{"id":50389,"date":"2019-06-16T11:37:00","date_gmt":"2019-06-16T15:37:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50389"},"modified":"2025-10-17T11:38:13","modified_gmt":"2025-10-17T15:38:13","slug":"lcs-pr-a-annual-report-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50389","title":{"rendered":"LCS.PR.A : Annual Report, 2018"},"content":{"rendered":"

Brompton Lifeco Split Corp. has released its Annual Report to December 31, 2018<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n\n
LCS \/ LCS.PR.A Performance<\/td>\n<\/tr>\n
Instrument<\/td>\nOne
Year<\/td>\n		Three
Years<\/td>\n		Five
Years<\/td>\n		Ten
Years<\/td>\n		Since
Inception<\/td>\n<\/tr>\n
Whole Unit<\/td>\n-18.1%<\/td>\n+1.1%<\/td>\n+2.2%<\/td>\n+6.7%<\/td>\n+1.5%<\/tr>\n
LCS.PR.A<\/td>\n+5.9%<\/td>\n+5.9%<\/td>\n+5.9%<\/td>\n+5.6%<\/td>\n+5.6%<\/td>\n<\/tr>\n
LCS<\/td>\n-55.2%<\/td>\n-12.1%<\/td>\n-7.2%<\/td>\n+6.2%<\/td>\n-6.2%<\/td>\n<\/tr>\n
S&P\/TSX Capped Financial Index<\/td>\n-9.2%<\/td>\n+8.5%<\/td>\n+6.9%<\/td>\n+12.2%<\/td>\n+5.7%<\/td>\n<\/tr>\n
S&P\/TSX Composite Index<\/td>\n-8.9%<\/td>\n+6.4%<\/td>\n+4.1%<\/td>\n+7.9%<\/td>\n+3.4%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Note that the benchmarking isn’t ideal, since the Financial index will include banks, while the fund has a mandate only for insurers.<\/p>\n

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

MER: The MER per unit of the Fund, excluding Preferred share distributions (which were largely covered by the Fund\u2019s dividend income), was 0.98% in 2018, down from 1.05% in 2017 as a result of better fixed-cost absorption. <\/p>\n

Average Net Assets: We need this to calculate portfolio yield; and it’s tricky because “The Fund completed a treasury offering of Class A shares and Preferred shares for aggregate gross proceeds of approximately $38.6 million on February 6, 2018.”. Preferred Share distributions of 4,055,809 @ 0.575 \/ share implies 7.054-million shares out on average. Average Unit Value (beginning & end of year) = (16.82 + 12.71) \/ 2 = 14.76. Therefore 7.054-million @ 14.76 = 104.1-million average net assets. <\/p>\n

Underlying Portfolio Yield: Dividends, interest and lending income received of 4.249-million divided by average net assets of 104.1-million is 4.08%<\/p>\n

Income Coverage: Gross Investment Income (before capital gains & losses) of $4.250-million less expenses of 1.818-million is net investment income of $2.432-million divided by Preferred Share Distributions of 4.056-million is 60%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brompton Lifeco Split Corp. has released its Annual Report to December 31, 2018. LCS \/ LCS.PR.A Performance Instrument OneYear ThreeYears FiveYears TenYears SinceInception Whole Unit -18.1% +1.1% +2.2% +6.7% +1.5% LCS.PR.A +5.9% +5.9% +5.9% +5.6% …<\/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-50389","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50389","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=50389"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50389\/revisions"}],"predecessor-version":[{"id":50390,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50389\/revisions\/50390"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}