North American Financial 15 Split Corp T.FFN

Alternate Symbol(s): FNCSF

North American Financial 15 Split Corp. is a Canada-based 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 in the amount of over 5.5% annually 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 > Trading below its nav

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Comment by azzurrion Jun 14, 2024 11:00am

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Post# 36089165

RE:Trading below its nav

That's the same way I was looking at it. About 2.85% drop in holdings from yesterday's closing NAV (give or take based on US exchange) to hit the $15 NAV threshold.

At the time of writing, almost all top US holdings were bouncing back off their lows. With only one (Citigroup) at over 1% drop since yesterday's close.

Funny, FFN class A shares actually fell below DFN class A shares at one point even though DFN NAV is currently below $15.

My guess is some stop loss orders got triggered this morning.

If DFN NAV closes further lower from $15 than it did yesterday, I may short some.

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