Financial 15 Split Inc. has released its Annual Report to November 30, 2011.
| FTN / FTN.PR.A Performance | |||
| Instrument | One Year |
Three Years |
Five Years |
| Whole Unit | -10.60% | +3.38% | -6.44% |
| FTN.PR.A | +5.38% | +5.38% | +5.38% |
| FTN | -41.04% | -5.37% | -19.99% |
| S&P/TSX Financial Index | -2.86% | +16.05% | -0.46% |
| S&P 500 Financial Index | -15.20% | -3.26% | -19.13% |
| 2/3 Can + 1/3 US Calculations by JH | -6.97% | +9.61% | -6.68% |
I am aware that “The portfolio has generally retained a 3/4 weighting in Canadian financial services stocks versus the U.S. financial services stocks during the year,” but have calculated a benchmark based on a 2/3 weighting as that’s the default. Overweighting Canada is an active-management decision.
Figures of interest are:
MER: 1.11% of thw whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield. The number of units did not change over the year, so the average of the beginning and end of year’s net assets will be close enough: ($120.8-million + $147.6-million) / 2 = $134.2-million.
Underlying Portfolio Yield: Dividends received (net of withholding) of 4,500,148 divided by average net assets of 134.2-million is 3.35%
Income Coverage: Net Investment Income of 2,940,086 divided by Preferred Share Distributions of 4,857,794 is 61%.
[…] was last mentioned on PrefBlog when the 2011 Annual Report was discussed. FTN.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit […]