DF.PR.A 2016 Annual Report

Dividend 15 Split Corp. II has released its Annual Report to November 30, 2016, but it is no longer available on the company website and must be retrieved from the highly secretive SEDAR website; I am not permitted to link directly to the report, but the coordinates are “Dividend 15 Split Corp. II Feb 23 2017 12:42:52 ET Annual report – English PDF 683 K”.

DF / DF.PR.A Performance
Instrument One
Whole Unit +14.03% +8.03% +11.28%
DF.PR.A +5.38% +5.38% +5.38%
DF +32.42% +12.80% 22.28%
S&P/TSX 60 Index +15.71% +7.98% +8.26%

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: 1.06% of Whole Unit value, “excluding any one time offering expenses. Management expense ratio is based on total expenses for the stated year and is expressed as an annualized percentage of average net asset value during the year.”

Average Net Assets: No units were issued or redeemed during the year and price action was moderate, so it’s fair to take a straight average of the beginning and end of year figures: (221.6-million + 213.5-million) / 2 = 218-million

Underlying Portfolio Yield: Dividends received of 8,381,184 divided by average net assets of 218-million is 3.84%

Income Coverage: Net Investment Income of 6.062-million divided by Preferred Share Distributions of 7.425-million is 81.6%

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