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Top 10 Split Trust

 

TXT.PR.A
TXT.UN

Fact SheetFact SheetFund UpdateFund Update

Fund Overview

Overview

The Fund is a split share investment trust designed to provide unitholders with exposure to the six largest Canadian banks and four largest Canadian life insurance companies and utilizes Strathbridge’s proprietary SSO covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility.

Rationale

These securities represent the top ten financial service companies in Canada and provide diversified exposure to the sector. The Preferred Securities are appropriate for an investor looking for a more secure investment than common equities with a high level of income. The Capital Units are appropriate for an investor seeking a leveraged play on the ten financial service companies included in the portfolio while earning tax-efficient distributions.

Distributions

Preferred Security distributions of $0.78124 per security per annum are paid quarterly for a yield of 6.25% on the $12.50 issue price. Capital Unit distributions are calculated and paid each calendar quarter based on 7.5% per annum of the net asset value of the Capital Unit and are generally classified as a return of capital for tax purposes.

Portfolio

The Fund will invest not less than 5% and not more than 15% of the Trust’s assets in each of the following ten securities comprising the portfolio (Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, The Toronto-Dominion Bank, Great-West Lifeco Inc., Industrial Alliance Insurance and Financial Services Inc., Manulife Financial Corporation, Sun Life Financial Inc.).

Top 10 Holdings as of June 30, 2017
Holding Name % of NAV
THE BANK OF NOVA SCOTIA      12.0%
ROYAL BANK OF CANADA      11.7%
NATIONAL BANK OF CANADA      11.0%
THE TORONTO-DOMINION BANK      11.0%
MANULIFE FINANCIAL CORPORATION      10.2%
INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.      8.7%
SUN LIFE FINANCIAL INC.      8.4%
GREAT-WEST LIFECO INC.      8.2%
CANADIAN IMPERIAL BANK OF COMMERCE      7.4%
BANK OF MONTREAL      7.2%
Sector Allocations

 

 

 Pricing
As of 08/17/2017
Current NAV for TXT.PR.A: $12.60
Market Price: $12.68
Last Traded: 08/14/2017 9:30am
Current NAV for TXT.UN: $4.03
Market Price: $3.75
Last Traded: 08/18/2017 2:50pm
View Historical NAV  
 Quick Facts
Inception Date: 02/03/1997
Total Assets As of 06/30/2017: $19.12 mm
Management Fee: 1.1%
Service Fee Capital Units: 0.4%
 Distributions & Tax
Current Distributions for TXT.PR.A: $0.20
Current Yield: 6.16%
Current Distributions for TXT.UN: $0.07
Current Yield: 7.58%
View Historical Distributions  
 News
5/29/2017
TXT: Declares Quarterly Fund Distribution
3/22/2017
TXT: Announces Year End Results
3/6/2017
TXT: Declares Quarterly Fund Distributions
12/5/2016
TXT: Declares Quarterly Distribution
9/6/2016
TXT: Declares Quarterly Fund Distributions
View More News
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