Dividend Growth Split Corp. has released its Semi-Annual Report to June 30, 2014.
Figures of interest are:
MER: According to the report:
Excluding the Preferred share distributions and issuance costs, MER per Class A share was 0.98% for the first six months of 2014 compared to 1.04% in 2013. This ratio is more representative of the ongoing efficiency of the administration of the Fund.
Average Net Assets: We need this to calculate portfolio yield, and it’s a nightmare due to the share issuance.The average of the beginning and end of period assets is: (224.5-million + 184.6-million)/2 = 204.6-million. Distributions paid on preferred shares were $2,913,292, at $0.525 p.a. for half a year, implies an average of 11.098-million units outstanding, at an average NAVPU of 18.70, implies average assets of $207.5-million, which is surprisingly close. So call the average assets $206-million.
Underlying Portfolio Yield: Total Income (dividends, securities lending and interest) of $4.40-million over half a year divided by average net assets of $206-million is 4.3% p.a..
Income Coverage: Net income before realized and unrealized capital gains and before share issuance costs is $3.29-million to cover preferred dividends of $2.98-million is 110%.
This entry was posted on Monday, October 13th, 2014 at 4:26 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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DGS.PR.A Semi-Annual Report 14H1
Dividend Growth Split Corp. has released its Semi-Annual Report to June 30, 2014.
Figures of interest are:
MER: According to the report:
Average Net Assets: We need this to calculate portfolio yield, and it’s a nightmare due to the share issuance.The average of the beginning and end of period assets is: (224.5-million + 184.6-million)/2 = 204.6-million. Distributions paid on preferred shares were $2,913,292, at $0.525 p.a. for half a year, implies an average of 11.098-million units outstanding, at an average NAVPU of 18.70, implies average assets of $207.5-million, which is surprisingly close. So call the average assets $206-million.
Underlying Portfolio Yield: Total Income (dividends, securities lending and interest) of $4.40-million over half a year divided by average net assets of $206-million is 4.3% p.a..
Income Coverage: Net income before realized and unrealized capital gains and before share issuance costs is $3.29-million to cover preferred dividends of $2.98-million is 110%.
This entry was posted on Monday, October 13th, 2014 at 4:26 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.