Anodyne
Thursday, January 25, 2007
 
Anodyne Inc. Quarterly Report to Shareholders

TSE 300 index, 25 October 2006 - 25 January 2007: 4.75% gain

Anodyne Inc. 25 October 2006 - 25 January 2007: 3.93% gain

Relative result: -.82%

The TSE index and Anodyne, Inc. both made money in the last 90 days, but the index's gain exceeded Anodyne's. I will report total return for the first four quarterly reports, then an annualized result thereafter. I'm pretty happy with the performance so far. Parkland Industries (PKI.UN) and Norbord, Inc. (NBD) have been particularly strong performers. Parkland's recent acquisition of Neufeld Petroleum and Propane was immediately accretive to earnings, raising the income trust's payout approximately 9%. On the other hand, Dominion Citrus Income Fund (DOM.UN)'s unit price declined 16% since late October. This strikes me as a compelling investment opportunity. This small, well-managed income trust generates a steady income flow which the market perceives as massively unsustainable. I disagree, based upon my reading of DOM.UN's financial statements, and will continue to hold DOM.UN for the long term. Anyone wishing to receive a more detailed calculation of the Anodyne-vs.-TSE results, or the current portfolio holdings, should drop me a line. And, as usual, the portfolio's contents are not recommendations to buy or sell any security.

New acquisition: TerraVest Income Trust (TI.UN): 309 units @ $6.54/ unit = $2020.86, plus $25.00 transaction charge. Cash balance, $20.66.
- posted by cjb @ 10:58 PM


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