{"id":24711,"date":"2014-03-16T20:53:55","date_gmt":"2014-03-17T01:53:55","guid":{"rendered":"http:\/\/prefblog.com\/?p=24711"},"modified":"2014-03-16T20:53:55","modified_gmt":"2014-03-17T01:53:55","slug":"lfe-pr-b-releases-2013-annual-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24711","title":{"rendered":"LFE.PR.B Releases 2013 Annual Report"},"content":{"rendered":"

Canadian Life Companies Split Corp. has released its Annual Report to November 30, 2013<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n
LFE \/ LFE.PR.A & LFE.PR.B Performance<\/td>\n<\/tr>\n
Instrument<\/td>\nOne
Year<\/td>\n		Three
Years<\/td>\n		Five
Years<\/td>\n<\/tr>\n
Whole Unit<\/td>\n+22.71%<\/td>\n+5.22%<\/td>\n+2.67%<\/td>\n<\/tr>\n
LFE.PR.A & LFE.PR.B<\/td>\n+6.43%<\/td>\n+5.88%<\/td>\n+5.68%<\/td>\n<\/tr>\n
LFE<\/td>\n+89.62%<\/td>\n-5.02%<\/td>\n-8.35%<\/td>\n<\/tr>\n
S&P TSX Financial Index<\/td>\n+25.17%<\/td>\n+12.64%<\/td>\n+15.34%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

I won’t ding them for underperforming their chosen index over the past five years because banks have strongly outperformed insurers through the period – but I will ding them for not using an index comprised of insurers only!<\/p>\n

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

MER: 2.31% of the whole unit value, excluding one time initial offering expenses. However, “Warrant Subscription Fees” … according to the Management Information Circular (SEDAR, 2012-3-21):<\/p>\n

The Company will pay a subscription fee of $0.25 per Unit in respect of each subscription procured by a CDS Participant on behalf of their clients.<\/p><\/blockquote>\n

which is nice work if you can get it.<\/p>\n

Average Net Assets: We need this to calculate portfolio yield; unfortunately the number of units changed dramatically over the year, which makes it more approximate. The Total Assets of the fund at year end was $196.0-million, compared to $112.2-million a year prior, so call it an average of $154.1-million. Total Preferred Share Distribution was $6.799-million, at $0.625\/share implies an average of 10.88-million units, at an average NAV of ((14.34 + 12.48) \/ 2 = 13.41, so call it $145.9-million. Which is actually reasonably close, so let’s call the Average Net Assets $150-million.<\/p>\n

Underlying Portfolio Yield: Dividends received of $4.51-million divided by average net assets of $150-million is 3.01%.<\/p>\n

Income Coverage: Dividends of 4.51-million less expenses before Warrant Subscription Fees (because they aren’t recurring) of 1.61-million is 2.90-million, to cover preferred dividends of 6.80-million is 43%<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian Life Companies Split Corp. has released its Annual Report to November 30, 2013. LFE \/ LFE.PR.A & LFE.PR.B Performance Instrument OneYear ThreeYears FiveYears Whole Unit +22.71% +5.22% +2.67% LFE.PR.A & LFE.PR.B +6.43% +5.88% +5.68% …<\/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-24711","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24711","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=24711"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24711\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}