{"id":16676,"date":"2011-10-16T10:54:32","date_gmt":"2011-10-16T14:54:32","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=16676"},"modified":"2011-10-16T10:54:32","modified_gmt":"2011-10-16T14:54:32","slug":"dgs-pr-a-11h1-semi-annual-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=16676","title":{"rendered":"DGS.PR.A: 11H1 Semi-Annual Report"},"content":{"rendered":"<p>Dividend Growth Split Corp. has released its <a href=\"http:\/\/www.bromptongroup.com\/\/funds\/dgs\/pdf\/2011_Interim_DGS.pdf\">Semi-Annual Report to June 30, 2011<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: The MER per unit of the Fund, excluding the cost of leverage, was 1.05% as at June 30, 2011.<\/p>\n<p>Average Net Assets: This calculation is complicated by the <a href=\"http:\/\/www.prefblog.com\/?p=14711\">merger with BE<\/a> that <a href=\"http:\/\/www.prefblog.com\/?p=15035\">took effect in May<\/a>. We need figure to calculate portfolio yield. [79.0-million (NAV, beginning of period) + 119.0-million (NAV, end of period)] \/ 2 = about 99-million. Another method is to take the distributions on the preferred shares ($1,255,790) and divided by the distributions per share (0.2625) to get the average number of shares (4.78-million) and multiply by the average NAV ((18.65+18.17) \/ 2 = 18.41) to get the average assets ($88-million). The agreement isn&#8217;t very good! A third method is to take the dollar value of the fund expenses (525,506), annualize it (1.05-million) and divide by the quoted MER (1.05%) to get the Average Net Assets ($100-million). Let&#8217;s call it $100-million and cross our fingers.<\/p>\n<p>Underlying Portfolio Yield: Total income of 1,866,783, times two (semi-annual) divided by average net assets of 100-million is 3.73%<\/p>\n<p>Income Coverage: Net Investment Income of 1,339,277 divided by Preferred Share Distributions of 1,255,790 is 107%. This is almost certainly too low: the extra preferred shares were issued on May 18 and will have received the quarterly dividend; but given that coverage is in excess of 100% even so, the calculation of a number self-consistent with the other figures reported here is left as an exercise for the student.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dividend Growth Split Corp. has released its Semi-Annual Report to June 30, 2011. Figures of interest are: MER: The MER per unit of the Fund, excluding the cost of leverage, was 1.05% as at June &hellip;<\/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-16676","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16676","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=16676"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16676\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}