Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close March 31, 2021, was $9.6473, after giving effect to a distribution of $0.095825.
This result is a 3.04% increase over the month (including dividend), vs. +1.83% for TXPR. Quarterly, the fund returned +16.06% vs. TXPR +8.84%. The fun figure is the trailing year’s result: the fund returned an astonishing +83.35% vs. +49.65% for TXPR. Don’t expect that every year! It is amusing to note the quarterly consistence of the fund’s return: it has returned between 16% and 17% for each of the past four quarters!
I have been ill and – given the time of year – many things have been delayed. I am endeavoring to catch up and will continue this post at a later date.
Update, 2021-4-18:
| Returns to March 31, 2021 | ||||
| Period | MAPF | TXPR* Total Return |
CPD – according to Blackrock | |
| One Month | +3.04% | +1.83% | N/A | |
| Three Months | +16.06% | +8.84% | N/A | |
| One Year | +83.35% | +49.65% | +48.50% | |
| Two Years (annualized) | +13.34% | +8.75% | N/A | |
| Three Years (annualized) | +3.48% | +3.31% | +2.67% | |
| Four Years (annualized) | +5.86% | +3.86% | N/A | |
| Five Years (annualized) | +10.74% | +7.23% | +6.69% | |
| Six Years (annualized) | +4.69% | +3.03% | N/A | |
| Seven Years (annualized) | +4.34% | +2.44% | N/A | |
| Eight Years (annualized) | +3.62% | +1.83% | N/A | |
| Nine Years (annualized) | +4.33% | +2.36% | N/A | |
| Ten Years (annualized) | +4.11% | +2.58% | +2.08% | |
| Eleven Years (annualized) | +5.69% | +3.34% | ||
| Twelve Years (annualized) | +8.56% | +4.80% | ||
| Thirteen Years (annualized) | +8.49% | +3.24% | ||
| Fourteen Years (annualized) | +7.74% | |||
| Fifteen Years (annualized) | +7.59% | |||
| Sixteen Years (annualized) | +7.60% | |||
| Seventeen Years (annualized) | +7.50% | |||
| Eighteen Years (annualized) | +9.10% | |||
| Nineteen Years (annualized) | +8.40% | |||
| Twenty Years (annualized) | +8.77% | |||
| MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees. | ||||
| The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020. | ||||
| “TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends. | ||||
| CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed. | ||||
| Figures for National Bank Preferred Equity Income Fund (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +2.05%, +11.75% and +55.34%, respectively, according to Globe & Mail / Fundata after all fees & expenses. Three year performance is +4.91%; five year is +7.86%; ten year is +3.48%
Figures from Morningstar are no longer conveniently available. |
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| Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018. | ||||
| Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +2.34%, +11.3% & +57.86%, respectively. Three year performance is +2.85%, five-year is +7.45% | ||||
| Figures for National Bank Preferred Equity Fund (formerly Altamira Preferred Equity Fund) are +2.24%, +11.37% and +57.83% for one-, three- and twelve months, respectively. Three year performance is +3.06%; five-year is +7.71%.
Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical. The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014. |
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| The figures for the NAV of BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is +57.40% for the past twelve months. Two year performance is +9.57%, three year is +3.01%, five year is +7.83%. | ||||
| Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020. | ||||
| Figures for BMO Preferred Share Fund (advisor series) according to BMO are +1.74%, +8.46% and +51.80% for the past one-, three- and twelve-months, respectively. Two year performance is +7.07%; three year is +0.81%; five-year is +4.34%. | ||||
| Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are +51.48% for the past twelve months. The three-year figure is +2.76%; five years is +7.67% | ||||
| Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR).
Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016. |
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| Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +3.10%, +14.31% and +54.57% for the past one, three and twelve months, respectively. Three year performance is +1.24%, five-year is +5.78%. | ||||
| Figures for the Desjardins Canadian Preferred Share Fund A Class (A Class), as reported by the company are +1.92%, +8.88% and +47.21% for the past one, three and twelve months, respectively. Two year performance is +7.08%, three-year is +1.30% | ||||
| Figures for the RBC Canadian Preferred Share ETF (RPF) as reported by Morningstar are +2.29%, +11.60% and +58.27% for the past one, three and twelve months, respectively. Three-year performance is +2.52% | ||||
| Figures for the Dynamic Active Preferred Shares ETF (DXP) are +2.5%, +13.3% and +55.9% for the past one, three and twelve months, respectively. Three-year performance is +3.8% | ||||
Yes, Rate resets have been on a “Terror”, especially the lower priced securities (at least that is what I’ve noticed)…
Too bad we can’t expect that every year !!!
Hopefully getting better !!! We need all need you to be 100% better !
Hope your recovering and doing OK James Hymas – we miss your posts
My Firefox browser comes with suggestions of most visited pages; top of the list is prefblog.
Best wishes, James!
Adrian
I haven’t quite caught up, but the MAPF statements and posts should be on time this month – unless I’ve jinxed it by saying so!
Then the end of the backlog will be in sight.
I will resume posting once I’ve caught up completely.
Thank you all for your kind words.