for more diversification. Have held nothing but XIC (actually it was XIU until a few years ago when I moved to XIC) for almost 10 years. Oldest about to turn 10 this fall so the new plan is 50% XIC, 50% XAW for two years then will start moving 15-20% a year split between short term bonds and a 5 year GIC ladder.

Total contributions to date: $50,000
Total grants to date: $10,000
Value today - just over $85,000
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Re: What did you sell? What might you sell? (2017)

Post by shmenge »

Sold SXP for a 17% loss. What a dog it has been for the last year. I have no idea why I hung on so long other than just plain lack of portfolio oversight. :roll:
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Re: What did you sell? What might you sell? (2017)

Post by westcoastfella »

made the decision to exit my GE position, that I started earlier this year. The most recent results are bad, pointing at a dividend cut later in November, and a lot of ambiguity about future plans and revenue. The only bright spot seemed to be they have a good backlog for future work, but I suspect the near term headwinds for GE are going to be tremendous, and drive this stock down.

Pretty big miss for me, I ended up down 15% on ACB (would have been worse except for the averaging down). Haven't decided what to do with the cash.
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Re: What did you sell? What might you sell? (2017)

Post by deaddog »

PKI; Strictly technical reasons.

Price is making new lows and has dropped below what I consider support.
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Re: What did you sell? What might you sell? (2017)

Post by Peculiar_Investor »

Exited our position in Pulte Homes (PHM) at $27.99 this afternoon. The holding actually dates back to a 2004 purchase of Centex Corp. Centex and Pulte merger in 2009. Over a couple of cycles and a major housing bust in the US, still managed to turn a small profit on the holding.

Rationale for the sale was the need to start addressing a few very underweight equity positions (under 1% weighting) that our investment policy statement suggests we need to either sell and exit the position or add to the position to bring it up to at least a 2% weighting.

My analysis of Pulte's fundamentals indicate the company is fairly valued, but their business does tend to be somewhat cyclical. Strategically the holding isn't a great fit in our portfolio and given the cyclical nature, I wasn't willing to add to the position. Hence the decision to sell.

Proceeds will be invested in VTI to maintain US equity allocation.

I've got two other equity positions that I'm currently reviewing as they've also fallen to under a 1% equity weighting.
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Re: What did you sell? What might you sell? (2017)

Post by Hammerer »

Sold SNC Lavalin through my limit order at $58.55.

Bought in after their corruption scandal at $38 figuring they would recover and held a lot of good assets anyway.

Would do again. Buy low sell high and all.
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Re: What did you sell? What might you sell? (2017)

Post by Pickles »

Sold my small holding of Aecon shares on Friday at $19.51, having had no takers for my $20.30 bid the day before. This represents a 70% gain from my purchase date 2 1/2 years ago.

I sold early because government approval might take some time/be withheld, if Trudeau's musings are to be believed. I decided to take my winnings and run. Ever since the jettisoned purchase of BCE by the Ontario Teachers' Pension Plan -- I missed out on a big capital gain there and suffered BCE's suspension of its dividend -- my practice is to sell immediately rather than wait, if there is any doubt the sale will take place.
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Re: What did you sell? What might you sell? (2017)

Post by jay »

Sold my position in TSE:ELD for $1.75/share. I bought this last week for $1.63/share in my TFSA and happy with a quick 7% profit.
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Koogie
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Re: What did you sell? What might you sell? (2017)

Post by Koogie »

I sold my entire VCN holding. 4000 units at $32.36 Held since 2014.

Reasons are entirely of my own making but manifold. In no particular order:
- I have wanted to for a long time. The TSX surging seemed like a good time.
- they were in my CCPC account. Forward uncertainty being what it is.
- for some time I have embraced domestic dividend growth investing and US/foreign index investing.
Indexing works. In broad markets. I have come to realize over time that Canada is not a broad market.
- these funds will be used to increase my US/foreign holdings (by DCA) and some to reinforce
my FI as one GIC rung wasn't rolled over this year (I was a biggish spender this year :wink: )
- I have doubts about the broader Canadian economy going forward. Crystal ball gazing like that alone is
never reason enough to sell something but added in as a factor to the above, it helps.

As always, VCN will climb like a rocket now. For those interested in momentum.. :|
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Re: What did you sell? What might you sell? (2017)

Post by SkaSka »

Sold out my small Baidu stake at $244 due to an error I made in which I needed to close a cash deficit in my account.

Was planning on holding longer than a few days but when it came down to selling something to close that cash deficit, this was the one I chose.
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Re: What did you sell? What might you sell? (2017)

Post by jay »

Sold Peyto (TSE:PEY) at $18.10 (from $16.87) and Arc Resources (TSE:ARX) at $16.2 (from $15.13), both for +7% gains. I bought those last week in my TFSA as part of the ad hoc trading that I do now and then.
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Re: What did you sell? What might you sell? (2017)

Post by Shakespeare »

Sold half of my BIP.UN with a nice gain (77%) as I am currently above target on my equity allocation.
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Re: What did you sell? What might you sell? (2017)

Post by jay »

Exited my position in Fairfax Financial (TSE:FFH) at $700/share for +15% profit. It is a non core position and my plan is to raise my cash levels as some names on my watchlist are approaching my target buy levels, namely ENB, TRI and possibly AQN.
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Re: What did you sell? What might you sell? (2017)

Post by Dudsy »

deaddog wrote: 20 Oct 2017 12:00 PKI; Strictly technical reasons.

Price is making new lows and has dropped below what I consider support.
Or "Oversold" :wink:
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Re: What did you sell? What might you sell? (2017)

Post by deaddog »

Dudsy wrote: 03 Nov 2017 11:13
deaddog wrote: 20 Oct 2017 12:00 PKI; Strictly technical reasons.

Price is making new lows and has dropped below what I consider support.
Or "Oversold" :wink:
Happens to me now and then. :oops:

It was what my plan called for and has paid off in the long run.
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Re: What did you sell? What might you sell? (2017)

Post by BRIAN5000 »

Thinking of reducing equity not sure what to get rid of, I have a couple of traders I may dump but I'm also considering Bombardier. Down a couple of grand will this pig ever fly? Or I could sell some winners.
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Re: What did you sell? What might you sell? (2017)

Post by JaydoubleU »

...will this pig ever fly? Or I could sell some winners....
I think I'd be way ahead today if I'd dumped the pigs more quickly and let the winners run. Doubling down on losers or taking profits on winners usually didn't pay off.
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