Performance of the HIMIPref™ Indices for October, 2008, was:
| Total Return | ||
| Index | Performance October 2008 |
Three Months to October 30, 2008 |
| Ratchet | N/A | N/A |
| FixFloat | -11.76% | -12.47% |
| Floater | -34.16% | -42.25% |
| OpRet | -3.75% | -4.33% |
| SplitShare | -3.86% | -9.79% |
| Interest | -16.37% | -19.42% |
| PerpetualPremium | -13.96% | -14.08% |
| PerpetualDiscount | -7.47% | -6.07% |
| FixedReset | -3.68% | N/A |
| Funds (see below for calculations) | ||
| CPD | -7.22% | -7.67% |
| DPS.UN | -9.56% | -10.62% |
| Index | ||
| BMO-CM 50 | -8.16% | -8.96% |
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 October, 2008 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| July 31, 2008 | 16.50 | 0.00 | ||
| 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% | ||
| October 31 | 15.04 | 0.00 | -7.22% | |
| Quarterly Return | -7.67% | |||
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, October-ish 2008 | |||
| Date | NAV | Distribution | Return for period |
| Estimated October Beginning Stub | -0.25% | ||
| October 1, 2008 | 18.97 | ||
| October 29, 2008 | 16.96 | -10.60% | |
| Estimated October Ending Stub | +1.42% | ||
| Estimated October Return | -9.56% | ||
| CPD had a NAV of $16.17 on October 1 and $16.21 on September 30. 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. | |||
| CPD had a NAV of $14.83 on October 29 and $15.04 on October 31. The estimated October end of month stub period return for CPD was therefore +1.42%, which is added to the DPS.UN period return to estimate a return for the period. | |||
| The October return for DPS.UN’s NAV is therefore the product of three period returns, -0.25%, -10.60% & +1.42%, to arrive at an estimate for the calendar month of -9.56% | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for August and September:
| DPS.UN NAV Returns, three-month-ish to end-October-ish, 2008 | |
| August-ish | +2.63% |
| September-ish | -3.70% |
| October-ish | -9.56% |
| Three-months-ish | -10.62% |
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