{"id":23360,"date":"2013-10-14T03:21:06","date_gmt":"2013-10-14T07:21:06","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23360"},"modified":"2013-10-14T03:21:06","modified_gmt":"2013-10-14T07:21:06","slug":"cgi-13h1-semi-annual-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23360","title":{"rendered":"CGI: 13H1 Semi-Annual Report"},"content":{"rendered":"<p>Canadian General Investments Limited has released its <a href=\"http:\/\/www.mmainvestments.com\/pdf\/CGI-Q2-Report-2013.pdf\">Semi-Annual Report to June 30, 2013<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: The MER per unit of the Fund, excluding the cost of leverage, was 1.76% as at June 30, 2013.<\/p>\n<p>Average Net Assets: We need this figure to calculate portfolio yield. [(456.1-million (NAV, beginning of period) + 443.9-million (NAV, end of period)] \/ 2 = about $450.0-million.<\/p>\n<p>Underlying Portfolio Yield: Total income of 7.340-million times two (semi-annual) divided by average net assets of 450.0-million is 3.26%<\/p>\n<p>Income Coverage: Total Investment Income of 7.340-million divided by Expenses and Preferred Share Distributions of 7.224-million is 102%.<\/p>\n<p>Unit Value: To use the Split Share Credit Quality Model, we need a unit value, but the company does not keep the number of capital units equal to the number of preferred shares. However, shareholders&#8217; equity is 442.1-million, compared to preferred shares outstanding of 150-million, so we can say that the Unit Value is 3.95x the preferred share value, so call it (equivalent to) 98.68.<\/p>\n<p>Capital Unit Dividends: Dividends of 2.503-million were paid to capital unitholders in 13H1; this was 34% of total investment income, which we determined above was 3.26% of total assets. Therefore 1.11% of total assets were paid as capital unit dividends. Total assets can be modelled as 25.00 (preferred) + 98.68 (capital units) = 123.68 and 1.11% of that is $1.37.<\/p>\n<p>CGI has two series of preferred shares outstanding: CGI.PR.C and CGI.PR.D.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian General Investments Limited has released its Semi-Annual Report to June 30, 2013. Figures of interest are: MER: The MER per unit of the Fund, excluding the cost of leverage, was 1.76% as at June &hellip;<\/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-23360","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23360","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=23360"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23360\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}