CAPVEST Income Corp.

Snapshot

CAPVEST Income Corp. - Common shares
TSX Symbol/Fund Code: CSV
Inception Date: January 6, 2005
Investment Type: Investment corporation
 
CAPVEST Income Corp. - Debentures
TSX Symbol/Fund Code: CVS.DB
Inception Date: January 6, 2005
Investment Type: Investment corporation
 
Portfolio Manager:
J. Andrew Guy
Details
Portfolio Manager:
Sandy McIntyre
Details
Net Asset Value
NAVPU NAV Date
CAPVEST Income Corp. - Common shares $2.15 August 21, 2008
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Market Price
Price Change As Of
CAPVEST Income Corp. - Common shares $1.16 $0.01 August 27, 2008
CAPVEST Income Corp. - Debentures $98.50 $0.00 August 27, 2008
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Product overview


CAPVEST Income Corp. (CSV, CVS.DB) is an investment corporation focused on investing, directly or indirectly, in a diversified group of infrastructure and energy companies. The Company also intends to target direct ownership in infrastructure assets providing sustainable and predictable current cash flow returns.

CAPVEST Income Corp. is designed with a dual structure: common shares offer capital appreciation and income, with targeted annual yield of approximately 6%, paid quarterly; convertible debentures offer interest payment of 7 per cent per year. The common shares and convertible debentures trade separately on the Toronto Stock Exchange.

Investors benefit in several key ways:
• Attractive quarterly income from convertible debentures, with interest payments of 7 per cent per year (may convert to common shares before December 31, 2008)
• Unique opportunity to gain access to a portfolio of global infrastructure companies
• Investment in real assets to deliver lower risk of capital loss, inflation-linked returns, and low correlation of asset performance to economic cycles

CAPVEST Income Corp. meets the needs of investors who want to participate in the strong potential of infrastructure companies and energy-related income and royalty funds, while benefiting from diversification and professional management.

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Performance


Average Annual Compound Returns - by Market Price  (as of July 31, 2008)

YTD
3 Month
6 Month
1 Year
3 Year
5 Year
SI
20.0%
-0.9%
29.6%
-16.4%
-31.0%
n/a
-14.7%

Annual Returns - by NAV

 
 
2007
2006
2005* 
 
 
-12.6%
-38.7%
43.6% 

Annual Returns - by Market Price

 
 
2007
2006
2005* 
 
 
-32.5%
-47.4%
 26.7%
*Total return for the period January 6, 2005 - December 31, 2005

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Portfolio managers

J. Andrew Guy, Portfolio Manager

Andrew has more than 15 years of experience in the financial services industry, including the lead management of in-house equity portfolios for a major financial institution. He joined Sentry Select in 2006 and specializes in both North American and global equities.

Sandy McIntyre, Senior Vice-President and Chief Investment Officer

James Alexander (Sandy) McIntyre has 30 years of experience in the financial services industry, and is recognized as one of Canada’s leading authorities in income trust investing. He leads the Sentry Select income trust team, which manages the portfolios of four mutual funds and 11 closed-end income trusts, including Sentry Select Diversified Income Trust, Canada’s first portfolio of income trust investments. Sandy joined Sentry Select in 2000.

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Distributions


2007
2006
2005
2004
From dividends
0.08
-
-
-
Total distributions1,2
0.08
-
-
-

Distributions are based on the actual number of common shares outstanding at the relevant time.
The NAV per common share has been adjusted back to account for a 15-1 share consolidation on March 6, 2007.

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Portfolio holdings


Summary of investment portfolio (as of June 30, 2008):

Net assets : $ 15,937,586

Top 25 holdings:
(unaudited)
Name of security

% of Net Assets

Bonavista Energy Trust5.42
Baytex Energy Trust5.25
ARC Energy Trust4.95
NAL Oil & Gas Trust4.87
Crescent Point Energy Trust4.74
Provident Energy Trust4.65
Freehold Royalty Trust4.59
Bell Aliant Regional Communications Income Fund4.21
Fort Chicago Energy Partners L.P.4.21
Inter Pipeline Fund L.P., Cl. A3.96
Keyera Facilities Income Fund3.87
Pembina Pipeline Income Fund3.72
Enerplus Resources Fund3.69
Progress Energy Trust3.59
Altagas Income Trust3.59
Northland Power Trust3.35
The Consumers' Waterheater Income Fund3.22
Fording Canadian Coal Trust3.14
Enbridge Income Fund2.94
Algonquin Power L.P.2.93
Westshore Terminals Income Fund2.81
EPCOR Power L.P.2.76
Primary Energy Recycling Corporation2.53
Atlantic Power Corp.2.53
Red Electrica de Espana0.87


Portfolio Breakdown: (unaudited)
Sector

% of Net Assets

Energy41.76
Utilities & infrastructure29.72
Power14.10
Resource3.14
Industrial2.81
Equities8.47
Total Net Assets

100.00

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