{"id":19764,"date":"2012-09-16T16:40:56","date_gmt":"2012-09-16T20:40:56","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=19764"},"modified":"2012-09-16T16:40:56","modified_gmt":"2012-09-16T20:40:56","slug":"lbs-semi-annual-report-june-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=19764","title":{"rendered":"LBS Semi-Annual Report, June 2012"},"content":{"rendered":"

Brompton Life & Banc Split Corp. has released its Semi-Annual Report to June 30, 2012<\/a>, with updated performance numbers which allow construction of the following table in conjunction with the Annual Report to December 31, 2011<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n\n
LBS \/ LBS.PR.A Performance<\/td>\n<\/tr>\n
Instrument<\/td>\nSix Months to
2012-6-30<\/td>\n		Periods to 2011-12-31<\/td>\n<\/tr>\n
One
Year<\/td>\n		Three
Years<\/td>\n		Five
Years<\/td>\n<\/tr>\n
Whole Unit<\/td>\n+3.9%<\/td>\n-11.1%<\/td>\n+12.3%<\/td>\n-2.5%<\/td>\n<\/tr>\n
LBS<\/td>\n+5.9%<\/td>\n-32.4%<\/td>\n+24.8%<\/td>\n-10.7%<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\n+2.6%<\/td>\n+5.4%<\/td>\n+5.4%<\/td>\n+5.4%<\/td>\n<\/tr>\n
S&P\/TSX Capped Financial Index<\/td>\n+4.2%<\/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 over the past few years.<\/p>\n

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

MER: 0.98% 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, and 203.8-million at June 30. Easy enough (no interim warrant offerings this time!) so call the average net assets 204.2-million.<\/p>\n

Underlying Portfolio Yield: Investment income of $4.79-million received divided by average net assets of $204.2-million is 2.35% for the six months, or 4.70% annualized.<\/p>\n

Income Coverage: Net investment income after expenses of $3.758-million, to cover preferred dividends of 3.582-million is about 105%.<\/p>\n

LBS.PR.A was last mentioned on PrefBlog when it was downgraded to Pfd-3(low) by DBRS<\/a>. LBS.PR.A is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brompton Life & Banc Split Corp. has released its Semi-Annual Report to June 30, 2012, with updated performance numbers which allow construction of the following table in conjunction with the Annual Report to December 31, …<\/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-19764","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19764","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=19764"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19764\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}