New Stockpointer Beta

The formula we used to calculate the beta (β) for companies has changed. The 5-year quarterly beta (20 observations) have been replaced by a weekly 2-year beta. (104 observations)

Changes were made for the following reasons:

  • 2-year beta is widely used across the industry.
  • 2-year beta includes more observations, therefore reducing estimation errors.
  • 2-year beta reflects fundamental changes of a company more accurately and relevant to today’s price.

This results in a small adjustment to the SP scores. (-/+ 1 or 2 points)

The previous definition of the “5Y beta on quarterly prices” will be replaced to reflect the new formula.

If you have any questions or concerns, feel free to contact Anthony Menard:

Real estate investments to cushion your portfolio

The increased uncertainty in the economy and volatility in the stock markets is causing investors to stumble on their investment decisions and looking to diversify their portfolios.

It is widely viewed that real estate is recession-proof. While the large capital investment is the common hurdle that prevents most investors from dipping their feet in the water, we look at real estate investment trusts (REITs) as the welcoming alternative. REITs enable investors to diversify their portfolio by owning shares of real estate properties with the desirable feature of liquidity while earning some steady monthly income.

WPT Industrial Real Estate Investment Trust (“the REIT”) (TSX: WIR.U, WIR.UN) focuses on acquiring, developing, and managing industrial properties primarily located in the United States.

Diving into the fundamentals using Inovestor’s Stock Guide platform, the REIT has demonstrated strong performance YOY with an upward trending revenue and controlled cost of operations. With a decent return on invested capital, the company appears to have no major issue meeting its debt obligations as evidenced by several historical debt-related ratios, a healthy interest coverage ratio, and a comfortable level of cash. It is also worth noting that the operating revenues do not follow the growth of assets and debt. As a result, asset turnover is declining while the return on assets is increasing.

2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31
Accounts Receivable / Days 8.255 7.776 7.658 7.448 6.659
Acid Test 0.194 0.219 0.188 0.549 0.248
Assets to Debt 4.98 3.185 2.868 2.514 2.341
Assets to Debt + EECD 4.98 3.185 2.868 2.514 2.341
Cash Flow to Debt 0.248 0.158 0.159 0.152 0.15
Cash Flow to Debt + EECD 0.248 0.158 0.159 0.152 0.15
Current Ratio 0.194 0.219 0.188 0.549 0.248
Debt to Equity 0.366 0.605 0.662 0.835 1.631
Debt + EECD to Equity – EECD 0.366 0.605 0.662 0.835 1.631
Debt Ratio 0.268 0.377 0.398 0.455 0.62
Debt Ratio + EECD 0.268 0.377 0.398 0.455 0.62
Dividend Payout  (Common) 44.504 67.994 57.298 68.935 61.823
Dividend Yield 7.159 8.044 7.516 8.599 8.339
Earnings Yield 16.749 11.727 13.114 12.4 13.435
Interest Coverage 4.944 3.771 4.811 3.576 2.584
Net Profit 83.347 53.175 64.199 47.791 31.977
Price to Book Value 0.798 0.772 0.855 0.804 0.827
Price to Cash Flow 7.614 7.85 7.232 5.679 3.375
Price to Invested Capital 0.584 0.481 0.515 0.438 0.314
Price to EBITDA 4.68 6.204 6.041 5.808 4.547
Price to Sales 4.977 4.538 4.896 3.853 2.372
Price to Earnings 5.971 8.528 7.625 8.064 7.443
Return on Invested Capital 10.485 7.387 7.574 6.749 6.911
Return on Common Equity 11.555 7.08 9.537 7.488 7.506
Return on Assets 6.097 4.378 5.148 4.154 2.868


Change in supply chain management will play a key role in the real estate allocation in a portfolio. Given that WPT Industrial Real Estate Investment Trust is engaged mostly in the Industrial sector and the US President’s call to reclaim the global supply chain back in the U.S, investing in companies that are vertically integrated seems to be a good strategy. Intuitively speaking, Industrial REITs will benefit from manufactures relocating operations to North America in search of warehouse and distribution centers

StockGuide is the world’s most powerful, accurate, and thorough software for mining and screening critical financial data on Canadian companies.

Learn more about StockGuide and its critical features.

FREE access to Canadian Fixed Income Securities End of Day Prices by EDI

EDI uses proprietary Evaluated Pricing methodologies, based on the most recent market information, to compute Evaluated Prices and Analytics for Canadian fixed income securities issued by:

  • Governments
  • Canadian provinces
  • Municipals
  • Corporates
  • Government agencies or crown corporations (e.g. CMHC, Hydro-Quebec)

In these challenging times, Exchange Data International (EDI) has maintained the highest standard of excellence by consistently delivering high quality fixed income prices and analytics in timely fashion everyday.

Alerted by a lack of liquidity assets and price discovery of bonds, the coronavirus crisis is causing a volatile situation in the Canadian bond market. EDI believes they can do more to support the Canadian Financial Industry to withstand this crisis.

That is why, starting on April 27, 2020, and for a period of 3 months, EDI will provide free access to End of Day Evaluated Prices for over 20,000 Canadian Bonds issued by Government, Provinces, Municipalities, and Corporates, on a daily basis.

EDI continues to develop this product from expert-led research to ensure it offers the most recent and up-to-date market information. Clients can benefit from EDI’s proprietary Evaluated Pricing methodologies and a database of terms and conditions for a large range of fixed income securities.

Please reach out via email at or click here to request access to over 20,000 End-of-day Canadian Bond Prices for free.

For anyone interested in bonds outside of this sample are able to request an extra sample by contacting

Canada’s 2019 Top 50 FinTech Companies

The Digital Finance Institute selects Inovestor as one of their 2019 Top 50 FinTech Companies. Inovestor would like recognize everyone involved in making Inovestor a household name in the Fintech industry. As we approached our 20th anniversary, Inovestor is preparing a major product upgrade set for a November 22nd release.

To prepare the list of Canada’s Top 50 FinTech Companies, the Institute conducted market research and informational interviews with stakeholders to gather data to help identify the leading companies in Canada. A number of factors, such as disruption of service, scalability, growth, external adoption and innovation were taken into consideration when compiling the list of the top 50 companies. In assessing the factors, we standardized the ranges of numeric variables and measured each company’s score index by calculating the weighted average under the comprehensive consideration of the determining factors listed above. The companies listed represent a wide diversity of sub-sectors in FinTech, capital markets, insurance, Blockchain, RegTech, payments and finance.


The Digital Finance Institute

The Digital Finance Institute is a think tank for digital finance with three foundational pillars – financial inclusion, responsible innovation, and support for women in FinTech. Today, the Institute is run by Millennials, which we believe is important for Canada’s digital economy revolution. In our work, we represent a strategic link in the digital finance ecosystem among the financial services sector. NGO’s, academia, financial regulators and policy makers to promote financial innovation and vibrancy through thought leadership, engagement, advocacy, research and education. That strategic link comes together at APEC 2019, for example, where the institute is invited to give a talk on AI, banking and regulation to the 21 member countries, which helps promote Canadian innovation.

Risk Rating of the Horizons Inovestor Canadian Equity Index ETF (“INOC”) Reduced from “Medium” to “Low to Medium”

TORONTOApril 12, 2019 /CNW/ – Horizons ETFs Management (Canada) Inc. (“Horizons ETFs“) has announced a change to the risk rating of the Horizons Inovestor Canadian Equity Index ETF (“INOC“), from “Medium” to “Low to Medium“. The change in risk rating is effective immediately.

The investment risk level of an ETF is determined in accordance with a standardized risk classification methodology, set out in National Instrument 81-102 Investment Funds, that is based on the historical volatility of the ETF, as measured by the 10-year standard deviation of the returns of the ETF. If an ETF has less than 10 years of performance history, the investment risk level of the ETF is calculated using the return history of the ETF, and, for the remainder of the 10-year period, the return history of a reference index that is expected to reasonably approximate the standard deviation of the ETF.

No changes have been made to the investment objectives or strategies of INOC as a result of the changes to the risk ratings. A summary of the risk rating classification methodology, and the investment objectives and strategies of INOC, can be found in INOC’s most recently filed prospectus.

About Horizons ETFs Management (Canada) Inc. (

Horizons ETFs Management (Canada) Inc. is an innovative financial services company and offers one of the largest suites of exchange traded funds in Canada. The Horizons ETFs product family includes a broadly diversified range of solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has more than $10 billion of assets under management and 86 ETFs listed on major Canadian stock exchanges. Horizons ETFs Management (Canada) Inc. is a member of the Mirae Asset Global Investments Group.

Horizons ETFs is a member of Mirae Asset Global Investments. Commissions, management fees and expenses all may be associated with an investment in exchange traded products managed by Horizons ETFs Management (Canada) Inc. (the “Horizons Exchange Traded Products”). The Horizons Exchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons Exchange Traded Products. Please read the relevant prospectus before investing.

SOURCE Horizons ETFs Management (Canada) Inc.

For further information: For investor inquiries: Contact Horizons ETFs at 1-866-641-5739 (toll-free) or (416) 933-5745,; For media inquiries: Contact Mark Noble, Senior Vice-President, ETF Strategy, Horizons ETFs Management (Canada) Inc., (416) 640-8254,

Related Links

Christian Godin Joins Inovestor Asset Management

With 25 years of experience in various senior positions including 15 years in equity management and 10 years in capital markets research, Christian brings extensive background and knowledge in equity investing. He currently oversees portfolio management activities for our Canadian equity strategy INOC:TSX. Christian holds a B.A.A. commerce from l’UQAM and a M.Sc. Finance from the HEC.

Horizons ETFs announces March 2019 distributions for certain ETFs (INOC)

TORONTO – March 22, 2019 – Horizons ETFs Management (Canada) Inc. (“Horizons ETFs”) is
pleased to announce the distribution amounts per unit (the “Distributions”) for certain of its of exchange
traded funds (the “ETFs”) for the period ending March 31, 2019, as indicated in the table below.
The ex-dividend date for the Distributions is anticipated to be March 28, 2019, for all unitholders of record
on March 29, 2019. The Distributions for units of each ETF will be paid in cash or, if the unitholder has
enrolled in the respective ETF’s dividend reinvestment plan (“DRIP”), reinvested in additional units of
the applicable ETF, on or about April 10, 2019.
Horizons ETFs has made an additional announcement regarding the March distributions for its family of
covered call ETFs in a separate press release.


View the Press Release

Horizons ETFs announces December 2018 distributions for certain ETFs (INOC)

TORONTODec. 20, 2018 /CNW/ – Horizons ETFs Management (Canada) Inc. (“Horizons ETFs“) is pleased to announce the distribution amounts per unit (the “Distributions“) for certain of its exchange traded funds (the “ETFs“), for the 2018 tax year end, as indicated in the table below.

Each ETF is required to distribute any net income and capital gains that they have earned in the year. All of the Distributions indicated as “Cash Distribution per Unit” in the table (the “Cash Distributions”) will be paid in cash unless the unitholder has enrolled in the dividend reinvestment plan (“DRIP”) of the respective ETF.

The annual non-cash Distributions, indicated as “Reinvested Annual Non-Cash Distributions per Unit (Est.)” in the table (the “Non-Cash Distributions”), will not be paid in cash but will be reinvested and reported as taxable Distributions and will be used to increase each unitholder’s adjusted cost base of their units of the respective ETF. The Non-Cash Distributions will be reinvested automatically in additional units of the respective ETFs and immediately consolidated so that the number of units held by the unitholder, the units outstanding of the ETFs and the net asset value of the ETFs will not change as a result of the Non-Cash Distributions. The annual Non-Cash Distribution rates in the table below are presented on an estimated basis. A press release confirming the final annual Non-Cash Distribution rates will be disseminated on or about the record date of the Distributions.

The ex-dividend date for the Distributions is anticipated to be December 28, 2018, for all unitholders of record on December 31, 2018. The Distributions for units of each ETF will be paid in cash or, if the unitholder has enrolled in the respective ETF’s dividend reinvestment plan (“DRIP”), reinvested in additional units of the applicable ETF, on or about January 11, 2019.

Horizons ETFs has made an additional announcement regarding the December distributions for its family of covered call ETFs in a separate press release.


View the Press Release


ETF Name





per Unit





Annual Non-



per Unit


Horizons Blockchain Technology & Hardware Index ETF(1)









Horizons Global Sustainability Leaders Index ETF(2)


$ 0.01050



Horizons Active Corporate Bond ETF


$ 0.02872

3.28 %


Horizons Seasonal Rotation ETF




Horizons Active Cdn Bond ETF


$ 0.02109

2.56 %


Horizons Active Intl Developed Markets Equity ETF





Horizons Active Global Fixed Income ETF


$ 0.02339

3.64 %


Horizons Active Emerging Markets Dividend ETF






Horizons Active Cdn Dividend ETF





Horizons Active US Dividend ETF(3)











Horizons Active Global Dividend ETF






Horizons China High Dividend Yield Index ETF






Horizons Active Emerging Markets Bond ETF


$ 0.03543



Horizons S&P/TSX 60 Equal Weight Index ETF





Horizons Active Floating Rate Preferred Share ETF


$ 0.03014



Horizons Active Floating Rate Bond ETF


$ 0.02054



Horizons Managed Global Opportunities ETF





Horizons Cdn Insider Index ETF





Horizons Marijuana Life Sciences Index ETF(4)


$ 0.28760




$ 0.28760



Horizons Active Cdn Municipal Bond ETF


$ 0.01700



Horizons Emerging Marijuana Growers Index ETF(5)




Horizons Canadian Midstream Oil & Gas Index ETF


$ 0.10848



Horizons Active Preferred Share ETF


$ 0.03142



Horizons Global Risk Parity ETF





Horizons Active Floating Rate Senior Loan ETF


$ 0.04155

5.32 %


Horizons Active US Floating Rate Bond (USD) ETF(6)


$ 0.11758




$ 0.11758



Horizons Active High Yield Bond ETF


$ 0.05918



Horizons Inovestor Canadian Equity Index ETF


$ 0.04090



Horizons Active A.I. Global Equity ETF





Horizons Robotics and Automation Index ETF(7)









Nasdaq launches Nasdaq Inovestor Global Index


Nasdaq launches Nasdaq Inovestor Global Index 

Due to your constant support with regards to the INOC ETF, the Inovestor team is proud to announce the launch of the Nasdaq Inovestor Global Index (NQIGLO) which will be replicating the strategy used in our US and ADR model portfolios. The index is composed of 50 stocks, half of the holdings are US and the rest are international.

Due to the launch of the INOC ETF and the NQIGLO index, we are implementing a conflict of interest policy in relation to our various customers, suppliers and partners. We will now announce trades in our portfolios on the second Friday of the month after markets close.
For more details on the rebalancements, do not hesitate to refer to this article in our support platform.

Dates for the upcoming rebalancements:

US and ADR portfolios 9/03/2018
Canadian portfolio 13/04/2018

For more information, please do not hesitate to contact us at or by phone on 514-287-0011 ext. 2, it will be a pleasure to respond to your questions.

The Inovestor Team