Compare Preferred Shares of Split-Share Corporations

 

This table is used to compare the preferred shares of split-share corporations.  In the Canadian Market there are 4 major issuers of these types of shares ( Brompton Funds , Strathbridge Asset Managment, Quadravest Capital Managment and Middlefield Funds )
 
The main features of a Split share corporation are:
 

  1. It exists for a defined period of time.
  2. Some type of covered call option strategy is used to further increase profits for the Class A shares.
  3. Its main goal is to  transform the risk and investment return  of a basket of shares of conventional dividend-paying corporations into the risk and return of the two or more classes of publicly traded shares in the split share corporation.
  4. For the majority of thesse, the number of preferred shares issued is equal to the number of the class A shares issued by this corporation.
  5. The preferred shares offer relatively high and secure yield. Priority is given to the preferreds over the capital shares in the payment of dividend income and in the eventual return of the full initial price of the shares.
  6. The capital shares pay a dividend like the preferred shares( As long as the NAV is above the Threshold as defined by the split-corp). Additionally the shares offer participation in the leveraged capital gains/losses of the underlying basket of conventional shares.
  7. The preferreds and class A shares of a split share corporation are independently tradeable and have a very different risk profile. Dividends on Class A shares are not paid once the NAV is below the threshold and unit price suffers great declines.d
  8. Dividends of the preferreds are safer than dividends from class A shares. In addition, for the majority, preferred dividends are eligible for the dividend tax credit.

 

 

The metrics used in the compare table below include

  1. Issuer: Company issuing this split-share
  2. Ticker: The stock ticker of the preferred share.
  3. Price: The price of the preferred share.
  4. Dividend Amount: Amount to be paid. Usually a quarterly payment
  5. Current Yield:  Yield based on todays price
  6. Target Yield: Yield at initial offering of the security
  7. Descritpion: Name of the preferred share
Last Updated: Market Data Jan.-25 18:30, Model Metrics Jan.-26 17:11
NameSymbolPriceDividendCurrent YieldTarget YieldCredit RatingIssuer
Canadian_Banc_CorpBK-A$10.42$0.5004.8000%5.00%PFD-3Quadravest
Dividend_15_Split_Corp_IIDF-A$9.99$0.5755.7600%5.75%PFD-4Quadravest
Dividend_15_Split_CorpDFN-A$10.09$0.5505.4500%5.50%PFD-3Quadravest
Dividend_Growth_Split_CorpDGS-A$10.06$0.5505.4700%5.29%PFD-4HBrompton Funds
E_Split_CorpENS-A$10.06$0.5245.2100%5.25%PFD-3HMiddlefield funds
North_American_Financial_15_SpFFN-A$10.03$0.6726.7000%6.75%PFD-4HQuadravest
Financial_15_Split_CorpFTN-A$10.45$0.6726.4300%6.75%PFD-3LQuadravest
Global_Dividend_Growth_Split_CGDV-A$10.07$0.5004.9700%4.85%PFD-3HBrompton Funds
Life_Banc_Split_CorpLBS-A$10.35$0.5455.2700%5.27%PFD-3LBrompton Funds
Brompton_Lifeco_Split_CorpLCS-A$10.23$0.6256.1100%6.11%PFD-3LBrompton Funds
Canadian_Life_Companies_Split_LFE-B$10.23$0.6486.3300%6.50%Not RatedQuadravest
Brompton_Oil_Split_CorpOSP-A$9.05$0.6507.1800%6.50%PFD-3HBrompton Funds
Prime_Dividend_CorpPDV-A$10.47$0.4804.5800%4.80%PFD-3Quadravest
Premium_Income_CorporationPIC-A$15.40$0.8645.6100%5.76%Not RatedStrathbridge
Big_Pharma_Split_CorpPRM-A$10.35$0.5004.8300%5.00%PFD-3HHarvest Portfolios Group
Sustainable_power_&_infrastrucPWI-A$10.20$0.5004.9000%5.00%Not RatedBrompton funds
Real_Estate_and_E-Commerce_SplRS-A$10.84$0.5254.8400%5.25%PFD-3HMiddlefield funds
Brompton_Split_Banc_CorpSBC-A$10.25$0.5004.8800%4.83%PFD-3HBrompton funds
S_Split_CorpSBN-A$10.38$0.5255.0600%5.25%Not RatedStrathbridge
Top_10_Split_TrustTXT-A$12.72$0.8006.2900%6.25%Not RatedStrathbridge
World_Financial_Split_Corp.WFS-A$9.90$0.5255.3000%5.25%Not RatedStrathbridge
TDb_Split_CorpXTD-A$10.41$0.5255.0400%5.04%PFD-2Quadravest
NEW_Commerce_Split_CorpYCM-A$5.21$0.3005.7600%6.00%Not RatedQuadravest
NEW_Commerce_Split_CorpYCM-B$5.70$0.3756.5800%7.50%Not RatedQuadravest
 
 

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NameSymbolPriceDividendCurrent YieldTarget YieldCredit RatingOutstanding FloatClass A Share PriceClass A NAVCompbined Net Asset ValueNAV As Of DateIssuer
Canadian_Banc_CorpBK-A$10.42$0.5004.8000%5.00%PFD-310,679,482$14.75N/A$24.132021-12-31Quadravest
Dividend_15_Split_Corp_IIDF-A$9.99$0.5755.7600%5.75%PFD-413,847,049$6.38N/A$15.762021-12-31Quadravest
Dividend_15_Split_CorpDFN-A$10.09$0.5505.4500%5.50%PFD-365,543,252$8.17N/A$17.882021-12-31Quadravest
Dividend_Growth_Split_CorpDGS-A$10.06$0.5505.4700%5.29%PFD-4H30,409,351$6.84$6.41$16.472022-01-06Brompton Funds

Split-Corp share information

Additional Split-Corp information is available here

  1. What is a split share fund by Brompton Funds on youtube.
  2. Split share corporations explained by Passive Income Investing on youtube.

Both of these videos are a good start for you to decide if this is the type of investment vechicle you are comfortable with.