{"id":18632,"date":"2012-05-12T21:03:24","date_gmt":"2012-05-13T01:03:24","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18632"},"modified":"2012-05-12T21:03:24","modified_gmt":"2012-05-13T01:03:24","slug":"sbc-pr-a-annual-report-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18632","title":{"rendered":"SBC.PR.A Annual Report 2011"},"content":{"rendered":"

Brompton Split Banc Corp. has released its Annual Report to December 31, 2011<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n
SBC \/ SBC.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+1.5%<\/td>\n+21.3%<\/td>\n+4.9%<\/td>\n<\/tr>\n
SBC<\/td>\n-2.20%<\/td>\n+49.0%<\/td>\n-2.0%<\/td>\n<\/tr>\n
SBC.PR.A<\/td>\n+5.4%<\/td>\n+5.4%<\/td>\n+5.4%<\/td>\n<\/tr>\n
S&P\/TSX Capped Financial Index<\/td>\n-3.8%<\/td>\n+15.0%<\/td>\n-0.6%<\/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; on the other hand, the fund has handsomely outperformed BK \/ BK.PR.A for the past five years<\/a>, even allowing for the one month difference in period end.<\/p>\n

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

MER: 0.98% of the whole unit value, “excluding the cost of leverage and the issuance costs.”<\/p>\n

Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $119.9-million, compared to $128.1-million a year prior, so call it an average of $124-million.<\/p>\n

Underlying Portfolio Yield: Investment income of $5.188-million received divided by average net assets of $124-million is 4.18%.<\/p>\n

Income Coverage: Net investment income of $5.188-million less expenses of $1.253-million is $3.934-million, to cover preferred dividends of 3.149-million is about 125%.<\/p>\n

SBC.PR.A was last mentioned on PrefBlog when a term extension of up to five years<\/a> was approved last March.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brompton Split Banc Corp. has released its Annual Report to December 31, 2011. SBC \/ SBC.PR.A Performance Instrument OneYear ThreeYears FiveYears Whole Unit +1.5% +21.3% +4.9% SBC -2.20% +49.0% -2.0% SBC.PR.A +5.4% +5.4% +5.4% S&P\/TSX …<\/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-18632","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18632","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=18632"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18632\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}