{"id":50905,"date":"2019-10-14T22:08:00","date_gmt":"2019-10-15T02:08:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50905"},"modified":"2025-11-21T22:09:56","modified_gmt":"2025-11-22T03:09:56","slug":"dgs-pr-a-semi-annual-report-2019h1","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50905","title":{"rendered":"DGS.PR.A : Semi-Annual Report, 2019H1"},"content":{"rendered":"<p>Dividend Growth Split Corp has released its <a href=\"http:\/\/www.bromptongroup.com\/wp-content\/uploads\/2019\/08\/DGS-2019-INTERIM.pdf\">Semi-Annual Report to June 30, 2019<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: &#8221; The MER excluding Preferred share distributions and issuance costs was 0.88% in the first six months of 2019, unchanged from the same period in 2018.&#8221;<\/p>\n<p>Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $499.6-million, compared to $549.9-million on June 30, so call it an average of $524.8-million.  Preferred share dividends of $9,584,220 were paid over the half year at 0.525 p.a., implying average units outstanding 36.51-million, at an average NAVPU of (14.97 + 13.60)\/2 = 14.28, implies net assets of $521.4-million. Say the Average Net Assets are the average of the two estimates, $523.1-million.<\/p>\n<p>Underlying Portfolio Yield: Income received of $10,898,580 divided by average net assets of  $523.1-million, multiplied by two because it&#8217;s semiannual is 4.17%.<\/p>\n<p>Income Coverage: Net investment income of $8,543,279 (after expenses, before capital gains) divided by preferred share dividends of $9,584,220 is 89%.<\/p>\n<p>The income coverage calculated is a bit less than the <a href=\"https:\/\/www.dbrs.com\/research\/350143\/dbrs-confirms-dividend-growth-split-corp-preferred-shares-at-pfd-3\">DBRS calculation in September 2019<\/a>:<\/p>\n<blockquote><p>The dividend coverage ratio is approximately 1.0 times.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Dividend Growth Split Corp has released its Semi-Annual Report to June 30, 2019. Figures of interest are: MER: &#8221; The MER excluding Preferred share distributions and issuance costs was 0.88% in the first six months &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-50905","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50905","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=50905"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50905\/revisions"}],"predecessor-version":[{"id":50906,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50905\/revisions\/50906"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}