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Dividend 15 Split Corp T.DFN

Alternate Symbol(s):  DFNPF | T.DFN.PR.A | DVSPF

Dividend 15 Split Corp. is a Canada-based mutual fund, which invests primarily in a portfolio of dividend yielding common shares, which includes approximately 15 Canadian companies. It offers two types of shares, including Preferred shares and Class A shares. Its investment objectives with respect to Preferred Shares are to provide holders with fixed cumulative preferential monthly cash dividends in an amount of $0.04583 per Preferred share to yield 5.5% per annum on the $10 repayment amount and to return the $10 repayment amount to their holders on the termination date. Its investment objectives with respect to Class A Shares are to provide holders with regular monthly cash distribution targeted to be $0.10 per Class A share and return the original issue price to their holders on the termination date. The net asset value per unit must remain above the required $15 per unit threshold for distributions to be declared. Its investment manager is Quadravest Capital Management Inc.


TSX:DFN - Post by User

Dividend 15 Split Corp > NAV @ 10:55 am
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Comment by AnEducatoron Oct 28, 2023 10:33pm
204 Views
Post# 35706034

RE:RE:RE:RE:NAV @ 10:55 am

RE:RE:RE:RE:NAV @ 10:55 amI haven't had time to update my spreadsheet, but I would estimate the opening NAV on Monday morning to be ~$13.65 given it's the ex-dividend day for the preferreds. 

The downside protection would then be ~26.74% before the preferreds drop below the $10 par value. This offers a substantial cushion which is unlikely to erode entirely, especially given the defensive posture assumed by Quadravest as indicated by the large cash position. 

Kylemcc10 wrote: Can someone enlighten me on how much the underlying could afford to lose before preferred's are affected? Between the leaverage effect and Class A only being 27% of the entire fund. I'm gonna say not much 


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