Performance of the HIMIPref™ Indices for March, 2009, was:
| Total Return | ||
| Index | Performance March 2009 |
Three Months to March 31, 209 |
| Ratchet | -2.67% * | +5.00% * |
| FixFloat | +5.00% ** | +12.41% ** |
| Floater | +5.00% | +10.19% |
| OpRet | +1.27% | +5.36% |
| SplitShare | +0.00% | -6.53% |
| Interest | -0.11% | +4.98% |
| PerpetualPremium | +1.05%*** | +3.33%*** |
| PerpetualDiscount | +1.05% | +3.33%% |
| FixedReset | +1.93% | +1.77% |
| * The last member of the RatchetRate index was transferred to Scraps at the February, 2009, rebalancing; subsequent performance figures are set equal to the Floater index | ||
| ** The last member of the FixedReset index was transferred to Scraps at the February, 2009, rebalancing; subsequent performance figures are set equal to the PerpetualDiscount index | ||
| *** The last member of the PerpetualPremium index was transferred to PerpetualDiscount at the October, 2008, rebalancing; subsequent performance figures are set equal to the PerpetualDiscount index | ||
| Funds (see below for calculations) | ||
| CPD | +0.63% | +2.69% |
| DPS.UN | -0.23% | +3.58% |
| Index | ||
| BMO-CM 50 | +0.31% | +2.72% |
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 March 31, 2009 | ||||
| Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
| December 31, 2008 | 14.11 | 0.00 | ||
| January 30, 2009 | 14.57 | 0.00 | +3.26% | |
| February 27, 2009 | 14.40 | 0.00 | -1.17% | |
| March 26 | 14.19 | 0.2100 | 0.00% | +0.63% |
| March 31, 2009 | 14.28 | +0.63% | ||
| Quarterly Return | +2.69% | |||
The DPS.UN NAV for April 1 has been published so we may calculate the March returns (approximately!) for this closed end fund.
| DPS.UN NAV Return, March-ish 2009 | |||
| Date | NAV | Distribution | Return for period |
| Estimated February Ending Stub | +0.21% | ||
| February 25, 2009 | 16.27 | ||
| March 25, 2009 | 16.11 | -0.98% | |
| March 27, 2009 | 15.81* | 0.30 | 0.00%* |
| April 1, 2009 | 16.02 | 0.00 | +1.33% |
| Estimated April Beginning Stub | -0.77% | ||
| Estimated March Return | -0.23% | ||
| ** CPD had a NAV of $14.43 on February 25 and $14.40 on February 27. Return for this period for CPD was therefore -0.21%, which is subtracted from the DPS period return. | |||
| * CPD had a NAV of $14.40 on March 25 and $14.19 on March 26 after a $0.21 distribution. The NAV was 14.19 on March 27. Therefore, the total return on CPD for this full period was 0.00%. This has been used to estimate a post-distribution NAV for DPS.UN on March 27.. | |||
| ** CPD had a NAV of $14.39 on April 1 and a NAV of $14.28 on March 31. The return for the day was therefore 0.77%. This figure is subtracted from the DPS.UN period return to arrive at an estimate for the calendar month. | |||
| The April return for DPS.UN’s NAV is therefore the product of four period returns, +0.21, -0.98%, +1.33 and -0.77%, to arrive at an estimate for the calendar month of -0.23% | |||
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for January and February
| DPS.UN NAV Returns, three-month-ish to end-March-ish, 2009 | |
| January-ish | +5.71% |
| February-ish | -1.79% |
| March-ish | -0.23% |
| Three-months-ish | +3.58% |
[…] Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for February and March: […]
[…] to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for March and […]