Canoe EIT Income Fund has released its Annual Report to December 31, 2018.
| EIT Performance |
| Instrument |
One
Year |
Three
Years |
Five
Years |
Ten
Years |
EIT
Common Redeemable Units
(based on NAV) |
-6.2% |
+5.5% |
+5.1% |
+10.1% |
| S&P/TSX Composite Total Return Index |
-8.9% |
+6.4% |
+4.1% |
+7.9% |
Sadly, they did not publish a “whole fund” return.
Figures of interest are:
MER: “Management expense ratio excluding issue costs, interest, and distributions to preferred redeemable units” “as a percentage of net asset value” (which I take to mean, based only on the equity represented by the Capital Units) 1.57% “as a percentage of net asset value” (which I take to mean, based only on the equity represented by the Capital Units).
Average Net Assets: There was no particularly enormous change in either the number of capital units outstanding or of the net asset value per capital unit, so let’s just take the average of the year-beginning and year-ending NAVs, including preferred shares: (1,067-million + 215-million + 1,073-million + 136-million) / 2 = 1,246-million
Underlying Portfolio Yield: Dividends received of 28.606-million + interest of 4.347-million is 32.953-million divided by average net assets of 1,246-million is 2.64%
Income Coverage: Net Investment Income of 9.034-million divided by Preferred Share Distributions (annualized) of 10.626-million is 85%.
Asset Coverage: NET ASSETS ATTRIBUTABLE TO HOLDERS OF COMMON REDEEMABLE UNITS of 1,067-million + Preferred redeemable units of 215-million, all divided by Preferred redeemable units of 215-million is 6.0-:1 (downside protection of about 83%)
Note that DBRS recently confirmed the preferreds at Pfd-2(high):
The distribution coverage ratio was approximately 0.9. … As of April 9, 2019, the downside protection available to the Preferred Units was approximately 85.00%.
This entry was posted on Sunday, May 12th, 2019 at 12:35 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.
EIT.PR.A , EIT.PR.B : Annual Report 2018
Canoe EIT Income Fund has released its Annual Report to December 31, 2018.
Year
Years
Years
Years
Common Redeemable Units
(based on NAV)
Sadly, they did not publish a “whole fund” return.
Figures of interest are:
MER: “Management expense ratio excluding issue costs, interest, and distributions to preferred redeemable units” “as a percentage of net asset value” (which I take to mean, based only on the equity represented by the Capital Units) 1.57% “as a percentage of net asset value” (which I take to mean, based only on the equity represented by the Capital Units).
Average Net Assets: There was no particularly enormous change in either the number of capital units outstanding or of the net asset value per capital unit, so let’s just take the average of the year-beginning and year-ending NAVs, including preferred shares: (1,067-million + 215-million + 1,073-million + 136-million) / 2 = 1,246-million
Underlying Portfolio Yield: Dividends received of 28.606-million + interest of 4.347-million is 32.953-million divided by average net assets of 1,246-million is 2.64%
Income Coverage: Net Investment Income of 9.034-million divided by Preferred Share Distributions (annualized) of 10.626-million is 85%.
Asset Coverage: NET ASSETS ATTRIBUTABLE TO HOLDERS OF COMMON REDEEMABLE UNITS of 1,067-million + Preferred redeemable units of 215-million, all divided by Preferred redeemable units of 215-million is 6.0-:1 (downside protection of about 83%)
Note that DBRS recently confirmed the preferreds at Pfd-2(high):
This entry was posted on Sunday, May 12th, 2019 at 12:35 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.