{"id":26823,"date":"2014-11-16T22:53:14","date_gmt":"2014-11-17T03:53:14","guid":{"rendered":"http:\/\/prefblog.com\/?p=26823"},"modified":"2014-11-16T22:53:14","modified_gmt":"2014-11-17T03:53:14","slug":"lcs-pr-a-semi-annual-report-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26823","title":{"rendered":"LCS.PR.A Semi-Annual Report 2014"},"content":{"rendered":"<p>Brompton Lifeco Split Corp has released its <a href=\"http:\/\/www.bromptongroup.com\/static\/pdf\/funds\/lcs\/lcs_june2014.pdf\">Semi-Annual Report to June 30, 2014<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: &#8220;The MER per unit of the Fund, excluding Preferred share distributions and issuance costs and agents\u2019 fees in connection with the Fund\u2019s treasury offering of Preferred shares, was 1.79% for the first six months of 2014 up from 1.34% in 2013.&#8221;<\/p>\n<p>Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $28.8-million, compared to $43.8-million on June 30, so call it an average of $36.3-million.  Preferred share dividends of $553,870 were paid over the half year at 0.575 p.a., implying average units outstanding of 963,252, at an average NAVPU of about $16.72, implies $16.1-million. This is a huge difference, caused by a large treasury offering completed May 1, 2014; none of the preferred shares in this offering accrued a dividend during the six month period. So take the beginning figure of $28.8- million twice and the period-end figure of $43.8-million once, to arrive at an estimated average of $33.8-million.<\/p>\n<p>Underlying Portfolio Yield: Dividend, interest and securities lending income received of $568,825 divided by average net assets of $33.8-million, multiplied by two because it&#8217;s semiannual, is 3.37%.<\/p>\n<p>Income Coverage: Investment income of $568,825, less recurring expenses of $250,570 (disregarding legal fees, transaction costs and agents&#8217; fees) is 318,255, divided by preferred share dividends of $553,870 is 57%.<\/p>\n<p>There are a lot of approximations here and, regrettably, the 2014 Annual Report won&#8217;t be of much use in nailing them down, due to all the treasury offerings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brompton Lifeco Split Corp has released its Semi-Annual Report to June 30, 2014. Figures of interest are: MER: &#8220;The MER per unit of the Fund, excluding Preferred share distributions and issuance costs and agents\u2019 fees &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-26823","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26823","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=26823"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26823\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}