Brompton Life & Banc Split Corp. has released its Semi-Annual Report to June 30, 2015.
Figures of interest are:
MER: “The MER per unit, excluding Preferred share distributions (which were covered by the portfolio’s dividend income), was 0.96% for the six months ended June 30, 2015 compared to 0.95% in 2014.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end 2014 was $297-million, compared to $304-million on June 30, so call it an average of $300-million. Preferred share dividends of $3.747-million were paid over the half year at 0.475 p.a., implying average units outstanding of 15.8-million, at an average NAVPU of about $19.02, implies $301-million. Good agreement between the two methods! So say Average Net Assets are $300-million.
Underlying Portfolio Yield: Dividend income received of $5.509-million divided by average net assets of $300-million, multiplied by two because it’s semiannual, is 3.67%.
Income Coverage: Investment income of $5.526-million, less recurring expenses of $1.925-million (disregarding transaction costs) is $3.601-million, divided by preferred share dividends of $3.747-million is 96%.
This entry was posted on Monday, February 15th, 2016 at 1:48 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.
LBS.PR.A: Semi-Annual Report 15H1
Brompton Life & Banc Split Corp. has released its Semi-Annual Report to June 30, 2015.
Figures of interest are:
MER: “The MER per unit, excluding Preferred share distributions (which were covered by the portfolio’s dividend income), was 0.96% for the six months ended June 30, 2015 compared to 0.95% in 2014.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end 2014 was $297-million, compared to $304-million on June 30, so call it an average of $300-million. Preferred share dividends of $3.747-million were paid over the half year at 0.475 p.a., implying average units outstanding of 15.8-million, at an average NAVPU of about $19.02, implies $301-million. Good agreement between the two methods! So say Average Net Assets are $300-million.
Underlying Portfolio Yield: Dividend income received of $5.509-million divided by average net assets of $300-million, multiplied by two because it’s semiannual, is 3.67%.
Income Coverage: Investment income of $5.526-million, less recurring expenses of $1.925-million (disregarding transaction costs) is $3.601-million, divided by preferred share dividends of $3.747-million is 96%.
This entry was posted on Monday, February 15th, 2016 at 1:48 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.