Brompton Lifeco Split Corp. has released its Annual Report to December 31, 2014.
| LCS / LCS.PR.A Performance |
| Instrument |
One
Year |
Three
Years |
Five
Years |
| Whole Unit |
+5.1% |
+26.6% |
+8.2% |
| LCS.PR.A |
+5.6% |
+5.9% |
+5.4% |
| LCS |
+4.6% |
N/A |
+11.5% |
| S&P/TSX Financial Index |
+12.6% |
+18.7% |
+11.8% |
| S&P/TSX Composite Index |
+10.6% |
+10.2% |
+7.5% |
Note that the benchmarking isn’t ideal, since the Financial index will include banks, while the fund has a mandate only for insurers.
Figures of interest are:
MER: 1.27% of the whole unit value, excluding Preferred share distributions and issuance costs and agents’ fees in connection with the Fund’s treasury offerings of Preferred shares,.
Average Net Assets: We need this to calculate portfolio yield; and it’s tricky because there was massive issuance during the year. MER of 1.27% on Total Expenses excluding Preferred share distributions and issuance costs and agents’ fees of $773,319 implies $60.89-million net assets. Preferred Share distributions of 1,883,142 @ 0.525 / share implies 3.587-million shares out on average. Average Unit Value (beginning & end of year) = (16.36 + 17.00) / 2 = 16.68. Therefore 3.587-million @ 16.68 = 59.8-million average net assets. Good agreement between these two methods! Call it $60.4-million average fund assets.
Underlying Portfolio Yield: Dividends, interest and lending income received of 1.659-million divided by average net assets of 60.4-million is 2.77%
Income Coverage: Net Investment Income (before capital gains & losses and issuance costs and agents’ fees ) of $886,012 divided by Preferred Share Distributions of 1,883,142 is 47%.
This entry was posted on Monday, April 13th, 2015 at 12:59 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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LCS.PR.A: Annual Report 2014
Brompton Lifeco Split Corp. has released its Annual Report to December 31, 2014.
Year
Years
Years
Note that the benchmarking isn’t ideal, since the Financial index will include banks, while the fund has a mandate only for insurers.
Figures of interest are:
MER: 1.27% of the whole unit value, excluding Preferred share distributions and issuance costs and agents’ fees in connection with the Fund’s treasury offerings of Preferred shares,.
Average Net Assets: We need this to calculate portfolio yield; and it’s tricky because there was massive issuance during the year. MER of 1.27% on Total Expenses excluding Preferred share distributions and issuance costs and agents’ fees of $773,319 implies $60.89-million net assets. Preferred Share distributions of 1,883,142 @ 0.525 / share implies 3.587-million shares out on average. Average Unit Value (beginning & end of year) = (16.36 + 17.00) / 2 = 16.68. Therefore 3.587-million @ 16.68 = 59.8-million average net assets. Good agreement between these two methods! Call it $60.4-million average fund assets.
Underlying Portfolio Yield: Dividends, interest and lending income received of 1.659-million divided by average net assets of 60.4-million is 2.77%
Income Coverage: Net Investment Income (before capital gains & losses and issuance costs and agents’ fees ) of $886,012 divided by Preferred Share Distributions of 1,883,142 is 47%.
This entry was posted on Monday, April 13th, 2015 at 12:59 am 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.