Dividend Growth Split Corp. has released its Annual Report to December 31, 2010.
| DGS / DGS.PR.A Performance |
| Instrument |
One
Year |
Three
Years |
| Whole Unit |
+11.4% |
+1.3% |
| DGS.PR.A |
+5.4% |
+5.3% |
| DGS |
+19.5% |
-1.7% |
| S&P/TSX Composite Index |
+17.6% |
+2.1% |
I think a dividend-tilting index would have been a more appropriate benchmark for this fund than the Composite, but we’ll let that go.
Figures of interest are:
MER: 1.22% of the whole unit value
Average Net Assets: The fund more than doubled in size during 2010, making this calculation a little tricky; the value is required in order to calculate portfolio yield. The Net Asset Value at year end was $79.0-million, compared to $36.1-million a year prior, so call it an average of $57.6-million. Total Preferred Share Distribution was $1.60-million, at $0.525/unit implies an average of 3.05-million units, at an average NAV of (18.17 + 17.99) / 2 = 18.08, so call it $55.1-million. This is good agreement, call the average NAV $56-million.
Underlying Portfolio Yield: Dividends and interest received of $2.24-million divided by average net assets of 56-million is 4.0%.
Income Coverage: Dividends, Securities Lending Income & Interest of $2.24-million less expenses of $1.55-million is $0.7-million, to cover preferred dividends of $1.6-million is 44%.
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DGS.PR.A Annual Report 2010
Dividend Growth Split Corp. has released its Annual Report to December 31, 2010.
Year
Years
I think a dividend-tilting index would have been a more appropriate benchmark for this fund than the Composite, but we’ll let that go.
Figures of interest are:
MER: 1.22% of the whole unit value
Average Net Assets: The fund more than doubled in size during 2010, making this calculation a little tricky; the value is required in order to calculate portfolio yield. The Net Asset Value at year end was $79.0-million, compared to $36.1-million a year prior, so call it an average of $57.6-million. Total Preferred Share Distribution was $1.60-million, at $0.525/unit implies an average of 3.05-million units, at an average NAV of (18.17 + 17.99) / 2 = 18.08, so call it $55.1-million. This is good agreement, call the average NAV $56-million.
Underlying Portfolio Yield: Dividends and interest received of $2.24-million divided by average net assets of 56-million is 4.0%.
Income Coverage: Dividends, Securities Lending Income & Interest of $2.24-million less expenses of $1.55-million is $0.7-million, to cover preferred dividends of $1.6-million is 44%.
This entry was posted on Sunday, May 15th, 2011 at 9:33 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.