Financial 15 Split Corp T.FTN

Alternate Symbol(s): FNNCF | T.FTN.PR.A

Financial 15 Split Corp. is a mutual fund, which invests in a portfolio consisting of over 15 financial services companies. The Company offers two types of shares, such as Preferred Shares and Class A Shares. Its investment objectives with respect to Preferred Shares are to provide holders of Preferred Shares with cumulative preferential monthly cash dividends in an amount of over 6.75% annually and to pay the holders of the Preferred Shares approximately $10 per Preferred Share on or about the termination date. Its investment objectives with respect to Class A Shares are to provide holders of Class A Shares with regular monthly cash distributions and to permit holders to participate in all growth in the net asset value of the Company over $15 per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying over $10 per Preferred Share. The Company’s investment manager is Quadravest Capital Management Inc.

TSX:FTN - Post by User

Financial 15 Split Corp > FTN UNIT NAV to Feb 04 = approx. $19.38

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Comment by PatFromGroveon Feb 05, 2021 12:41pm

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Post# 32484909

RE:RE:RE:FTN UNIT NAV to Feb 04 = approx. $19.38

pjn0987654321 wrote:

PatFromGrove wrote:

mouserman wrote: Now this is a guess, as i have no ideas of the weightings, but i am using the historical average % used in the weightings. I also used the list of stocks by weighting and then made the % line up to what was posted in the update which was 48% CAD financials and 31% US.
I did guess that they have used some cash since that update and used 18% cash as a guess.
So , the spreadsheet came out at an .80 gain since the Jan 29th update.
FTN still is the best buy in the split fund space, ( in my lists) for those that have 4 $ of safety and a yield over 16%.... the premium today is ony 16 cents... and that is less than 1% ..
I would not be too surprised if my spreadsheet is about .10 or more LOW at the midmonth update, as I expect Quadravest to put more cash to work sooner , rather than later.

I have a question. In the Nov. 30, 2020 Fund Update, the Total Net Assets was stated as $571,597,101. In the Jan. 29, 2021 Fund Update which is after the Common consolidation, the Total Assets Value was stated as $390,456,252. That is a huge difference, and mainly due to the stated asset value of the preferred shares. Can anyone explain that? Did they change the number of preferred to match the common but keeping them at $10? There is no consolidation in the preferred anyway.

I believe a lot of preferred shares were submitted for redemption. There is an annual offer, or it's every few years. Then they consolidated so the common shares were about the same amount as the preferred that were left. To get the cash to do the redemption, they had to sell a large amount of their holdings in the financial companies, so the Total Net Assets went down accordingly.

Sounds reasonable. Thanks.