At the IFT Annual Meeting today, the CEO Mark Bogoievski...

At the IFT Annual Meeting today, the CEO Mark Bogoievski referenced the Iberdrola takeover for IFN and commented that TLT had a superior portfolio and pipeline to IFN and therefore was worth more than IFN.

I’m not convinced that there is short term value in TLT but they do have a track record on executing on the development of projects in their pipeline, and with no debt and two shareholders with deep pockets who can assist with providing capital where value creation can be achieved while managing risk, I think there is long term upside.

Morrison & Co, the manager of IFT, earn a 20% outperform fee to the extent that the return exceeds 12%. Investing directly in TLT enables access to the value creation by Morrison & Co. without wearing the IFT management fee.