(Business Edge columnist Gyle Konotopetz regularly profiles the top stock picks of some of Canada's most accomplished investment pros.)

FEATURED PRO: Keith Leslie is vice-president, partner and portfolio manager with Hesperian Capital Management (www.hesperiancapital.com). The six-year veteran of the firm manages the Norrep Q fund and is a co-manager of the Norrep Income Growth Fund. Calgary-based Hesperian manages the Norrep series of funds.

Fund Form: The Norrep Q fund had a one-year return of 24.1 per cent compared to the group average of 12.5 per cent (through August).

Management Expense Ratio: Two per cent.

Keith Leslie

Leslie's Perspective: "I focus a little more on the (financial) numbers and a little bit less on meeting with management. I try to buy companies that are putting out solid, solid numbers that the market hasn't recognized yet. My outlook for the market is almost irrelevant because even in bad markets there are opportunities where stocks are misvalued. I try to find stocks that have a low P/E (price/earnings) multiple and a very high return on equity that the analysts and other portfolio managers haven't recognized yet.

"I'm a little concerned with the volatility in the market, I'm a little concerned about people's panic and I'm a little concerned about the (economic) slowdown in the U.S. As a result, what I've been focusing on is finding companies that have a lot of cash and no long-term debt. That allows them to weather any downturns."

First Star

* Axia NetMedia (TSX:AXX)

* Recent Price:$2.85.

* 52-Week Range: $1.91-$3.15.

* Snapshot: Axia is a builder of specialized networks that provide Internet access. Its flagship project is the Alberta SuperNet but the company has been expanding its footprint with operations in France.

* CEO: Art Price.

* Head Office: Calgary.

* Vital Stats: Current Price/Earnings Ratio, 8.1; Revenue (last 12 mos), $52.7 million; Earnings (last 12 mos), $19.8 million; Market Cap, $155.4 million; Shares Outstanding, 54.5 million.

* Leslie's View: "Axia has 51 cents a share in cash after paying off all debt. So if they were to pay off every single cent they owe, they'd still have 51 cents a share left. This company has a contract with the government of Alberta to run the SuperNet (IP network), which they're telling everyone will earn them about five cents (per share) a quarter. The number (earnings per share) was closer to six cents in the last quarter. The big thing with Axia is that you're not paying a lot for their Alberta assets, but then they also have their big growth profile. They're starting to do business over in France. The company indicated in their last conference call that France (operations) will be more profitable than Alberta. So if we look out a couple of years, here's a company that could be doing 50 cents in earnings (per share), the stock's under $3 and they have net cash."

* Leslie's Risk Rating: Moderate.

* Web Watch: www.axia.com

Second Star

* Canaccord Capital (TSX:CCI)

* Recent Price: $17.10.

* 52-Week Range: $10.96-$27.50.

* Snapshot: Canaccord is an independent full-service investment dealer. It bolstered its operations earlier this year with the acquisition of Adams Harkness Financial Group.

* CEO: Peter Brown.

* Head Office: Vancouver.

* Vital Stats: Current Price/Earnings Ratio, 8.3; Revenue (last 12 mos), $690.5 million; 5-Yr Revenue Growth, 21.7 per cent; Earnings (last 12 mos), $96 million; 5-Yr Earnings Growth, 89.5 per cent; Market Cap, $817.8 million; Shares Outstanding, 47.8 million; Dividend Yield, 1.75 per cent.

* Leslie's View: "The kicker with Canaccord is that the price is in the $17 range and they have almost $8 a share of cash after paying off all long-term debt. So essentially if they were to pay out that cash, this is a $9 stock that's doing just under $2 in earnings (per share). Their growth profile is pretty solid with the market the way it is on the mining side (a major focus of Canaccord's operations). They've been putting up solid numbers quarter after quarter and they've been growing the cash at an excellent rate. I fully expect that this company will have to do something with that cash. They could buy someone else, which I don't think is really the answer, and there are rumours out there that they may turn into an income trust. I think that (trust conversion) is a possibility, but I think probably more realistic - in the short term, anyways - is they'll issue a special dividend. I just don't believe the market understands how much cash this company has generated and that they have no long-term debt. Almost half the value of the company is cash right now."

* Leslie's Risk Rating: Moderate.

* Web Watch: www.canaccord.com

Third Star

* Aur Resources (TSX:AUR)

* Recent Price: $18.

* 52-Week Range: $8.46-$21.10.

* Snapshot: Aur is a mining company that focuses primarily on copper production and also boasts some zinc production. Its operations are in Canada and Chile.

* CEO: James Gill.

* Head Office: Toronto.

* Vital Stats: Current Price/Earnings Ratio, 7.4; Revenue (last 12 mos), $664.2 million; 5-Yr Revenue Growth, 37.9 per cent; Earnings (last 12 mos), $237.8 million; Market Cap, $1.75 billion; Shares Outstanding, 97.4 million.

* Leslie's View: "If it were to pay off all the long-term debt, Aur would still have $4.60 (per share) of cash left and the stock is at about $18. So its cash makes up about a quarter of the stock price. They could use that cash for an acquisition to grow further. I know there's a lot of fear right now in the commodity sector. But I think that if you could buy a very low-multiple company (in terms of price/earnings ratio) with a ton of cash, it will be able to eat up the weak companies if commodity prices come off and these weaker companies sell off a little bit. I think Aur would be right there (as an acquisitor) because they have the cash to do it. I also think that with the cash they have and the (low) P/E multiple, I think it could definitely be in play (as a takeover target)."

* Leslie's Risk Rating: Moderate.

* Web Watch: www.aurresources.com

Disclosure: Leslie does not personally own shares in the featured stocks but has investments in the Norrep Q fund in which they are held. Hesperian Capital owns in excess of 10 per cent of the shares in Axia NetMedia.

(This feature is provided for information purposes. Investors are advised to do their own research or consult a qualified investment professional before making investment decisions.)