Financial 15 Split Inc. has released its Annual Report to November 30, 2016.
FTN / FTN.PR.A Performance | ||||
Instrument | One Year |
Three Years |
Five Years |
Ten Years |
Whole Unit | +16.17% | +13.08% | +17.33% | +3.49% |
FTN.PR.A | +5.38% | +5.38% | +5.38% | +5.38% |
FTN | +37.86% | +26.24% | +42.92% | +4.51% |
S&P/TSX Financial Index | +16.11% | +10.73% | +14.90% | +7.02% |
S&P 500 Financial Index | +16.49% | +20.17% | +25.71% | +1.27% |
Figures of interest are:
MER: 1.16% of the whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield. MER of 1.16% Total Expenses of 3,834,619 implies $331-million net assets. Preferred Share distributions of 9,986,252 @ 0.525 / share implies 19.0-million shares out on average. Average Unit Value (beginning & end of year) = (16.85 + 17.18) / 2 = 17.02. Therefore 19.0-million @ 17.02 = 323-million average net assets. Good agreement between these two methods! Call it 327-million average.
Underlying Portfolio Yield: Dividends received (net of withholding) of 9,514,391 divided by average net assets of 327-million is 2.91%
Income Coverage: Net Investment Income of 5,990,665 divided by Preferred Share Distributions of 9,986,252 is 60%.