OVERVIEW
CORE HOLDINGS
US Financial 15 Split Corp. is an Investment Corporation that invests in a diversified, portfolio consisting of 15 U.S. financial services companies.
Two types of shares are available, a Class A (FTU) and a Preferred (FTU.PR.B).
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To view a Split Share Fund overview please click here.
American Express Company
Bank of America Corp.
Bank of New York Mellon Corp.
Citigroup Inc.
CME Group Inc.
Fifth Third Bancorp
Goldman Sachs Group Inc.
J.P. Morgan Chase & Co.
Morgan Stanley
PNC Financial Services Group Inc.
Regions Financial Corp.
State Street Corp.
Truist Financial Corp. (formerly SunTrust Banks Inc.)
US Bancorp.
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 20% of the net asset value may be invested in equity securities other than the core holdings (as per the Prospectus).
OBJECTIVES: PREFERRED SHARES
OBJECTIVES: CLASS A SHARES
Preferred Shares:
(i) to provide holders of the Preferred Shares with cumulative preferential monthly cash dividends* in an amount equal to 10.00% annually, based on the net asset value per unit calculated as at the end of the preceding month, with a maximum of $0.08333 per Preferred share monthly, and;
(ii) on or about termination on December 1, 2030 (subject to further 6 year extensions thereafter) to pay the holders of the Preferred Shares the $10 notional issue price of those shares.
Class A Shares:
(i) to provide holders of the Class A Shares with monthly cash dividends* as the directors of the Company may from time to time determine, and;
(ii) on or about December 1, 2030 (subject to further 6 year extensions thereafter), to pay the holders of Class A Shares such amounts as remain after paying the holders of the Preferred shares the amounts owing to them.
*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 May 31, 2024
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Morgan Stanley
Goldman Sachs Group Inc
Bank of America Corp
JPMorgan Chase & Co
State Street Corp
Fifth Third Bancorp
PNC Financial Services Group Inc
Citigroup Inc
Bank of New York Mellon Corp
Wells Fargo & Co
Regions Financial Corp
American Express Co
MetLife Inc
Truist Financial Corp
CME Group Inc
June 14, 2024
NAV Pre-Distribution: $6.53
Distribution: $0.00
NAV Net of Distribution: $6.53
NAV + Total Distributions Paid to Date: $19.81