OVERVIEW

CORE HOLDINGS

North American 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 (FFN) and a Preferred (FFN.PR.A).

To view a Split Share Fund overview please click here.

Bank of America Corporation

Bank of Montreal

Bank of Nova Scotia

Canadian Imperial Bank of Commerce

CI Financial Corp.

Citigroup Inc.

The Goldman Sachs Group, Inc.

Great-West Lifeco Inc.

JP Morgan Chase & Co.

Manulife Financial Corporation

National Bank of Canada

Royal Bank of Canada

Sun Life Financial Inc.

The Toronto-Dominion Bank

Wells Fargo & Company

 

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 5.50% annually, to be set by the Board of Directors annually subject to a minimum of 5.25% until 2019; and
(ii) on or about the termination date of December 1, 2024 (subject to further 5 year extensions thereafter), to pay the holders of the Preferred Shares $10 per Preferred Share.

Class A Shares:

(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, 2024 (subject to further 5 year extensions thereafter) such amounts as remain in the Company after paying $10 per Preferred Share.

​Preferred Shares:

 

  • Fixed cumulative monthly dividends (5.25% or $0.525 per share annually)

  • Quality investments and diversification

  • Strong downside protection and asset coverage

  • Pfd-4 (high) DBRS Rating - Apr 11/19

  • Competitive Yield

 

Class A Shares:

 

  • Monthly cash dividends ($1.20 per share target annually)

  • Quality investments and diversification

  • Leverage to performance of high quality stocks

  • Capital appreciation potential

  • Attractive alternative to other income vehicles

TOP HOLDINGS

VALUATION

Holdings Sorted by weight as at October 31, 2019:

JPMorgan Chase & Co
Bank of America Corp
Wells Fargo & Co
Goldman Sachs Group Inc
Citigroup Inc
Sun Life Financial Inc
Toronto-Dominion Bank
Bank of Nova Scotia
U.S. Bancorp
Bank of Montreal
Canadian Imperial Bank of Commerce
Manulife Financial Corp
National Bank of Canada
Fifth Third Bancorp
Royal Bank of Canada

November 15, 2019

NAV Pre-Distribution:

$16.34

Distribution:

-

NAV Net of Distribution:

$16.34

NAV + Total Distributions Paid to Date:

$37.74

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200 Front Street West

Suite 2510, P.O. Box 51

Toronto, Ontario M5V 3K2

 Investor Relations: 1-877-478-2372 

 Local Investor Relations: 416-304-4443

 Main telephone: 416-304-4440

 Fax: 416-304-4441

 

Questions may be directed to 

info@quadravest.com

or submitted in the fields below: