Performance of the HIMIPrefâ„˘ Indices for September, 2008, was:

Total Return | ||

Index | Performance September 2008 |
Three Months to September 30, 2008 |

Ratchet | N/A | N/A |

FixFloat | -2.88% | +5.09% |

Floater | -14.79% | -14.05% |

OpRet | -2.01% | -1.87% |

SplitShare | -6.97% | -6.39% |

Interest | -4.42% | -3.82% |

PerpetualPremium | -1.42% | -1.82% |

PerpetualDiscount | -2.31% | -1.89% |

FixedReset | N/A | N/A |

Funds (see below for calculations) | ||

CPD | -2.89% | -2.72% |

DPS.UN | -3.70% | -4.29% |

Index | ||

BMO-CM 50 | -2.59% | -1.88% |

Claymore has published NAV and distribution data for its exchange traded fund (CPD) and I have derived the following table:

CPD Return, 1- & 3-month, to September, 2008 | ||||

Date | NAV | Distribution | Return for Sub-Period | Monthly Return |

June 30 | 16.88 | 0.00 | ||

July 31, 2008 | 16.50 | 0.00 | -2.25% | |

August 29 | 16.91 | 0.00 | +2.48% | |

Sept 25 | 16.41 | 0.2135 | -1.69% | -2.89% |

Sept 30, 2008 | 16.21 | -1.22% | ||

Quarterly Return |
-2.72% |

The DPS.UN NAV for October has been published so we may calculate the September returns (approximately!) for this closed end fund:

DPS.UN NAV Return, September-ish 2008 | |||

Date | NAV | Distribution | Return for period |

August 27 | $20.03 | +2.82% | |

Estimated August Stub | +0.12% | ||

Sept 24 | 19.64 | -2.07% | |

Sept 26 | 19.3321 Estimate |
0.30 | -0.04% Estimate |

October 1, 2008 | 18.97 | -1.87% | |

Estimated October Stub | -0.25% | ||

Estimated September Return |
-3.70% |
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CPD had a NAV of $16.89 on August 27 and $16.91 on August 29. The estimated August end-of-month stub period return for CPD was therefore +0.12%, which is added to the DPS.UN period return. |
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The return for the period August 27-Sept 24 was -1.95%; since the August stub period return was +0.12%, the August 29-September 24 return is estimated as -2.07% |
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CPD had NAVs of $16.63, 16.41 & 16.41 on September 24, 25 & 26, respectively; a distribution of $0.2135 was paid with a Sept. 25 ex-date. Total return for September 24-26 was therefore -0.04%. |
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CPD had a NAV of $16.17 on October 1 and $16.21 on September. The estimated October beginning of month stub period return for CPD was therefore -0.25%, which is added to the DPS.UN period return to estimate a return for the period of -1.62%. |
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The September return for DPS.UN’s NAV is therefore the product of three period returns, -2.07%, -0.04% and -1.62%, to arrive at an estimate for the calendar month of -3.70% |

Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for July and August:

DPS.UN NAV Returns, three-month-ish to end-September-ish, 2008 | |

July-ish | -3.16% |

August-ish | +2.63% |

September-ish | -3.70% |

Three-months-ish |
-4.29% |

[…] Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for August and September: […]

[…] to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for September and […]