{"id":18073,"date":"2012-03-10T17:14:37","date_gmt":"2012-03-10T21:14:37","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18073"},"modified":"2012-03-10T17:14:37","modified_gmt":"2012-03-10T21:14:37","slug":"bk-pr-a-2011-annual-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18073","title":{"rendered":"BK.PR.A 2011 Annual Report"},"content":{"rendered":"

Canadian Banc Corp. has released its Annual Report to November 30, 2011<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n
BK \/ BK.PR.A Performance<\/td>\n<\/tr>\n
Instrument<\/td>\nOne
Year<\/td>\n		Three
Years<\/td>\n		Five
Years<\/td>\n<\/tr>\n
Whole Unit<\/td>\n-2.89%<\/td>\n+14.34%<\/td>\n+1.11%<\/td>\n<\/tr>\n
BK<\/td>\n-9.56%<\/td>\n+26.61%<\/td>\n-2.23%<\/td>\n<\/tr>\n
BK.PR.A<\/td>\n+5.12%<\/td>\n+5.12%<\/td>\n+5.67%<\/td>\n<\/tr>\n
S&P\/TSX Financial Index<\/td>\n-2.86%<\/td>\n+16.05%<\/td>\n-0.46%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

I suggest the reported outperformance probably has more to do with the poor performance of insurers over the past five years than with any manifestation of investment skill.<\/p>\n

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

MER: 1.57% of the whole unit value, excluding one time initial offering expenses.<\/p>\n

Average Net Assets: We need this to calculate portfolio yield; unfortunately the number of units changesd, which makes it more approximate. The Total Assets of the fund at year end was $152.3-million, compared to $181.6-million a year prior, so call it an average of $167-million. Total Preferred Share Distribution in 2010 was $3.971-million, at $0.50\/share implies an average of 7.942-million units, at an average NAV of ((20.17 + 22.09) \/ 2 = 21.13, so call it $167.8-million. Close enough! Call the Average Net Assets $167-million.<\/p>\n

Underlying Portfolio Yield: Investment income of $6.606-million received divided by average net assets of $167-million is 3.96%.<\/p>\n

Income Coverage: Net investment income of $6.606-million less expenses before issuance fees of $2.771-million is $3.835-million, to cover preferred dividends of 3.971-million is just under 97%.<\/p>\n

BK.PR.A was last mentioned on PrefBlog when the Semi-annual report was examined<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian Banc Corp. has released its Annual Report to November 30, 2011. BK \/ BK.PR.A Performance Instrument OneYear ThreeYears FiveYears Whole Unit -2.89% +14.34% +1.11% BK -9.56% +26.61% -2.23% BK.PR.A +5.12% +5.12% +5.67% S&P\/TSX Financial …<\/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-18073","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18073","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=18073"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18073\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}