{"id":2795,"date":"2008-09-03T15:49:00","date_gmt":"2008-09-03T19:49:00","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2795"},"modified":"2008-09-03T15:49:00","modified_gmt":"2008-09-03T19:49:00","slug":"index-performance-august-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2795","title":{"rendered":"Index Performance: August 2008"},"content":{"rendered":"

Performance of the HIMIPref\u2122 Indices for August, 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
\nAugust 2008<\/td>\n		Three Months
\nto
\nAugust 29, 2008<\/td>\n<\/tr>\n
Ratchet<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
FixFloat<\/td>\n+2.14%<\/td>\n+7.76%<\/td>\n<\/tr>\n
Floater<\/td>\n+2.94%<\/td>\n-2.24%<\/td>\n<\/tr>\n
OpRet<\/td>\n+1.44%<\/td>\n-0.17%<\/td>\n<\/tr>\n
SplitShare<\/td>\n+0.86%<\/td>\n-1.41%<\/td>\n<\/tr>\n
Interest<\/td>\n+0.81%<\/td>\n+1.55%<\/td>\n<\/tr>\n
PerpetualPremium<\/td>\n+1.30%<\/td>\n-1.78%<\/td>\n<\/tr>\n
PerpetualDiscount<\/td>\n+3.91%<\/td>\n-4.90%<\/td>\n<\/tr>\n
Funds (see below for calculations)<\/td>\n<\/tr>\n
CPD<\/td>\n+2.48%<\/td>\n-4.09%<\/td>\n<\/tr>\n
DPS.UN<\/td>\n+2.63%<\/td>\n-4.12%<\/td>\n<\/tr>\n
Index<\/td>\n<\/tr>\n
BMO-CM 50<\/td>\n+2.88%<\/td>\n-2.72%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Claymore has published NAV 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\n
CPD Return, 1- & 3-month, to August, 2008<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for Sub-Period<\/td>\nMonthly Return<\/td>\n<\/tr>\n
May 30<\/td>\n17.85<\/td>\n0.00<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
June 25<\/td>\n17.01<\/td>\n0.2097<\/td>\n-3.53%<\/td>\n-4.26%<\/td>\n<\/tr>\n
June 30, 2008<\/td>\n16.88<\/td>\n <\/td>\n-0.76% <\/td>\n<\/tr>\n
July 31, 2008<\/td>\n16.50<\/td>\n0.00<\/td>\n <\/td>\n-2.25%<\/td>\n<\/tr>\n
August 29<\/td>\n16.91<\/td>\n0.00<\/td>\n <\/td>\n+2.48%<\/td>\n<\/tr>\n
Quarterly Return<\/strong><\/td>\n-4.09%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The DPS.UN NAV for August 27 has been published<\/a> so we may calculate the July returns (approximately!) for this closed end fund:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
DPS.UN NAV Return, August-ish 2008<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for period<\/td>\n<\/tr>\n
Estimated July Stub<\/td>\n-0.30%<\/td>\n<\/tr>\n
July 30<\/td>\n$19.48<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
August 27<\/td>\n$20.03<\/td>\n <\/td>\n+2.82%<\/td>\n<\/tr>\n
Estimated August Stub<\/td>\n+0.12%<\/td>\n<\/tr>\n
Estimated August Return<\/strong><\/td>\n+2.63%<\/strong><\/td>\n<\/tr>\n
CPD had a NAV of $16.45 on July 30 and $16.50 on July 31. The estimated July end-of-month stub period return for CPD was therefore +0.30%, which is subtracted from the DPS.UN period return.<\/em><\/td>\n
CPD had a NAV of $16.89 on August 27 and $16.91 on August 29. The estimated August end-of-month stub period return for CPD was therefore +0.12%, which is added to the DPS.UN period return.<\/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 June<\/a> and July<\/a><\/p>\n

\n\n\n\n\n\n\n
DPS.UN NAV Returns, three-month-ish to end-August-ish, 2008<\/td>\n<\/tr>\n
June-ish<\/td>\n-3.53%<\/td>\n<\/tr>\n
July-ish<\/td>\n-3.16%<\/td>\n<\/tr>\n
August-ish<\/td>\n+2.63%<\/td>\n<\/tr>\n
Three-months-ish<\/strong><\/td>\n-4.12%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Performance of the HIMIPref\u2122 Indices for August, 2008, was: Total Return Index Performance August 2008 Three Months to August 29, 2008 Ratchet N\/A N\/A FixFloat +2.14% +7.76% Floater +2.94% -2.24% OpRet +1.44% -0.17% SplitShare +0.86% …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,11],"tags":[],"class_list":["post-2795","post","type-post","status-publish","format-standard","hentry","category-index-construction-and-reporting","category-indices-and-etfs"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2795","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=2795"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2795\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}