Performance of the HIMIPref™ Indices for April, 2008, was:
| Total Return | ||
| Index | Performance April 2008 |
Three Months to April 30, 2008 |
| Ratchet | +0.49% | +3.63% |
| FixFloat | +1.81% | +4.78% |
| Floater | -0.87% | -1.63% |
| OpRet | +0.31% | +0.58% |
| SplitShare | +1.85% | +0.89% |
| Interest | +0.60% | +2.47% |
| PerpetualPremium | +0.36% | +0.03% |
| PerpetualDiscount | +0.12% | -1.93% |
| Funds (see below for calculations) | ||
| CPD | 0.00% | -0.79% |
| DPS.UN | +0.39% | +0.12% |
| Index | ||
| BMO-CM 50 | +0.07% | -1.09% |
Note that the “BMO-CM 50” is now 0.42% above its November m/e trough.
Claymore has published NAV data and Distribution Data for its exchange traded fund (CPD) and I have derived the following table:
| CPD Return, 1- & 3-month, to April, 2008 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| February 29 | 18.34 | +2.17% | +2.17% | |
| March 26 | 17.64 | 0.2082 | -2.68% | -2.90% |
| March 31, 2008 | 17.60 | -0.23% | ||
| April 30 | 17.60 | 0.00% | ||
| Quarterly Return | -0.79% | |||
The DPS.UN NAV for March 26 has been published so we may calculate the March returns (approximately!) for this closed end fund:
| DPS.UN NAV Return, April-ish 2008 | |||
| Date | NAV | Distribution | Return for period |
| March 26, 2008 | $21.00 | -0.23% | |
| March 27, 2008 | N/A | $0.325 | |
| March 31, 2008 | $20.63 Estimated |
||
| April 30, 2008 | $20.71 | +0.39% | |
| The determination of NAV as of March 31 is complicated by the dividend. In order to estimate it, I have taken the March 26 NAV of $21.00 and subtracted the dividend (ex-date March 27) of $0.325 to arrive at a zero-return estimate of $20.675. I have then multiplied this by the CPD return in the March 26-31 period of -0.23% (return factor 0.9977) to estimate a March 31 NAV of $20.63 | |||
| Estimated April Return | 0.39% | ||
| CPD had a NAV of $17.64 on March 26 and $17.60 on March 31. The estimated March end-of-month stub period return for CPD was therefore -0.23%, which is applied to DPS.UN as described above. | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for February and March
| DPS.UN NAV Returns, three-month-ish to end-April-ish, 2008 | |
| February-ish | +2.04% |
| March-ish | -2.26% |
| April-ish | +0.39% |
| Three-months-ish | +0.12% |
I don’t want to nitpick, but the first table is labeled March (not April) returns.
Whoopsee! Now fixed.
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