Index Performance : April 2008

Performance of the HIMIPref™ Indices for April, 2008, was:

Total Return
Index Performance
April 2008
Three Months
to
April 30, 2008
Ratchet +0.49% +3.63%
FixFloat +1.81% +4.78%
Floater -0.87% -1.63%
OpRet +0.31% +0.58%
SplitShare +1.85% +0.89%
Interest +0.60% +2.47%
PerpetualPremium +0.36% +0.03%
PerpetualDiscount +0.12% -1.93%
Funds (see below for calculations)
CPD 0.00% -0.79%
DPS.UN +0.39% +0.12%
Index
BMO-CM 50 +0.07% -1.09%

Note that the “BMO-CM 50” is now 0.42% above its November m/e trough.

Claymore has published NAV data and Distribution Data for its exchange traded fund (CPD) and I have derived the following table:

CPD Return, 1- & 3-month, to April, 2008
Date NAV Distribution Return for Sub-Period Monthly Return
February 29 18.34   +2.17% +2.17%
March 26 17.64 0.2082 -2.68% -2.90%
March 31, 2008 17.60   -0.23%
April 30 17.60     0.00%
Quarterly Return -0.79%

The DPS.UN NAV for March 26 has been published so we may calculate the March returns (approximately!) for this closed end fund:

DPS.UN NAV Return, April-ish 2008
Date NAV Distribution Return for period
March 26, 2008 $21.00   -0.23%
March 27, 2008 N/A $0.325
March 31, 2008 $20.63
Estimated
 
April 30, 2008 $20.71   +0.39%
The determination of NAV as of March 31 is complicated by the dividend. In order to estimate it, I have taken the March 26 NAV of $21.00 and subtracted the dividend (ex-date March 27) of $0.325 to arrive at a zero-return estimate of $20.675. I have then multiplied this by the CPD return in the March 26-31 period of -0.23% (return factor 0.9977) to estimate a March 31 NAV of $20.63  
Estimated April Return 0.39%
CPD had a NAV of $17.64 on March 26 and $17.60 on March 31. The estimated March end-of-month stub period return for CPD was therefore -0.23%, which is applied to DPS.UN as described above.

Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for February and March

DPS.UN NAV Returns, three-month-ish to end-April-ish, 2008
February-ish +2.04%
March-ish -2.26%
April-ish +0.39%
Three-months-ish +0.12%

5 Responses to “Index Performance : April 2008”

  1. prefhound says:

    I don’t want to nitpick, but the first table is labeled March (not April) returns.

  2. jiHymas says:

    Whoopsee! Now fixed.

  3. […] Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for March and April: […]

  4. […] to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for April and […]

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