Dividend 15 Split Corp. II has released its Annual Report to November 30, 2014.
| DF / DF.PR.A Performance |
| Instrument |
One
Year |
Three
Years |
Five
Years |
| Whole Unit |
+14.10% |
+15.60% |
+11.91% |
| DF.PR.A |
+5.38% |
+5.38% |
+5.38% |
| DF |
+27.80% |
+34.53% |
23.11% |
| S&P/TSX 60 Index |
+15.07% |
+10.76% |
+7.91% |
Using the S&P TSX 60 index rather than “Dividend Aristocrats” seems a little odd to me – but we’ll let them choose their benchmark!
Figures of interest are:
MER: It is reported as 2.72% of the whole unit value (“excluding any one time secondary offering expenses. Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of average net asset value during the period”), but I don’t believe this number. Expenses before agent fees on the secondary offering were $2.038-million on average assets of $155-million (see below) so I’ll call the MER 1.31%, which is in good agreement with prior years’ figures.
Average Net Assets: We need this to calculate portfolio yield. Distributions to preferred shareholders amounted to $4,693,481 which, at $0.525/share, means an average 8.940-million shares outstanding on the distribution dates. These were valued at 16.61 at the beginning of the year and 17.33 at the end, so say average net assets were 151.7-million. Total assets at the end and beginning of the year were $198.6-million and $115.6-million, respectively, so that average is $157.1-million. That’s good agreement! Call the average figure $155-million.
Underlying Portfolio Yield: Dividends received of 4,875,060 divided by average net assets of 155-million is 3.14%
Income Coverage: Net Investment Income of 2.837-million (before issuance costs) divided by Preferred Share Distributions of 4.693-million is 60.4%.
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DF.PR.A 2014 Annual Report
Dividend 15 Split Corp. II has released its Annual Report to November 30, 2014.
Year
Years
Years
Using the S&P TSX 60 index rather than “Dividend Aristocrats” seems a little odd to me – but we’ll let them choose their benchmark!
Figures of interest are:
MER: It is reported as 2.72% of the whole unit value (“excluding any one time secondary offering expenses. Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of average net asset value during the period”), but I don’t believe this number. Expenses before agent fees on the secondary offering were $2.038-million on average assets of $155-million (see below) so I’ll call the MER 1.31%, which is in good agreement with prior years’ figures.
Average Net Assets: We need this to calculate portfolio yield. Distributions to preferred shareholders amounted to $4,693,481 which, at $0.525/share, means an average 8.940-million shares outstanding on the distribution dates. These were valued at 16.61 at the beginning of the year and 17.33 at the end, so say average net assets were 151.7-million. Total assets at the end and beginning of the year were $198.6-million and $115.6-million, respectively, so that average is $157.1-million. That’s good agreement! Call the average figure $155-million.
Underlying Portfolio Yield: Dividends received of 4,875,060 divided by average net assets of 155-million is 3.14%
Income Coverage: Net Investment Income of 2.837-million (before issuance costs) divided by Preferred Share Distributions of 4.693-million is 60.4%.
This entry was posted on Monday, May 11th, 2015 at 12:21 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.