In part 3 of the roundtable, the managers discuss their picks in various non-resources sectors.<\/p>\n
The panelists:<\/p>\n
Stephen Arpin<\/strong>, vice-president at Beutel, Goodman & Co. Ltd. A value manager, Arpin is the lead manager of Beutel Goodman Small Cap Fund<\/a>.<\/p>\n Ted Whitehead<\/strong>, senior managing director and senior portfolio manager at Manulife Asset Management. A growth manager, Whitehead uses both quantitative and fundamental analysis. His responsibilities include Manulife Canadian Opportunities<\/a> and Manulife Growth Opportunities Fund<\/a>.<\/p>\n Martin Ferguson<\/strong>, director and portfolio manager at Calgary-based Mawer Investment Management Ltd. His mandates include Mawer New Canada Fund<\/a>, which is closed to new investors, and BMO Guardian Enterprise Fund<\/a>. His discipline is to buy wealth-creating companies at a discount to their intrinsic value.<\/p>\n Q: <\/em><\/strong>Let’s focus on packaging companies, which you all favour. <\/em><\/p>\n Arpin: <\/strong>Our biggest holdings are CCL Industries Inc. (TSX:CCL.B<\/a>) and Winpak Ltd. (TSX:WPK<\/a>). We’ve owned both these companies for years.<\/p>\n Ferguson: <\/strong>We own Winpak.<\/p>\n Whitehead: <\/strong>We own CCL.<\/p>\n Arpin: <\/strong>CCL develops labels for global producers of consumer brands. Winpak specializes in food packaging. These are relatively slow growers, but the business generates good returns above the companies’ cost of capital. The two stocks are inexpensive both by historic standards and compared to the valuations at which these types of businesses have been acquired.<\/p>\n Ferguson: <\/strong>I’ve held Winpak for a long time. It focuses on plastics, which is gaining market share against other forms of food packaging. Food is basically a non-cyclical business. Winpak has good corporate governance. Its majority shareholder is Wihuri Oy of Finland. Winpak is financially strong, operationally strong and attractively valued.<\/p>\n<\/p>\n