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Great-West Lifeco Inc.
iA Financial Corporation Inc.
Manulife Financial Corporation
Sunlife Financial Inc.
Shares held within the Portfolio are expected to range between 10-30% in weight but may vary from time to time. Top holdings by weight may include holdings other than the core holdings and up to 20% of the net asset value may be invested in equity securities of foreign life insurance companies or other Canadian or foreign financial services corporations (per the Prospectus).
(i) to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends at a rate equal to the greater of: 6.5% OR Prime Rate plus 2% (max of 8%) annually based on the $10.00 original issue price, and;
(ii) on or about the termination date of December 1, 2024 (subject to further 6 year extensions thereafter), to pay the holders of the Preferred Shares the $10 original 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, 2024 (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.
Fixed cumulative monthly dividends
Downside protection and asset coverage
Class A Shares:
Targeted monthly cash dividends
Leverage to performance of high quality stocks
Capital appreciation potential
Holdings Sorted by weight as at May 29, 2020:
National Bank of Canada
Sun Life Financial Inc
Manulife Financial Corp
Great-West Lifeco Inc