Performance of the HIMIPref™ Indices for December was:
| Total Return | ||
| Index | Performance December 2007 |
Performance 4Q07 |
| Ratchet | +0.91% | -0.55% |
| FixFloat | -0.88% | -0.68% |
| Floater | -14.53% | -21.59% |
| OpRet | +0.76% | +1.20% |
| SplitShare | +1.08% | -1.53% |
| Interest | -0.68% | +1.62% |
| PerpetualPremium | +1.04% | -0.11% |
| PerpetualDiscount | +2.63% | -2.33% |
| Funds (see below for calculations) | ||
| CPD | +1.14% | -2.27% |
| DPS.UN | +1.93% | -1.11% |
The FloatingRate index was adversely affected by both of its constituents (BAM.PR.B & BAM.PR.K) performing very poorly during the month – in fact, these two issues were the two worst performers, by far, of all index-included issues in the HIMIPref™ universe. The issue removed from the “Floater” index at the November rebalancing, TOC.PR.B, returned -4.94% on the month.
Claymore has published dividend and NAV data for the CPD Exchange Traded Fund and I have derived the following table:
| CPD Return, 1- & 3-month, to December 31 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| September 28, 2007 | 18.59 | |||
| October 31, 2007 | 18.19 | -2.15% | -2.15% | |
| November 30 | 17.97 | -1.21% | -1.21% | |
| December 24 | 17.75 | 0.2219 | +0.01% | +1.14% |
| December 31, 2007 | 17.95 | +1.13% | ||
| Quarterly Return | -2.27% | |||
The DPS.UN NAV for December 27 has been published, together with the distribution history, so we may calculated the December-ish returns for it:
| DPS.UN NAV Return, November-ish 2007 | |||
| Date | NAV | Distribution | Return for period |
| November 28 | $21.07 | $0.00 | |
| December 27, 2007 | 21.07 | 0.30 | +1.42% |
| Adjustment for November stub-period | -0.17% | ||
| Adjustment for December stub-period | +0.67% | ||
| Estimated December Return | +1.93% | ||
| CPD had a NAV of $17.94 on November 28 and $17.97 on November 30. The estimated November end-of-month stub period return for CPD was therefore +0.17%, which is subtracted from the DPS.UN total return when estimating the return for December. | |||
| CPD had a NAV of $17.83 on December 27 and $17.95 on December 31. The estimated December end-of-month stub period return for CPD was therefore +0.67%, which is added to the DPS.UN total return when estimating the return for December. | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for October and November:
| DPS.UN NAV Returns, three-month-ish to end-December-ish, 2007 | |
| October-ish | -1.86% |
| November-ish | -1.14% |
| December-ish | +1.93% |
| Three-months-ish | -1.11% |
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