Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2012, which in conjuntion with the Annual Report to December 31, 2011 allows preparation of the following table:
| SBC / SBC.PR.A Performance |
| Instrument |
Six Months to
2012-6-30 |
Periods to 2011-12-31 |
One
Year |
Three
Years |
Five
Years |
| Whole Unit |
+2.8% |
+1.5% |
+21.3% |
+4.9% |
| SBC |
+2.9% |
-2.20% |
+49.0% |
-2.0% |
| SBC.PR.A |
+2.6% |
+5.4% |
+5.4% |
+5.4% |
| S&P/TSX Capped Financial Index |
+4.2% |
-3.8% |
+15.0% |
-0.6% |
I suggest the reported outperformance probably has more to do with the poor performance of insurers over the past five years than with any manifestation of investment skill; on the other hand, the fund has handsomely outperformed BK / BK.PR.A for the past five years, even allowing for the one month difference in period end.
Figures of interest are:
MER: 1.14% of the whole unit value, “excluding the cost of leverage and the issuance costs.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $119.9-million and 118.2-million on June 30, so call it an average of $119-million.
Underlying Portfolio Yield: Investment income of $2.622-million received divided by average net assets of $119-million is 2.20%, annualized is 4.40%
Income Coverage: Net investment income of $2.622-million less expenses of $0.696-million is $1.927-million, to cover preferred dividends of 1.574-million is about 122%.
SBC.PR.A was last mentioned on PrefBlog when it was confirmed at Pfd-3(high) by DBRS. SBC.PR.A is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
This entry was posted on Sunday, September 16th, 2012 at 5:16 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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SBC Semi-Annual Report 12H1
Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2012, which in conjuntion with the Annual Report to December 31, 2011 allows preparation of the following table:
2012-6-30
Year
Years
Years
I suggest the reported outperformance probably has more to do with the poor performance of insurers over the past five years than with any manifestation of investment skill; on the other hand, the fund has handsomely outperformed BK / BK.PR.A for the past five years, even allowing for the one month difference in period end.
Figures of interest are:
MER: 1.14% of the whole unit value, “excluding the cost of leverage and the issuance costs.”
Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $119.9-million and 118.2-million on June 30, so call it an average of $119-million.
Underlying Portfolio Yield: Investment income of $2.622-million received divided by average net assets of $119-million is 2.20%, annualized is 4.40%
Income Coverage: Net investment income of $2.622-million less expenses of $0.696-million is $1.927-million, to cover preferred dividends of 1.574-million is about 122%.
SBC.PR.A was last mentioned on PrefBlog when it was confirmed at Pfd-3(high) by DBRS. SBC.PR.A is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
This entry was posted on Sunday, September 16th, 2012 at 5:16 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.