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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

Comment by AnEducatoron Jun 22, 2024 9:14pm
206 Views
Post# 36101970

RE:DFN unit nav to June 21 = approx: $14.73

RE:DFN unit nav to June 21 = approx: $14.73My calculations are just half a cent above yours, MM, at ~$14.735, so we are in line. The discount on the shares stands at ~$0.09 after accounting for accrued dividends on the preferred shares.

Investors need to realize that dividends on these splits is generally not sustainable over the long term. However, after any prolonged duration of non-payment, the NAV should recover sufficiently to begin distributions once again for at least a brief period of time until the NAV erodes once again. This assumes the fund managers are at least reasonably competent.

It would take extraordinary managers to be able to stem the erosion in the NAV such that the number of missed payments are minimized.

mouserman wrote: Showing a loss of 5 cents since the JUNE 14th udpate.
Trading at a  discount now as the exodus out of  DFN has mostly  been exhausted.
Last trade was @ $4.61


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