{"id":14498,"date":"2011-03-19T13:46:05","date_gmt":"2011-03-19T17:46:05","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=14498"},"modified":"2011-03-19T13:46:05","modified_gmt":"2011-03-19T17:46:05","slug":"pic-pr-a-annual-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=14498","title":{"rendered":"PIC.PR.A Annual Report"},"content":{"rendered":"

Premium Income Corporation has released its Annual Report to October 31, 2010<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n
PIC \/ PIC.PR.A Performance<\/td>\n<\/tr>\n
Instrument<\/td>\nOne
Year<\/td>\n		Three
Years<\/td>\n		Five
Years<\/td>\n		Ten
Years<\/td>\n<\/tr>\n
Whole Unit<\/td>\n+15.07%<\/td>\n-0.53%<\/td>\n+3.17%<\/td>\n+5.56%<\/td>\n<\/tr>\n
PIC.PR.A<\/td>\n+5.88%<\/td>\n+5.88%<\/td>\n+5.90%<\/td>\n+5.97%<\/td>\n<\/tr>\n
PIC<\/td>\n+48.45%<\/td>\n-7.46%<\/td>\n+0.30%<\/td>\n+5.51%<\/td>\n<\/tr>\n
S&P\/TSX Diversified Banks Index<\/td>\n+18.52%<\/td>\n+3.65%<\/td>\n+8.45%<\/td>\n+11.27%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Figures of interest are:<\/p>\n

MER: 1.10% of the whole unit value, excluding the special resolution expense (incurred when extending term). With this expense, MER for 2010 was 1.44% – for analytical purposes, I suggest it’s best to amortize this and call the MER 1.17%.<\/p>\n

Average Net Assets: We need this to calculate portfolio yield; unfortunately the number of units changesd, which makes it more approximate. The Net Asset Value at year end was $292.34-million, compared to $279.70 a year prior, so call it an average of $286.02-million. Total Preferred Share Distribution was $12.31-million, at $0.86\/unit implies an average of $14.31-million units, at an average NAV of (20.56 + 19.15) \/ 2 = 19.86, so call it $284-million. This is good agreement, call the average NAV $285-million.<\/p>\n

Underlying Portfolio Yield: Dividends and interest received of $12.4-million divided by average net assets of 285-million is 4.35%.<\/p>\n

Income Coverage: Dividends & Interest of $12.4-million less expenses before resolution costs of $3.5-million is $8.9-million, to cover preferred dividends of $12.3-million is 72%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Premium Income Corporation has released its Annual Report to October 31, 2010. PIC \/ PIC.PR.A Performance Instrument OneYear ThreeYears FiveYears TenYears Whole Unit +15.07% -0.53% +3.17% +5.56% PIC.PR.A +5.88% +5.88% +5.90% +5.97% PIC +48.45% -7.46% …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-14498","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14498"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14498\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}