OVERVIEW
CORE HOLDINGS
Financial 15 Split Corporation is a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers. The portfolio shares have demonstrated a record of above-average long-term share performance and dividend growth. Financial Services companies are expected to benefit from a growing economic and capital markets recovery, earnings growth momentum and continued consolidation trends within the industry.
The corporation offers two types of shares, a Class A (FTN) and a Preferred (FTN.PR.A).
To view a Split Share Fund overview please click here.
Canadian Issuers
Bank of Montreal
Bank of Nova Scotia
Canadian Imperial Bank of Commerce
National Bank of Canada
Royal Bank of Canada
Toronto-Dominion Bank
Manulife Financial
Sunlife Financial
Great-West Lifeco
CI Financial Corp.
U.S. Issuers
Bank of America
Citigroup Inc.
Goldman Sachs
JP Morgan Chase & Co.
Wells Fargo & Co.
Shares held within the Portfolio are expected to range between 4-8% in weight but may vary from time to time. Top holdings by weight may include holdings other than the core holdings as 15% of the net asset value may be invested in equity securities other than the core holdings (as per the Prospectus).
OBJECTIVES
SHARE HIGHLIGHTS
Preferred Shares:
(i) to provide holders of Preferred Shares with cumulative preferential monthly cash dividends currently in the amount of 9.25% annually, to be set by the Board of Directors annually and subject to a minimum of 5.5% until 2025; and
(ii) on or about the termination date of December 1, 2025 (subject to further 5 year extensions thereafter), to pay the holders of the Preferred Shares $10 per Preferred Share.
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Class A Shares:
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(i) to provide holders of Class A Shares with regular monthly cash distributions in an amount to be determined by the Board of Directors; and
(ii) to permit holders to participate in all growth in the net asset value of the Company above $10 per Unit, by paying holders on or about the termination date of December 1, 2025 (subject to further 5 year extensions thereafter) such amounts as remain in the Company after paying $10 per Preferred Share.
​Preferred Shares:
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Fixed cumulative monthly dividends*
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Potential for higher monthly dividends annually/5 year minimum
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Quality investments and diversification
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Strong downside protection and asset coverage
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Pfd-4 (high) DBRS Rating - February 2024
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Competitive Yield
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Eligible for registered accounts
Class A Shares:
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Monthly cash dividends*
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Quality investments and diversification
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Leverage to performance of high quality stocks
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Capital appreciation potential
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Attractive alternative to other income vehicles
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Eligible for registered accounts
*For the purposes of the Income Tax Act (Canada) and any similar provincial legislation, the Company designates any and all dividends paid on both its Class A and Preferred shares as “eligible dividends” unless the Company indicates otherwise.
TOP HOLDINGS
VALUATION
Holdings Sorted by weight as at September 30, 2024
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Goldman Sachs Group Inc
JPMorgan Chase & Co
Bank of America Corp
Citigroup Inc
Royal Bank of Canada
Canadian Imperial Bank of Commerce
Sun Life Financial Inc
Wells Fargo & Co
Manulife Financial Corp
Toronto-Dominion Bank
National Bank of Canada
Bank of Nova Scotia
Bank of Montreal
Great-West Lifeco Inc
AGF Management Ltd
October 15, 2024
NAV Pre-Distribution: $19.35
Distribution: $0.00
NAV Net of Distribution: $19.35
NAV + Total Distributions Paid to Date: $57.43
*