Financial 15 Split Inc. has released its Annual Report to November 30, 2018.
| FTN / FTN.PR.A Performance |
| Instrument |
One
Year |
Three
Years |
Five
Years |
Ten
Years |
| Whole Unit |
-2.27% |
+10.81% |
+11.11% |
+11.15% |
| FTN.PR.A |
+5.64% |
+5.47% |
+5.43% |
+5.40% |
| FTN |
-12.71% |
+9.96% |
+9.22% |
+12.24% |
| S&P/TSX Financial Index |
-1.71% |
+9.96% |
+9.22% |
+12.24% |
| S&P 500 Financial Index |
+3.15% |
+12.82% |
+16.43% |
+13.04% |
Figures of interest are:
MER: 1.14% of the whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield. MER of 2.07% including one time initial offering expenses. Total Expenses of 8,362,558 implies $404-million net assets. Preferred Share distributions of 20,714,872 @ 0.55 / share implies 37.66-million shares out on average. Average Unit Value (beginning & end of year) = (18.32 + 15.90) / 2 = 17.11. Therefore 37.66-million @ 17.11 = 644-million average net assets. Rotten agreement between these two methods, but they did have a lot of treasury offerings this year. Give 75% weight to the second calculation and call it 584-million average.
Underlying Portfolio Yield: Dividends received of 18,408,988 divided by average net assets of 584-million is 3.15%
Income Coverage: Net Investment Income of 10,399,064 (net of withholding, expenses and capital gains) divided by Preferred Share Distributions of 20,714,872 is 50%.
This entry was posted on Sunday, March 10th, 2019 at 12:47 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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FTN.PR.A : Annual Report 2018
Financial 15 Split Inc. has released its Annual Report to November 30, 2018.
Year
Years
Years
Years
Figures of interest are:
MER: 1.14% of the whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield. MER of 2.07% including one time initial offering expenses. Total Expenses of 8,362,558 implies $404-million net assets. Preferred Share distributions of 20,714,872 @ 0.55 / share implies 37.66-million shares out on average. Average Unit Value (beginning & end of year) = (18.32 + 15.90) / 2 = 17.11. Therefore 37.66-million @ 17.11 = 644-million average net assets. Rotten agreement between these two methods, but they did have a lot of treasury offerings this year. Give 75% weight to the second calculation and call it 584-million average.
Underlying Portfolio Yield: Dividends received of 18,408,988 divided by average net assets of 584-million is 3.15%
Income Coverage: Net Investment Income of 10,399,064 (net of withholding, expenses and capital gains) divided by Preferred Share Distributions of 20,714,872 is 50%.
This entry was posted on Sunday, March 10th, 2019 at 12:47 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.