Model Portfolio
as of July 6, 2007
+297.61% since inception; +21.77% YTD
Portfolio launched Jan. 11, 2002

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2006 Model Portfolio Year End Report

Introduction: We launched our model portfolio as three separate portfolios in January 2002. The original three were a small portfolio of $5000, a mid-sized portfolio of $10,000 and a larger portfolio of $25,000. We started by investing in two stocks in the first, three stocks in the second and five stocks in the third. We decided to amalgamate them for convenience into one ten stock portfolio in November 2002, prorating the first two so each initial stock position was approximately $5000. That's a $50,000 portfolio with ten stocks. During 2003 we continued to actively manage our portfolio and ended the year up 35.66% and up 69.28% since inception. You can find the end results for 2003 as well as all the trades made during the year in our archived Model Portfolio 2003 Year End Report (linked above). 2004 saw us make some changes to the way we managed the portfolio and our gains increase to 44.57% for the year. 2005 was a great year for the TSX which climbed 21.91% for the year. Our Model Portfolio again beat that mark though not as handily as the year before. We were up 28.28%. 2006 was not as bright as the portfolio only gained 4.09% compared to the TSX's 14.51%. This was partly due to a change in the taxation laws regarding income trusts and partly due to changes I made in managing the portfolio. This led to a revision of the portfolio going into 2007 which is described in the year end report for 2006.

So 2007 started with a portfolio worth $163,258.74 and we will continue to chart its progress here week to week throughout the year.

Update: Last week we did a wholesale swap of stocks making up the RGR portion of the portfolio. As always, we made and posted these changes on the weekend advising that we would revise and update the following week if some of the stocks could not be had at the prices noted. In fact, that happened big time. Four of the stocks we bought gapped up on the opening of the market on July 3 and stayed high to close higher. One, in fact, Aur Resources, gapped up 20% because it was the subject of a takeover by by Teck Corporation announced that morning. We decided not to buy Aur because the maximum upside had likely ben reached and instead we bought Garda World Security (GW). This stock declined a bit this week so you can still get it at the price noted below.

The other changes were to our additional purchase of Marsulex which gapped up to open at $13.90, Inmet Mining which opene at $88.00 and Research in Motiuon which opened at $228.43. This reduced the number of shares of each available to purchase. The changes are reflected in the table below and the purchases have been added to the Transactions Table as well. I've also added in the exchange of Dynatec shares for FNX Mining and Sherritt International.

Our Model Portfolio as of July 6, 2007: up 21.77% for the year-to-date
Name	Symbol	Date Bought	# of Shares	Price Then	Price Now	Amount Invested	Current Value	Change	% of Portfolio
Computer Modelling Group	CMG	Feb. 19/Apr. 16, 2007 (370/190)	560	$13.47	$17.00	$7,543.31	$9,520.00	26.20%	4.79%
Sherritt International	S	Jan. 2, 2007	586	$6.45	$16.05	$3,777.36	$9,405.30	148.99%	4.73%
FNX Mining	FNX	Jan. 2, 2007	196	$14.26	$37.81	$2,794.51	$7,410.76	165.19%	3.73%
Garda World	GW	July 3/07	479	$22.92	$22.75	$10,978.68	$10,897.25	-0.74%	5.48%
First Service Corp.	FSV	July 3/07	283	$38.77	$38.76	$10,971.91	$10,969.08	-0.03%	5.52%
Inmet Mining	IMN	July 3/07	124	$88.00	$90.90	$10,912.00	$11,271.60	3.30%	5.67%
Potash Corporation	POT	Oct. 2, 2006	189	$38.67	$83.85	$7,308.63	$15,847.65	116.83%	7.97%
Marsulex	MLX	May 22/July 3/07 (345, 462)	807	$13.90	$13.90	$11,217.30	$11,217.30	0.00%	5.64%
Parkland Income Fund	PKI.UN	July 3/07	682	$16.12	$16.81	$10,993.84	$11,464.42	4.28%	5.77%
Research in Motion	RIM	July 3/07	48	$228.43	$225.62	$10,964.64	$10,829.76	-1.23%	5.45%
Stella Jones	SJ	July 3/07	258	$42.50	$46.45	$10,965.00	$11,984.10	9.29%	6.03%
Total RGR Portion						$98,427.18	$120,817.22	22.75%	60.77%
Amerigo Resources	ARG	Apr. 16, 2007	1708	$3.05	$2.97	$5,209.40	$5,072.76	-2.62%	2.55%
Onex Corporation	OCX	May 22, 2007	125	$41.34	$37.23	$5,167.50	$4,653.75	-9.94%	2.34%
Total New Stocks							$9,726.51		4.89%
Total Stocks							$130,543.73		65.66%
Sceptre Equity Growth A		Jan. 22, 2007	270.404254	$110.95	$136.12	$30,000.00	$36,807.43	22.69%	18.51%
Excel India		Jan. 22, 2007	433.971271	$23.04	$23.30	$10,000.00	$10,111.53	1.12%	5.09%
TDK Resource Fund		Jan. 22, 2007	476.775976	$20.97	$23.93	$10,000.00	$11,409.25	14.09%	5.74%
Total Mutual Funds						$50,000.00	$58,328.21	16.66%	29.34%
Cash							$9,934.67		5.00%
Portfolio Value							$198,806.61		100.00%

Trading History 2007

Date	Transaction	Stock	# of Shares	Price	Amount
Jan. 2, 2007	Buy	RC	636	$4.14	$2633.04
Jan. 2, 2007	Buy	TRE	840	$7.83	$6577.20
Jan. 2, 2007	Buy	ZCL	1482	$10.35	$15,338.70
Jan. 2, 2007	Sell	SJ	224	$34.50	$7728.00
Jan. 2, 2007	Buy	DY	1277	$2.13	$2720.01
Jan. 2, 2007	Buy	IMN	105	$62.41	$6553.05
Jan. 2, 2007	Buy	POT	8	$167.00	$1336.00
Jan. 2, 2007	Buy	CTU.A	110	$60.00	$6600.00
Jan. 2, 2007	Buy	AUR	271	$24.26	$6574.46
Jan. 2, 2007	Sell	RIM	82	$149.00	$12,218.00
Jan. 10, 2007	Sell	LGI	551	$15.50	$8540.50
Jan. 22, 2006	Sell	FTS	795	$27.35	$21,743.25
Jan. 22, 2007	Sell	CSA	1303	$7.11	$9264.33
Jan. 22, 2007	Buy	HPS.A	610	$7.49	$4568.00
Jan. 22, 2007	Buy	Sceptre Equity Growth A	270.404254	$110.95	$30,000
Jan. 22, 2007	Buy	Excel India Fund	433.971271	$23.04	$10,000
Jan. 22, 2007	Buy	TDK Resource Fund	473.215976	$21.47	$10,000
Feb. 19, 2007	Buy	CMG	374	$12.70	$4749.80
Feb. 19, 2007	Buy	HBM	198	$23.90	$4732.20
Mar. 19, 2007	Buy	GDI.UN	479	$9.85	$4718.15
Mar. 19, 2007	Buy	GLF.UN	336	$14.02	$4710.72
Apr. 16, 2007	Sell	AUR	271	$26.00	$7046.00
Apr. 16, 2007	Sell	IMN	105	$64.60	$6783.00
Apr. 16, 2007	Sell	CTU.A	110	$61.30	$6743.00
Apr. 16, 2007	Sell	RC	1588	$4.45	$7066.60
Apr. 16, 2007	Sell	RIM	63	$150.74	$9496.62
Apr. 16, 2007	Sell	SJ	351	$34.30	$12,039.30
Apr. 16, 2007	Buy	HPS.A	137	$11.15	$1527.55
Apr. 16, 2007	Buy	GDI.UN	366	$9.80	$3586.80
Apr. 16, 2007	Buy	CMG	190	$14.60	$2774.00
Apr. 16, 2007	Buy	GIL	115	$70.90	$8153.50
Apr. 16, 2007	Buy	STN	260	$31.45	$8177.00
Apr. 16, 2007	Buy	TCW	329	$24.87	$8182.23
Apr. 16, 2007	Buy	ARG	1708	$3.05	$5,209.40
May 22, 2007	Buy	MLX	345	$15.00	$5,175.00
May 22, 2007	Buy	OCX	125	$41.34	$5,167.50
June 14, 2007	Exchange Out	DY	3087	$4.98	$15,373.26
June 14, 2007	Exchange In	S	586	$14.70	$8614.20
June 14, 2007	Exchange In	FNX	196	$34.48	$6758.08
July 3, 2007	Sell	GDI.UN	845	$11.00	$9295.00
July 3, 2007	Sell	GIL	230	$36.37	$8365.10
July 3, 2007	Sell	HPS.A	747	$11.59	$8657.73
July 3, 2007	Sell	TRE	840	$15.30	$12,852.00
July 3, 2007	Sell	STN	260	$35.20	$9152.00
July 3, 2007	Sell	TCW	329	$21.69	$7136.01
July 3, 2007	Sell	ZCL	1482	$10.25	$15,190.50
July 3, 2007	Buy	FSV	283	$38.77	$10,971.91
July 3, 2007	Buy	IMN	124	$88.00	$10,912.00
July 3, 2007	Buy	MLX	462	$13.90	$6421.80
July 3, 2007	Buy	PKI.UN	682	$16.12	$10,993.84
July 3, 2007	Buy	RIM	48	$228.43	$10,964.64
July 3, 2007	Buy	SJ	258	$42.50	$10,965.00
July 3, 2007	Buy	GW	479	$22.92	$10,978.68

Position at End of 2006

Our Model Portfolio as of Dec. 29, 2006: +4.09% for the Year-to-date
Stock	Date bought	# of Shares	Price Then	Price Now	Value	% of Portfolio	Stop
Commercial Solutions	Dec. 18/27, 2006	601/702 (1303)	$6.65/$7.12	$7.85	$10,228.55	6.27%	$6.25
Dynatec Corporation	Dec. 18, 2006	1810	$2.21	$2.13	$3855.30	2.36%	$2.00
Fortis Inc.	Oct. 24, 2005/Apr. 17, 2006	535/260 (795)	$23.80/$20.98	$29.77	$23,667.15	14.50%	$23.88
Logibec Groupe Informatique	Nov. 20/Dec. 11, 2006	248/303 (551)	$16.25/$16.49	$16.55	$9119.05	5.59%	$15.50
Potash Corporation	Nov. 20/27, 2006	55	$157.41/$164.01	$167.00	$9185.00	5.63%	$145.00
RDM Corporation	Dec. 18, 2006	952	$4.20	$4.14	$3941.28	2.41%	$3.50
Research in Motion	Sept. 18/25/Oct. 2, 2006	42/51/52 (145)	$94.76/$96.96/$114.59	$149.00	$21,605.00	13.23%	$142.68
Stella Jones Inc.	Oct. 16/30/Nov. 5, 2006	165/200/210 (575)	$24.20/$25.00/$28.50	$34.50	$19,837.50	12.15%	$27.83
Cash					$61,819.91	37.87%
Total					$163,258.74	100.00%

Position at Start of 2006

Our Model Portfolio as of Dec. 30 2005: +28.18% for the Year-to-date
Stock	Date bought	# of Shares	Price Then	Price Now	Value	% of Portfolio
Aur Resources	Oct. 17, 2005	1450	$8.57	$11.78	$17,081.00	12.0%
Ensign Energy Services	Nov. 28, 2005	165	$43.18	$46.92	$7,741.80	5.5%
Fortis Inc.	Oct. 24, 2005	535	$23.80	$24.27	$12,984.45	9.2%
Goldcorp	Aug. 15/22, 2005	390/110	$21.83/$21.09	$25.90	$12,950.00	9.1%
GSW Inc.	May 17, 2004	275	$34.73	$111.00	$30,525.00	21.5%
Kingsway Financial	May 24, 2004	625	$15.00	$23.50	$14,687.50	10.4%
March Networks	Nov. 21, 2005	435	$22.59	$32.33	$14,063.55	9.9%
SNC Lavalin	Oct. 17, 2005	170	$73.48	$76.30	$12,954.00	9.1%
Trican Well Service	Oct. 10, 2005	335	$41.35	$56.00	$18,760.00	13.2%
Cash					$15,081.65
Total					$156,845.95

Position at Start of 2005

Our Model Portfolio as of Dec. 31, 2004: +44.57% for the Year-to-date
Stock	Date bought	# of Shares	Price Then	Price Now	Value
Alimentation Couche-Tard	Aug. 16, 2004	260	$27.20	$35.50	$9230.00
Canada Bread	July 26, 2004	245	$28.35	$47.00	$11,515.00
CCS Income Trust	May 19, 2003	240	$20.29	$43.93	$10,543.20
GSW Inc.	May 17, 2004	275	$34.73	$45.00	$12,375.00
Home Capital Group	Aug. 9, 2004	450	$21.49	$31.25	$14,062.50
Kingsway Financial	May 24, 2004	625	$15.00	$19.00	$11,875.00
Peyto Energy Trust	March 29, 2004	300	$30.30	$47.83	$14,349.00
Reitman's	Oct. 18, 2004	500	$20.00	$28.60	$14,300.00
RONA Inc.	Sept. 27, 2004	280	$34.13	$40.80	$11,424.00
Zargon Energy Trust	April 19, 2004	515	$17.70	$23.85	$12,282.75
Cash					$408.50
Total					$122,364.95

Position at Start of 2004