{"id":19767,"date":"2012-09-16T17:16:36","date_gmt":"2012-09-16T21:16:36","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=19767"},"modified":"2012-09-16T17:16:36","modified_gmt":"2012-09-16T21:16:36","slug":"sbc-semi-annual-report-12h1","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=19767","title":{"rendered":"SBC Semi-Annual Report 12H1"},"content":{"rendered":"

Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2012<\/a>, which in conjuntion with the Annual Report to December 31, 2011<\/a> allows preparation of the following table:<\/p>\n

\n\n\n\n\n\n\n\n\n
SBC \/ SBC.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+2.8%<\/td>\n+1.5%<\/td>\n+21.3%<\/td>\n+4.9%<\/td>\n<\/tr>\n
SBC<\/td>\n+2.9%<\/td>\n-2.20%<\/td>\n+49.0%<\/td>\n-2.0%<\/td>\n<\/tr>\n
SBC.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

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: 1.14% 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 and 118.2-million on June 30, so call it an average of $119-million.<\/p>\n

Underlying Portfolio Yield: Investment income of $2.622-million received divided by average net assets of $119-million is 2.20%, annualized is 4.40%<\/p>\n

Income Coverage: Net investment income of $2.622-million less expenses of $0.696-million is $1.927-million, to cover preferred dividends of 1.574-million is about 122%.<\/p>\n

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

Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2012, which in conjuntion with the Annual Report to December 31, 2011 allows preparation of the following table: SBC \/ SBC.PR.A Performance Instrument …<\/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-19767","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19767","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=19767"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19767\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}