Top 10 Split Trust Announces Semi-Annual Results
2013年8月17日 - 5:03AM
Marketwired
Top 10 Split Trust (the "Fund") (TSX:TXT.UN) (TSX:TXT.PR.A)
announces results for the six months ended June 30, 2013. The net
increase in net assets from operations amounted to $1.5 million or
$0.95 per Capital Unit. Net assets were $15.37 per Combined
Security, net of distributions of $0.39 per Preferred Security and
$0.11 per Capital Unit. Each combined Security consists of one
Preferred Security and one Capital Unit.
The Fund investment objectives for the Capital Units are (i) to
provide holders of Capital Units, upon redemption, with the benefit
of any capital appreciation in the market price of the securities
in the Financial Portfolio and (ii) to pay quarterly distributions
to holders of Capital Units in an amount targeted to be 7.5% per
annum of the net asset value of the Fund. The Fund's investment
objectives for the Preferred Securities are (i) to pay holders of
Preferred Securities fixed quarterly cash interest payments of
6.25% per annum on the $12.50 principal amount of a Preferred
Security and (ii) to repay the principal amount of $12.50 per
Preferred Security on termination of the Fund.
The Fund invests exclusively in shares of the six largest
Canadian banks and four largest Canadian life insurance companies
generally investing not less than 5% and not more than 15% of the
Fund's assets in each company.
The Fund employs a proprietary investment strategy, Strathbridge
Selective Overwriting ("SSO"), to enhance the income generated by
the portfolio and to reduce volatility. In addition, the Fund may
write cash covered put options in respect of securities in which it
is permitted to invest.
The Fund's investment portfolio is managed by its investment
manager, Strathbridge Asset Management Inc. The Fund's Preferred
Securities and Capital Units are listed on Toronto Stock Exchange
under the symbols TXT.PR.A and TXT.UN respectively.
Selected Financial Information: ($ Millions)
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Statement of Financial Operations
For the six months ended June 30, 2013
(Unaudited)
Revenue $ 0.5
Expenses (0.3)
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Net Investment Income $ 0.2
Net Gain on Investments 1.9
Preferred Security Interest (0.6)
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Net Increase in Net Assets from Operations $ 1.5
For further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.strathbridge.com.
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the
prospectus before investing. Investment funds are not guaranteed,
their values change frequently and past performance may not be
repeated.
Contacts: Strathbridge Asset Management Inc. Aaron Ho
Vice-President, Finance 416.681.3966; 1.800.725.7172 Strathbridge
Asset Management Inc. 121 King Street West, Suite 2600 Toronto,
Ontario, M5H 3T9info@strathbridge.com www.strathbridge.com
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