Bargain-hunting gets tougher in resources sectors

Invesco Trimark's Norman MacDonald likes Silver Wheaton's niche, and gives Barrick Gold a vote of confidence.

Sonita Horvitch 13 January, 2010 | 7:00PM
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Norman MacDonald, vice-president and portfolio manager at Toronto-based Invesco Trimark Ltd., says it is tough to find value opportunities among base and precious metals stocks.

On base metals, MacDonald says copper, zinc and nickel had such a substantial rally in 2009 that "there is a question mark about the sustainability of these high prices, even though China is a significant buyer of these commodities." Gold stocks have been performing exceptionally well for some time, says MacDonald, and there is a need to be selective.

MacDonald managesTrimark Canadian Resources, which had $507 million in assets at the end of December. A value manager, his discipline is to buy companies with good assets and good management at a substantial discount to his estimated value of the business.

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Sonita Horvitch

Sonita Horvitch  

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