Financial 15 Split Inc. has released its Annual Report to November 30, 2014.
| FTN / FTN.PR.A Performance | ||||
| Instrument | One Year |
Three Years |
Five Years |
Ten Years |
| Whole Unit | +16.59% | +21.49% | +10.66% | +4.30% |
| FTN.PR.A | +5.38% | +5.38% | +5.38% | +5.37% |
| FTN | +33.94% | +58.33% | +18.79% | +4.53% |
| S&P/TSX Financial Index | +18.77% | +20.54% | +13.45% | +9.99% |
| S&P 500 Financial Index | +24.64% | +31.12% | +14.36% | -0.05% |
Figures of interest are:
MER: 1.48% of the whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield. MER of 1.48% Total Expenses of 3,284,849 implies $222-million net assets. Preferred Share distributions of 6,781,917 @ 0.525 / share implies 12.9-million shares out on average. Average Unit Value (beginning & end of year) = (17.76 + 17.14) / 2 = 17.45. Therefore 12.9-million @ 17.45 = 225-million average net assets. Good agreement between these two methods! Call it 224-million average.
Underlying Portfolio Yield: Dividends received (net of withholding) of 5,526,373 divided by average net assets of 224-million is 2.47%
Income Coverage: Net Investment Income of 2,242,511 divided by Preferred Share Distributions of 6,781,917 is 33%.