Brompton Life & Banc Split Corp. has released its Annual Report to December 31, 2011.
| LBS / LBS.PR.A Performance |
| Instrument |
One
Year |
Three
Years |
Five
Years |
| Whole Unit |
-11.1% |
+12.3% |
-2.5% |
| LBS |
-32.4% |
+24.8% |
-10.7% |
| LBS.PR.A |
+5.4% |
+5.4% |
+5.4% |
| S&P/TSX Capped Financial Index |
-3.8% |
+15.0% |
-0.6% |
Note that according to the implementation by iShares, the capped financial index is about 76% banks and 19% insurance, so the fund is by design overweight insurers relative to this benchmark – and insurers have underperformed.
Figures of interest are:
MER: 1.02% of the whole unit value, “excluding the cost of leverage and issuance costs.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $204.4-million, compared to $190.8-million a year prior (there was an increase in shares outstanding due to a warrant offering), so call it an average of $198-million. This can be checked by examining distributions on preferred shares of $7.164-million, which at $0.525 / share implies an average of 13.6-million units outstanding, which at an average value of $16.75 implies average net assets of 227.8-million. Since the warrants were exercised in late March, 2011, the latter figure seems more appropriate.
Underlying Portfolio Yield: Investment income of $9.232-million received divided by average net assets of $227.8-million is 4.05%.
Income Coverage: Net investment income after expenses of $6.942-million received plus $0.048-million issuance costs added back is $6.990-million, to cover preferred dividends of 7.164-million is about 98%.
LBS.PR.A was last mentioned on PrefBlog when their 12H1 Semi-annual report was discussed.
This entry was posted on Sunday, June 10th, 2012 at 12:12 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
LBS.PR.A 2011 Annual Report
Brompton Life & Banc Split Corp. has released its Annual Report to December 31, 2011.
Year
Years
Years
Note that according to the implementation by iShares, the capped financial index is about 76% banks and 19% insurance, so the fund is by design overweight insurers relative to this benchmark – and insurers have underperformed.
Figures of interest are:
MER: 1.02% of the whole unit value, “excluding the cost of leverage and issuance costs.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $204.4-million, compared to $190.8-million a year prior (there was an increase in shares outstanding due to a warrant offering), so call it an average of $198-million. This can be checked by examining distributions on preferred shares of $7.164-million, which at $0.525 / share implies an average of 13.6-million units outstanding, which at an average value of $16.75 implies average net assets of 227.8-million. Since the warrants were exercised in late March, 2011, the latter figure seems more appropriate.
Underlying Portfolio Yield: Investment income of $9.232-million received divided by average net assets of $227.8-million is 4.05%.
Income Coverage: Net investment income after expenses of $6.942-million received plus $0.048-million issuance costs added back is $6.990-million, to cover preferred dividends of 7.164-million is about 98%.
LBS.PR.A was last mentioned on PrefBlog when their 12H1 Semi-annual report was discussed.
This entry was posted on Sunday, June 10th, 2012 at 12:12 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.