Financial 15 Split Corp T.FTN

BEARS

[Toppicks1]

Will now go into hibernation for the winter. I'm not sure I have ever seen the VIX a dump 20%

[mouserman]

FFN trading at a 15% discount... and bears in hibernation??? I have never seen a split fund commons with $3 fo safety paying 20% yield , trade at such a bearish discount.

[Toppicks1]

This is better then buying a big dip in my opinion. Such a gift and I'll bet the BEARS can't pull the trigger. They have to look in the mirror and go I was wrong. Have a great day time for golf.

[marcrobert]

FFN $3 of safety, net nav around 16.9? which one are you talking about, i'm thinking about buying ftn but i can't see what you're seeing with ffn  thanks

[Markyp]

Ftn and ffn are 2 different funds 16.9 would have to be ffn I assume but I'm not fully updated on that one as ftn is safe by quite a bit more.

[marcrobert]

I assume mouserman wrote FFN but meant FTN. FFN does not have $3 of safety. Also, with the dec 1 2025 termination date, anyone have any thoughts about consolidation risk? Just went through that with PIC.a, messy last time dec 2020, 2 for 5 consol, what happened to the price after that?. I looked it up but price looks unchanged after consolidation, which would make no sense. 

[mouserman]

FFN unit nav at this point in time, is $18.24 so the safety would be $3.24 above the threshhold for paying to commons. IT is based on UNIT NAV and NOT on the trading price. DO some reading on Quadravest  they will explain how last time the preferred /common share balance was out of whack so did a consolidation in late 2019.  FFN commons trading around a 15% discount here today.

[marcrobert]

FFN October 31, 2024     NAV Pre-Distribution:      $17.01 Distribution:      $0.1925 NAV Net of Distribution:      $16.82 ok so the live nav is 18.24 vs 16.82 a week ago, Still with a current price of 6.91 for FFN, it's the price i worry about not the nav since selling overshoots nav based on price (not nav) approaching pay limit &

[mouserman]

I expected it all to come down end of the day... but the value doent warrant a selldown. 15% discounts are unheard of .. historically in these when they are trading above 20$ UNIT NAVs. A few years ago with the same unit nav  FTN would be getting a 20% to 30%  premium. Hell,  DFN was getting a 25 % premium with the UNIT NAV at 16$ last year..

[marcrobert]

yes for sure, bromptons were also in late 2021, when banks were 40% above pre covid all time highs for no good reason , and also when trump came in first time if i remember, but the underlying were a lot cheaper back then. Besides citi and td, maybe bns, not exactly cheap historically

[marcrobert]

the trick with the trickier ones that have swooped way below pay line is getting out in time and buying back after the crash, but it sounds like you do a lot of in and out, is that in reg accounts mostly?