Performance of the HIMIPref™ Indices for November was:
| Total Return, November 2007 | |
| Index | Performance |
| Ratchet | +0.03% |
| FixFloat | -0.54% |
| Floater | -6.60% |
| OpRet | +0.51% |
| SplitShare | -2.37% |
| Interest | +0.35% |
| PerpetualPremium | +0.12% |
| PerpetualDiscount | -0.07% |
The FloatingRate index was adversely affected by having two of its three constituents (BAM.PR.B & BAM.PR.K) among the five worst performing issues in the universe in the past month.
The performance of the SplitShare index was very odd, being dragged down by three issues that performed appallingly:
| Extreme Performances in SplitShare Index November 2007 |
|||
| Issue | November Total Return |
Yield October 31 |
Yield November 30 |
| BNA.PR.C | -8.46% | 6.47% | 7.62% |
| BNA.PR.B | -9.59% | 5.30% | 6.90% |
| FTU.PR.A | -8.53% | 4.93% | 7.12% |
The effect of these three miserable performances was to drag the SplitShare index total return down by approximately 1.75%. The strange behaviour of the BNA issues during the month has been discussed in another post.
Claymore has published NAV data for CPD and I have derived the following table:
| CPD Return, 1- & 3-month, to November 30 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| August 31 | 19.04 | |||
| September 25 | 18.76 | 0.2185 | -0.32% | -1.23% |
| September 28, 2007 | 18.59 | -0.91% | ||
| October 31 | 18.19 | -2.15% | -2.15% | |
| November 30, 2007 | 17.97 | -1.21% | -1.21% | |
| Quarterly Return | -4.52% | |||
The DPS.UN NAV for November 28 has been published, so we can calculate the November-ish returns for it:
| DPS.UN NAV Return, November-ish 2007 | |||
| Date | NAV | Distribution | Return for period |
| October 31 | $21.35 | ||
| November 28 | $21.07 | $0.00 | -1.31% |
| Adjustment for November stub-period | +0.17% | ||
| Estimated November Return | -1.14% | ||
| CPD had a NAV of $17.94 on November 28 and $17.97 on November 30. The estimated end-of-month stub period return for CPD was therefore +0.17%, which is added to the DPS.UN total return in order to estimate the return for November. | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for September and October to derive:
| DPS.UN NAV Returns, three-month-ish to end-November-ish, 2007 | |
| September-ish | -0.92% |
| October-ish | -1.86% |
| November-ish | -1.14% |
| Three-months-ish | -3.87% |
[…] PrefBlog Canadian Preferred Shares – Data and Discussion « Index Performance, November 2007 […]
[…] The November returns reflect outperformance against CPD (which returned -1.21%) and DPS.UN (estimated at -1.14%). […]
[…] Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for October and November: […]