Dividend 15 Split Corp T.DFN

NAV as of December 15 reported by Quadravest

[AnEducator]

Unbelievable. The NAV is reported as being $14.80 as of December 15, well below the payment threshold. It was reported as $15.09 the day before, allowing for a distribution announcement. How the NAV dropped by $0.29 in one day I cannot say, unless they initially reported without accounting for dividend payments.

Oh well, our spreasheets will need to be adjusted significantly and the NAV will be lower than anticipated. The margin for error will probably be higher until the next report.

[jyblues]

I could not find Dec 15 NAV report as 14.80?? I can only see Dec 14 as 15.09. Where did you get information for Dec 15 Nav?

[AnEducator]

Actually, there were obviously no dividends to account for since the ex-dividend date is still to come, so that would not explain for the large one-day drop. On the home page, there is a link for valuations.

[jyblues]

@AnEducator I still cannot find home page link for Dec 15 Nav. Could you please post on link for us? Thanks

[jyblues]

No worry.. I found as https://www.quadravest.com/_files/ugd/78f11d_6f5aad22f9b6435aaf81ae80e221130e.pdf

[mouserman]

Yes i find this shocking as well. FTN was much lower than my spreadsheet said as well. 15 cents lower!! I can only think some options ( covered calls) got taken out and a major increase in cash happened in the past 2 weeks. Other wise i cant explain the difference.

[alkhor]

I   was really suspicious when they announced the Divvy on Friday morning only for DFN. I sold off the shares I bought Friday and glad I did asa the NAV is now only $14.80. I suspected they had alteria motives and mentioned it at the time.

[wolverine99]

DFN has been there hero fund since inception, it had a long history of consistent payments, this last series of misses has been its longest. They needed to show some strength in it. When you look at all their Splits, only DFN, BK, FTN are producing, the rest are really suspect, their Preferreds are competitive for the most part. Investor Relations at the company is not good, Website out of date

[mouserman]

The one area where DFN is NOT competitive with other split funds in the Quadravest circus is the rate being paid to the preferreds of 4.58 cents per month. FTN, FFN, LFE, and BK have all raised their preferreds  % considerably. I suspect when DFN 5 year extension comes around they will be forced to raise it a bit, but highly doubt it will compare to FFN ( 7.917 cents monthly) or FTN... (7.708

[Tradestay]

I believe they know they have to raise with today's rate and that's why they did some buybacks. Why would prefer stay at current yield when a GIc can give the same. All depend where rates are December 2024. But I like reading your post MM, always solid thinking. 

[wolverine99]

Agree 100%, also same for DF Pref. ,but nice to see the new Divy kick in on FTN,FFN

[Tradestay]

Its not now only 14.80, it was 14.80.  It was clear they wanted dthe fund to pay thats why they announced. It was also ckear Friday the NAV WOULD BE LOWET ON THE 15 VS THE 14TH.  E.G Loblaws was down 5% and other were down 5% as well approximately.  Since then share price of underlying has improved. But our trusted friend who post the NAV value will be off for a while because the

[JimBoSS]

Where are you getting the $14.80 number? I only see $14.95 on their Valuations Report.

[Inglewood]

They revised it. 

[JimBoSS]

The Valuation PDF that is posted on their Website says $14.95. The other one which someone had a link to said $14.80. So it appears to me it was revised up $0.15. Right?

[mouserman]

Well that makes me feel somewhat better, now within a few pennies on the spreadsheet  estimate to DEC 15 Now i wonder of FTN will get revised?