North American Financial 15 Split Corp T.FFN

FFN unit nav to May 4 = approx: $13.27

[mouserman]

SO my spreadsheet has the UNIT NAV getting trashed, down 64 cents since April 28.
Adjusted the spreadsheet to accommodate the new cash position and weightings.
Commons have a value of about $3.27 at this point, premium is stupid @ nearly 20%.

[AnEducator]

Surprisingly, the fund manager decreased the cash position by 1% while increasing U.S. exposure by the same amount. This is disappointing. Given the carnage of last two weeks, it would have helped immensely if they had assumed a more defensive posture to protect the NAV of the portfolio.

[mouserman]

Apparently the manager at Quadravest for FFN, takes statements from J Powell as gospel. Everything is fine in the US  banking world, except that it wasnt as more regional banks sold off on insolvency worries. Today is a bounceback day for the banks, but in FFN's holdings the negative drop in the US $ vs CAD, means the bounce back is not as big as it would seem. CAD has gained over 1 % vs