Brompton Split Banc Corp. has released its Annual Report to December 31, 2011.
| SBC / SBC.PR.A Performance |
| Instrument |
One
Year |
Three
Years |
Five
Years |
| Whole Unit |
+1.5% |
+21.3% |
+4.9% |
| SBC |
-2.20% |
+49.0% |
-2.0% |
| SBC.PR.A |
+5.4% |
+5.4% |
+5.4% |
| S&P/TSX Capped Financial Index |
-3.8% |
+15.0% |
-0.6% |
I suggest the reported outperformance probably has more to do with the poor performance of insurers over the past five years than with any manifestation of investment skill; on the other hand, the fund has handsomely outperformed BK / BK.PR.A for the past five years, even allowing for the one month difference in period end.
Figures of interest are:
MER: 0.98% of the whole unit value, “excluding the cost of leverage and the issuance costs.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $119.9-million, compared to $128.1-million a year prior, so call it an average of $124-million.
Underlying Portfolio Yield: Investment income of $5.188-million received divided by average net assets of $124-million is 4.18%.
Income Coverage: Net investment income of $5.188-million less expenses of $1.253-million is $3.934-million, to cover preferred dividends of 3.149-million is about 125%.
SBC.PR.A was last mentioned on PrefBlog when a term extension of up to five years was approved last March.
This entry was posted on Saturday, May 12th, 2012 at 9:03 pm 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.
SBC.PR.A Annual Report 2011
Brompton Split Banc Corp. has released its Annual Report to December 31, 2011.
Year
Years
Years
I suggest the reported outperformance probably has more to do with the poor performance of insurers over the past five years than with any manifestation of investment skill; on the other hand, the fund has handsomely outperformed BK / BK.PR.A for the past five years, even allowing for the one month difference in period end.
Figures of interest are:
MER: 0.98% of the whole unit value, “excluding the cost of leverage and the issuance costs.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $119.9-million, compared to $128.1-million a year prior, so call it an average of $124-million.
Underlying Portfolio Yield: Investment income of $5.188-million received divided by average net assets of $124-million is 4.18%.
Income Coverage: Net investment income of $5.188-million less expenses of $1.253-million is $3.934-million, to cover preferred dividends of 3.149-million is about 125%.
SBC.PR.A was last mentioned on PrefBlog when a term extension of up to five years was approved last March.
This entry was posted on Saturday, May 12th, 2012 at 9:03 pm 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.