Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2017.
Figures of interest are:
MER: “The MER per Class A share, excluding Preferred share distributions (which were covered by the portfolio’s dividend income), was 1.64% for the first six months of 2017 compared to 1.77% for 2016. The MER per unit, excluding Preferred share distributions, was 0.94% for the first six months of 2017 and 0.99% for 2016. This ratio is more representative of the ongoing efficiency of the administration of the Fund.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $172.0-million, compared to $183.1-million on June 30, however “On April 6, 2017, the Fund announced the split of its Class A shares (“Share Split”) and the concurrent private placement of Preferred shares (“Private Placement’) effective April 25, 2017. Pursuant to the Private Placement, 1,382,784 Preferred shares were offered to investors at a price of $10.03 per Preferred share.” So instead of giving equal weight to the beginning and end figures, we’ll assign a two-thirds weight to the year-end figure to arrive at a weighted average of $175.7-million.
Distributions to preferred shareholders were 1,596,090, at a rate of 0.225, so the average preferred shares outstanding was 7,093,733. The Unit Value was 23.10 at year-end, 22.73 on June 30, average 22.92, for average assets of $162.6-million.
Split the difference between the two methods and say average assets were $169.2-million.
Underlying Portfolio Yield: Semi-annual dividends, interest and security lending income received of 3.412-million divided by average net assets of 169.2-million is 4.03% p.a.
Income Coverage: Gross investment income of 3.412-million less expenses of 1.161-million is Net Investment Income of 2.251-million, divided by Preferred Share Distributions of 1.596-million is 141%.
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SBC.PR.A Semi-Annual Report 17H1
Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2017.
Figures of interest are:
MER: “The MER per Class A share, excluding Preferred share distributions (which were covered by the portfolio’s dividend income), was 1.64% for the first six months of 2017 compared to 1.77% for 2016. The MER per unit, excluding Preferred share distributions, was 0.94% for the first six months of 2017 and 0.99% for 2016. This ratio is more representative of the ongoing efficiency of the administration of the Fund.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $172.0-million, compared to $183.1-million on June 30, however “On April 6, 2017, the Fund announced the split of its Class A shares (“Share Split”) and the concurrent private placement of Preferred shares (“Private Placement’) effective April 25, 2017. Pursuant to the Private Placement, 1,382,784 Preferred shares were offered to investors at a price of $10.03 per Preferred share.” So instead of giving equal weight to the beginning and end figures, we’ll assign a two-thirds weight to the year-end figure to arrive at a weighted average of $175.7-million.
Distributions to preferred shareholders were 1,596,090, at a rate of 0.225, so the average preferred shares outstanding was 7,093,733. The Unit Value was 23.10 at year-end, 22.73 on June 30, average 22.92, for average assets of $162.6-million.
Split the difference between the two methods and say average assets were $169.2-million.
Underlying Portfolio Yield: Semi-annual dividends, interest and security lending income received of 3.412-million divided by average net assets of 169.2-million is 4.03% p.a.
Income Coverage: Gross investment income of 3.412-million less expenses of 1.161-million is Net Investment Income of 2.251-million, divided by Preferred Share Distributions of 1.596-million is 141%.
This entry was posted on Sunday, January 14th, 2018 at 5:42 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.