LFE Annual Report 2011

Canadian Life Companies Split Inc. has released its Annual Report to November 30, 2011.

LFE / LFE.PR.A Performance
Instrument One
Whole Unit -18.74% -7.33% -10.52%
LFE.PR.A +5.38% +5.38% +5.38%
LFE -78.56% -45.52% -40.10%
S&P/TSX Financial Index -2.86% +16.05% -0.46%

The S&P/TSX Financial Index is not a particularly well-matched index, as it will be dominated by banks, but we do what we can! Canadian Banc Corp. has the opposite problem. Note that at year-end, the portfolio was about 18.6% banks and 6.6% cash.

Figures of interest are:

MER: 1.14% of thw whole unit value, excluding one time initial offering expenses.

Average Net Assets: We need this to calculate portfolio yield. The number of units changed only very slightly over the year, so the average of the beginning and end of year’s net assets will be close enough: ($116.1-million + $150.4-million) / 2 = $133.2-million.

Underlying Portfolio Yield: Dividends received (net of withholding) of 5,995,631 divided by average net assets of 133.2-million is 4.50%

Income Coverage: Net Investment Income of 4,290,246 divided by Preferred Share Distributions of 5,614,485 is 76%.

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