Performance of the HIMIPref™ Indices for December, 2008, was:
| Total Return | ||
| Index | Performance December 2008 |
Three Months to December 31, 2008 |
| Ratchet | -22.78% | -45.03 |
| FixFloat | -15.60% | -39.36% |
| Floater | +34.20% | -42.10% |
| OpRet | +1.96% | -4.72% |
| SplitShare | +18.39% | -8.76% |
| Interest | +2.00% | -28.19% |
| PerpetualPremium | +10.68%* | -15.00%* |
| PerpetualDiscount | +10.68% | -12.72%% |
| FixedReset | +4.11% | -11.59% |
| * The last member of the PerpetualPremium index was transferred to PerpetualDiscount at the October rebalancing; subsequent performance figures are set equal to the PerpetualDiscount index | ||
| Funds (see below for calculations) | ||
| CPD | +9.21% | -11.51% |
| DPS.UN | +5.65% | -16.82% |
| Index | ||
| BMO-CM 50 | +6.39% | -12.74% |
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 December, 2008 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| Sept 30 | 16.21 | |||
| October 31 | 15.04 | 0.00 | -7.22% | |
| November 28, 2008 | 13.37 | 0.00 | -11.10% | |
| Dec 24 | 12.92 | 0.2135 | -1.77% | +7.28% |
| Dec 31 | 14.11 | +9.21% | ||
| Quarterly Return | -11.51% | |||
The DPS.UN NAV for December 31 has been published so we may calculate the December returns (approximately!) for this closed end fund. Unfortunately, they did not publish their NAV on their December distribution’s ex-date, so things are a little hairy this month:
| DPS.UN NAV Return, December-ish 2008 | |||
| Date | NAV | Distribution | Return for period |
| Estimated November Ending Stub | +3.80% | ||
| November 26, 2008 | 14.53 | ||
| December 24, 2008 | 14.43 | -0.69% | |
| December 29, 2008 | 14.69 * | 0.30 | +3.87% * |
| December 31, 2008 | 15.64 | +6.47% | |
| Estimated December Return | +5.65% | ||
| * CPD had a NAV of $12.92 on December 24 and $13.52 on December 29. Return for this period for CPD was therefore +3.87%. Assuming equality of returns, then DPS.UN would have had a NAV of 14.99 before payment of the $0.30 dividend. | |||
| CPD had a NAV of $12.88 on November 26 and $13.37 on November 28. The estimated November month-end stub period return for CPD was therefore +3.80%, which is subtracted from the DPS.UN period return to estimate a return for the month. | |||
| The October return for DPS.UN’s NAV is therefore the product of four period returns, -3.80%, -0.69%, +3.87%, +6.47%, to arrive at an estimate for the calendar month of +5.65% | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for October and November:
| DPS.UN NAV Returns, three-month-ish to end-October-ish, 2008 | |
| October-ish | -9.56% |
| November-ish | -12.95% |
| December-ish | +5.65% |
| Three-months-ish | -16.82% |
[…] to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for December and […]
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