Brompton Split Banc Corp. has released its Annual Report to December 31, 2017.
| SBC / SBC.PR.A Performance | ||||
| Instrument | One Year |
Three Years |
Five Years |
Ten Years |
| SBC | +20.3% | +16.4% | +20.6% | +14.1% |
| SBC.PR.A | +4.6% | +4.6% | +4.6% | +5.0% |
| Whole Unit | +14.1% | +11.5% | +13.5% | +10.0% |
| S&P/TSX Capped Financials Index | +13.3% | +10.9% | +14.3% | +8.3% |
| S&P/TSX Composite | +9.1% | +6.6% | +8.6% | +4.6% |
Figures of interest are:
MER: “The MER per unit, excluding Preferred share distributions, was 0.97% in 2017 and 0.99% for 2016. This
ratio is more representative of the ongoing efficiency of the administration of the Fund.”
Average Net Assets: We need this to calculate portfolio yield. MER of 0.97% Total Expenses of 2,160,416 implies $223-million net assets. Preferred Share distributions of 3,414,174 @ 0.50 / share implies 6.828-million shares out on average. Average Unit Value (beginning & end of year) = (24.46 + 23.10) / 2 = 23,67. Therefore 6.828-million @ 23.67 = 234-million average net assets. Good agreement – call it 228-million.
Underlying Portfolio Yield: Dividends received of 6.982-million divided by average net assets of 228-million is 3.06%
Income Coverage: Net Investment Income of 4.833-million divided by Preferred Share Distributions of 3.414-million is 142%.