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 Oct-18 20:00, Model Metrics Oct-18 20:42
IssuerSymbolPriceDividendCurrent YieldTarget YieldCredit RatingOutstanding FloatClass A Share PriceClass A NAVCompbined Net Asset ValueNAV As Of DateDescription
QuadravestDF-A$10.09$0.5755.7000%5.75%Not Rated13,847,049$6.40N/A$15.352021-09-30Dividend_15_Split_Corp_II
Brompton FundsDGS-A$10.13$0.5505.4300%5.29%Not Rated30,409,351$6.64$5.98$14.922021-10-07Dividend_Growth_Split_Corp
Middlefield fundsENS-A$10.22$0.5245.1300%5.25%PFD-3H7,296,735$15.7214.30$24.312021-10-08E_Split_Corp
QuadravestFFN-A$10.15$0.6726.6200%6.75%Not Rated21,324,463$7.37N/A$16.792021-09-30North_American_Financial_15_Sp
Brompton FundsGDV-A$10.25$0.5004.8800%4.85%PFD-3H4,942,750$11.96$11.20$20.142021-10-08Global_Dividend_Growth_Split_C
Brompton FundsLBS-A$10.29$0.5455.3000%5.27%PFD-3L29,817,208$9.80$9.69$19.702021-10-07Life_Banc_Split_Corp
Brompton FundsLCS-A$10.50$0.6255.9500%5.95%PFD-3L4,911,615$6.88$6.42$16.432021-10-07Brompton_Lifeco_Split_Corp
QuadravestLFE-B$10.36$0.6486.2500%6.50%Not Rated13,352,194$4.03N/A$14.332021-09-30Canadian_Life_Companies_Split_
Brompton FundsOSP-A$9.18$0.6507.0800%6.50%PFD-3H950,914$2.20$0.00$10.122021-10-08Brompton_Oil_Split_Corp
StrathbridgePIC-A$15.43$0.8645.6000%5.76%Not Rated13,444,291$6.63$7.22$22.222021-10-07Premium_Income_Corporation
Harvest Portfolios GroupPRM-A$10.43$0.5004.7900%5.00%PFD-3H1,319,965$13.35$13.16$23.162021-10-12Big_Pharma_Split_Corp
Brompton fundsPWI-A$10.50$0.5004.7600%5.00%Not Rated7,500,000$10.04$8.94$18.952021-10-08Sustainable_power_&_infrastruc
Middlefield fundsRS-A$11.00$0.6505.9100%6.50%PFD-3H1,613,887$18.8217.91$27.922021-10-08Real_Estate_and_E-Commerce_Spl
Brompton fundsSBC-A$10.40$0.5004.8100%4.83%PFD-3H13,516,613$15.38$15.29$25.202021-10-07Brompton_Split_Banc_Corp
StrathbridgeSBN-A$10.40$0.5255.0500%5.25%Not Rated821,302$6.00$6.35$16.352021-10-07S_Split_Corp
StrathbridgeTXT-A$12.81$0.8006.2500%6.25%Not Rated605,894$3.78$4.02$16.542021-10-07Top_10_Split_Trust
StrathbridgeWFS-A$9.85$0.5255.3300%5.25%Not Rated1,011,787$2.80$3.10$13.102021-10-07World_Financial_Split_Corp.
QuadravestYCM-A$5.30$0.3005.6600%6.00%Not Rated896,532$5.06N/A$14.512021-09-30NEW_Commerce_Split_Corp
QuadravestYCM-B$5.35$0.3757.0100%7.50%Not Rated896,532$5.06N/A$14.512021-09-30NEW_Commerce_Split_Corp

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.