Financial 15 Split Inc. has released its Annual Report to November 30, 2017.
| FTN / FTN.PR.A Performance |
| Instrument |
One
Year |
Three
Years |
Five
Years |
Ten
Years |
| Whole Unit |
+19.84% |
+14.12% |
+18.38% |
+5.78% |
| FTN.PR.A |
+5.38% |
+5.38% |
+5.38% |
+5.38% |
| FTN |
+42.22% |
+28.79% |
+42.44% |
+9.25% |
| S&P/TSX Financial Index |
+16.50% |
+10.02% |
+14.64% |
+7.97% |
| S&P 500 Financial Index |
+19.52% |
+18.50% |
+25.21% |
+5.64% |
Figures of interest are:
MER: 1.19% of the whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield. MER of 1.19% Total Expenses of 5,868,070 implies $493-million net assets. Preferred Share distributions of 12,976,652 @ 0.525 / share implies 24.7-million shares out on average. Average Unit Value (beginning & end of year) = (18.32 + 17.18) / 2 = 17.75. Therefore 24.7-million @ 17.75 = 438-million average net assets. Rotten agreement between these two methods, but they did have a lot of treasury offerings this year. Give 75% weight to the first calculation and call it 479-million average.
Underlying Portfolio Yield: Dividends received (net of withholding) of 11,739,373 divided by average net assets of 479-million is 2.45%
Income Coverage: Net Investment Income of 5,871,303 divided by Preferred Share Distributions of 12,976,652 is 45%.
This entry was posted on Saturday, March 10th, 2018 at 8:18 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.
FTN.PR.A : Annual Report 2017
Financial 15 Split Inc. has released its Annual Report to November 30, 2017.
Year
Years
Years
Years
Figures of interest are:
MER: 1.19% of the whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield. MER of 1.19% Total Expenses of 5,868,070 implies $493-million net assets. Preferred Share distributions of 12,976,652 @ 0.525 / share implies 24.7-million shares out on average. Average Unit Value (beginning & end of year) = (18.32 + 17.18) / 2 = 17.75. Therefore 24.7-million @ 17.75 = 438-million average net assets. Rotten agreement between these two methods, but they did have a lot of treasury offerings this year. Give 75% weight to the first calculation and call it 479-million average.
Underlying Portfolio Yield: Dividends received (net of withholding) of 11,739,373 divided by average net assets of 479-million is 2.45%
Income Coverage: Net Investment Income of 5,871,303 divided by Preferred Share Distributions of 12,976,652 is 45%.
This entry was posted on Saturday, March 10th, 2018 at 8:18 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.