Lysander-Slater Preferred Share ActivETF
- TSX Ticker: PR
- Portfolio Manager: Slater Asset Management Inc.
- As of: March 31, 2024
- Asset Class: Preferred Shares
- CIFSC Category: Preferred Share Fixed Income
- Benchmark: S&P/TSX Preferred Share Total Return Index1
Investment Objective
The ETF seeks to generate income while preserving investor capital by investing primarily in preferred securities of Canadian issuers that are listed on a Canadian stock exchange.
Risk Tolerance
Why Invest in this ETF?
Founded in 2009, Slater Asset Management is an independent portfolio manager with a focus on delivering dedicated, active management of Canadian preferred share portfolios to investors. Slater’s approach to investing in preferred shares is based on identifying high quality preferred shares that are at a discount to the market. Slater is committed to the ongoing monitoring of preferred share valuations to provide prudent risk management.
- Experience – Portfolio Manager with over 20 years’ experience managing portfolios of preferred shares.
- Active management – Slater’s active portfolio construction results in a well-diversified portfolio of preferred shares offering diversification from traditional equity and fixed income securities.
- Tax Efficient Income – Slater invests in Canadian preferred shares which are taxed at a more favourable rate than interest income because of the federal dividend tax credit.
ETF Facts
Inception Date | August 10, 2015 |
Currency | CAD |
ETF AUM | $78.4 Million |
NAVPU | $9.07 |
Closing Market Price on TSX | $9.04 |
Management Fee | 0.65% |
MER as of December 31, 2023 | 0.92% |
Liquidity | Daily |
RSP Eligible | Yes |
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
|
---|---|---|---|---|---|---|---|
ETF | 3.4% | 10.0% | 10.0% | 15.2% | 3.0% | 4.8% | 3.6% |
Benchmark | 3.5% | 9.6% | 9.6% | 13.5% | 1.4% | 4.3% | 3.6% |
Calendar Year Returns
Top 10 Holdings
Security | % of Fund |
---|---|
TORONTO DOMINION PREFERRED | 4.7% |
CIBC $1000 PREFERRED 7.365% | 3.5% |
BANK OF MONTREAL $1000 PREFERRED 7.37% | 3.0% |
ROYAL BANK OF CANADA $1000 PREFERRED 7.408% | 2.9% |
BANK OF MONTREAL $1000 PREFERRED 7.057% | 2.9% |
TC ENERGY CORP PREFERRED | 2.5% |
ALTAGAS LTD PREFERRED | 2.4% |
ROYAL BANK OF CANADA 4.5% LRCN | 2.3% |
CIBC $1000 PREFERRED 7.337% | 2.0% |
FORTIS INC PREFERRED | 2.0% |
Total | 28.2% |
Portfolio Characteristics
Number of Securities | 117 |
Current Yield (%) | 5.6% |
Credit Rating
P1/P2 | 47.5% |
P2/P3 | 14.1% |
P3 | 17.0% |
Cash & Other | 21.4% |
Total | 100.0% |
Structure
Fixed Resets | 65.9% |
Straight Perpetual | 11.1% |
Floater | 1.6% |
Cash & Equivalents | 0.1% |
Other | 21.3% |
Total | 100.0% |
Distributions
- Distribution Frequency: Monthly
- Most Recent Distribution per Unit: $0.0350
- 12-Month Trailing Distribution Yield: 4.4%
- Next Record Date: April 30, 2024
- Next Distribution Date: May 10, 2024
Distributions ($)/Unit2 | YTD* | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.1050 | 0.3971 | 0.4110 | 0.3950 | 0.4290 | 0.4190 | 0.4145 | 0.7156 | 0.3730 | 0.1110 |
Interest | – | 0.0234 | – | – | – | – | – | – | – | – |
Dividends | – | 0.3737 | 0.3393 | 0.3050 | 0.3847 | 0.3726 | 0.3225 | 0.2692 | 0.3590 | 0.1050 |
Capital Gains | – | – | – | – | – | – | 0.0596 | 0.4365 | – | – |
Withholding Tax | – | – | – | – | – | – | – | – | – | – |
Return of Capital | – | – | 0.0717 | 0.0900 | 0.0443 | 0.0464 | 0.0324 | 0.0099 | 0.0140 | 0.0060 |
Lysander Funds Limited is the investment fund manager of Lysander-Slater Preferred Share ActivETF (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds.
The indicated rates of return are based on calculated net asset values per unit, which are net of management fees, operating expenses, and applicable taxes. These returns include changes in unit value and reinvestment of all distributions and do not take into account certain fees such as redemption fees or optional charges or income taxes payable by any securityholder that would have reduced returns. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
1TSX © Copyright 2024 TSX Inc. All Rights Reserved.
2Distributions are based on the actual number of units outstanding at the relevant time. Distributions are paid in cash. If the series’ net income/capital gains is less than the amounts distributed in the year, the distribution will include a return of capital. In these circumstances, if an investor elects to receive their distributions in cash, it is expected that the value of their investment will decline over time. Distributions are not an indication of performance, rate of return or yield.
®Lysander Funds is a registered trademark of Lysander Funds Limited.
Toll Free: (877) 308-6979 Website: www.lysanderfunds.com