North American Financial 15 Split Corp T.FFN

Alternate Symbol(s): FNCSF

Financial Services Asset Management

North American Financial 15 Split Corp. is a mutual fund corporation, which invests in a portfolio of over 15 financial services companies. It 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, the amount of which is fixed on an annual basis and to pay the holders of the preferred shares a certain price 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 for a specific price per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying a specific price per preferred share. Its investment manager is Quadravest Capital Management Inc.

TSX:FFN - Post by User

North American Financial 15 Split Corp

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Post by mousermanon May 11, 2022 9:14pm

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Post# 34676322

FFN unit nav drops to $14.36 to MAy 11

Started out the day strong, but end of the day the bears took over and sold off the banks/lifecos AGAIN.
Not much hope that FFN get back to the 15$ level needed for paying to commons. I would expect a move to the preferreds, OR to the sister fund FTN , which has a much higher safety margin, but a lower , but safer yield @ about 16.1% at the close today.
Premium on FFN is ridiculous, @ nearly 38%, for a splitfund common share that wont be getting distributions for at least one month, and likely longer.

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