Performance of the HIMIPref™ Indices for September, 2008, was:
| Total Return | ||
| Index | Performance September 2008 |
Three Months to September 30, 2008 |
| Ratchet | N/A | N/A |
| FixFloat | -2.88% | +5.09% |
| Floater | -14.79% | -14.05% |
| OpRet | -2.01% | -1.87% |
| SplitShare | -6.97% | -6.39% |
| Interest | -4.42% | -3.82% |
| PerpetualPremium | -1.42% | -1.82% |
| PerpetualDiscount | -2.31% | -1.89% |
| FixedReset | N/A | N/A |
| Funds (see below for calculations) | ||
| CPD | -2.89% | -2.72% |
| DPS.UN | -3.70% | -4.29% |
| Index | ||
| BMO-CM 50 | -2.59% | -1.88% |
Claymore has published NAV and distribution data for its exchange traded fund (CPD) and I have derived the following table:
| CPD Return, 1- & 3-month, to September, 2008 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| June 30 | 16.88 | 0.00 | ||
| July 31, 2008 | 16.50 | 0.00 | -2.25% | |
| August 29 | 16.91 | 0.00 | +2.48% | |
| Sept 25 | 16.41 | 0.2135 | -1.69% | -2.89% |
| Sept 30, 2008 | 16.21 | -1.22% | ||
| Quarterly Return | -2.72% | |||
The DPS.UN NAV for October has been published so we may calculate the September returns (approximately!) for this closed end fund:
| DPS.UN NAV Return, September-ish 2008 | |||
| Date | NAV | Distribution | Return for period |
| August 27 | $20.03 | +2.82% | |
| Estimated August Stub | +0.12% | ||
| Sept 24 | 19.64 | -2.07% | |
| Sept 26 | 19.3321 Estimate |
0.30 | -0.04% Estimate |
| October 1, 2008 | 18.97 | -1.87% | |
| Estimated October Stub | -0.25% | ||
| Estimated September Return | -3.70% | ||
| CPD had a NAV of $16.89 on August 27 and $16.91 on August 29. The estimated August end-of-month stub period return for CPD was therefore +0.12%, which is added to the DPS.UN period return. | |||
| The return for the period August 27-Sept 24 was -1.95%; since the August stub period return was +0.12%, the August 29-September 24 return is estimated as -2.07% | |||
| CPD had NAVs of $16.63, 16.41 & 16.41 on September 24, 25 & 26, respectively; a distribution of $0.2135 was paid with a Sept. 25 ex-date. Total return for September 24-26 was therefore -0.04%. | |||
| CPD had a NAV of $16.17 on October 1 and $16.21 on September. The estimated October beginning of month stub period return for CPD was therefore -0.25%, which is added to the DPS.UN period return to estimate a return for the period of -1.62%. | |||
| The September return for DPS.UN’s NAV is therefore the product of three period returns, -2.07%, -0.04% and -1.62%, to arrive at an estimate for the calendar month of -3.70% | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for July and August:
| DPS.UN NAV Returns, three-month-ish to end-September-ish, 2008 | |
| July-ish | -3.16% |
| August-ish | +2.63% |
| September-ish | -3.70% |
| Three-months-ish | -4.29% |
[…] Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for August and September: […]
[…] to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for September and […]