CI Financial Corp. (TSX: CIX, OTC: CIFAF), the mid-cap Canadian asset manager, continues to have a hard time attracting new assets.

Average assets under management in August were up more or less in line with market movements, which indicates no net new inflows for the month.

On the conference call to discuss the previous quarter’s results, management mentioned that it expected considerable gains in this area based on the award of a large institutional mandate, as well as a promising pipeline of new asset inflows. Hopefully, investors will not have to wait too much longer for this to materialize.

Fund performance is a key factor in attracting new money. But the company has been falling short of late, with the average ranking of its top 20 mutual funds now in the third quartile compared to peers over the trailing one- and five-year time periods.

CI’s profitability is ultimately dependent on the performance of its investment funds, its ability to attract new assets, and the performance of the overall market.

The balance sheet remains strong, and cash flows are abundant. Free cash flow is currently fully utilized to pay dividends and repurchase shares from the market.

We see better days ahead for this high-quality operation, though it may take time for the company’s portfolio managers to turn their performance around. Meanwhile, the valuation is attractive, while the stock yields 5.3% on a payout ratio equivalent to 70% of profits.

Cineplex Inc. (TSX: CGX, OTC: CPXGF) announced the acquisition of U.S.-based Tricorp Amusements. The terms of the transaction were not disclosed.

Tricorp is a leading provider of interactive video and amusement gaming services in the U.S. and will complement a similar acquisition made by Cineplex last year.

The acquisition is relatively small for Cineplex, adding less than 3% to its revenue.

We like Cineplex and intend to boost our small position in the Dividend Champions Portfolio as opportunities arise.

Cineplex trades at a somewhat expensive valuation, based on a 12-month forward EV/EBITDA (enterprise value to earnings before interest, taxation, depreciation and amortization) ratio of 12 times, which is above its peers. The stock yields 3.4%, and we estimate its fair value at C$53, or US$41.

Brookfield Infrastructure Partners LP (TSX: BIP-U, NYSE: BIP) is a member of a consortium that acquired a 90% stake in a natural gas transmission system in Brazil from Petrobras for $5.2 billion. BIP will receive at least a 20% interest in the business, and it will fund $825 million of the deal from existing liquidity.

The 2,100-kilometer pipeline sources natural gas from Bolivia and Brazil’s offshore fields, serving most of Brazil’s industrialized and populated regions, and is fully contracted under long-term ship-or-pay agreements. Further details have not been announced by management except that the transaction is expected to be accretive to BIP.

BIP’s share price has advanced rapidly over the past few weeks, but the stock still yields an attractive 4.6%. The units split 3-for-2 on Sept. 14, and we estimate the fair value of the units at C$45, or US$35, on a post-split basis.