World Financial Split Corp. Announces Semi-Annual Results
August 27 2020 - 3:01PM
(TSX: WFS; WFS.PR.A) World Financial Split Corp.
announces results of operations for the six months ended June 30,
2020. Decrease in net assets attributable to holders of Class
A shares amounted to $3.45 million or $3.09 per Class A
share. Net assets attributable to holders of Class A shares
as at June 30, 2020 were $0.41 million or $0.41 per Class A
share. Cash distributions of $0.26 per Preferred share were
paid during the period.
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 25% 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$10 billion and for non-Canadian issuers, a minimum
credit rating of “A-” from Standard & Poors Rating Services or
a comparable rating from an equivalent rating agency.
The Fund employs a proprietary investment
strategy, Strathbridge Selective Overwriting (“SSO”), to enhance
the income generated by the portfolio and to reduce
volatility. In addition, the Fund may write cash covered put
options in respect of securities in which it is permitted to
invest.
The Fund’s investment portfolio is managed by its investment
manager, Strathbridge Asset Management Inc. The Fund’s Class A and
Preferred shares are listed on Toronto Stock Exchange under the
symbols WFS and WFS.PR.A respectively.
Selected Financial Information: ($ Millions) |
|
|
|
Statement of Comprehensive Income |
For the six months ended June 30, 2020 |
(Unaudited) |
|
|
|
|
|
Loss (including Net Loss on Investments) |
$ |
(2.93 |
) |
|
Expenses |
|
(0.23 |
) |
|
Operating Loss |
(3.16 |
) |
|
Preferred Share Distributions |
|
(0.29 |
) |
|
|
|
|
Decrease in Net Assets Attributable |
to Holders of Class A Shares |
$ |
(3.45 |
) |
|
For further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.strathbridge.com.
John Germain, Senior Vice-President & CFO |
Strathbridge Asset Management Inc.121 King Street
WestSuite 2600Toronto, Ontario, M5H 3T9416.681.3966;
1.800.725.7172www.strathbridge.cominfo@strathbridge.com |
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