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 myNEXTmillionon Dec 05, 2024 11:23am

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Post# 36347285

Treasury shares sold?

The NAV is so high because there were 684,500 more units outstanding at November 29 than October closing. It indicates to me that shares were sold out of the treasury at market. Every pref share they sold at market means the buyers are prepaying about 5 months worth of pref distributions.

I would not be surprised if FFN maximized their NCIB during during November since Trump won. US bank shares jumped dramatically since then. The Class A NAV for the October closing was $6.82 vs $8.29 for November after accounting for the distribution whereas the average share price is likely around $7.50... a big bonus for the fund.

These observations are derived from the October/November updates.

mNm

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