Saturday, July 26, 2014

Hot Electric Utility Stocks To Watch Right Now

The retirement of aging Baby Boomers will reshape the job market over the next decade, leading to the smallest portion of Americans employed or looking for work since the mid-1970s, barely six in 10, a new Labor Department forecast predicts.

The result: slower economic growth but new employment opportunities in health care, where millions of new jobs are likely to be created.

As Boomers retire, the labor force participation rate ��the portion of all Americans available to work who have a job or are seeking one ��is projected to fall to 61.6% by 2022 from November's 63%, according to Bureau of Labor Statistics projections released last week.

INTERACTIVE: Where the jobs are

Over time, a smaller labor force leads to less economic growth, which depends on the output of each worker. From 2012 to 2022, the economy is projected to grow 2.6% a year, vs. 3% or higher from the mid-1990s to the mid-2000s, the BLS says.

Top 5 Consumer Companies To Watch In Right Now: Federal Realty Investment Trust (FRT)

Federal Realty Investment Trust (the Trust) is an equity real estate investment trust (REIT) specializing in the ownership, management, and redevelopment of retail and mixed-use properties located in metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California. As of December 31, 2011, the Trust owned or had interest in community and neighborhood shopping centers and mixed-use properties, which are operated as 87 retail real estate projects, consisting approximately 19.3 million square feet. On December 30, 2011, it acquired an 8.1 acre land parcel adjacent to Plaza El Segundo. In January 2012, the Company acquired 89.9% interest in Montrose Crossing. In January 2013, the Company acquired East Bay Bridge shopping center. In April 2013, it acquired a shopping center on 9 acres directly across from the Noroton Heights train station. In January 2014, Federal Realty Investment Trust acquired controlling interest in two shopping centers totaling 285,600 square feet in affluent Monmouth County, New Jersey.

The Company�� portfolio includes retail in many formats ranging from regional community and neighborhood shopping centers, which are anchored by grocery stores to mixed-use properties, which are centered around a retail component but also include office, residential and/or hotel components. During the year ended December 31, 2011, the Company signed leases for a total of 1,417,000 square feet of retail space, including 1,294,000 square feet of comparable space leases. As of December 31, 2011, the real estate projects were 93.4% leased and 92.4% occupied. As of December 31, 2011, it owned a 30% interest in seven retail real estate projects totaling approximately one million square feet. As of December 31, 2011, the Company owned 90.9% interest in joint venture properties, which were leased and occupied.

Advisors' Opinion:
  • [By Dan Burrows]

    Heck, over the last 20 years, NNN stock generated an annual return of 12.3%. That beats the broader market by more than 3 percentage points, making this one of the top dividend stocks to ride out any roughness.

    Dependable Dividend Stocks: Federal Realty Investment Trust (FRT)

    Dividend Yield: 2.8%
    YTD Gain: 12%

  • [By Ken McGaha] rong>These Businesses Aren�� Cheap By Any Measure

    Value investors, such as myself, seem to always be compulsive about business fundamentals when assessing fair value. The numbers here do not paint a pretty picture in terms of compelling value.

    Company Ticker

    KRC

    KIM

    EGP

    FRT

    Dividend Yield

    2.25%

    3.88%

    3.34%

    2.54%

    Payout Ratio

    1,031%

    171%

    199%

    147.91%

    5-Div. Gwth.

    -9.61%

    -12.64%

    0.54%

    3.69%

    2014 P/E Ratio

    22.79

    16.69

    18.85

    25

    5-yr. Proj. Gwth.

    7.2%

    4.3%

    6.3%

    6.5%

    Price/Cash Flow

    22.12

    15.77

    17.92

    24.88

    Being a value oriented investor, I am always looking for ways to mitigate my risk and increase my upside potential through the acquisition of valuable assets at distressed prices. That is not what I see here. Each of these businesses are trading at huge multiples to their projected earnings growth rates for the next 5 years.

    In terms of the prices to free cash flow, KIM and EGP trade at multiples that would be reasonable for world-class businesses that are dominant in a critical industry. But a commercial REIT? I don�� think so. The price to cash flow multiples for KRC and FRT are simply outrageous for these businesses and would be very difficult to justify for any business. Are you really willing to buy a business that will take between 22 and 25 years to earn enough money to pay you back? Not me.

    Excellent Management Can Justify High Valuations

    Quite often in my life, I have come across people who failed to understand the distinction between price and cost or price and value. A business that appears to be expensive on the surface can, and sometimes does, offer an excellent value due to the existence of exceptional manage

  • [By Shauna O'Brien]

    Jefferies reported on Wednesday that it has upgraded real estate investment trust Federal Realty Investment Trust (FRT).

    The firm has raised its rating on FRT from “Hold” to “Buy,” and has increased the company’s price target from $112 to $116. This price target suggests a 13% upside from the stock’s current price of $100.75.

    Analyst Omotayo Okusanya noted: “Based on our recent tour of Assembly Row, we are now convinced about the long term value of this development project. Our recent management meetings on Sept 4th also indicate that: 1) development projects at Pike and Rose as well as Santana Row remain on track and 2) FRT remains on track to keep generating industry leading SS NOI growth. With FRT also well positioned for rising rates, we find the story compelling and upgrade the stock to Buy from Hold.”

    Looking ahead, the firm has cut its estimates for FY2013 from $4.64 to $4.62 per share. FY2014 estimates have also been lowered from $4.97 to $4.96 per share.

    Federal Realty Investment Trust shares were mostly flat during pre-market trading Wednesday. The stock has been mostly flat YTD.

  • [By Brad Thomas]

    REITs mentioned: (VTR), (OHI), (O), (DLR), (HCP), (HTA), (KIM), (FRT), (SPG), and (SKT).

    Note: This article is intended to provide information to interested parties. As I have no knowledge of individual investor circumstances, goals, and/or portfolio concentration or diversification, readers are expected to complete their own due diligence before purchasing any stocks mentioned or recommended.

Hot Electric Utility Stocks To Watch Right Now: MWI Veterinary Supply Inc.(MWIV)

MWI Veterinary Supply, Inc., together with its subsidiaries, engages in the distribution of animal health products to veterinarians in the United States and the United Kingdom. It primarily offers pharmaceuticals, vaccines, parasiticides, diagnostics, capital equipment, supplies, specialty products, veterinary pet food, and nutritional products. The company?s pharmaceutical products include anesthetics, analgesics, antibiotics, ophthalmics, and hormones; vaccine products consist of small animal, equine, and production animal biologicals; and parasiticides are used for control of fleas, ticks, flies, mosquitoes, and internal parasites. Its diagnostics products comprise consumable in-clinic tests for detecting heartworm, lyme, feline leukemia, and parvovirus, as well as consumable products for measuring blood chemistry, electrolyte balance, and cell counts; capital equipment products include anesthesia machines, surgical monitors, diagnostic equipment, dental machines, cage s, lights, and x-ray machines; and supplies consists of syringes, instruments, bandages, IV products, surgical consumables, grooming materials, and other small equipment items. The company?s veterinary pet foods products include foods for specialty diets and premium pet foods; and nutritional products comprise dietary supplements, vitamins, dental chews, and specialty treats. As of September 30, 2011, it served approximately 24,000 veterinary practices in the United States; and 1,500 veterinary practices in the United Kingdom. The company was formerly known as MWI Holdings, Inc. and changed its name to MWI Veterinary Supply, Inc. in April 2005. MWI Veterinary Supply, Inc. was founded in 1976 and is headquartered in Boise, Idaho.

Advisors' Opinion:
  • [By Seth Jayson]

    Calling all cash flows
    When you are trying to buy the market's best stocks, it's worth checking up on your companies' free cash flow once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That's what we do with this series. Today, we're checking in on MWI Veterinary Supply (Nasdaq: MWIV  ) , whose recent revenue and earnings are plotted below.

  • [By Ben Levisohn]

    Overvalued companies include MWI Veterinary (MWIV) and�Stericycle (SRCL), while companies with attractive valuations include Cardinal Health (CAH), Selected Medical (SEM). He’s not a fan of Intrexon (XON) but calls�Aratana (PETX) a “hidden gem.”

  • [By Rupert Hargreaves]

    Pet-related companies are highly sought after
    Having said that, it would appear that in comparison to the rest of the pet-related sector, Zoetis is fairly valued. Peer MWI Veterinary Supply (NASDAQ: MWIV  ) trades at 27 times forward earnings, and again the company is highly defensive, engaging in the distribution of animal health products to veterinarians in the United States and the United Kingdom. Veterinary supply is exposed to the same demand factors as Zoetis -- greater demand for animal treatments will lead to more demand for the distribution of animal health products.

Hot Electric Utility Stocks To Watch Right Now: Arabian American Development Co (ARSD)

Arabian American Development Company, incorporated in 1967, is engaged in manufacturing various specialty petrochemical products. As of December 31, 2011, the Company owned a 37% interest in Al Masane Al Kobra Mining Company and a 55% interest in Pioche Ely Valley Mines, Inc (PEVM). The Company�� United States activities are primarily conducted through a wholly owned subsidiary, Texas Oil and Chemical Co. II, Inc. (TOCCO). TOCCO owns of South Hampton Resources Inc. (South Hampton), and South Hampton owns of Gulf State Pipe Line Company, Inc. (Gulf State).

South Hampton owns and operates a specialty petrochemical facility near Silsbee, Texas, which produces petrochemical solvents and other petroleum based products, including isopentane, normal pentane, isohexane and hexane, which is used in the production of polyethylene, packaging, polypropylene, expandable polystyrene, poly-iso/urethane foams, and in the catalyst support industry. Gulf State owns and operates three pipelines that connect the South Hampton facility to a natural gas line, to South Hampton�� truck and rail loading terminal and to a petroleum products pipeline owned by an unaffiliated third party.

South Hampton owns and operates a specialty petrochemical facility near Silsbee, Texas which is approximately 30 miles north of Beaumont, Texas, and 90 miles east of Houston. The facility consists of seven operating units which, while interconnected, make distinct products through differing processes: a Penhex Unit; a Reformer; a Cyclo-pentane Unit; an Aromax Unit; an Aromatics Hydrogenation Unit; a White Oil Fractionation Unit, and a Hydrocarbon Processing Demonstration Unit.

Gulf State owns and operates three 8-inch diameter pipelines aggregating approximately 50 miles in length connecting South Hampton�� facility to: a natural gas line, South Hampton�� truck and rail loading terminal and a petroleum products pipeline system owned by an unaffiliated third party. The Penhex Unit has the capacity! to process approximately 6,700 barrels per day, with the Reforming Unit, the Aromax Unit, and the Cyclo-Pentane Unit further processing streams produced by the Penhex Unit. The Aromatics Hydrogenation Unit has a capacity of approximately 400 barrels per day, and the White Oils Fractionation Unit has a capacity of approximately 3,000 barrels per day. The Hydrocarbon Processing Demonstration Unit has a capacity of approximately 300 gallons per day. The facility generally consists of equipment commonly found in petrochemical facilities, such as fractionation towers and hydrogen treaters except the facility is adapted to produce specialized products. South Hampton produces eight distinct product streams and markets several combinations of blends as needed in various customers��applications.

The Reformer and Aromax units are operated as needed to support the Penhex and Cyclo-pentane Units. The other two operating units at the plant site, an Aromatics Hydrogenation Unit and a White Oils Fractionation Unit, are operated as two, independent and completely segregated processes. These units are dedicated to the needs of two different toll processing customers. Products may be sold directly from South Hampton�� storage tanks or transported to the customers��location for storage and marketing. South Hampton, in support of the petrochemical operation, owns approximately 75 storage tanks with total capacity approaching 225,000 barrels, and 95 acres of land at the plant site, 55 acres of which are developed. South Hampton also owns a truck and railroad loading terminal consisting of storage tanks, four rail spurs, and truck and tank car loading facilities on approximately 53 acres of which 13 acres are developed.

The Company�� mineral interest in the United States is its 55% ownership interest in an inactive corporation, PEVM. PEVM�� properties include 48 patented and 5 unpatented claims totaling approximately 1,500 acres. All of the claims are located in Lincoln County, Nevada.

Advisors' Opinion:
  • [By Seth Jayson]

    Arabian American Development (NYSE: ARSD  ) reported earnings on June 26. Here are the numbers you need to know.

    The 10-second takeaway
    For the quarter ended March 31 (Q1), Arabian American Development beat expectations on revenues and beat expectations on earnings per share.

  • [By Seth Jayson]

    Calling all cash flows
    When you are trying to buy the market's best stocks, it's worth checking up on your companies' free cash flow once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That's what we do with this series. Today, we're checking in on Arabian American Development (NYSE: ARSD  ) , whose recent revenue and earnings are plotted below.

Hot Electric Utility Stocks To Watch Right Now: Model N Inc (MODN)

Model N, Inc., incorporated on December 14, 1999, is a provider of revenue management solutions for the life science and technology industries. The Company�� solutions enable its customers to maximize revenues and reduce revenue compliance risk by transforming their revenue lifecycle from a series of tactical, disjointed operations into a strategic end-to-end process. The Company�� customers use its application suites to manage mission-critical functions, such as pricing, contracting, incentives and rebates. Its solutions include two complementary suites of software applications, Revenue Management Enterprise and Revenue Management Intelligence. On January 18, 2012, the Company acquired certain assets of LeapFrogRx, Inc. (LeapFrogRx), a privately held cloud-based analytics solution provider for the pharmaceutical industry.

The Company provides solutions that span the organizational and operational boundaries of functions such as sales, marketing and finance, and serve as a system of record for key revenue management processes including pricing, contracts, rebates and regulatory compliance. Its application suites are purpose-built for the life science and technology industries and are designed to work with enterprise resource planning (ERP) and customer relationship management (CRM) applications that do not typically provide revenue management capabilities by enabling real-time pricing, managing contracts and automating channel incentives management, including rebates.

Revenue Management Enterprise suite

A broad set of transactional applications that serve as a system of record for, and automate the execution of revenue management processes such as incentive and rebate management, pricing and contracting. This suite includes its Price Management, Deal Management, Contract Management, Incentive and Rebate Management and Regulatory Compliance Management applications, which can be purchased together as a suite or as separate stand-alone applications.

Revenue Management Intelligence suite

A broad set of intelligence applications that provide the analytical insights to define and optimize revenue management strategies. This suite includes its Price Strategy, Brand Strategy, Channel Strategy, Managed Markets Strategy and International Reference Pricing applications, which can be purchased together as a suite or as separate stand-alone applications.

Advisors' Opinion:
  • [By Lee Jackson]

    Model N Inc. (NYSE: MODN) develops applications, such as managed care and government pricing, for life science companies and channel incentives based on design wins for technology companies. The company’s customers use its application suites to manage mission-critical functions, such as pricing, contracting, incentives and rebates. The company had a recent initial public offering (IPO) that traded as high as $24.80 before badly missing earnings and being taken to the woodshed. Deutsche Bank still rates it as a stock to buy and has a $12 price target. The consensus target is at $15. The stock closed Friday at $9.88.

  • [By Rick Munarriz]

    I went out on a limb last week, and now it's time to see how that decision played out.

    I predicted that Model N (NYSE: MODN  ) would post a smaller loss than analysts were expecting. The provider of revenue management solutions has been a dud since going public nearly a year ago, but one thing it has consistently done is post a smaller deficit than what the pros are forecasting. Wall Street was settling for a loss of $0.12 a share, and Model N sported only $0.03 a share in red ink. The stock soared 19% on Tuesday after the better-than-expected report. I was right. After more than a year of predicting that the tech-heavy Nasdaq would outperform the Dow Jones Industrial Average � (DJINDICES: ^DJI  ) , I mixed things up two weeks ago. I simply predicted that the Dow would bounce back after plunging 3.5% and 1.1% over the prior two weeks. I repeated the call this time around, and the Dow responded with a hearty 2.3% gain. I was right.� My final call was for LeapFrog (NYSE: LF  ) to beat Wall Street's income estimates in its latest quarter. The maker of electronic learning toys has been routinely beating Wall Street projections over the past year. I was banking on a repeat performance, but it wasn't to be. LeapFrog merely broke even on a sharper drop in revenue than expected. Analysts had been braced for a profit of $0.14 a share. I was wrong.

    Two out of three? I can do better than that. Let me once again whip out my trusty, dusty, and occasionally accurate crystal ball to make three calls that may play out over the next few trading days.

Hot Electric Utility Stocks To Watch Right Now: CubeSmart (CUBE)

CubeSmart, incorporated on July 26, 2004, is a self-managed real estate company focused primarily on the ownership, operation, management, acquisition and development of self-storage facilities in the United States of America. As of December 31, 2012, the Company owned 381 self-storage facilities located in 22 states and in the District of Columbia. It owns, operates, develops, manages and acquires self-storage facilities. The Company owns all of its assets and conducts its operations through CubeSmart, L.P. (the Operating Partnership). The Company is the sole general partner of the Operating Partnership and, as of December 31, 2012, owned an approximately 97.6% interest in the Operating Partnership.

As of December 31, 2012, the Company owned 381 and 370 facilities, respectively, that contained an aggregate of 25.5 million and 24.4 million rentable square feet with occupancy rates of 84.4% and 78.4%, respectively. In addition, as of December 31, 2012, the Company managed 133 properties for third parties bringing the total number of properties which it owned and/or managed to 541. As of December 31, 2012, approximately 84.4% of the rentable square footage at its owned facilities was leased to approximately 182,000 tenants. As of December 31, 2012, CubeSmart had facilities in the District of Columbia and 27 states: Alabama, Arizona, Arkansas , California, Colorado, Connecticut, Florida, Georgia, Illinois, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Virginia.

The Company�� self-storage facilities are designed for its residential and commercial customers. Its customers rent storage cubes for their use, on a month-to-month basis. Its facilities are designed to accommodate both residential and commercial customers with features, such as security systems and wide aisles and load-bearing capabilities for truck access. All ! of its facilities have an on-site manager during business hours, and 256, or approximately 67%, of its facilities have a manager who resides in an apartment at the facility. Its customers can access their storage units during business hours, and some of its facilities provide customers with round the clock access through computer controlled access systems. Approximately 76% of its facilities include climate controlled units.

The Company competes with Public Storage, Sovran Self Storage and Extra Space Storage Inc.

Advisors' Opinion:
  • [By Rich Duprey]

    Self-storage facility operator�CubeSmart� (NYSE: CUBE  ) �announced yesterday its second-quarter dividend of $0.11 per share, the same rate it's paid the past two quarters after raising the payout 38%, from $0.08 per share.

  • [By Marc Bastow]

    Self-storage facilities real estate investment trust (REIT) operator CubeSmart (CUBE) raised its quarterly dividend 18% to 13 cents per share, payable on Jan. 15 to shareholders of record as of Jan. 2.
    YSI Dividend Yield: 3.2%

Hot Electric Utility Stocks To Watch Right Now: Rosetta Genomics Ltd (ROSG)

Rosetta Genomics Ltd., incorporated on March 9, 2000, is seeking to develop and commercialize diagnostic tests based on discovered group of genes known as microRNAs. The Company has established a clinical laboratory improvement amendment (CLIA)-certified laboratory in Philadelphia, which enables it to develop, validate and commercialize its own diagnostic tests applying its microRNA technology. In July 2011, the Company launched its fifth product - miRview lung. As of December 31, 2011, the Company launched five tests based on its five microRNA technologies: miRview mets; miRview mets2; miRview squamous; miRview meso, and miRview lung.

Rimonim Consortium

In January 2011, the Company joined the Rimonim Consortium, which is supported by the Office of the Chief Scientist at the Ministry of Industry, Trade and Labor of the State of Israel, or the OCS. The purpose of the consortium is to develop RNA interference, or RNAi, -based therapeutics.

Rosetta Green

Rosetta Green Ltd. is an Israeli subsidiary of the Company, which was established to leverage its capabilities into the areas of cleantech and plant biotech by using its microRNA technologies to develop plants and algae more suitable for various applications, such as feedstocks for biofuels and agriculture. Research at the Rosetta Green project has been shown to develop algal strains with oil content, to discover potential novel microRNAs from commercially-important algae and to identify drought-regulated microRNAs in plants.

The Company competes with Pathwork Diagnostics, Inc., Biotheranostics, Inc., Combimatrix Corporation, Alnylam Pharmaceuticals, Inc., Asuragen Inc., Exiqon A/S, Life Technologies Corporation, Isis Pharmaceuticals, Merck & Co., Inc., Santaris Pharma A/S, and Regulus Therapeutics.

Advisors' Opinion:
  • [By Anthony Mirhaydari]

    For now, I continue to recommend investors maintain a cautious stance, focusing on the buying interest coming into safe-haven assets like U.S. Treasury bond and precious metals while booking profits in biotech stocks that have been red hot this month. The leveraged Direxion 3x Treasury Bond Bull (TMF) is up nearly 7% in my Edge Letter Sample Portfolio since it was added on Jan. 10. I just sold Tower Hill Mines (THM) and Rosetta Genomics (ROSG) for gains of 46% and 18% respectively.

  • [By John Udovich]

    Small cap genomics stocks Rosetta Genomics Ltd (NASDAQ: ROSG), Genomic Health, Inc (NASDAQ: GHDX) and CollabRx Inc (NASDAQ: CLRX) are at the forefront of genomics testing�or research. I should mention that Wikipedia defines genomics�as a�discipline in genetics that applies recombinant DNA, DNA sequencing methods and bioinformatics to sequence, assemble and analyze the function and structure of genomes (the complete set of DNA within a single cell of an organism). A 2013 Booz Allen Hamilton report on the sector noted that in�2011, the US genetic and genomic clinical testing market size was estimated to be $5.9 billion while the�number of available tests has grown substantially from 1,680 just 4 years ago to 2,886 in 2012.

  • [By Peter Graham]

    The Q3 2014 earnings report for molecular diagnostic company Myriad Genetics, Inc (NASDAQ: MYGN) is due out after the market closes on Tuesday and things could get ugly since unlike potential diagnostic stock peers such as Rosetta Genomics Ltd (NASDAQ: ROSG) and mid cap diagnostic stock Quest Diagnostics Inc (NYSE: DGX), it�� the most shorted stock on the Nasdaq with short interest of 52.07%. Aside from the Myriad Genetics earnings report, it should be said that Rosetta Genomics Ltd last reported earnings on March 31st and those�earnings were for the full year 2013 while�Quest Diagnostics reported Q1 2014 earnings on April 24th that were a disappointment due to restructuring costs and harsh winter weather. However, Myriad Genetics has been the more interesting stock as Medicare reimbursement rate increases and the lost of a court bid to block competition while a patent-infringement case is pending have sent its shares all over the place.

Hot Electric Utility Stocks To Watch Right Now: Ram Resources Ltd (RMR)

Ram Resources Limited is an Australia-based company. The Company is engaged in exploration of mineral properties in Greenland and Western Australia. The Company�� Motzfeld Project is located in South Greenland, some 24 kilometers from the town of Narsarsuaq and comprises exploration licences 2010/46 and 2011/24. The Company holds 51% interest in the Motzfeldt project. The Romney (EL 2010/46) located in the Lejrelev Valley about 3.5 kilometers to the west of the Aries prospect. The Merino forms a steep-sided ridge at the north-eastern end of this valley, about 2.5 kilometers to the north-north-west of Aries. The Company�� Voskop Prospect is located within Exploration Licence 2011/24 in the Storeelv Valley about 7 kilometers to the northwest of the Company�� Aries target. The Drysdale Prospect is located on top of a broad ridge about 7.5 kilometers southeast of Aries and at an elevation of about 1,600 meter. Advisors' Opinion:
  • [By Chris DeMuth Jr.]

    To use a recent REIT example, take CommonWealth REIT. This is a large well established REIT that is valued in the market with one of the lowest multiples of FFO in the industry. The reason the company trades at a multiple roughly half its competitors, in my opinion, is the poorly aligned management incentive structure. The management of CommonWealth is contracted to an external management firm, Reit Management Research (RMR). Many of the trustees of CommonWeath are owners of RMR and serve on both boards. RMR is primarily compensated by growing CWH's assets which are under RMR's management, not on stock price, FFO, or anything else that is closely aligned to generating shareholder returns. This has the perverse effect of motivating them to issue lots of equity and buy lots of buildings irrespective of the value add to CommonWealth shareholders. Neither the management company nor its employees have a significant amount of their income based on the performance of CommonWealth's stock price. This has resulted in an activist, Corvex Capital, buying a significant position in the company and taking action to replace the board and the management team. The proxy advisory firm, ISS, has sided with the activist and recommended that shareholders vote out the current trustees. ISS notes, "Between 2007-2012 …while the CommonWealth management team increased assets by 198% of period-ending market cap - driving a significant increase in fees payable to management - Commonwealth's share price - the measure of value appreciation for shareholders - fell by 68%." This is the poster child of misaligned management incentives.

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