BAM Split Corp. has not posted its 2010 Annual Report on its website, so investors must go to SEDAR to get it; it was filed on 2010-12-17.
The performance reporting is rather boring, since only the various preferred share issues (BNA.PR.B, BNA.PR.C, BNA.PR.D and BNA.PR.E) are listed; the returns for the capital units are not reported, nor is the return of the underlying portfolio – which is entirely BAM.A plus or minus a bit of cash drag anyway. The performance table will therefore not be reproduced here.
Figures of interest are:
MER: (excluding dividends on preferred shares, issue costs and Class A Preferred Share redemption premium) 0.0%. You don’t see that number very often! A more precise calculation from the Income Statement shows that the expenses totalled $333,000, or about 2bp on assets.
The expenses are wel itemized, however, and are a delight for voyeurs. I found the Listing Fees of $72,000 and Rating Fees of $20,000 to be most interesting.
Average Net Assets: There’s no point calculating this, since Portfolio Yield can be estimated directly from BAM.A
Underlying Portfolio Yield: Given the fund’s portfolio composition and investment policy, deviations from the raw yield on BAM.A will not be material. This is currently 1.60%
Income Coverage: Dividends & Interest of $28.8-million less expenses (before amortization of issue costs) of $0.3-million is $28.5-million, to cover preferred dividends of $19.9-million is 143%.
This entry was posted on Sunday, May 15th, 2011 at 12:17 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BNA Annual Report
BAM Split Corp. has not posted its 2010 Annual Report on its website, so investors must go to SEDAR to get it; it was filed on 2010-12-17.
The performance reporting is rather boring, since only the various preferred share issues (BNA.PR.B, BNA.PR.C, BNA.PR.D and BNA.PR.E) are listed; the returns for the capital units are not reported, nor is the return of the underlying portfolio – which is entirely BAM.A plus or minus a bit of cash drag anyway. The performance table will therefore not be reproduced here.
Figures of interest are:
MER: (excluding dividends on preferred shares, issue costs and Class A Preferred Share redemption premium) 0.0%. You don’t see that number very often! A more precise calculation from the Income Statement shows that the expenses totalled $333,000, or about 2bp on assets.
The expenses are wel itemized, however, and are a delight for voyeurs. I found the Listing Fees of $72,000 and Rating Fees of $20,000 to be most interesting.
Average Net Assets: There’s no point calculating this, since Portfolio Yield can be estimated directly from BAM.A
Underlying Portfolio Yield: Given the fund’s portfolio composition and investment policy, deviations from the raw yield on BAM.A will not be material. This is currently 1.60%
Income Coverage: Dividends & Interest of $28.8-million less expenses (before amortization of issue costs) of $0.3-million is $28.5-million, to cover preferred dividends of $19.9-million is 143%.
This entry was posted on Sunday, May 15th, 2011 at 12:17 am 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.