NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA.
EnerVest Diversified Management Inc., the Manager of EnerVest Diversified Income
Trust (TSX:EIT.UN) ("EnerVest"), is pleased to announce the financial results
for the six month period ended June 30, 2008. The following is an excerpt from
the management report of fund performance and interim financial statements of
EnerVest for the six month period ended June 30, 2008. The management report of
fund performance and interim financial statements can be found on our website at
www.enervest.com or on SEDAR at www.sedar.com.
Management Report of Fund Performance
Results of Operations
Amidst a backdrop of global demand weakness led by credit woes, the U.S. housing
crisis and weakening labour markets, the S&P/TSX Composite Index increased 6.0%
over the six month period ended June 30, 2008, primarily on the heavily-weighted
energy and materials sectors. Materials stocks advanced along with the record
high pricing for a number of commodities and energy stocks rose along with crude
oil and natural gas prices, raising expectations of expanded capital programs
and distribution increases. Largely due to the resource and energy trusts, the
income trust sector outperformed the broader market. The BMO Capital Markets
Trust Composite Index and S&P/TSX Income Trust Index had returns of 22.0% and
24.5%, respectively. Despite being relatively underweight in energy trusts and
overweight in REITs compared to the BMO Capital Markets Trust Composite Index,
EnerVest generated a 13.5% return based on its net asset value. Based on its
market price, EnerVest had a return of 21.5%, the result of a narrowing of the
trading discount to net asset value from 20.8% at December 31, 2007 to 15.3% at
June 30, 2008.
Based on net asset value at closing market prices, the weighting of EnerVest's
Oil and Gas holdings increased from 28.9% at December 31, 2007 to 37.6% at June
30, 2008, the result of both capital appreciation and active management of
existing positions. The weightings of Business Trusts and REITs decreased 7.3%
and 1.8%, respectively, due to market value declines and positions being sold or
eliminated. The yield on the portfolio decreased slightly from 8.6% at December
31, 2007 to 8.3% at June 30, 2008. A number of income trusts held in the
portfolio were involved in merger & acquisition activity during the period,
mainly in the materials and energy sectors. Such activity included the
acquisition of Taylor NGL Limited Partnership by AltaGas Income Trust, the
purchase of PrimeWest Energy Trust by Abu Dhabi National Energy Company, the
taking private of Spectra Energy Income Fund, the acquisition by Sherritt
International Corp. and Ontario Teachers' Pension Plan of Royal Utilities Income
Fund and the purchase of Vault Energy Trust by Penn West Energy Trust.
Increases in both crude oil and natural gas prices resulted in solid performance
for Oil & Gas trusts, with the royalty trust sector increasing by 45.9% over the
period as measured by the BMO Capital Markets Royalty Trust Index. Royalty
trusts have lagged the underlying commodity prices over the past six months,
however, and valuations remain reasonable. Existing positions were added to in
trusts that exhibit strong investment characteristics, such as being
well-managed and having strong production profiles, conservative payout ratios,
reasonable valuations and the ability to transition well into traditional
exploration and production companies through 2011.
Largely attributable to Media holdings, Yellow Pages Income Fund in particular,
holdings in Business Trusts performed poorly during the period. The market price
of Yellow Pages decreased 36.3% from December 31, 2007 on concerns about its
ability to transition to online directory systems and threats from competitors.
On July 30, 2008, Yellow Pages announced an asset acquisition of VOLT
Information Sciences, Inc.'s ("Volt") directory systems and services and
directory publishing operations which will allow Yellow Pages to accelerate its
digital transition through Volt's technology assets. This, coupled with strong
reported quarterly earnings, has led to an increase in its market value since
period end.
Though Canadian REIT fundamentals remain solid and 2008 results have been
positive overall, the REIT sector has been plagued by the U.S. credit crisis and
mortgage related issues. Further tightening in the credit markets has led to
less available capital, tighter lending standards and slower lease commitments
from national tenants. As a result, REITs have been trading at significant
discounts to their net asset values during the period and offering higher
yields. Though EnerVest's REIT holdings had a negative return of 0.2% during the
period, it outperformed the BMO Capital Markets REIT Index return of negative
3.7% due to specific security selection.
Financial Performance
Approximately $99.6 million was received in investment distributions during the
period, an increase of $8.2 million over the same period in 2007 primarily due
to the increase in the size of the portfolio as a result of the October 2007
exchange offer. Total expenses were $21.6 million for the period, of which
management fees and interest and credit facility charges combined accounted for
84.2%. Management fees totalled $10.6 million, an increase of only $72,000 over
2007 due to slightly higher average net asset values during 2008. Approximately
$7.6 million was incurred in interest and credit facility charges, a decrease of
$941,000 over the corresponding prior period due to lower borrowing rates on
bankers' acceptances. Broker commissions paid on portfolio transactions were
$1.1 million during the period, down $677,000 over the prior period. Total
expenses decreased by $1.7 million over the prior year, with interest and broker
fees accounting for $1.6 million.
EnerVest had net realized capital gains of $30.5 million, primarily on gains
from the sale of Westshore Terminals Income Fund and the acquisition of Taylor
NGL Limited Partnership by AltaGas Income Trust. Unrealized gains in the
portfolio increased by $139.2 million since December 31, 2007, largely from
resource and energy trusts, in particular the performance of Canadian Oil Sands
Trust, Crescent Point Energy Trust, and ARC Energy Trust.
The increase in net assets from operations was $236.2 million, or $0.79 per
unit. Combined with $3.6 million in distribution reinvestment plan proceeds and
$126.2 million in distributions paid to unitholders, net assets increased by
$113.6 million during the period. As at June 30, 2008, EnerVest's net assets
totalled $2.1 billion, or $7.05 per unit.
One element of EnerVest's investment strategy is the use of leverage. EnerVest's
Declaration of Trust limits borrowing to 20% of the value of total assets after
giving effect to the borrowing. The differential between the current average
portfolio distribution yield of 8.3% and an average annual interest rate on the
credit facility of 4.3% adds additional distribution income which aids in the
maintenance of EnerVest's current monthly distribution. The maximum borrowings
outstanding during the period were $366.0 million while the minimum amount was
$326.0 million. As at June 30, 2008, $326.0 million was utilized.
Cash Distributions
EnerVest distributed $0.42 per unit during the period, consistently distributing
$0.07 per unit per month. These distributions represent an annualized pre-tax
yield of 15.1% based on EnerVest's weighted average market price of $5.56 per
unit during the period.
It is estimated that 25% of the distributions paid during 2008 will be
non-taxable. This equates the 15.1% yield on EnerVest units to an equivalent
pre-tax interest rate of 18.1%, assuming a 46.41% tax rate and payment of
capital gains tax on the return of capital upon disposition of EnerVest units.
Since inception EnerVest has paid a monthly distribution to unitholders on the
last trading day of the month.
Trading Volume
The daily average trading volume of EnerVest units on the TSX was 612,027 units,
an increase of 23.4% over the prior period. With a market capitalization of
approximately $1.8 billion at June 30, 2008, EnerVest is both the largest and
most liquid closed-end investment fund in Canada, providing our investors with
the ability to easily move in and out of the market without a discernible effect
on the price of EnerVest units.
Recent Developments
Inflationary Concerns
The U.S. Federal Reserve and the Bank of Canada are apparently more concerned
with the threat of inflation amid the steep climb in commodity prices this year.
While Canada's domestic economy remains relatively healthy, a dramatic decline
in exports to the U.S. has contributed to lackluster GDP growth. EnerVest's
portfolio will maintain its exposure to those market sectors that are more
defensive, such as pipelines and utilities, real estate and consumer staples, in
this environment of economic uncertainty and rising inflation.
REIT Market
The portfolio remains constructive in the real estate sector and current
valuations are viewed as attractive, however it may take a recovery in the
global credit markets before valuations rebound. The decline in REIT valuations
seems to be more a shift in investor sentiment than a significant change in
underlying real estate fundamentals. Office vacancies remain low in primary
markets and current market rents remain well above in-place rents, allowing for
increases in lease rollovers. Activity has stalled with few properties changing
hands in recent months making it difficult to gauge any significant changes in
property valuations, however the change is expected to be modest for
higher-quality, institutional-grade real estate.
Royalty Trusts
Royalty trusts remain compelling given the strength in commodity prices and the
low interest rate environment. Despite the outperformance to date, the sector
remains reasonably valued compared to historical ranges, particularly given that
commodity prices used for valuation purposes are discounted meaningfully from
current prices being realized in the market. As well, royalty trusts are trading
at discounts to senior and intermediate exploration and producing companies
despite much higher yields.
Sale of Manager
On May 16, 2008, Canoe Financial LP indirectly acquired all of the issued and
outstanding shares of EnerVest Diversified Management Inc., the manager of
EnerVest, from EnerVest Limited Partnership, an indirect subsidiary of Avenir
Diversified Income Trust. Cypress Capital Management Ltd. continues to act as
EnerVest's investment manager.
FINANCIAL HIGHLIGHTS
The following tables show selected key financial information about EnerVest and
are intended to help you understand EnerVest's financial performance for the
periods shown.
EnerVest's Net Assets per Unit (1)
----------------------------------------------------------------------------
2008 2007 2006 2005 2004 2003
----------------------------------------------------------------------------
Net assets, beginning
of period $ 6.69 $ 7.12 $ 8.22 $ 8.01 $ 7.22 $ 6.50
----------------------------------------------------------------------------
Increase (decrease)
from operations:
Total revenue 0.34 0.69 0.73 0.77 0.73 0.75
Total expenses (0.07) (0.17) (0.15) (0.15) (0.15) (0.15)
Realized gains for
period 0.10 0.44 0.18 0.24 0.18 0.07
Unrealized gains
(losses) for period 0.46 (0.31) (0.68) 0.68 1.49 1.56
Return of capital (0.04) (0.11) (0.13) (0.20) (0.24) (0.26)
----------------------------------------------------------------------------
Total increase
(decrease) from
operations(2) : 0.79 0.54 (0.05) 1.34 2.01 1.97
----------------------------------------------------------------------------
Distributions:
From net investment
income (0.26) (0.41) (0.58) (0.60) (0.58) (0.59)
From capital gains (0.10) (0.43) (0.17) (0.24) (0.17) (0.07)
Return of capital (0.06) - (0.09) - (0.09) (0.18)
----------------------------------------------------------------------------
Total distributions(3) (0.42) (0.84) (0.84) (0.84) (0.84) (0.84)
----------------------------------------------------------------------------
Net assets, end of
period (4) $ 7.05 $ 6.69 $ 7.12 $ 8.22 $ 8.01 $ 7.22
----------------------------------------------------------------------------
(1) This information is derived from EnerVest's audited annual financial
statements, except 2008 which is derived from the unaudited interim
financial statements. The net assets per unit presented in the financial
statements differs from the net asset value calculated for fund pricing
purposes. An explanation of these differences can be found in the notes
to the financial statements.
(2) Net assets and distributions are based on the actual number of units
outstanding at the relevant time. The increase/decrease from operations
is based on the weighted average number of units outstanding over the
financial period.
(3) Distributions were paid in cash or reinvested in additional units of
EnerVest.
(4) This information is provided as at December 31 of the year shown, except
2008 which is provided as at June 30.
(5) This schedule is not a reconciliation of net assets since it does not
reflect unitholder transactions as shown on the Statement of Changes in
Net Assets. Columns may therefore not add.
Ratios and Supplemental Data
----------------------------------------------------------------------------
2008 2007 2006 2005 2004 2003
----------------------------------------------------------------------------
Total net
asset value
($000s)(1)
(5) 2,128,678 2,017,336 1,914,596 1,597,955 1,187,695 723,366
Number of
units
outstanding
(000s)(1) 300,787 300,130 269,010 194,329 148,300 100,205
Management
expense
ratio
("MER")
excluding
issue costs
and interest
(2) 1.29% 1.34% 1.32% 1.37% 1.49% 1.68%
MER
including
issue costs
and
interest
(2) 2.05% 2.25% 2.12% 2.45% 3.14% 3.72%
Trading
expense
ratio(3) 0.11% 0.14% 0.12% 0.10% 0.15% 0.33%
Portfolio
turnover
rate(4) 12.53% 34.89% 23.99% 17.27% 20.52% 37.61%
Net asset
value per
unit(5) $7.08 $6.72 $7.12 $8.22 $8.01 $7.22
Closing
market
price $6.00 $5.32 $5.96 $8.23 $8.40 $6.77
----------------------------------------------------------------------------
(1) This information is provided as at December 31 of the year shown, except
2008 which is provided as at June 30.
(2) Management expense ratio is based on total expenses (excluding
commissions and other portfolio transaction costs) for the stated period
and is expressed as an annualized percentage of daily average net asset
value during the period. The MER has been presented excluding and
including the cost of issuance of EnerVest units and interest expense on
the credit facility.
(3) The trading expense ratio represents total commissions and other
portfolio transaction costs expressed as an annualized percentage of
daily average net asset value during the period.
(4) EnerVest's portfolio turnover rate indicates how actively EnerVest's
portfolio advisor manages its portfolio investments. A portfolio
turnover rate of 100% is equivalent to EnerVest buying and selling all
of the securities in its portfolio once in the course of the year. The
higher a fund's portfolio turnover rate in a year, the greater the
trading costs payable by the fund in the year and the greater the chance
of an investor receiving taxable capital gains in the year. There is not
necessarily a relationship between a high turnover rate and the
performance of a fund.
(5) The net asset value and net asset value per unit calculated for fund
pricing purposes differs from the net assets and net assets per unit
presented in the financial statements. An explanation of these
differences can be found in the notes to the financial statements.
PAST PERFORMANCE
The performance data provided assumes that all distributions made by EnerVest in
the periods shown were reinvested in additional units of EnerVest and does not
take into account sales, distribution or other optional charges that would have
reduced returns or performance. Past performance does not necessarily indicate
how EnerVest will perform in the future.
Annual Compound Returns
The below table shows annual compound returns for various periods ended June 30,
2008 for EnerVest based on market price and net asset value and compared to the
BMO Capital Markets Trust Composite Index.
EnerVest
------------------------------------- BMO Capital
Returns Based Returns Based on Markets Trust
on Market Price Net Asset Value Composite Index(1)
----------------------------------------------------------------------------
Six months 21.5% 13.5% 22.0%
----------------------------------------------------------------------------
One year 4.0% 9.6% 17.9%
----------------------------------------------------------------------------
Three years 2.4% 9.5% 13.9%
----------------------------------------------------------------------------
Five years 12.3% 15.7% 21.1%
----------------------------------------------------------------------------
Ten years 14.1% 14.3% 18.3%
----------------------------------------------------------------------------
(1) BMO Capital Markets Trust Composite Index returns have been adjusted to
reflect the reinvestment of distributions on securities in the index.
EnerVest is difficult to compare to typical benchmarks as the most popular
indices are very heavily weighted in either business trusts or royalty trusts
and EnerVest is not. EnerVest was designed to provide steady income while
investing in a conservative portfolio of income producing securities. As a
result, the weightings in EnerVest are much more balanced than the main income
trust indices and will not show the extreme performance swings as will the
indices. EnerVest's 13.5% return based on its net asset value underperformed its
benchmark BMO Capital Markets Trust Composite Index return of 22.0% primarily
from being relatively underweight in Oil & Gas and Materials. Based on its total
portfolio, EnerVest was underweight its benchmark by 14.2% in Oil & Gas trusts,
most notably in Penn West Energy Trust and Canadian Oil Sands Trust, both of
which had significant capital appreciation over the period. It should be noted
that not only does the benchmark hold every possible Oil & Gas trust, the 13.3%
weighting of Canadian Oil Sands Trust, whose capital appreciation of 42.1%
during the period represents a significant contribution to the benchmark's
overall return, exceeds EnerVest's investment restriction of holding 10% or
greater in any single issuer. Though EnerVest's holdings in the Materials
subsector performed well, it underperformed the benchmark largely due to the
index inclusion of Fording Canadian Coal Trust which EnerVest did not hold.
SUMMARY OF INVESTMENT PORTFOLIO
Portfolio Breakdown
Oil & Gas 37.62%
Business Trusts 21.19%
Pipeline & Utilities 25.37%
Real Estate Investment Trusts 19.02%
Industrials 10.77%
Cash and Cash Equivalents 0.89%
Liabilities, net of Other Assets (14.86%)
---------
Net Asset Value 100.00%
Top 25 Holdings
% of Net
Issuer Name Asset Value (1)
----------------------------------------------------------------------------
Canadian Oil Sands Trust 7.42%
Keyera Facilities Income Fund 5.61%
Crescent Point Energy Trust 4.91%
AltaGas Income Trust 4.77%
BFI Canada Income Fund 4.67%
Inter Pipeline Fund 4.61%
Canadian REIT 4.14%
Enerplus Resources Fund 3.92%
Fort Chicago Energy Partners L.P. 3.86%
Bonavista Energy Trust 3.86%
Yellow Pages Income Fund 3.52%
Labrador Iron Ore Royalty Income Fund 3.47%
ARC Energy Trust 3.28%
RioCan REIT 3.09%
Vermilion Energy Trust 3.06%
Cineplex Galaxy Income Fund 2.94%
Penn West Energy Trust 2.52%
H&R REIT 2.22%
Progress Energy Trust 1.95%
Cominar REIT 1.93%
Bell Aliant Regional Communications Income Fund 1.87%
Newalta Income Fund 1.81%
Daylight Resources Trust 1.81%
Jazz Air Income Fund 1.80%
Fairborne Energy Ltd. 1.73%
(1) The above % of net asset value is based on closing market prices and
differs from the % of net assets presented in the Statement of
Investment Portfolio due to the use of bid prices used for financial
statement purposes.
The summary of investment portfolio may change due to ongoing portfolio
transactions of the investment fund. A quarterly update is available on our
website at www.enervest.com or can be requested by calling 1-800-459-3384 or
writing to EnerVest Diversified Management Inc., Suite 2800, 700 9th Avenue SW,
Calgary, Alberta T2P 3V4.
Statements of Net Assets
----------------------------------------------------------------------------
As at June 30, 2008 Dec. 31, 2007
(Unaudited)
($ thousands except per unit amounts) $ $
----------------------------------------------------------------------------
ASSETS
Investments 2,419,099 2,332,136
Cash 19,047 12,996
Distributions receivable 16,778 17,547
Promissory notes receivable 18,004 19,678
Prepaid interest 803 1,324
Interest receivable 216 226
Receivable for sale of portfolio asset 42 -
Other receivables 23 6
--------------------------------
2,474,012 2,383,913
--------------------------------
LIABILITIES
Credit facility 326,000 346,000
Distributions payable 21,055 21,009
Liability for purchase of investments 2,596 6,018
Accounts payable and accrued liabilities 2,488 2,583
--------------------------------
352,139 375,610
--------------------------------
NET ASSETS 2,121,873 2,008,303
--------------------------------
UNITS ISSUED AND OUTSTANDING (000s) 300,787 300,130
--------------------------------
NET ASSETS PER UNIT $ 7.05 $ 6.69
----------------------------------------------------------------------------
Statements of Operations and Comprehensive Income
For the Six Month Periods Ended June 30, 2008 and 2007
----------------------------------------------------------------------------
(Unaudited) 2008 2007
($ thousands except per unit amounts) $ $
----------------------------------------------------------------------------
INVESTMENT REVENUES
Distribution income 99,560 91,348
Securities lending revenue 182 622
Interest income 475 257
--------------------------------
100,217 92,227
--------------------------------
EXPENSES
Management fees 10,625 10,553
Interest and charges on credit facility 7,596 8,537
General and administrative 1,249 1,250
Brokerage commissions 1,106 1,783
Goods and services tax 611 735
Securityholder reporting costs 194 144
Custodial fees 60 76
Independent Review Committee fees and expenses 58 45
Audit fees 47 25
Legal fees 40 112
Directors' fees 29 27
Trustees' fees 27 21
--------------------------------
21,642 23,308
--------------------------------
NET INVESTMENT INCOME 78,575 68,919
--------------------------------
GAIN ON INVESTMENTS
Net realized gains on sale of investments 30,476 99,506
Net change in unrealized portfolio gains 139,208 54,106
Return of capital (12,092) (14,352)
--------------------------------
157,592 139,260
--------------------------------
INCREASE IN NET ASSETS FROM OPERATIONS 236,167 208,179
--------------------------------
WEIGHTED AVERAGE UNITS OUTSTANDING (000s) 300,469 268,937
--------------------------------
INCREASE IN NET ASSETS FROM OPERATIONS PER UNIT $ 0.79 $ 0.77
----------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Month Periods Ended June 30, 2008 and 2007
----------------------------------------------------------------------------
(Unaudited) 2008 2007
($ thousands) $ $
----------------------------------------------------------------------------
NET ASSETS, BEGINNING OF PERIOD 2,008,303 1,914,596
FAIR VALUE ADJUSTMENT
Value adjustment to December 31, 2006 bid
prices - (7,746)
--------------------------------
INCREASE IN NET ASSETS FROM OPERATIONS 236,167 208,179
UNITHOLDER TRANSACTIONS
Net proceeds on issuance of units - (25)
Proceeds from distribution reinvestment plan 3,621 3,693
Amounts paid for repurchase of units - (3,765)
Distributions to unitholders
- from net investment income (78,575) (68,919)
- from realized gains on sale of investments (30,476) (44,045)
- from return of capital (17,167) -
--------------------------------
(122,597) (113,061)
--------------------------------
NET ASSETS, END OF PERIOD 2,121,873 2,001,968
----------------------------------------------------------------------------
Statements of Cash Flows
For the Six Month Periods Ended June 30, 2008 and 2007
----------------------------------------------------------------------------
(Unaudited) 2008 2007
($ thousands) $ $
----------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Net investment income 78,575 68,919
Proceeds on disposition of investments 326,415 507,480
Purchase of investments (255,789) (551,365)
Net change in non-cash working capital items (2,274) 26,197
--------------------------------
146,927 51,231
--------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
Compensation paid on issuance of units - (25)
Repurchase of units - (3,765)
Cash proceeds from distribution reinvestment plan 2 3
Drawings on credit facility 23,000 140,000
Repayments on credit facility (43,000) (48,000)
Cash distributions to unitholders (122,552) (109,271)
Payments received on promissory note 1,674 -
--------------------------------
(140,876) (21,058)
--------------------------------
NET INCREASE IN CASH 6,051 30,173
CASH, BEGINNING OF PERIOD 12,996 27,106
--------------------------------
CASH, END OF PERIOD 19,047 57,279
--------------------------------
SUPPLEMENTARY INFORMATION
Interest paid 7,060 9,133
----------------------------------------------------------------------------
Statement of Investment Portfolio
June 30, 2008
(Unaudited)
----------------------------------------------------------------------------
($ thousands)
-----------------------------------------
Units / Average Fair % of Net
Shares Cost Value Assets
----------------------------------------------------------------------------
OIL & GAS (37.65%)
Conventional Oil & Gas
ARC Energy Trust 2,058,087 34,487 69,316 3.26%
Baytex Energy Trust 792,193 16,523 27,552 1.30%
Bonavista Energy Trust 2,192,693 58,957 82,116 3.87%
Crescent Point Energy Trust 2,588,873 37,450 104,357 4.92%
Daylight Resources Trust 3,180,129 37,072 38,384 1.81%
Enerplus Resources Fund 1,766,749 77,642 83,355 3.93%
Fairborne Energy Ltd. 2,824,152 27,181 36,855 1.74%
Paramount Energy Trust 1,085,000 13,239 10,883 0.51%
Penn West Energy Trust 1,556,700 53,872 53,628 2.53%
Progress Energy Trust 2,852,577 35,946 41,476 1.95%
Vermilion Energy Trust 1,471,802 15,518 65,127 3.07%
-----------------------------
407,887 613,049 28.89%
-----------------------------
Unconventional Oil & Gas
Canadian Oil Sands Trust 2,872,161 72,901 157,078 7.40%
Freehold Royalty Trust 636,075 7,248 15,247 0.72%
Harvest Energy Trust 548,779 14,874 13,456 0.64%
-----------------------------
95,023 185,781 8.76%
----------------------------------------------------------------------------
BUSINESS TRUSTS (21.22%)
Consumer Services/Restaurants
The Consumers' Waterheater Income
Fund 1,149,983 13,512 13,731 0.65%
-----------------------------
13,512 13,731 0.65%
-----------------------------
Media
Cineplex Galaxy Income Fund 4,258,914 69,622 62,521 2.95%
Yellow Pages Income Fund 8,474,028 119,978 74,995 3.53%
-----------------------------
189,600 137,516 6.48%
-----------------------------
Telecommunications Services
BCE Inc. 682,177 27,310 24,251 1.14%
Bell Aliant Regional Communications
Income Fund 1,367,098 45,126 39,742 1.88%
-----------------------------
72,436 63,993 3.02%
-----------------------------
Health Care Services
CML Healthcare Income Fund 1,638,400 25,477 23,347 1.10%
-----------------------------
25,477 23,347 1.10%
-----------------------------
Consumer Staples
Connors Bros. Income Fund 1,841,889 26,505 12,506 0.59%
Menu Foods Income Fund 1,255,190 17,008 1,406 0.07%
-----------------------------
43,513 13,912 0.66%
-----------------------------
Materials
Canfor Pulp Income Fund 1,067,400 16,467 12,499 0.59%
Labrador Iron Ore Royalty Income
Fund 1,325,074 24,374 73,807 3.48%
Noranda Income Fund 1,932,659 17,639 16,138 0.76%
SFK Pulp Fund 3,530,467 16,356 7,061 0.33%
Supremex Income Fund 1,862,786 17,462 11,549 0.54%
TimberWest Forest Corp. 1,141,200 14,596 15,692 0.74%
-----------------------------
106,894 136,746 6.44%
-----------------------------
Diversified Financials
CI Financial Income Fund 426,263 12,604 9,378 0.44%
Davis + Henderson Income Fund 1,829,535 21,934 28,431 1.34%
Morneau Sobeco Income Fund 1,275,000 15,300 14,089 0.66%
-----------------------------
49,838 51,898 2.44%
-----------------------------
Information Technology
Teranet Income Fund 1,057,377 10,349 9,189 0.43%
-----------------------------
10,349 9,189 0.43%
----------------------------------------------------------------------------
PIPELINE & UTILITIES (25.39%)
Energy
AltaGas Income Trust 3,964,014 92,752 101,479 4.78%
Essential Energy Services Trust 1,595,739 12,336 4,628 0.22%
Fort Chicago Energy Partners L.P. 7,542,209 76,598 81,833 3.86%
Inter Pipeline Fund 9,790,127 79,672 98,097 4.62%
Keyera Facilities Income Fund 5,387,045 85,069 118,892 5.60%
Pembina Pipeline Income Fund 1,047,080 12,694 18,753 0.88%
-----------------------------
359,121 423,682 19.96%
-----------------------------
Utilities
EPCOR Power L.P. 1,561,438 38,139 34,976 1.65%
Great Lakes Hydro Income Fund 1,595,704 19,501 30,239 1.43%
Innergex Power Income Fund 2,582,053 24,784 33,205 1.56%
Macquarie Power & Infrastructure
Income Fund 1,555,131 14,038 12,705 0.60%
Northland Power Income Fund 314,200 3,723 4,041 0.19%
-----------------------------
100,185 115,166 5.43%
----------------------------------------------------------------------------
INDUSTRIALS (10.77%)
Capital Goods
Badger Income Fund 669,609 10,004 15,729 0.74%
-----------------------------
10,004 15,729 0.74%
-----------------------------
Commercial Services & Supplies
BFI Canada Income Fund 4,292,755 81,132 99,420 4.68%
Newalta Income Fund 1,943,515 52,732 38,598 1.82%
Resolve Business Outsourcing
Income Fund 2,186,470 21,460 17,732 0.84%
-----------------------------
155,324 155,750 7.34%
-----------------------------
Transportation
Jazz Air Income Fund 6,776,000 51,158 38,284 1.81%
Livingston International Income
Fund 1,235,014 25,188 18,760 0.88%
-----------------------------
76,346 57,044 2.69%
----------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS ("REIT")
(18.97%)
Allied Properties REIT 1,804,350 27,215 36,394 1.71%
Boardwalk REIT 632,975 8,664 24,009 1.13%
Canadian REIT 3,008,734 73,624 87,795 4.14%
Chartwell Seniors Housing REIT 2,547,695 27,631 23,159 1.09%
Cominar REIT 1,875,025 36,608 40,726 1.92%
Crombie REIT 1,628,413 15,879 19,443 0.92%
First Capital Realty Inc. 296,500 6,746 7,042 0.33%
H&R REIT 2,629,260 46,119 47,064 2.22%
Innvest REIT 1,129,264 12,617 10,762 0.51%
Morguard REIT 1,032,908 15,131 13,459 0.63%
Northern Property REIT 1,213,712 20,044 27,175 1.28%
RioCan REIT 3,310,004 54,153 65,538 3.09%
--------------------------------
344,431 402,566 18.97%
----------------------------------------------------------------------------
2,059,940 2,419,099 114.00%
BROKERAGE COMMISSIONS (3,248) - -
--------------------------------
TOTAL INVESTMENT PORTFOLIO 2,056,692 2,419,099 114.00%
CASH & CASH EQUIVALENTS 19,047 0.90%
LIABILITIES, NET OF OTHER ASSETS (316,273) (14.90%)
----------------------
NET ASSETS 2,121,873 100.00%
----------------------------------------------------------------------------
EnerVest is an actively managed, closed-end trust which invests in a diversified
portfolio of income, royalty and real estate investment trusts, limited
partnerships, and corporations or other securities listed on the Toronto Stock
Exchange. EnerVest's objectives are to maximize monthly distributions relative
to risk and maximize net asset value while maintaining and expanding a
diversified investment portfolio. EnerVest currently has 301,002,242 units
outstanding, a net asset value of approximately $2.0 billion and a daily average
trading volume of 584,735 units for the first seven months of 2008.
Meritus Minerals Ltd (TSXV:MER)
Historical Stock Chart
From May 2024 to Jun 2024
Meritus Minerals Ltd (TSXV:MER)
Historical Stock Chart
From Jun 2023 to Jun 2024
