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Brompton Oil Split Corp.

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  • Closing Price (Nov 20, 2019) $1.20
  • Distribution(1) $0.10
  • Distribution Frequency Monthly
  • Management Fee 0.70%
  • NAV (Nov 20, 2019) $0.01
  • Unit NAV (Nov 20, 2019) $10.08
  • Total Assets (Oct 31, 2019) $31 Million
  • Closing Price (Nov 20, 2019) $9.45
  • Distribution $0.12500
  • Distribution Rate (Nov 21, 2019) 5.29%
  • Distribution Frequency Quarterly
  • NAV (Nov 20, 2019) $10.07
  • Unit NAV (Nov 20, 2019) $10.08
  • Total Assets (Oct 31, 2019) $31 Million
  • DBRS Rating Pfd-4 (low)

Why Invest?

  • Approximately equal-weight portfolio of common shares of at least 15 large-capitalization North American oil and gas issuers
  • Focus is primarily on large capitalization issuers with significant exposure to a potential rebound in oil prices
  • All portfolio securities are S&P/TSX Composite Index or S&P 500 Index constituents which have a market capitalization of at least $2 billion and pay a dividend
  • Attractive distributions on Class A and Preferred Shares
  • Potential for capital appreciation for Class A shares due to leveraged exposure to the Portfolio

Preferred Shares:

  • 5-year term, subject to extension for periods of up to five years, as determined by the board of directors
  • Quarterly cumulative preferred distributions (primarily eligible Canadian dividends)
  • Dividend resets at end-of-term extension, based on comparable market yields, without complicated reset formulas
  • Shareholder’s option to redeem at end-of-term, with no restrictions.

Class A Shares:

  • Monthly distributions (primarily return of capital)(1)
  • Opportunity for capital appreciation
  • Shareholder’s option to redeem at end-of-term, with no restrictions

FUND FACTS

  • Ticker (Class A Shares)
    OSP
  • CUSIP (Class A Shares)
    11222H101
  • Service Fee (Class A Shares)
    0.40%
  • Ouststanding (Class A Shares) (Nov 21, 2019)
    3,211,016
  • Ticker (Preferred Share)
    OSP.PR.A
  • CUSIP (Preferred Share)
    11222H200
  • Ouststanding (Preferred Share) (Nov 21, 2019)
    3,211,016
  • Maturity Date(1)
    March 31, 2020
  • Inception Date
    February 24, 2015
  • Currency
    CAD
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Custodian
    CIBC Mellon Trust Company
  • Transfer Agent
    TSX Trust Company
  • Eligibility
    All registered and non-registered accounts
  • Annual Concurrent Retraction Date
    Second last business day of March
  • Annual Retraction Notice Deadline
    10 business days prior to the second last business day March
  • Non-Concurrent Retraction Right Date
    March 31, 2020
  • Non-Concurrent Retraction Right Deadline
    February 28, 2020

Manager/Portfolio Manager

Brompton Funds, a division of Brompton Group which was founded in 2000, is an experienced investment fund manager with over $2 billion in assets under management. Brompton’s Portfolio Management team specializes in Canadian and global equity investments and is a leading manager of covered call writing strategies in Canada.

Brompton Oil Split Corp.

Summary of Investment Portfolio as at September 30, 2019

Total Net Asset Value$33,766,617.00

Holdings

% of Portfolio% of Net Asset Value
Cash and short-term investments8.2%8.4%
Crescent Point Energy Corp7.3%7.4%
Cenovus Energy Inc5.5%5.7%
Hess Corp5.4%5.5%
Gibson Energy Inc5.3%5.4%
Pembina Pipeline Corp5.2%5.3%
Prairiesky Royalty Ltd5.2%5.2%
Occidental Petroleum Corp5.1%5.1%
Canadian Natural Resources Ltd5.1%5.1%
Chevron Corp5.1%5.1%
Suncor Energy Inc4.9%5.0%
Pioneer Natural Resources Co4.9%4.9%
Enerplus Corp4.6%4.7%
Diamondback Energy Inc4.5%4.6%
ConocoPhillips4.5%4.6%
EOG Resources Inc4.3%4.4%
Devon Energy Corp4.2%4.2%
Apache Corp3.9%3.9%
Vermilion Energy Inc3.5%3.5%
Encana Corp3.3%3.3%
Total100%101.3%
Performance NAV History

Annual Compound Returns(1)

YTD 1-Year 3-Year Since Inception(2)
Brompton Oil Split Corp. - Class A (100.0%) (100.0%) (99.9%) (99.0%)
S&P/TSX Capped Energy Index (8.1%) (23.2%) (13.1%) (9.6%)
S&P/TSX Composite Index 18.0% 13.2% 6.8% 4.9%
Brompton Oil Split Corp. - Preferred 0.4% 1.2% 3.8% 4.3%
S&P/TSX Preferred Share Index (0.2%) (7.7%) 2.4% (0.2%)
Brompton Oil Split Corp. - Unit (0.5%) (18.1%) (14.9%) (11.3%)

Year-by-Year Returns

2018 2017 2016 2015
Brompton Oil Split Corp. - Class A (98.9%) (37.8%) 57.8% (42.3%)
S&P/TSX Capped Energy Index (26.6%) (10.6%) 39.6% (25.7%)
S&P/TSX Composite Index (8.9%) 9.1% 21.1% (11.8%)
Brompton Oil Split Corp. - Preferred 5.1% 5.1% 5.1% 4.3%
S&P/TSX Preferred Share Index (7.9%) 13.6% 7.0% (14.9%)
Brompton Oil Split Corp. - Unit (30.7%) (15.7%) 26.3% (22.2%)

Returns for Brompton Oil Split Corp. are unaudited.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in the public filings available at www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and does not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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Distributions

For the purposes of the Income Tax (Canada) and any similar provincial legislation, to the extent that distributions on either the Class A or Preferred shares are characterized as dividend payments, the Company designates any and all dividends paid on both its Class A and Preferred shares as “eligible dividends” unless the Company indicates otherwise.

The annual breakdown of distributions for tax purposes will be provided to shareholders annually in February. This information will also be posted on the website as soon as it is available.

This information is of a general nature only and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

DRIP Plan

Tax Allocation

The following information is applicable to holders who, for the purpose of the Income Tax Act (Canada), are resident in Canada and hold shares as capital property outside of an RRSP, RRIF or DPSP. Shareholders should receive a T5 slip from their investment dealer providing this information.

T5 supplementary slips will indicate Capital Gains Dividends in Box 18 and Actual Amount of Eligible Dividends in Box 24. Dividend incomes is subject to the standard gross-up and federal dividend tax credit rules.

The return of capital component is a non-taxable amount that serves to reduce the adjusted cost base of the Fund units.

Select a year

Preferred Share

Record Date Payment Date Eligible Dividend Return of Capital Total Distribution
Sep 30, 2019 Oct 15, 2019 0.00000 0.00000 0.12500
Jun 28, 2019 Jul 15, 2019 0.00000 0.00000 0.12500
Mar 29, 2019 Apr 12, 2019 0.00000 0.00000 0.12500
Dec 31, 2018 Jan 15, 2019 0.00000 0.00000 0.1250
Sep 28, 2018 Oct 15, 2018 0.04971 0.07529 0.12500
Jun 29, 2018 Jul 16, 2018 0.04971 0.07529 0.12500
Mar 29, 2018 Apr 13, 2018 0.04971 0.07529 0.12500
Dec 29, 2017 Jan 15, 2018 0.04971 0.07529 0.12500
Sep 29, 2017 Oct 16, 2017 0.06939 0.05561 0.12500
Jun 30, 2017 Jul 17, 2017 0.06939 0.05561 0.12500
Mar 31, 2017 Apr 17, 2017 0.06939 0.05561 0.12500
Dec 30, 2016 Jan 16, 2017 0.06939 0.05561 0.12500
Total 0.47640 0.52360 1.50000
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