North American Financial 15 Split Corp T.FFN

FFN Dashboard on the Web!

[maxjac]

Hi all,

I promised a public dashboard for FFN investors. I've been working on it since late July and been testing it since August 1. So far, so good.

You can see it at https://dupli.ca/ffn

Please send me your feedback, suggestions, questions, corrections.

IMPORTANT: This is still a work in progress. It is meant for educational purposes only.

Couple of things:

• Estimated NAV will likely not be "bang on" but should be within about 7 cents of the real number.
• Exchange rate is from openexchangerates.org and is automatically updated hourly during weekdays.
• Stock data for all stock is pulled automatically every 30 minutes from 9AM to 5PM on weekdays.
• Dividend amounts for all stocks are updated automatically and will be included in the “Dividends Receivables” at the right time. This will increase the value of the fund and the NAV at the same time.
• Shares outstanding for FFN and FFN.PR.A are also pulled automatically (those do not change very often).
• The official NAV before and NAV after distribution is updated automatically whenever Quadravest updates the data on the “fund feature” page.
• I use the official Quadravest weightings from the latest available quarter report. Those weightings are currently updated manually, each quarter, by looking at the “quarterly portfolio disclosure” PDF document or the semi-annual report, or the annual report.
• I try to make AS LITTLE adjustments to weightings between quarter reports as possible. I'll do it when the cash weighting changes and when we need to adjust the total CAN % vs USA %. The idea is to have this dashboard as automated as possible. If I change a weighting for a specific stock, it will show in red.
• The cash value is calculated using the % provided by Quadravest in their month-end “fund update” PDF document and is based on the $ value of the fund at the previous month-end. The cash value in $ will also recalculate (using the same % as the previous month-end) when Quadravest updates the NAV on the “fund feature” page (usually around the 15^th of the month).
• When there is a holiday in one country but not the other, the dashboard will not be updated properly (I don't really think I'll spend time on this honestly).
• Keep using your own spreadsheets if you have because there’s no guarantee that I will be maintaining this forever

[Inglewood]

Thank you for posting!!

[azzurri]

Thank you for doing this for us! The live nature of it will save us from polling mouseman and cdninv1 for current NAV status. I did notice that your current Aug. 21 live NAV from the dashboard is about $15.57 while the others have posted in the mid $15.80s as of Aug. 20 close. Haven't seen enough downside this morning in the FFN holds to account for the discrepency. Your thoughts? And again

[maxjac]

This morning, the shares outstanding were updated on the TMX for both FFN and FFN.PR.A and increased from: Shares Out Class A 53,332,392 to 54,034,592 Shares Out Preferred 54,323,692 to 55,463,592 This then diluted the NAV on my dashboard automatically. Let's see what others say about that because if it's wrong then I've got to change the way things calculate.

[CDNINV1]

As per FFN Fund Update July 31st total net assets were  $891,282,438 /  Net asset value was $ 16.23 = Average total Units 54,899,162. Quadravest Market Capitalization calculations also use this volume.  eg. FFN Class A  $ 6.11 x 54,899,162  = $335,433,892 . I will use this avg volume to calculate my NAV until the August 31st update.  Hope this helps !!!!!

[mouserman]

I see it is saying Quadravest added shares thru the ATM program, and so more preferreds out and moree commons. YOU must add the amount of cash  raised  thru those sales  to the UNIT NAV... $15.50 is likely 9 cents low.

[maxjac]

Oh yes good point @mouserman! Is there a way to know how much cash was raised through the ATM offer? Do we simply take the closing value of FFN and FFN.PR.A and multiply by the corresponding number of shares outstanding? If so, which closing date would we use? I can certainly adapt my dashboard to do this automatically whenever the number of shares outstanding increases. Glad this happened now so

[mouserman]

Not sure how and when that stuff could be estimated. ATM Does not sell all the shares at the same price. You can buy any amount at the market price given the liquidiity,  under that program during the trading day and the prevailing price at the time of your order. I do my best by using the full update after the monthend. Which gives the proper share count and % of cash. Midmonth one is always

[CDNINV1]

 I have been comparing my live Scotia I Trade watch list to your dashboard taday and I am wondering if this actual Stock data as of Aug 23, 2024 - 1:00PM Eastern is live or 15 minute delayed readings.  I find your dashboard  matching very closely to what I get . Great Job !!!!  

[maxjac]

Thanks for the feedback! Yes the quotes are delayed. When the dashboard updates, the quotes are from 15 minutes before. I agree the message is misleading so I'll change it to show 12:45PM instead of 1:00PM. Good to hear from the people who thought me so much and allowed me to build this thing :)

[CDNINV1]

It appears only the US share prices  are delayed .Cdn share  prices match the live closing prices.

[CDNINV1]

Your Closing Share values that just updated at 4:30 PM Eastern time changed and matched all the Yahoo closing prices as at 4:00 pm. ?? Possible small glitch ?      Your Dashboard is relly good !!!!!

[maxjac]

Each 30 minutes, the dashboard will pull all stock prices from the exchange (those stock prices are delayed by 15 minutes). When it's 4PM, the dashboard will receive the stock prices from 3:45PM so that's why it will update once more at 4:30PM in order to receive the prices at the close of 4PM. Hope this makes sense! I'm trying to find a better way to show the actual stock price times.

[SunnyDays365]

I love the dashboard!!! Thank you!

[maxjac]

Update completed. We now see the actual stock price times for both the US market stocks and CAN market stock. For reference, this is in the small blue bubble and says "...stock data as of...". This will pretty much always say the same thing except on holidays where the US markets are closed and Canadian markets are open or vice-versa. Thanks again for pointing this out!

[CDNINV1]

Just wondering how difficult would it be to show FFN market values for the Class A & Preferred A in your Blue Bubble?   It would be nice to have !!!

[maxjac]

Yes it is doable but I'm not sure it brings much value though? If we all think it would be useful, then I would put it in the table at the top though; not in the blue bubble.

[shortstory]

Please excuse the ignorant questions from a newbie.   I've purchased FFN for hopefully a long term dividend payer at over 20% yield.  I do not yet understand all of the moving parts of this product to determine if it requires adult supervision on a daily basis...or if I can just hold it it and sleep well.  The spreadsheet is an AMAZING piece of engineering!!! Question #1 -

[mouserman]

Spreadsheet is used to determine value using the ACTUAL NAV of the holdings. It changes daily and at times can have some big volatile moves. LIKE today... FFN started the day below 16$ unit nav after distributions as today is exdivvy date, and 19 cents comes of the UNIT NAV value. My spreadsheet has the UNIT NAV now at $16.33 before distributions with the CAD/USD exchange at 74.20 After

[mouserman]

Stockwatch had the AUG 30 @ 74.1 cents USD, so the the result was about 1 penny higher UNIT NAV  for FFN unit NAV before distributions are taken off.

[maxjac]

Hi shortstory, welcome aboard. This board has loads of info so if you've got time, go back in the history and read through all the posts. There's valuable info although this info is spread through hundreds of posts. There's a good chance someone else asked the same questions and you'll find the answers buried in there somewhere. A few links for you: https://www.quadravest.com

[shortstory]

Thanx Maxjac.....this is awesome.....I have subscribed to the PassiveInvesting channel and will start digesting all of this as well....FFN looks like it may be a little less volatile than the NatGas trading I have been doing....LoL......I have looked at the recent (12 months) cyclic pattern of FFN and it seems that there is an average of 37% increase in closing price over an average 35 day (LOW to

[maxjac]

I don’t know of any factor to predict the cycle trend you found. I honestly think that if you find a cycle with FFN, it’s likely to do with the overall market or more specifically with the banking sector. Personally, I only play with my own money. I wouldn't feel comfortable doing what you suggested because of what I mentioned on FFN not paying for months in a row. If you want to borrow money

[shortstory]

I'm not sure how to copy and paste a chart here.....but the cycles of FFN.TO are EXACTLY the same as the cycles of XFN.TO - Toronto Banking Sector ETF....(just like you said).....since the cycles are generally trending upwards, the effort and risk/reward of swing trading these cycles is probably not worth it.    Generally speaking, Since NOV 23, anytime the price of XFN.TO has dipped

[kurtwalter]

Try this, adjusted for dividend payouts : https://www.barchart.com/etfs-funds/quotes/XFN.TO/interactive-chart

[CDNINV1]

AS the TMX avg no of shares is less than Quadravest as of July 31, it is possible they actually sold 300,000 shares of FFN Class A  on Aug 6 & 7 under Normal Course Issuer Bid.

[CDNINV1]

OOPS !!!   I meant BOUGHT 300,000 shares

[mouserman]

You do know that the Normal Course Issuer bid is Quadravest buying back shares and lowering the number  OS. CASH in FFN would go down...obviously.

[CDNINV1]

I also only use the Monthly FUND UPDATE!!!!  The TMX adds info thru Quotemedia on a delayed basis from Quadravest to possilbly explain the difference in the number of shares. As FFN Class A shares touch a low of $ 4.98 on August 6th , Quadravest might have thought it adviseable to buy some shares back at a lower price than they sold at, as over 500,000 shares traded on August 6th. 

[CDNINV1]

This could explain why we were both 3 cents higher than the  August 15th Fund Features update and we had to adjust down to match the $15.80 .

[maxjac]

August 21, 2024 update at 10:15PM eastern time. I've added logic to the dashboard that will do the following: 1- look to see if there is an increase in the number of outstanding shares since the last update (either on 15th of the month or last day of the month) 2- if there is an increase, then we assume there was an ATM offer. 3- calculate the number of shares sold using the difference between

[Inglewood]

Excellent. Appreciate your time on this. 

[Kai2018]

Thank you for your excellent work  

[Vorsche948]

amazing dashboard you made here, my only question is whether your invested in DFN as well and possibly making a dashboard for that as well?

[maxjac]

Glad you like it! No promises for DFN. For now I'm working on making the FFN dashboard as good and reliable as possible. Then perhaps I'll look into adapting it to other Quadravest split funds.

[Vorsche948]

that's completely fair, can definitely appreciate you have a fair bit of work done into this live dashboard.  just curious on one thing, mouserman showing NAV of about $16 at market close for today (sept 4) and your dashboard showing $16.226 before distribution and $16.034 after distribution. fair to assume that mouserman's spreadsheet number is post distribution to match closely

[maxjac]

Their numbers are always more accurate because they both do precise adjustments to match as close as possible with the ranking and weighting of each stock in the fund. Also, the dashboard is trying to be as dynamic as possible so I had to make a decision to use the NAV to calculate the total fund value rather than looking at the actual fund value as declared by Quadravest at month-end. The reason

[CDNINV1]

Just noticed that it looks like after you put in the Aug 30th info,  your Sep 4 data has lowered both by too much ???   NAV (before distribution) 16.31 15.960 (est.) NAV (after distribution) 16.12 15.768 (est.)

[maxjac]

Good catch. The reason this is happening is because I always use the "NAV after distribution" to estimate the total fund value. I do that because we know this will be paid out. It is true that for a couple of days, the estimated NAVs will be wrong so I will add logic to use the "NAV before distribution" whenever it is higher (which is the case when there is a payout to be made

[CDNINV1]

Thought that might be the case. Always a work in progress. You are doing a great job. I check your dasboard daily and I make sure our Cdn & US stock prices match each day before I post. Have a good night !!!!!

[maxjac]

Thanks and this fix has been implemented. Should be good now: