World Financial Split Corp. has released its Annual Report to December 31, 2010.
| WFS / WFS.PR.A Performance | |||
| Instrument | One Year |
Three Years |
Five Years |
| Whole Unit | -7.70% | -10.89% | -6.53% |
| WFS | -49.49% | -42.44% | -29.39% |
| WFS.PR.A | +5.35% | +5.35% | +5.35% |
| MSCI World/Finance Index | -0.23% | -13.51% | -8.75% |
Figures of interest are:
MER: 1.51% of the whole unit value, excluding one time initial offering expenses.
Average Net Assets: We need this to calculate portfolio yield; unfortunately the number of units changesd, which makes it more approximate. The Total Assets of the fund at year end was $76.6-million, compared to $107.3-million a year prior, so call it an average of $92.0-million. Total Preferred Share Distribution in 2010 was $3.888-million, at $0.525/share implies an average of 7.41-million units, at an average NAV of ((11.57 + 13.11) / 2 = 12.34, so call it $91.4-million. Close enough! Call the Average Net Assets $92-million.
Underlying Portfolio Yield: Investment income (sum of interest, dividends and withholding taxes) of $1.964-million received divided by average net assets of $92-million is 2.13%.
Income Coverage: Net investment income of $1.964-million less expenses before issuance fees of $1.743-million is $0.221-million, to cover preferred dividends of 3.888-million is just under 6%.
WFS.PR.A was last mentioned on PrefBlog when a term extension proposal was announced.