Dividend 15 Split Corp. has released its Annual Report to November 30, 2013.
| DFN / DFN.PR.A Performance | |||
| Instrument | One Year |
Three Years |
Five Years |
| Whole Unit | +20.70% | +10.88% | +13.44% |
| DFN.PR.A | +5.38% | +5.38% | +5.38% |
| DF | +39.44% | +17.09% | 23.58% |
| S&P/TSX 60 Index | +13.40% | +4.36% | +9.65% |
Using the S&P TSX 60 index rather than “Dividend Aristocrats” seems a little odd to me – but we’ll let them choose their benchmark!
Figures of interest are:
MER: 1.49% of the whole unit value (As reported)0.
Average Net Assets: The average of the beginning and end of year figures is ($378.1-million + $307.8-million) / 2 = $343-million. Total preferred share dividends = $8,890,054 at 0.525 / share implies average of 16.93-million units outstanding, at an average NAVPU of ($18.22 + $18.45) / 2 = 18.34, implies average net assets of $310-million. Not very good agreement! But call it about $327-million
Underlying Portfolio Yield: Dividends received of $12.13-million divided by average net assets of 327-million is 3.7%
Income Coverage: Net Investment Income of 7.23-million divided by Preferred Share Distributions of 8.89-million is 81%.