Dividend 15 Split Corp. II has released its Semi-Annual Report to May 31, 2014.
Figures of interest are:
MER: 1.24% of the whole unit value, “to reflect the normal operating expenses of the Company excluding any one time secondary offering expenses.”.
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $198.6-million, compared to $232.2-million on May 31, so call it an average of $223.8-million.
Underlying Portfolio Yield: Income received of $3.953-million divided by average net assets of $223.8-million, multiplied by two because it’s semiannual is 3.34%.
Income Coverage: Net investment income of $2.300-million divided by preferred share dividends of $3.122-million is 74%.
Note that both the calculated portfolio yield and the income coverage are more than what was calculated according to the 2014 Annual Report. There was a secondary offering during the period but it does not appear to have had much effect on calculated numbers.
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DF.PR.A Semi-Annual Report 2015
Dividend 15 Split Corp. II has released its Semi-Annual Report to May 31, 2014.
Figures of interest are:
MER: 1.24% of the whole unit value, “to reflect the normal operating expenses of the Company excluding any one time secondary offering expenses.”.
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $198.6-million, compared to $232.2-million on May 31, so call it an average of $223.8-million.
Underlying Portfolio Yield: Income received of $3.953-million divided by average net assets of $223.8-million, multiplied by two because it’s semiannual is 3.34%.
Income Coverage: Net investment income of $2.300-million divided by preferred share dividends of $3.122-million is 74%.
Note that both the calculated portfolio yield and the income coverage are more than what was calculated according to the 2014 Annual Report. There was a secondary offering during the period but it does not appear to have had much effect on calculated numbers.
This entry was posted on Monday, August 17th, 2015 at 2:03 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.