Michael Waring founded Galileo Global Equity Advisors in 2000 and has served as the firm’s Chief Executive Officer since its inception. The Portfolio Manager for the Galileo High Income Plus Fund and the Galileo Growth and Income Fund, he is among Canada’s most experienced small- and mid-cap equities portfolio managers. Before founding Galileo in 2000, Mr. Waring was Vice President, Director and Portfolio Manager for KBSH Capital Management Inc. from 1985 to 1999. He is a CFA charterholder and member of the Toronto CFA Society, and holds an MBA from the University of Western Ontario. A committed philanthropist, Mr. Waring founded Kids In Class, a registered charity that builds schools and provides financial support to children and their families in developing countries.
Michael Waring describe his stockpicking philosophy as he develops an interesting and valuable portfolio in his exclusive interview with the Wall Street Transcript.
“We’ve always maintained a small/midcap bias. We look for growth and some income in the funds. Our largest fund, which is the High Income Fund, we think of it as we are hunting for 60% return from dividends and 40% from capital gains. In other words, we want to find companies that are in a position to grow the dividend over time. So obviously, cash flow and the balance sheet are very important to us. We like to see a rising dividend and some capital appreciation over the holding period.”
“The first one I want to mention is a real estate investment trust. The full name of the company is WPT Industrial Real Estate (TSE:WIR.U). The stock is currently trading at $12.85, and it has a 5.9% yield. What’s interesting right off the top is this company trades in Toronto, but it trades in U.S. dollars, and it pays a U.S.-dollar dividend, so that $12.85 is in U.S. dollars. The market cap of this company is $619 million in USD…The company’s asset base is 100% in the United States of America.”
“The second one, a very interesting name, is Polaris Infrastructure Inc. (TSE:PIF). Today it’s trading at $19.40, and it has a yield of 3.8%. It trades in Canadian dollars; dividend is paid in U.S. dollars…a geothermal operation in Nicaragua. They have 11 production wells that produce a combination of steam and hot brine that is used to drive generating turbines. The current steam can produce, in terms of power capacity, approximately 60 to 65 megawatts, while the power purchase agreement they have with the Nicaraguan government is for 72 net megawatts through to 2029. This company is currently generating about 15% of the electricity that is in the Nicaraguan grid.The company, interestingly enough, only began paying a dividend in the second quarter of 2016. But since that time, it’s raised it four times already. ”
To see all of Michael Waring’s current picks, read the entire interview in the Wall Street Transcript.
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