{"id":6391,"date":"2009-05-04T16:42:34","date_gmt":"2009-05-04T20:42:34","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6391"},"modified":"2009-05-04T16:42:34","modified_gmt":"2009-05-04T20:42:34","slug":"index-performance-april-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6391","title":{"rendered":"Index Performance: April 2009"},"content":{"rendered":"

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

\n\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
\nApril 2009<\/td>\n		Three Months
\nto
\nApril 30, 2009<\/td>\n<\/tr>\n
Ratchet<\/td>\n+11.53% *<\/b><\/td>\n+13.98% *<\/b><\/td>\n<\/tr>\n
FixFloat<\/td>\n+11.53% **<\/b><\/td>\n+13.36% **<\/b><\/td>\n<\/tr>\n
Floater<\/td>\n+11.53%<\/td>\n+28.50%<\/td>\n<\/tr>\n
OpRet<\/td>\n+3.12%<\/td>\n+5.65%<\/td>\n<\/tr>\n
SplitShare<\/td>\n+7.40%<\/td>\n-1.35%<\/td>\n<\/tr>\n
Interest<\/td>\n+2.68%<\/td>\n-1.27%<\/td>\n<\/tr>\n
PerpetualPremium<\/td>\n+8.84%***<\/b><\/td>\n+5.65%***<\/b><\/td>\n<\/tr>\n
PerpetualDiscount<\/td>\n+8.84%<\/td>\n+5.65%%<\/td>\n<\/tr>\n
FixedReset<\/td>\n+6.27%<\/td>\n+7.87%<\/td>\n<\/tr>\n
*<\/b> The last member of the RatchetRate index was transferred to Scraps at the February, 2009, rebalancing; subsequent performance figures are set equal to the Floater index<\/i><\/td>\n<\/tr>\n
**<\/b> The last member of the FixedFloater index was transferred to Scraps at the February, 2009, rebalancing; subsequent performance figures are set equal to the PerpetualDiscount index<\/i><\/td>\n<\/tr>\n
***<\/b> The last member of the PerpetualPremium index was transferred to PerpetualDiscount at the October, 2008, 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+6.93%<\/td>\n+6.34%<\/td>\n<\/tr>\n
DPS.UN<\/td>\n+7.72%<\/td>\n+5.55%<\/td>\n<\/tr>\n
Index<\/td>\n<\/tr>\n
BMO-CM 50<\/td>\n+6.37%<\/td>\n+5.08%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The recent rally has been most welcome, but we’re still a long way from where we were:<\/p>\n

<\/div>\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 April 30, 2009<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for Sub-Period<\/td>\nMonthly Return<\/td>\n<\/tr>\n
January 30, 2009<\/td>\n14.57<\/td>\n0.00<\/td>\n <\/td>\n <\/td>\n<\/tr>\n
February 27, 2009<\/td>\n14.40<\/td>\n0.00<\/td>\n <\/td>\n-1.17%<\/td>\n<\/tr>\n
March 26<\/td>\n14.19<\/td>\n0.2100<\/td>\n0.00%<\/td>\n+0.63%<\/td>\n<\/tr>\n
March 31, 2009<\/td>\n14.28<\/td>\n <\/td>\n+0.63%<\/td>\n<\/tr>\n
April 30, 2009<\/td>\n15.27<\/td>\n0.00<\/td>\n <\/td>\n+6.93%<\/td>\n<\/tr>\n
Quarterly Return<\/strong><\/td>\n+6.34%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The DPS.UN NAV for April 29 has been published<\/a> so we may calculate the March returns (approximately!) for this closed end fund.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
DPS.UN NAV Return, April-ish 2009<\/td>\n<\/tr>\n
Date<\/td>\nNAV<\/td>\nDistribution<\/td>\nReturn for period<\/td>\n<\/tr>\n
April 1, 2009<\/td>\n16.02<\/td>\n0.00<\/td>\n&nbsp<\/td>\n<\/tr>\n
April 29, 2009<\/td>\n17.07<\/td>\n0.00<\/td>\n+6.55%<\/td>\n<\/tr>\n
Estimated April Beginning Stub<\/td>\n+0.77%<\/td>\n<\/tr>\n
Estimated April Ending Stub<\/td>\n+0.33%<\/td>\n<\/tr>\n
Estimated April Return<\/strong><\/td>\n+7.72%<\/strong><\/td>\n<\/tr>\n
**<\/b> CPD had a NAV of $14.39 on April 1 and a NAV of $14.28 on March 31. The return for the day was therefore 0.77%. This figure is added to the DPS.UN period return to arrive at an estimate for the calendar month.<\/em><\/td>\n<\/tr>\n
**<\/b> CPD had a NAV of $15.22 on April 29 and a NAV of $15.27 on April 30. The return for the day was therefore +0.33%. This figure is added to the DPS.UN period return to arrive at an estimate for the calendar month.<\/em><\/td>\n<\/tr>\n
The April return for DPS.UN’s NAV is therefore the product of four period returns, +0.77%, +6.55% and +0.33 to arrive at an estimate for the calendar month of +7.72%<\/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 February<\/a> and March<\/a>:<\/p>\n

\n\n\n\n\n\n\n
DPS.UN NAV Returns, three-month-ish to end-April-ish, 2009<\/td>\n<\/tr>\n
February-ish<\/td>\n-1.79%<\/td>\n<\/tr>\n
March-ish<\/td>\n-0.23%<\/td>\n<\/tr>\n
April-ish<\/td>\n+7.72%<\/td>\n<\/tr>\n
Three-months-ish<\/strong><\/td>\n+5.55%<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Performance of the HIMIPref\u2122 Indices for April, 2009, was: Total Return Index Performance April 2009 Three Months to April 30, 2009 Ratchet +11.53% * +13.98% * FixFloat +11.53% ** +13.36% ** Floater +11.53% +28.50% OpRet …<\/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-6391","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\/6391","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=6391"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6391\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}