Onex Corporation is updated and rated Speculative (lower) Buy at $85.68. This entity is not a normal operating corporation but is a combination of a conglomerate holding company that invests mostly in private companies (the value of which is difficult to estimate but which ONEX reports) and a hedge fund management company that invests money for others in return for a management fee plus performance fees.
ONEX has gained 27% on Toronto this year. However, that was largely due to the decline in the Canadian dollar. ONEX reports in U.S. dollars and has most of its investments in U.S. companies and therefore should be judged on its gain in U.S. dollars, which is about 7% this year. I am not trying to diminish the gain in Canadian dollars but the fact is that this should not really be considered a Canadian dollar investment. In this respect it is a bit like an investment in an S&P 500 fund in Canadian dollars on Toronto. Such an investment if unhedged has risen far more than the S&P 500 in 2015 simply due to the currency movement.
ONEX is a strong company. It will likely continue to do well long term. Canadian investors face currency risk if the Canadian dollar rises. It may face some weakness in Q4 due to its investments in higher yield debt. It is likely a good long term investment but it does not seem compelling at this time.