{"id":2123,"date":"2008-05-06T15:36:01","date_gmt":"2008-05-06T19:36:01","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2123"},"modified":"2008-05-06T15:36:01","modified_gmt":"2008-05-06T19:36:01","slug":"index-performance-april-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2123","title":{"rendered":"Index Performance : April 2008"},"content":{"rendered":"

Performance of the HIMIPref\u2122 Indices for April, 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
\nApril 2008<\/td>\n		Three Months
\nto
\nApril 30, 2008<\/td>\n<\/tr>\n
Ratchet<\/td>\n+0.49%<\/td>\n+3.63%<\/td>\n<\/tr>\n
FixFloat<\/td>\n+1.81%<\/td>\n+4.78%<\/td>\n<\/tr>\n
Floater<\/td>\n-0.87%<\/td>\n-1.63%<\/td>\n<\/tr>\n
OpRet<\/td>\n+0.31%<\/td>\n+0.58%<\/td>\n<\/tr>\n
SplitShare<\/td>\n+1.85%<\/td>\n+0.89%<\/td>\n<\/tr>\n
Interest<\/td>\n+0.60%<\/td>\n+2.47%<\/td>\n<\/tr>\n
PerpetualPremium<\/td>\n+0.36%<\/td>\n+0.03%<\/td>\n<\/tr>\n
PerpetualDiscount<\/td>\n+0.12%<\/td>\n-1.93%<\/td>\n<\/tr>\n
Funds (see below for calculations)<\/td>\n<\/tr>\n
CPD<\/td>\n0.00%<\/td>\n-0.79%<\/td>\n<\/tr>\n
DPS.UN<\/td>\n+0.39%<\/td>\n+0.12%<\/td>\n<\/tr>\n
Index<\/td>\n<\/tr>\n
BMO-CM 50<\/td>\n+0.07%<\/td>\n-1.09%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Note that the “BMO-CM 50” is now 0.42% above its November m\/e trough.<\/p>\n

Claymore has published NAV data<\/a> and Distribution 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
CPD Return, 1- & 3-month, to April, 2008<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for Sub-Period<\/td>\nMonthly Return<\/td>\n<\/tr>\n
February 29<\/td>\n18.34<\/td>\n <\/td>\n+2.17% <\/td>\n+2.17% <\/td>\n<\/tr>\n
March 26<\/td>\n17.64<\/td>\n0.2082<\/td>\n-2.68%<\/td>\n-2.90%<\/td>\n<\/tr>\n
March 31, 2008<\/td>\n17.60<\/td>\n <\/td>\n-0.23% <\/td>\n<\/tr>\n
April 30<\/td>\n17.60<\/td>\n <\/td>\n <\/td>\n0.00%<\/td>\n<\/tr>\n
Quarterly Return<\/strong><\/td>\n-0.79%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The DPS.UN NAV for March 26 has been published<\/a> so we may calculate the March returns (approximately!) for this closed end fund:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
DPS.UN NAV Return, April-ish 2008<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for period<\/td>\n<\/tr>\n
March 26, 2008<\/td>\n$21.00<\/td>\n <\/td>\n-0.23%<\/td>\n<\/tr>\n
March 27, 2008<\/td>\nN\/A<\/td>\n$0.325<\/td>\n<\/tr>\n
March 31, 2008<\/td>\n$20.63
Estimated<\/td>\n		 <\/td>\n<\/tr>\n
April 30, 2008<\/td>\n$20.71<\/td>\n <\/td>\n+0.39%<\/td>\n<\/tr>\n
The determination of NAV as of March 31 is complicated by the dividend. In order to estimate it, I have taken the March 26 NAV of $21.00 and subtracted the dividend (ex-date March 27) of $0.325 to arrive at a zero-return estimate of $20.675. I have then multiplied this by the CPD return in the March 26-31 period of -0.23% (return factor 0.9977) to estimate a March 31 NAV of $20.63<\/td>\n <\/td>\n<\/tr>\n
Estimated April Return<\/strong><\/td>\n0.39%<\/strong><\/td>\n<\/tr>\n
CPD had a NAV of $17.64 on March 26 and $17.60 on March 31. The estimated March end-of-month stub period return for CPD was therefore -0.23%, which is applied to DPS.UN as described above.<\/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 February<\/a> and March<\/a><\/p>\n

\n\n\n\n\n\n\n
DPS.UN NAV Returns, three-month-ish to end-April-ish, 2008<\/td>\n<\/tr>\n
February-ish<\/td>\n+2.04%<\/td>\n<\/tr>\n
March-ish<\/td>\n-2.26%<\/td>\n<\/tr>\n
April-ish<\/td>\n+0.39%<\/td>\n<\/tr>\n
Three-months-ish<\/strong><\/td>\n+0.12%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Performance of the HIMIPref\u2122 Indices for April, 2008, was: Total Return Index Performance April 2008 Three Months to April 30, 2008 Ratchet +0.49% +3.63% FixFloat +1.81% +4.78% Floater -0.87% -1.63% OpRet +0.31% +0.58% SplitShare +1.85% …<\/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-2123","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\/2123","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=2123"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2123\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}