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Brompton Split Banc Corp.

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  • Closing Price (Jan 18, 2019) $12.91
  • Distribution(1) $0.10
  • Distribution Rate(1) (Jan 19, 2019) 9.72%
  • Distribution Frequency Monthly
  • Management Style Active Covered Call Strategy
  • Management Fee 0.55%
  • NAV (Jan 17, 2019) $12.03
  • Total Assets (Dec 31, 2018) $164 Million
  • Closing Price (Jan 18, 2019) $10.01
  • Distribution $0.12500
  • Distribution Rate (Jan 19, 2019) 4.67%
  • Distribution Frequency Quarterly
  • NAV (Jan 17, 2019) $10.02
  • Total Assets (Dec 31, 2018) $164 Million

Why Invest?

  • Approximately equal weight portfolio of common shares of Canada’s “”Big Six”” banks
  • The Big Six Canadian Banks have outperformed the S&P/TSX Composite Index over the long term and have increased dividends
  • Canada’s banks were ranked among as the soundest in the world by the World Economic Forum in 2016
  • Attractive distributions on Class A and Preferred Shares
  • Potential for capital appreciation for Class A shares due to leveraged exposure to the common shares of the Big Six Canadian banks

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

  • Class A Shares Ticker
    SBC
  • Class A Shares CUSIP
    11221E109
  • Class A Shares Service Fee
    0.40%
  • Class A Shares Ouststanding (Jan 19, 2019)
    7,837,901
  • Preferred Shares Ticker
    SBC.PR.A
  • Preferred Shares CUSIP
    11221E208
  • Preferred Shares Ouststanding (Jan 19, 2019)
    7,837,901
  • Maturity Date(2)
    November 29, 2022
  • Inception Date
    November 16, 2005
  • 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 November
  • Annual Retraction Notice Deadline
    At least 10 business days prior to retraction date.
  • Special Non-Concurrent Retraction Date
    November 29, 2022
  • Special Retraction Notice Deadline
    October 31, 2022

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 Split Banc Corp.

Summary of Investment Portfolio as at September 30, 2018

Total Net Asset Value$188,883,509.00

Holdings

% of Portfolio% of Net Asset Value
Bank of Montreal17.0%17.2%
National Bank of Canada17.0%17.1%
Toronto-Dominion Bank (The)16.9%17.1%
Royal Bank of Canada16.8%16.9%
Canadian Imperial Bank of Commerce16.3%16.4%
Bank of Nova Scotia (The)15.5%15.6%
Cash and short-term investments0.5%0.5%
Total100%100.8%
Performance NAV History

Annual Compound Returns(1)

YTD1-Year3-Year5-Year10-YearSince Inception(2)
Brompton Split Banc Corp. - Class A(19.3%)(19.3%)13.3%8.9%23.6%9.5%
S&P/TSX Capped Financials Index(9.2%)(9.2%)8.5%6.9%12.2%7.2%
S&P/TSX Composite Index(8.9%)(8.9%)6.4%4.1%7.9%5.3%
Brompton Split Banc Corp. - Preferred5.1%5.1%4.8%4.7%5.0%5.1%
S&P/TSX Preferred Share Index(7.9%)(7.9%)3.8%0.3%4.2%1.7%
Brompton Split Banc Corp. - Unit(10.2%)(10.2%)9.6%7.1%13.2%7.5%

Year-by-Year Returns

Since Inception(2)20182017 2016 2015201420132012201120102009200820072006
Brompton Split Banc Corp. - Class A 9.5% (19.3%)20.3% 49.8% (12.5%) 20.1%34.8%22.0%(2.2%)10.1%206.9%(63.7%) (20.7%)28.4%
Brompton Split Banc Corp. - Preferred5.1% 5.1% 4.6% 4.6%4.6%4.6%4.3% 5.6%5.4%5.4%5.4%5.4% 5.4%5.4%
Brompton Split Banc Corp. - Unit7.5% (10.2%)14.1%28.5%(5.5%)13.4%19.8%13.6%1.5%7.2%64.1%(32.4%)(11.0%) 18.9%
S&P/TSX Capped Financials Index7.2% (9.2%)13.3%24.2% (3.0%)12.6%26.8%17.1%(3.8%)8.5%45.8% (35.8%)(0.8%)18.3%
S&P/TSX Composite Index5.3%(8.9%)9.1%21.1% (8.3%)10.6%13.0%7.2%(8.7%)17.6%35.1%(33.0%) 4.8%8.3%

The table shows the past performance of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future. The information shown is based on Net Asset Value per Class A share and per unit, or the redemption price per Preferred share and assumes that distributions (including deemed distributions based on the intrinsic value of the warrants at approximately the exercise date of the warrants) made by the Fund on the Class A shares, Preferred shares and units in the periods shown were reinvested (at Net Asset Value per Class A share and per unit, or the redemption price per Preferred share) in additional Class A shares, units and Preferred shares of the Fund.

The tables show the Fund’s year-by-year and compound returns on a Class A share, Preferred share and unit for each period indicated compared with the S&P/TSX Capped Financials Index (‘‘Financials Index’’) and the S&P/TSX Composite Index (‘‘Composite Index’’) and the S&P/TSX Preferred Share Index (“Preferred Share Index”). The Composite Index tracks the performance, on a market weight basis, of a broad index of large-capitalization issuers listed on the TSX and the Financials Index is derived from the Composite Index based on the financials sector of the Global Industry Classification Standard. The Preferred Share Index tracks the performance, on a market weight basis, of a broad index of preferred shares trading on the Toronto Stock Exchange. The Fund passively invests on an equal weight basis in a portfolio comprised of six Canadian banks which are in both the Financials Index and the Composite Index. Since the indices have more diversified portfolios it is therefore not expected that the Fund’s performance will mirror that of the indices. Further, the Financials Index and Composite Index returns are calculated without the impact of management fees and fund expenses, whereas the performance of the Fund is calculated after deducting such fees and expenses.

Returns for Brompton Split Banc 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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Class A Share

Record Date Payment Date Return of Capital Capital Gains Eligible Dividend Total Distribution
Dec 31, 2018 Jan 15, 2019 0.00000 0.00000 0.00000 0.10000
Nov 30, 2018 Dec 14, 2018 0.00000 0.00000 0.00000 0.10000
Oct 31, 2018 Nov 14, 2018 0.00000 0.00000 0.00000 0.10000
Sep 28, 2018 Oct 15, 2018 0.00000 0.00000 0.00000 0.10000
Aug 31, 2018 Sep 17, 2018 0.00000 0.00000 0.00000 0.10000
Jul 31, 2018 Aug 15, 2018 0.00000 0.00000 0.00000 0.10000
Jun 29, 2018 Jul 16, 2018 0.00000 0.00000 0.00000 0.10000
May 31, 2018 Jun 14, 2018 0.00000 0.00000 0.00000 0.10000
Apr 30, 2018 May 14, 2018 0.00000 0.00000 0.00000 0.10000
Mar 29, 2018 Apr 13, 2018 0.00000 0.00000 0.00000 0.10000
Feb 28, 2018 Mar 14, 2018 0.00000 0.00000 0.00000 0.10000
Jan 31, 2018 Feb 14, 2018 0.00000 0.00000 0.00000 0.10000
Total 0.00000 0.00000 0.00000 1.20000
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