Financial 15 Split Inc. has released its Annual Report to November 30, 2013.
| FTN / FTN.PR.A Performance | ||||
| Instrument | One Year |
Three Years |
Five Years |
Ten Years |
| Whole Unit | +34.15% | +11.20% | +11.19% | +3.76% |
| FTN.PR.A | +5.38% | +5.38% | +5.38% | +5.40% |
| FTN | +104.94% | +20.45% | +20.22% | +2.88% |
| S&P/TSX Financial Index | +25.17% | +12.64% | +15.34% | +9.81% |
| S&P 500 Financial Index | +48.38% | +17.49% | +9.75% | -1.99% |
Figures of interest are:
MER: 1.17% of thw whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield. MER of 1.17% Total Expenses of 1,735,619 implies $148-million net assets. Preferred Share distributions of 4,921,219 @ 0.525 / share implies 9.37-million shares out on average. Average Unit Value (beginning & end of year) = (17.14 + 14.37) / 2 = 15.75. Therefore 9.37-million @ 15.75 = 147-million average net assets. Good agreement between these two methods! Call it 148-million average.
Underlying Portfolio Yield: Dividends received (net of withholding) of 4,234,884 divided by average net assets of 148-million is 2.86%
Income Coverage: Net Investment Income of 2,499,265 divided by Preferred Share Distributions of 4,921,219 is 51%.