Seminar, March 26: SplitShares

Update, 2009-8-25: To gain access to the on-line video of this seminar and the ancillary written material, please visit

I am pleased to announce the next seminar in the series on the theory and practice of preferred share investing.

These seminars will be aimed at active and potential preferred share investors who wish to review relative valuation techniques in preferred share analysis.

All seminars will be presented by James Hymas, who has written extensively on the subject of preferred share investment and has been referred to as a "top expert" on the subject.

Questions are encouraged throughout the seminars, as well as in informal discussion at the end of the session.

Each seminar is two hours in length; coffee and tea will be served. The cost of attendance is $100, but a discount of $50 will be given to participants who have an annual subscription to PrefLetter with at least one issue remaining at the time of the seminar.

All seminars will be video-recorded for future distribution.

Thursday, March 26

SplitShares: Theory & Practice

"SplitShares" are popular with investors who:

  • wish to obtain tax-advantaged income
  • want an investment with a fixed-term

These issues are characterized by:

  • Fund owns portfolio of stocks (usually financials)
  • Fund finances portfolio with two classes of stock
    • Capital Units get increased expected returns at expense of safety
    • Preferred shares get increased safety at the expense of expected return
  • Cumulative Dividends
  • There is a set wind-up date for the fund

This seminar will review the theory of SplitShare Preferred evaluation, including:

  • Credit Quality
  • Embedded calls
  • Embedded puts
  • The importance of ex-Dividend dates
  • Investment characteristics relative to bonds

Examples of relative valuation in current markets will be supplied and discussed.

Attendence is limited; a reservation will avoid disappointment.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) Yorkville Room (see map).

Time: March 26, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Update, 2009-8-24: The seminar and its ancillary material have been accredited for four hours of IDA Professional Development Continuing Education.

Update, 2009-8-24: â—¦This program is eligible for four CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.


3 Responses to “Seminar, March 26: SplitShares”

  1. […] March 26 Seminar on SplitShares has been described before, and now, as promised, the video is […]

  2. […] am pleased to announce that the Seminar on SplitShares has been accredited for four hours of IDA Continuing Education – Professional […]

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