I had an idle look at the most recent BMO Laddered Preferred Share (ZPR) Summary Guide (for July, 2024, “Data as of June 30, 2024.”) and was immediately struck by the laddering:
| Reset Year | Issues | Weight |
| 2024 / 2029 * | 44 | 19.25% |
| 2025 | 36 | 20.13% |
| 2026 | 18 | 20.35% |
| 2027 | 21 | 19.89% |
| 2028 | 32 | 20.38% |
| Portfolio | 151 | 100.00% |
| * BMO reports 2024 & 2029 separately. I have combined their two rows of data | ||
Well, that’s a helluva change from Table ZPR-6A: Resets Effective by Calendar Year Analysis of 2023-11-16, published as part of my ZPR analysis! I’m glad to see it … if I had seen numbers like this when I did my periodic monitoring of the fund, I would never have gotten so interested!
I have done nothing to investigate further, so I have no idea whether exposures to individual issues, issuers and issuer groups has improved since my review. Nobody’s paying me! But if somebody wants to do the work, contact me and we can discuss publishing it on the blog.