{"id":18884,"date":"2012-06-10T12:12:04","date_gmt":"2012-06-10T16:12:04","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18884"},"modified":"2012-06-10T12:12:04","modified_gmt":"2012-06-10T16:12:04","slug":"lbs-pr-a","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18884","title":{"rendered":"LBS.PR.A 2011 Annual Report"},"content":{"rendered":"

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

\n\n\n\n\n\n\n\n
LBS \/ LBS.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-11.1%<\/td>\n+12.3%<\/td>\n-2.5%<\/td>\n<\/tr>\n
LBS<\/td>\n-32.4%<\/td>\n+24.8%<\/td>\n-10.7%<\/td>\n<\/tr>\n
LBS.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

Note that according to the implementation by iShares<\/a>, the capped financial index is about 76% banks and 19% insurance, so the fund is by design overweight insurers relative to this benchmark – and insurers have underperformed.<\/p>\n

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

MER: 1.02% of the whole unit value, “excluding the cost of leverage and issuance costs.”<\/p>\n

Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $204.4-million, compared to $190.8-million a year prior (there was an increase in shares outstanding due to a warrant offering), so call it an average of $198-million. This can be checked by examining distributions on preferred shares of $7.164-million, which at $0.525 \/ share implies an average of 13.6-million units outstanding, which at an average value of $16.75 implies average net assets of 227.8-million. Since the warrants were exercised in late March, 2011, the latter figure seems more appropriate.<\/p>\n

Underlying Portfolio Yield: Investment income of $9.232-million received divided by average net assets of $227.8-million is 4.05%.<\/p>\n

Income Coverage: Net investment income after expenses of $6.942-million received plus $0.048-million issuance costs added back is $6.990-million, to cover preferred dividends of 7.164-million is about 98%.<\/p>\n

LBS.PR.A was last mentioned on PrefBlog when their 12H1 Semi-annual report<\/a> was discussed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brompton Life & Banc Split Corp. has released its Annual Report to December 31, 2011. LBS \/ LBS.PR.A Performance Instrument OneYear ThreeYears FiveYears Whole Unit -11.1% +12.3% -2.5% LBS -32.4% +24.8% -10.7% LBS.PR.A +5.4% +5.4% …<\/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-18884","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18884","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=18884"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18884\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}