{"id":24066,"date":"2013-12-23T22:12:26","date_gmt":"2013-12-24T03:12:26","guid":{"rendered":"http:\/\/prefblog.com\/?p=24066"},"modified":"2013-12-23T22:12:26","modified_gmt":"2013-12-24T03:12:26","slug":"december-23-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24066","title":{"rendered":"December 23, 2013"},"content":{"rendered":"

Bloomberg has an article detailing the importance of going to the right school<\/a>.<\/p>\n

The Globe & Mail today features some of the more unusual investment advice I’ve seen recently<\/a>:<\/p>\n

While the couple pay a low-cost annual fee for management of their investments, [Raymond James advisor] Ms. [Patti] Dolan says they are not reaping any benefit from this arrangement. \u201cFrom my review of the statements it appears the accounts are being charged a 1-per-cent management fee \u2013 for what?\u201d she asks. \u201cThe concept of paying a percentage of assets is to lower commission costs.\u201d Their account shows little activity in recent months, and it\u2019s clear that most of the past activity has only served to hurt their financial position. \u201cIf you are paying a fee, no matter if you are making or losing money, there should be activity in the account to justify the money the adviser is receiving.\u201d<\/p><\/blockquote>\n

Um … no. You pay asset-based fees in order to disengage trading activity from portfolio management. Sometimes the smartest thing to do is nothing. Secondarily, in a AUM-based fee situation, the advisor’s financial interest is somewhat better aligned with that of the client’s.<\/p>\n

Utility Split Trust, proud issuer of UST.PR.B<\/a>, was confirmed at Pfd-2(low) by DBRS<\/a>.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 4bp, FixedResets up 11bp and DeemedRetractibles off 1bp. The Performance Highlights table was lengthier than might be expected, but with no clear pattern. Volume was above average.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2274 %<\/td>\n2,510.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.63 %<\/td>\n3.93 %<\/td>\n38,337<\/td>\n17.52<\/td>\n1<\/td>\n-1.2042 %<\/td>\n3,623.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.98 %<\/td>\n2.97 %<\/td>\n59,412<\/td>\n19.79<\/td>\n3<\/td>\n0.2274 %<\/td>\n2,710.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.64 %<\/td>\n2.06 %<\/td>\n88,225<\/td>\n0.43<\/td>\n3<\/td>\n-0.0387 %<\/td>\n2,660.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.87 %<\/td>\n4.71 %<\/td>\n79,080<\/td>\n4.48<\/td>\n5<\/td>\n0.2501 %<\/td>\n3,005.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0387 %<\/td>\n2,432.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n5.43 %<\/td>\n138,412<\/td>\n4.28<\/td>\n13<\/td>\n0.0984 %<\/td>\n2,307.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.71 %<\/td>\n5.70 %<\/td>\n188,618<\/td>\n14.37<\/td>\n25<\/td>\n0.0435 %<\/td>\n2,311.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.00 %<\/td>\n3.53 %<\/td>\n239,102<\/td>\n3.47<\/td>\n84<\/td>\n0.1108 %<\/td>\n2,466.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.16 %<\/td>\n4.26 %<\/td>\n206,700<\/td>\n1.36<\/td>\n42<\/td>\n-0.0108 %<\/td>\n2,388.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.61 %<\/td>\n2.38 %<\/td>\n289,274<\/td>\n4.38<\/td>\n5<\/td>\n-0.1028 %<\/td>\n2,462.4<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 21.86
\nEvaluated at bid price : 22.17
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 21.37
\nEvaluated at bid price : 20.51
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 18.57
\nEvaluated at bid price : 18.57
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.29
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.73
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Premium<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-22
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : -11.80 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 22.95
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.74
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.82
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n59,670<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n59,371<\/td>\nNesbitt crossed 25,000 at 20.30.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n53,295<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 19.14
\nEvaluated at bid price : 19.14
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n44,069<\/td>\nNesbitt crossed 35,000 at 25.17.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.09
\nBid-YTW : 2.38 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n42,496<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n38,455<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 18.57
\nEvaluated at bid price : 18.57
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
There were 43 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 21.29 – 21.82
\nSpot Rate : 0.5300
\nAverage : 0.3734<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.29
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n

ENB.PR.T<\/td>\nFixedReset<\/td>\nQuote: 23.33 – 23.57
\nSpot Rate : 0.2400
\nAverage : 0.1516<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 22.43
\nEvaluated at bid price : 23.33
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n

GCS.PR.A<\/td>\nSplitShare<\/td>\nQuote: 25.02 – 25.28
\nSpot Rate : 0.2600
\nAverage : 0.1765<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.02
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 22.75 – 23.09
\nSpot Rate : 0.3400
\nAverage : 0.2612<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 22.45
\nEvaluated at bid price : 22.75
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.10 – 22.50
\nSpot Rate : 0.4000
\nAverage : 0.3239<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 20.51 – 20.87
\nSpot Rate : 0.3600
\nAverage : 0.2859<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-23
\nMaturity Price : 21.37
\nEvaluated at bid price : 20.51
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bloomberg has an article detailing the importance of going to the right school. The Globe & Mail today features some of the more unusual investment advice I’ve seen recently: While the couple pay a low-cost …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-24066","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24066","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=24066"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24066\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}