BISON INVESTMENT STR ATEG Y
DAVID CARMODY
BISON INVESTMENT STRATEGY
The Investment Selection Process
The objective of our Bison Investment Strategy is tailored to provide each
individual client with an increasing dividend payment each year and capital
growth over the long term.
The strategy uses research and stock analysis from a number of sources
including, Credit Suisse, Morningstar and GMP. Research is not exclusive to
these sources, and includes a select group of investment grade, dividend paying
companies, which have a history of dividend increases, solid balance sheets and
are expected to continue paying dividends and grow over the long term.
Over 2000 companies are analyzed comprising the majority of the world’s
capitalization. In order to qualify for investment consideration a company must
have demonstrated a rising dividend payment to its shareholders and a doubling
of its earnings over the last 10 years.
Most companies do not meet these requirements. Approximately 200 companies
out of the 2000 passed this analysis.
This list (the selection universe) represents the companies who have at least
doubled their earnings over the past 10 years and who have consistently paid
and increased their dividend payment to their shareholders. These 200
companies, which we continually monitor for inclusion in our strategy, have to
pass a further series of tests and analysis in order to qualify for inclusion in our
recommended portfolio.
Richardson GMP Limited
98 Fitzroy Street, 8th Floor
Charlottetown, PEI
C1A 1R7
Some, but not all, of the analysis included the following minimum requirements.
Research reports had to demonstrate capital appreciation was obtainable over
the long term. Companies given consideration for investment must have
demonstrated a past history of increasing shareholders dividends over an
extended time period. Only 40 companies met these investment criteria.
David Carmody
Vice President, Investment Advisor
Tel. 902.620.2606
Tel. 1.902.620.2600
Fax 1.902.620.2601
www.RichardsonGMP.com
Lori Visser
Associate
Tel. 902.620.2606
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BISON INVESTMENT STR ATEG Y
Selection Criteria
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Doubled earnings over the past 10 years
Consistently increased dividends
Research indicates capital appreciation potential over the long term
Strongest balance sheets and financial health
Sell Discipline
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Company does not raise its dividend in any given year
Research indicates no capital appreciation potential over the long term
Analysis
The 2000 companies are analyzed on a continuing basis with updates and changes upon request.
Call or e-mail to get this month’s qualifiers – [email protected]
The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited
or its affiliates. Assumptions, opinions and estimates constitute the author’s judgment as of the date of this material and are subject to change without notice. We do not
warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is
suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. Richardson GMP Limited is a
member of Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons, Limited. GMP is a registered trade-mark of GMP Securities L.P. Both
used under license by Richardson GMP Limited.
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