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%.
This entry was posted on Thursday, March 17th, 2011 at 8:03 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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FTN.PR.A Annual Report 2010
Financial 15 Split Inc. has released its Annual Report to November 30, 2010.
Year
Years
Years
Calculations by JH
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%.
This entry was posted on Thursday, March 17th, 2011 at 8:03 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.