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.

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North American Financial 15 Split Corp > NAV March 22

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Comment by mousermanon Mar 22, 2023 4:52pm

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Post# 35354703

RE:NAV March 22

Great job, your estimate has matched mine at this point.
The premum today on the commons would be 85 cents , or about 24.3%.
I cant say that i have EVER seen a split fund common value at under 3.50$ ever at a big premium like this. Strange markets indeed. LCS above the level for paying but is at a discount. Alas it only pays about a 17.9% yield here.

AnEducator wrote: My calculations indicate the closing NAV as being $13.49. The underlying portfolio needs to rise by 11.2% in order to meet the payment threshold. This seems to be a very tall task and will likely take several months to achieve given that dividends keep being paid to preferreds.

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