{"id":5334,"date":"2009-02-03T21:19:26","date_gmt":"2009-02-04T01:19:26","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5334"},"modified":"2009-02-03T21:19:26","modified_gmt":"2009-02-04T01:19:26","slug":"index-performance-january-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5334","title":{"rendered":"Index Performance: January 2009"},"content":{"rendered":"

Performance of the HIMIPref\u2122 Indices for January, 2009, was:<\/p>\n

\n\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
\nJanuary 2009<\/td>\n		Three Months
\nto
\nJanuary 30, 209<\/td>\n<\/tr>\n
Ratchet<\/td>\n+7.03%<\/td>\n-34.62%<\/td>\n<\/tr>\n
FixFloat<\/td>\n+10.59%<\/td>\n-23.58%<\/td>\n<\/tr>\n
Floater<\/td>\n-4.35%<\/td>\n-14.04%<\/td>\n<\/tr>\n
OpRet<\/td>\n+2.83%<\/td>\n+2.63%<\/td>\n<\/tr>\n
SplitShare<\/td>\n+1.75%<\/td>\n+0.46%<\/td>\n<\/tr>\n
Interest<\/td>\n+9.18%<\/td>\n-3.88%<\/td>\n<\/tr>\n
PerpetualPremium<\/td>\n+6.45%*<\/b><\/td>\n+1.18%*<\/b><\/td>\n<\/tr>\n
PerpetualDiscount<\/td>\n+6.45%<\/td>\n+1.18%%<\/td>\n<\/tr>\n
FixedReset<\/td>\n+0.26%<\/td>\n-7.32%<\/td>\n<\/tr>\n
*<\/b> The last member of the PerpetualPremium index was transferred to PerpetualDiscount at the October rebalancing; subsequent performance figures are set equal to the PerpetualDiscount index<\/i><\/td>\n<\/tr>\n
Funds (see below for calculations)<\/td>\n<\/tr>\n
CPD<\/td>\n+3.26%<\/td>\n-1.52%<\/td>\n<\/tr>\n
DPS.UN<\/td>\n+5.71%<\/td>\n-2.78%<\/td>\n<\/tr>\n
Index<\/td>\n<\/tr>\n
BMO-CM 50<\/td>\n+3.98%<\/td>\n-1.21%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

That, by the way, is the best monthly return for the IndexBearing sub-index on record.<\/p>\n

Claymore has published NAV and distribution 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 January 30, 2009<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for Sub-Period<\/td>\nMonthly Return<\/td>\n<\/tr>\n
October 31<\/td>\n15.04<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
November 28, 2008<\/td>\n13.37<\/td>\n0.00<\/td>\n <\/td>\n-11.10%<\/td>\n<\/tr>\n
Dec 24<\/td>\n12.92<\/td>\n0.2135<\/td>\n-1.77%<\/td>\n+7.28%<\/td>\n<\/tr>\n
Dec 31, 2008<\/td>\n14.11<\/td>\n <\/td>\n+9.21%<\/td>\n<\/tr>\n
January 30, 2009<\/td>\n14.57<\/td>\n0.00<\/td>\n <\/td>\n+3.26%<\/td>\n<\/tr>\n
Quarterly Return<\/strong><\/td>\n-1.52%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The DPS.UN NAV for January 28 has been published<\/a> so we may calculate the January returns (approximately!) for this closed end fund.<\/p>\n

\n\n\n\n\n\n\n\n\n\n
DPS.UN NAV Return, January-ish 2009<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for period<\/td>\n<\/tr>\n
December 31, 2008<\/td>\n15.64<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
January 28, 2009<\/td>\n16.51<\/td>\n <\/td>\n+5.56%<\/td>\n<\/tr>\n
Estimated January Ending Stub<\/td>\n+0.14%<\/td>\n<\/tr>\n
Estimated January Return<\/strong><\/td>\n+5.71%<\/strong><\/td>\n<\/tr>\n
*<\/b> CPD had a NAV of $14.55 on January 28 and $14.57 on January 30. Return for this period for CPD was therefore +0.14%.<\/em><\/td>\n<\/tr>\n
The January return for DPS.UN’s NAV is therefore the product of two period returns, +5.56% and +0.14%, to arrive at an estimate for the calendar month of +5.71%<\/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 November<\/a> and December<\/a><\/p>\n

\n\n\n\n\n\n\n
DPS.UN NAV Returns, three-month-ish to end-January-ish, 2009<\/td>\n<\/tr>\n
November-ish<\/td>\n-12.95%<\/td>\n<\/tr>\n
December-ish<\/td>\n+5.65%<\/td>\n<\/tr>\n
January-ish<\/td>\n+5.71%<\/td>\n<\/tr>\n
Three-months-ish<\/strong><\/td>\n-2.78%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Performance of the HIMIPref\u2122 Indices for January, 2009, was: Total Return Index Performance January 2009 Three Months to January 30, 209 Ratchet +7.03% -34.62% FixFloat +10.59% -23.58% Floater -4.35% -14.04% OpRet +2.83% +2.63% SplitShare +1.75% …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-5334","post","type-post","status-publish","format-standard","hentry","category-index-construction-and-reporting"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5334","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=5334"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5334\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}