Brompton Split Banc Corp.

  • Closing Price (Sep 29, 2022)
    $11.06
  • NAV (Sep 29, 2022)
    $9.14
  • Distribution Rate(1) (Sep 30, 2022)
    10.85%
  • Management Fee
    0.55%
  • Unit NAV (Sep 29, 2022)
    $19.26
  • Total Assets (Aug 31, 2022)
    $361 Million
  • Closing Price (Sep 29, 2022)
    $9.98
  • NAV (Sep 29, 2022)
    $10.12
  • Distribution Rate (Sep 30, 2022)
    5.01%
  • Unit NAV (Sep 29, 2022)
    $19.26
  • Total Assets (Aug 31, 2022)
    $361 Million
  • DBRS Rating
    Pfd-3 (high)

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
  • Dividend Reinvestment Plan (DRIP) available

FUND FACTS

  • Ticker (Class A Shares)
    SBC
  • CUSIP (Class A Shares)
    11221E109
  • Outstanding (Class A Shares) (Sep 30, 2022)
    18,282,341
  • Ticker (Preferred Shares)
    SBC.PR.A
  • CUSIP (Preferred Shares)
    11221E208
  • Outstanding (Preferred Shares) (Sep 30, 2022)
    18,282,341
  • Maturity Date(2)
    November 29, 2027
  • Inception Date (CAD Hedged)
    November 16, 2005
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Currency
    CAD
  • 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 income focused investment solutions including TSX traded closed-end funds and exchange-traded funds. 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 August 31, 2022

Total Net Asset Value$357,172,000

Holdings

% of Portfolio% of Net Asset Value
National Bank of Canada14.9%
Bank of Montreal14.6%
Toronto-Dominion Bank13.4%
Royal Bank of Canada13.0%
Canadian Imperial Bank of Commerce13.0%
Bank of Nova Scotia12.9%
Cash and short-term investments11.9%
Brompton North American Financials Dividend ETF7.2%
Other net assets (liabilities)-0.9%
Total0%100%
Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(2)

YTD 1-Year 3-Year 5-Year 10-Year Since Inception(3)
Brompton Split Banc Corp. - Class A (22.1%) (13.1%) 13.6% 9.7% 14.4% 10.7%
Brompton Split Banc Corp. - Preferred 3.4% 5.1% 5.1% 5.1% 4.8% 5.0%
Brompton Split Banc Corp. - Unit (13.4%) (6.5%) 9.8% 7.7% 10.1% 8.1%

Year-by-Year Returns

2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Brompton Split Banc Corp. - Class A 68.1% (0.4%) 27.1% (19.3%) 20.3% 49.8% (12.5%) 20.1% 34.8% 22.0% (2.2%) 10.1%
Brompton Split Banc Corp. - Preferred 5.1% 5.1% 5.1% 5.1% 4.6% 4.6% 4.6% 4.6% 4.3% 5.6% 5.4% 5.4%
Brompton Split Banc Corp. - Unit 40.3% 1.1% 17.5% (10.2%) 14.1% 28.5% (5.5%) 13.4% 19.8% 13.6% 1.5% 7.2%

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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Distributions

Distributions from the Fund may have tax benefits which result in higher after tax cash flow than if the income had been earned as interest income.

It is expected that the distributions on the Class A shares will mainly be comprised of capital gains or return of capital and over time are expected to include a portion of dividend income. Distributions on the Preferred shares are expected to be mainly characterized as dividend payments, which receive the preferential dividend tax treatment and to a lesser extent return of capital. 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 Capital Gains Eligible Dividend Foreign Non- Business Income Foreign Non- Business Income Tax Paid Other Income Return of Capital Total Distribution
Sep 30, 2022 Oct 17, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.12500
Jun 30, 2022 Jul 15, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.12500
Mar 31, 2022 Apr 14, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.12500
Dec 31, 2021 Jan 17, 2022 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.12500
Sep 30, 2021 Oct 15, 2021 0.00000 0.12500 0.00000 0.00000 0.00000 0.00000 0.12500
Jun 30, 2021 Jul 15, 2021 0.00000 0.12500 0.00000 0.00000 0.00000 0.00000 0.12500
Mar 31, 2021 Apr 15, 2021 0.00000 0.12500 0.00000 0.00000 0.00000 0.00000 0.12500
Dec 31, 2020 Jan 15, 2021 0.00000 0.12500 0.00000 0.00000 0.00000 0.00000 0.12500
Sep 30, 2020 Oct 15, 2020 0.00000 0.12500 0.00000 0.00000 0.00000 0.00000 0.12500
Jun 30, 2020 Jul 15, 2020 0.00000 0.12500 0.00000 0.00000 0.00000 0.00000 0.12500
Mar 31, 2020 Apr 15, 2020 0.00000 0.12500 0.00000 0.00000 0.00000 0.00000 0.12500
Dec 31, 2019 Jan 15, 2020 0.00000 0.12500 0.00000 0.00000 0.00000 0.00000 0.12500
Total 0.00000 1.00000 0.00000 0.00000 0.00000 0.00000 1.50000
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