Dividend 15 Split Corp. II has released its Annual Report to November 30, 2011.
| DF / DF.PR.A Performance | |||
| Instrument | One Year |
Three Years |
Since Inception |
| Whole Unit | +1.29% | +12.01% | +0.18% |
| DF.PR.A | +5.38% | +5.38% | +5.42% |
| DF | -5.90% | +24.05% | -5.15% |
| S&P/TSX 60 Index | -9.08% | +10.95% | +0.88% |
Using the S&P TSX 60 index rather than “Dividend Aristocrats” seems a little odd to me – but we’ll let them choose their benchmark!
Figures of interest are:
MER: 1.27% of the whole unit value
Average Net Assets: We need this to calculate portfolio yield. No change in Number of Units Outstanding, so the average of the beginning and end of year figures can be used: $81.0-million
Underlying Portfolio Yield: Dividends received of 3,201,530 divided by average net assets of 81.0-million is 3.90%
Income Coverage: Net Investment Income of 2,131,609 divided by Preferred Share Distributions of 2,655,975 is 80%.
According to the 12H1 Semi-Annual Statement:
MER: 1.53% of the whole unit value. The reason for the increase is not discussed, but appears to be due to an increase in legal fees and shareholder reporting costs.
Average Net Assets: We need this to calculate portfolio yield. No change in Number of Units Outstanding, so the average of the beginning and end of period figures can be used: $78.5-million
Underlying Portfolio Yield: Dividends received of 1,558,606 divided by average net assets of 78.5-million is 1.98% for the half, or call it 3.95% annualized.
Income Coverage: Net Investment Income of 960,503 divided by Preferred Share Distributions of 1,327,988 is 72%.
[…] was last mentioned on PrefBlog when their 2011 Annual Report and 12H1 Semi-Annual Report was discussed. DF.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit […]