Performance of the HIMIPref™ Indices for March, 2008, was:
| Total Return | ||
| Index | Performance March 2008 |
Three Months to March 31, 2008 |
| Ratchet | +0.79% | +2.84% |
| FixFloat | +0.64% | +1.31% |
| Floater | -1.09% | +2.37% |
| OpRet | -0.10% | +0.74% |
| SplitShare | -2.60% | -0.63% |
| Interest | +0.25% | +3.26% |
| PerpetualPremium | -1.57% | -0.14% |
| PerpetualDiscount | -4.93% | -1.65% |
| Funds (see below for calculations) | ||
| CPD | -2.90% | -1.23% |
| DPS.UN | -2.26% | -0.79% |
| Index | ||
| BMO-CM 50 | -2.79% |
-0.31% |
Claymore has published NAV data and Distribution Data for its exchange traded fund (CPD) and I have derived the following table:
| CPD Return, 1- & 3-month, to March, 2008 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| December 31, 2007 | 17.95 | |||
| January 31, 2008 | 17.95 | 0.00% | 0.00% | |
| February 29 | 18.34 | +2.17% | +2.17% | |
| March 26 | 17.64 | 0.2082 | -2.68% | -2.90% |
| March 31, 2008 | 17.60 | -0.23% | ||
| Quarterly Return | -0.79% | |||
The DPS.UN NAV for March 26 has been published so we may calculate the March returns (approximately!) for this closed end fund:
| DPS.UN NAV Return, March-ish 2008 | |||
| Date | NAV | Distribution | Return for period |
| February 27, 2008 | $21.47 | ||
| March 26, 2008 | $21.00 | $0.00 | -2.19% |
| Adjustment for February stub-period | +0.16% | ||
| Adjustment for March stub-period | -0.23% | ||
| Estimated March Return | -2.26% | ||
| CPD had a NAV of $18.37 on February 27 and $18.34 on February 29. The estimated February end-of-month stub period return for CPD was therefore -0.16%, which is subtracted from to the DPS.UN total return when estimating the return for March. | |||
| CPD had a NAV of $17.64 on March 26 and $17.60 on March 31. The estimated March end-of-month stub period return for CPD was therefore -0.23%, which is added to the DPS.UN total return when estimating the return for March. | |||
| Note that the DPS.UN distribution for March was done with a March 31 Record Date, therefore a March 27 Ex-Date | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for January and February:
| DPS.UN NAV Returns, three-month-ish to end-March-ish, 2008 | |
| January-ish | -0.97% |
| February-ish | +2.04% |
| March-ish | -2.26% |
| Three-months-ish | -1.23% |
Update, 2008-4-2: BMOCM-50 Index updated. The March index was 0.35% above its November trough.
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