Performance of the HIMIPref™ Indices for November, 2008, was:
| Total Return | ||
| Index | Performance November 2008 |
Three Months to November 28, 2008 |
| Ratchet | N/A | N/A |
| FixFloat | -17.02% | -28.88% |
| Floater | -31.57% | -61.61% |
| OpRet | -1.46% | -7.06% |
| SplitShare | -12.42% | -21.67% |
| Interest | -11.59% | -29.33% |
| PerpetualPremium | N/A | N/A |
| PerpetualDiscount | -13.34% | -21.66% |
| FixedReset | -8.88% | N/A |
| Funds (see below for calculations) | ||
| CPD | -11.10% | -19.90% |
| DPS.UN | -12.95% | -24.18% |
| Index | ||
| BMO-CM 50 | -10.70% | -20.11% |
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 November, 2008 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| August 29, 2008 | 16.91 | |||
| Sept 25 | 16.41 | 0.2135 | -1.69% | -2.89% |
| Sept 30 | 16.21 | -1.22% | ||
| October 31 | 15.04 | 0.00 | -7.22% | |
| November 28, 2008 | 13.37 | 0.00 | -11.10% | |
| Quarterly Return | -19.90% | |||
The DPS.UN NAV for November 26 has been published so we may calculate the November returns (approximately!) for this closed end fund:
| DPS.UN NAV Return, November-ish 2008 | |||
| Date | NAV | Distribution | Return for period |
| Estimated October Ending Stub | +1.42% | ||
| October 29, 2008 | 16.96 | ||
| November 26, 2008 | 14.53 | -14.33% | |
| Estimated November Ending Stub | +3.80% | ||
| Estimated November Return | -12.95% | ||
| 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 subtracted from the DPS.UN period return to estimate a return for the period. | |||
| CPD had a NAV of $12.88 on November 26 and $13.37 on November 28. The estimated November month-end stub period return for CPD was therefore +3.80%, 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, -1.42%, -14.33% & +3.08%, to arrive at an estimate for the calendar month of -12.95% | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for September and October:
| DPS.UN NAV Returns, three-month-ish to end-October-ish, 2008 | |
| September-ish | -3.70% |
| October-ish | -9.56% |
| November-ish | -12.95% |
| Three-months-ish | -24.18% |
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