Financial 15 Split Inc. has released its Annual Report to November 30, 2010.
| FTN / FTN.PR.A Performance | |||
| Instrument | One Year |
Three Years |
Five Years |
| Whole Unit | +3.49% | -5.92% | -1.86% |
| FTN.PR.A | +5.38% | +5.38% | +5.38% |
| FTN | +0.79% | -15.25% | -8.02% |
| S&P/TSX 60 Financial Index | +8.59% | -1.84% | +3.64% |
| S&P 500 Financial Index | -3.23% | -19.88% | -14.64% |
| 2/3 Can + 1/3 US Calculations by JH | +4.65% | -7.85% | -2.45% |
Figures of interest are:
MER: 1.16% of thw whole unit value, excluding one time initial offering expenses. These were taken as a direct hit to Shareholders’ Equity and bypassed the Income Statement.
Average Net Assets: We need this to calculate portfolio yield. MER of 1.16% Total Expenses of 1,648,741 implies $142-million net assets. Preferred Share distributions of 4,511,294 @ 0.525 / share implies 8.6-million shares out on average. Average Unit Value (beginning & end of year) = (15.95 + 17.39) / 2 = 16.67. Therefore 8.6-million @ 16.67 = 143.4-million average net assets. Good agreement between these two methods! Call it 143-million average.
Underlying Portfolio Yield: Dividends received (net of withholding) of 3,940,069 divided by average net assets of 143-million is 2.76%
Income Coverage: Net Investment Income of 2,291,328 divided by Preferred Share Distributions of 4,511,294 is 51%.