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Globe says Hodson buys Kinross, others for growth fund
2008-10-01 08:13 ET - In the News
See In the News (C-K) Kinross Gold Corp (2)
The Globe and Mail reports in its Wednesday edition fund managers have been on a shopping spree, snapping up bargains flowing from Monday's stock market meltdown. The Globe's Shirley Won quotes Peter Hodson, a manager at Sprott Asset Management, as saying, "It's a candy store opportunity if you believe in a market recovery," said the manager of the Sprott Growth Fund who has run money since 1985. "This is phenomenal in terms of valuations ... I can never recall a time where growth stocks were one-third the valuation of value stocks." He was buying gold stocks like Kinross, Yamana and Agnico-Eagle Mines, saying he believes the U.S. government's move to spend its way out of the financial crisis will lead to a flight to hard assets. "I think gold is relatively safe in this environment," he said. Mr. Hodson has also been adding shares of Chinese jewellery retailer Fuqi International as well as Canadian names like Antrim Energy, Points International, Grande Cache Coal and Oilexco to his portfolio. "Oilexco used to be a $19-stock ... and it went down to just over $9 [as the price of crude oil has plunged]," he said. "Every time it goes below $10, I get excited on that name."