{"id":1872,"date":"2008-03-03T18:34:05","date_gmt":"2008-03-03T22:34:05","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1872"},"modified":"2008-03-03T18:34:05","modified_gmt":"2008-03-03T22:34:05","slug":"index-performance-february-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1872","title":{"rendered":"Index Performance: February 2008"},"content":{"rendered":"

Performance of the HIMIPref\u2122 Indices for February, 2008, was:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total Return<\/td>\n<\/tr>\n
Index<\/td>\nPerformance
\nFebruary\u00a02008<\/td>\n		Three Months
\nto
\nFebruary 29, 2008<\/td>\n<\/tr>\n
Ratchet<\/td>\n+2.32%<\/td>\n+2.97%<\/td>\n<\/tr>\n
FixFloat<\/td>\n+2.27%<\/td>\n-0.22%<\/td>\n<\/tr>\n
Floater<\/td>\n+3.25%<\/td>\n-11.54%<\/td>\n<\/tr>\n
OpRet<\/td>\n+0.37%<\/td>\n+1.60%<\/td>\n<\/tr>\n
SplitShare<\/td>\n+1.70%<\/td>\n+3.12%<\/td>\n<\/tr>\n
Interest<\/td>\n+1.61%<\/td>\n+2.31%<\/td>\n<\/tr>\n
PerpetualPremium<\/td>\n+1.25%<\/td>\n+2.51%<\/td>\n<\/tr>\n
PerpetualDiscount<\/td>\n+3.03%<\/td>\n+6.17%<\/td>\n<\/tr>\n
Funds (see below for calculations)<\/td>\n<\/tr>\n
CPD<\/td>\n+2.17%<\/td>\n+3.33%<\/td>\n<\/tr>\n
DPS.UN<\/td>\n+2.04%<\/td>\n+3.00%<\/td>\n<\/tr>\n
Index<\/td>\n<\/tr>\n
BMO-CM 50<\/td>\n+1.68%<\/td>\n+3.24%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Claymore has published NAV data<\/a> for its exchange traded fund (CPD) and I have derived the following table:<\/p>\n

\n\n\n\n\n\n\n\n\n\n
CPD Return, 1- & 3-month, to February 29, 2008<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for Sub-Period<\/td>\nMonthly Return<\/td>\n<\/tr>\n
November 30<\/td>\n17.97<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
December 24<\/td>\n17.75<\/td>\n0.2219<\/td>\n+0.01%<\/td>\n+1.14%<\/td>\n<\/tr>\n
December 31, 2007<\/td>\n17.95<\/td>\n\u00a0<\/td>\n+1.13%<\/td>\n<\/tr>\n
January 31, 2008<\/td>\n17.95<\/td>\n\u00a0<\/td>\n0.00%<\/td>\n0.00%<\/td>\n<\/tr>\n
February 29, 2008<\/td>\n18.34<\/td>\n\u00a0<\/td>\n+2.17%\u00a0<\/td>\n+2.17%\u00a0<\/td>\n<\/tr>\n
Quarterly Return<\/strong><\/td>\n+3.33%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The DPS.UN NAV for\u00a0February 27\u00a0has been published<\/a> so we may calculate the\u00a0February returns (approximately!) for this closed end fund:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
DPS.UN NAV Return, February-ish 2008<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for period<\/td>\n<\/tr>\n
January 30, 2008<\/td>\n$21.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
February 27, 2008<\/td>\n$21.47<\/td>\n$0.00<\/td>\n+2.14%<\/td>\n<\/tr>\n
Adjustment for\u00a0January stub-period<\/td>\n+0.06%<\/td>\n<\/tr>\n
Adjustment for\u00a0February stub-period<\/td>\n-0.16%<\/td>\n<\/tr>\n
Estimated\u00a0February Return<\/strong><\/td>\n+2.04%<\/strong><\/td>\n<\/tr>\n
CPD had a NAV of $17.96 on January 30 and $17.95 on January 31. The estimated January end-of-month stub period return for CPD was therefore -0.06%, which is\u00a0subtracted from the DPS.UN total return when estimating the return for February.<\/em><\/td>\n<\/tr>\n
CPD had a NAV of $18.37 on\u00a0February 27\u00a0and $18.34 on\u00a0February 29. The estimated\u00a0February end-of-month stub period return for CPD was therefore -0.16%, which is added to the DPS.UN total return when estimating the return for February.<\/em><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for December<\/a>\u00a0and January<\/a>:<\/p>\n

\n\n\n\n\n\n\n
DPS.UN NAV Returns, three-month-ish to end-February-ish, 2008<\/td>\n<\/tr>\n
December-ish<\/td>\n+1.93%<\/td>\n<\/tr>\n
January-ish<\/td>\n-0.97%<\/td>\n<\/tr>\n
February-ish<\/td>\n+2.04%<\/td>\n<\/tr>\n
Three-months-ish<\/strong><\/td>\n+3.00%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Performance of the HIMIPref\u2122 Indices for February, 2008, was: Total Return Index Performance February\u00a02008 Three Months to February 29, 2008 Ratchet +2.32% +2.97% FixFloat +2.27% -0.22% Floater +3.25% -11.54% OpRet +0.37% +1.60% SplitShare +1.70% +3.12% …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1872","post","type-post","status-publish","format-standard","hentry","category-index-construction-and-reporting"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1872","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=1872"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1872\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}