Top 10 Split Trust Announces Year End Results
March 21 2014 - 4:03PM
Marketwired
Top 10 Split Trust Announces Year End Results
TORONTO, ONTARIO--(Marketwired - Mar 21, 2014) - Top 10 Split
Trust (the "Fund") (TSX:TXT.PR.A)(TSX:TXT.UN) announces results of
operations for the year ended December 31, 2013. Net increase in
net assets from operations amounted to $5.0 million or $3.26 per
Capital Unit. Net assets per Combined Security were $17.51, net of
distributions of $0.78 per Preferred Security and $0.28 per Capital
Unit. Each Combined Security consists of one Preferred Security and
one Capital Unit.
The Fund's
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 and 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 $12.50 per
Preferred Security on termination of the Fund on March 31,
2016.
The Fund invests in
the six largest Canadian banks and the four largest Canadian life
insurance companies by market capitalization.
The Fund employs a
proprietary investment strategy, Strathbridge Selective Overwriting
("SSO"), to enhance the income generated by the Portfolio and to
reduce volatility. In addition, the Fund may write cash covered put
options in respect of securities in which it is permitted to
invest.
The Fund's
investment portfolio is managed by its investment manager,
Strathbridge Asset Management Inc. The Fund's Preferred Securities
and Capital Units are listed on Toronto Stock Exchange under the
symbols TXT.PR.A and TXT.UN respectively.
| Selected Financial Information: ($ Millions) |
|
|
Statement of Net Assets |
|
2013 |
|
|
Assets |
$ |
26.8 |
|
|
Liabilities (including Preferred Securities) |
|
(19.5 |
) |
|
Net Assets |
$ |
7.3 |
|
|
|
|
Statement of Financial Operations |
|
|
|
|
Revenue |
$ |
0.9 |
|
|
Expenses |
|
(0.5 |
) |
|
Net Investment Income |
$ |
0.4 |
|
|
Net Gain on Investments |
|
5.8 |
|
|
Preferred Security Interest |
|
(1.2 |
) |
|
Net Increase in Net Assets from Operations |
$ |
5.0 |
|
Aaron Ho, Vice-President, Finance
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.
Strathbridge Asset Management Inc.Investor
Relations416.681.3966;
1.800.725.7172info@strathbridge.comwww.strathbridge.com
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