World Financial Split Corp. Announces Year End Results
March 27 2013 - 8:00AM
Marketwired
World Financial Split Corp. (the "Fund") (TSX:WFS)(TSX:WFS.PR.A)
announces results of operations for the year ended December 31,
2012. Net income for the year amounted to $2.9 million or $0.91 per
Class A share. Net assets per Unit were $11.02, net of
distributions of $0.53 per Preferred share. Each Unit consist of
one Preferred share and one Class A share.
The Fund is a mutual fund corporation which invests in a
portfolio that includes common equity securities selected from the
ten largest financial services companies by market capitalization
in each of Canada, the United States and the Rest of the World (the
"Portfolio Universe"). The issuers of securities in the Portfolio,
other than Canadian issuers, must have a minimum credit rating of
"A" from Standard & Poor's Rating Services or a comparable
rating from an equivalent rating agency.
In addition, up to 20% of the Net Asset Value of the Fund may be
invested in common equity securities of financial services
companies not included in the Portfolio Universe as long as such
companies have a market capitalization at the time of investment of
at least US$10 billion and for non-Canadian issuers, a minimum
credit rating of "A" from Standard & Poors Rating Services or a
comparable rating from an equivalent rating agency.
The Fund employs a proprietary investment strategy, Strathbridge
Selective Overwriting ("SSO"), to enhance the income generated by
the Portfolio and to reduce volatility. In addition, the Fund may
write cash covered put options in respect of securities in which it
is permitted to invest.
The Fund's investment portfolio is managed by its investment
manager, Strathbridge Asset Management Inc. The Fund's Preferred
and Class A shares are listed on Toronto Stock Exchange under the
symbols WFS.PR.A and WFS respectively.
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Selected Financial Information: ($ Millions)
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Statement of Financial Position 2012
Assets $ 31.7
Liabilities (28.8)
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Equity $ 2.9
Statement of Operations
Revenue $ 1.0
Expenses (0.8)
Preferred Share Distributions (1.7)
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Net Investment Loss $ (1.5)
Net Gain on Investments 4.7
Net Loss on Preferred Shares (0.3)
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Net Income $ 2.9
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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 or 1.800.725.7172 Strathbridge
Asset Management Inc. 121 King Street West, Suite 2600 Toronto,
Ontario, M5H 3T9 416.681.3966 or
1.800.725.7172info@strathbridge.com www.strathbridge.com
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