Index Performance: April 2009

Performance of the HIMIPref™ Indices for April, 2009, was:

Total Return
Index Performance
April 2009
Three Months
to
April 30, 2009
Ratchet +11.53% * +13.98% *
FixFloat +11.53% ** +13.36% **
Floater +11.53% +28.50%
OpRet +3.12% +5.65%
SplitShare +7.40% -1.35%
Interest +2.68% -1.27%
PerpetualPremium +8.84%*** +5.65%***
PerpetualDiscount +8.84% +5.65%%
FixedReset +6.27% +7.87%
* The last member of the RatchetRate index was transferred to Scraps at the February, 2009, rebalancing; subsequent performance figures are set equal to the Floater index
** The last member of the FixedFloater index was transferred to Scraps at the February, 2009, rebalancing; subsequent performance figures are set equal to the PerpetualDiscount index
*** The last member of the PerpetualPremium index was transferred to PerpetualDiscount at the October, 2008, rebalancing; subsequent performance figures are set equal to the PerpetualDiscount index
Funds (see below for calculations)
CPD +6.93% +6.34%
DPS.UN +7.72% +5.55%
Index
BMO-CM 50 +6.37% +5.08%

The recent rally has been most welcome, but we’re still a long way from where we were:

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

CPD Return, 1- & 3-month, to April 30, 2009
Date NAV Distribution Return for Sub-Period Monthly Return
January 30, 2009 14.57 0.00    
February 27, 2009 14.40 0.00   -1.17%
March 26 14.19 0.2100 0.00% +0.63%
March 31, 2009 14.28   +0.63%
April 30, 2009 15.27 0.00   +6.93%
Quarterly Return +6.34%

The DPS.UN NAV for April 29 has been published so we may calculate the March returns (approximately!) for this closed end fund.

DPS.UN NAV Return, April-ish 2009
Date NAV Distribution Return for period
April 1, 2009 16.02 0.00 &nbsp
April 29, 2009 17.07 0.00 +6.55%
Estimated April Beginning Stub +0.77%
Estimated April Ending Stub +0.33%
Estimated April Return +7.72%
** CPD had a NAV of $14.39 on April 1 and a NAV of $14.28 on March 31. The return for the day was therefore 0.77%. This figure is added to the DPS.UN period return to arrive at an estimate for the calendar month.
** CPD had a NAV of $15.22 on April 29 and a NAV of $15.27 on April 30. The return for the day was therefore +0.33%. This figure is added to the DPS.UN period return to arrive at an estimate for the calendar month.
The April return for DPS.UN’s NAV is therefore the product of four period returns, +0.77%, +6.55% and +0.33 to arrive at an estimate for the calendar month of +7.72%

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, 2009
February-ish -1.79%
March-ish -0.23%
April-ish +7.72%
Three-months-ish +5.55%

7 Responses to “Index Performance: April 2009”

  1. adrian2 says:

    As an Assiduous Reader, I must pay my dues by pointing out the typo in:
    ** The last member of the FixedReset index was transferred to Scraps at the February, 2009, rebalancing; subsequent performance figures are set equal to the PerpetualDiscount index
    which should read FixFloat instead of FixedReset.

    Adrian

  2. jiHymas says:

    As an Assiduous Reader …

    An Assiduous Proof-Reader, in fact! Thanks! It has been fixed.

  3. […] remained steady in April, with portfolio turnover of about 80%, as the market strongly advanced in a very consistent fashion: PerpetualDiscounts had only three down-days, against 18 […]

  4. […] as it was for the strong performance of the preferred share market. As noted in the report of Index Performance, April 2009, the PerpetualDiscount index experienced only three down-days in the month, compared to eighteen […]

  5. […] of their run-up today and Fixed-Resets were able to catch up a little in performance following a very good month – and Month-to-Date – for the market in general, amidst continued heavy volume. PerpetualDiscounts […]

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

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

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