Geez, maybe I should open a managed future fund:
Brokers have an incentive to keep clients in managed-futures funds because they receive commissions annually of up to 4 percent of assets invested, prospectuses show. Investors pay as much as 9 percent in total fees each year, including charges by general partners and fund managers.
Amazing – somebody actually took a quantitative look at the spread between downtown and suburban house prices:
No question, you’ll find house prices are cheaper outside big cities. Toronto Real Estate Board numbers suggest a spread of almost $250,000 between city homes and those in the neighbouring suburbs. But as shown in a spreadsheet created by Mr. Hughes, suburban living loses its cost advantage if you have two adults commuting by car each day. Add the effect of stress and time spent in gridlock, and suburbia looks even more costly.
It was another negative day for the Canadian preferred share market, with PerpetualDiscounts losing 28bp, FixedResets down 9bp and DeemedRetractibles off 6bp. There was a surprisingly lengthy list of losers in the Performance Highlights table. Volume was above average.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0612 % | 2,521.9 |
| FixedFloater | 4.33 % | 3.65 % | 31,143 | 17.99 | 1 | -0.2272 % | 3,838.4 |
| Floater | 2.68 % | 2.92 % | 65,162 | 19.96 | 5 | -0.0612 % | 2,723.0 |
| OpRet | 4.62 % | 2.67 % | 61,816 | 0.63 | 3 | 0.2576 % | 2,639.5 |
| SplitShare | 4.76 % | 5.05 % | 62,160 | 3.73 | 6 | 0.0602 % | 2,946.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2576 % | 2,413.5 |
| Perpetual-Premium | 5.79 % | 1.04 % | 106,098 | 0.10 | 8 | -0.0219 % | 2,280.6 |
| Perpetual-Discount | 5.58 % | 5.56 % | 158,413 | 14.51 | 30 | -0.2845 % | 2,335.1 |
| FixedReset | 4.95 % | 3.69 % | 235,148 | 3.61 | 85 | -0.0862 % | 2,452.2 |
| Deemed-Retractible | 5.14 % | 4.45 % | 189,415 | 6.87 | 43 | -0.0554 % | 2,376.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CIU.PR.C | FixedReset | -4.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 4.25 % |
| CU.PR.G | Perpetual-Discount | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.50 % |
| BAM.PF.D | Perpetual-Discount | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 6.15 % |
| CU.PR.F | Perpetual-Discount | -1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 20.78 Evaluated at bid price : 20.78 Bid-YTW : 5.49 % |
| FTS.PR.H | FixedReset | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 4.13 % |
| BAM.PR.Z | FixedReset | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 23.24 Evaluated at bid price : 25.04 Bid-YTW : 4.73 % |
| SLF.PR.E | Deemed-Retractible | -1.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.08 Bid-YTW : 6.53 % |
| SLF.PR.B | Deemed-Retractible | -1.21 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.13 Bid-YTW : 6.28 % |
| BAM.PR.M | Perpetual-Discount | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.16 % |
| ENB.PR.H | FixedReset | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 22.55 Evaluated at bid price : 23.50 Bid-YTW : 4.22 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.Q | FixedReset | 98,437 | RBC crossed 50,000 at 24.81. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.81 Bid-YTW : 3.69 % |
| PWF.PR.K | Perpetual-Discount | 40,775 | National crossed 23,800 at 22.38. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 21.96 Evaluated at bid price : 22.31 Bid-YTW : 5.54 % |
| TD.PR.Y | FixedReset | 40,526 | Will reset at 3.5595%. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.85 Bid-YTW : 3.65 % |
| ENB.PR.H | FixedReset | 35,310 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 22.55 Evaluated at bid price : 23.50 Bid-YTW : 4.22 % |
| POW.PR.D | Perpetual-Discount | 34,068 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 22.76 Evaluated at bid price : 23.00 Bid-YTW : 5.45 % |
| PWF.PR.S | Perpetual-Discount | 26,030 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-10-08 Maturity Price : 21.99 Evaluated at bid price : 22.28 Bid-YTW : 5.38 % |
| There were 41 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CIU.PR.C | FixedReset | Quote: 19.66 – 20.66 Spot Rate : 1.0000 Average : 0.7071 YTW SCENARIO |
| CIU.PR.A | Perpetual-Discount | Quote: 20.42 – 21.03 Spot Rate : 0.6100 Average : 0.3766 YTW SCENARIO |
| IAG.PR.A | Deemed-Retractible | Quote: 22.62 – 22.98 Spot Rate : 0.3600 Average : 0.2535 YTW SCENARIO |
| TD.PR.R | Deemed-Retractible | Quote: 25.85 – 26.10 Spot Rate : 0.2500 Average : 0.1520 YTW SCENARIO |
| TRP.PR.C | FixedReset | Quote: 23.03 – 23.54 Spot Rate : 0.5100 Average : 0.4336 YTW SCENARIO |
| PWF.PR.F | Perpetual-Discount | Quote: 23.45 – 23.68 Spot Rate : 0.2300 Average : 0.1589 YTW SCENARIO |