Polaris Infrastructure (PIF – TSX)

Position opened: First purchase on March 29 2016, total average cost of $8.37 CAD

Position closed: Last sale on September 15 2020, total average proceeds of $16.29 CAD, plus $3.60 CAD dividends ($19.89 CAD)

Hold period: 4.47 years

Rates of return: 138% (simple) and 21.36% (annualized)

When I purchased Polaris, it was a company in transition. The prior incarnation of Polaris (Ram Power Corporation) had fallen on hard times, and a recapitalization was necessary. The “new” entity (Polaris) was successfully recapitalized, but because of it’s small market cap, geographic focus (it operates in Nicaragua) and its niche (geothermal energy), it didn’t get traction amongst the general market. Even after initiating a dividend in May of 2016, it didn’t get any respect and continued to trade sideways for a number of months. Eventually, the broader market started to understand the Polaris story, and the stock was effectively re-priced. While I sold the bulk of my Polaris position, I continue to hold a small portion in a tax sheltered account.