Performance of the HIMIPref™ Indices for April, 2009, was:
Total Return | ||
Index | Performance April 2009 |
Three Months to April 30, 2009 |
Ratchet | +11.53% * | +13.98% * |
FixFloat | +11.53% ** | +13.36% ** |
Floater | +11.53% | +28.50% |
OpRet | +3.12% | +5.65% |
SplitShare | +7.40% | -1.35% |
Interest | +2.68% | -1.27% |
PerpetualPremium | +8.84%*** | +5.65%*** |
PerpetualDiscount | +8.84% | +5.65%% |
FixedReset | +6.27% | +7.87% |
* 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 FixedFloater 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 | +6.93% | +6.34% |
DPS.UN | +7.72% | +5.55% |
Index | ||
BMO-CM 50 | +6.37% | +5.08% |
The recent rally has been most welcome, but we’re still a long way from where we were:

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 April 30, 2009 | ||||
Date | NAV | Distribution | Return for Sub-Period | Monthly Return |
January 30, 2009 | 14.57 | 0.00 | ||
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% | ||
April 30, 2009 | 15.27 | 0.00 | +6.93% | |
Quarterly Return | +6.34% |
The DPS.UN NAV for April 29 has been published so we may calculate the March returns (approximately!) for this closed end fund.
DPS.UN NAV Return, April-ish 2009 | |||
Date | NAV | Distribution | Return for period |
April 1, 2009 | 16.02 | 0.00 |   |
April 29, 2009 | 17.07 | 0.00 | +6.55% |
Estimated April Beginning Stub | +0.77% | ||
Estimated April Ending Stub | +0.33% | ||
Estimated April Return | +7.72% | ||
** 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 added to the DPS.UN period return to arrive at an estimate for the calendar month. | |||
** CPD had a NAV of $15.22 on April 29 and a NAV of $15.27 on April 30. The return for the day was therefore +0.33%. This figure is added to 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, +0.77%, +6.55% and +0.33 to arrive at an estimate for the calendar month of +7.72% |
Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for February and March:
DPS.UN NAV Returns, three-month-ish to end-April-ish, 2009 | |
February-ish | -1.79% |
March-ish | -0.23% |
April-ish | +7.72% |
Three-months-ish | +5.55% |
As an Assiduous Reader, I must pay my dues by pointing out the typo in:
** 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
which should read FixFloat instead of FixedReset.
Adrian
As an Assiduous Reader …
An Assiduous Proof-Reader, in fact! Thanks! It has been fixed.
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