Post by
AnEducator on Jun 14, 2023 12:42pm
NAV
Currently vacillating around $13.87, and would be materially higher if it wasn't for the strength in the CAD.
The premium has retreated to only around $0.05. We are still over 8% off the $15.00 target for a resumption in distributions.
Comment by
mouserman on Jun 15, 2023 10:34am
With the USD continuing its freefall , FFN is looking to lose its premium very soon. Biggest 7 holdings are all US banks...with the exception of RY.. At last look CAD was trading at 75.45 cents USD, which is a gain of 2.45 % since May 31....
Comment by
Splitfunding on Jun 15, 2023 11:53pm
Correct me if I'm wrong AnEducator, but if the Canadian dollar weakens back to say the 1.365-1.37 level, would that alone not account for about half that 8% gain required needed to reach the 15.00 target?
Comment by
mouserman on Jun 16, 2023 11:13am
So far today the CAD only gaining more vs the USD, and currently at about 75.78, this is up nearly 3% since May 31..... FFN numbers look very poor, and is one of the lowest UNIT NAVs in the financials i track. Even LFE is higher than FFN at this point.
Comment by
AnEducator on Jun 16, 2023 12:55pm
A decline to 1.365 for the CAD would amount to a $0.20 gain in the NAV, which is about 1.4% of yesterday's closing NAV. This is because it would be a move of just over 3.1% in the currency, and the portfolio is only 51% invested in U.S. financials. If the portfolio were all invested in U.S. financials, there would be a direct correlation between the NAV and the currency.