Life & Banc Split Corp.

  • Closing Price (Feb 29, 2024)
    $7.75
  • NAV (Feb 29, 2024)
    $7.26
  • Distribution Rate(1) (Feb 29, 2024)
    15.48%
  • Management Fee
    0.60%
  • Unit NAV (Feb 29, 2024)
    $17.38
  • Total Assets (Jan 31, 2024)
    $722 Million
  • Closing Price (Feb 29, 2024)
    $10.24
  • NAV (Feb 29, 2024)
    $10.12
  • Distribution Rate (Feb 29, 2024)
    7.08%
  • Unit NAV (Feb 29, 2024)
    $17.38
  • Total Assets (Jan 31, 2024)
    $722 Million
  • DBRS Rating
    Pfd-3

Why Invest?

  • Approximately equal weight portfolio of Canada’s four largest publicly-listed life insurance companies (“LifeCos”) and the “Big Six” banks
  • Canadian LifeCos and Banks have historically delivered strong positive returns during periods of rising long-term interest rates
  • LifeCos and Big Six banks all have a dominant market position in Canada, favourable demographic trends and significant international operations
  • Attractive distributions on Class A and Preferred Shares1
  • Potential for capital appreciation for Class A shares due to leveraged exposure to the LifeCos and Big Six 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)
    LBS
  • CUSIP (Class A Shares)
    53184C100
  • Outstanding (Class A Shares) (Feb 29, 2024)
    41,455,731
  • Ticker (Preferred Shares)
    LBS.PR.A
  • CUSIP (Preferred Shares)
    53184C118
  • Outstanding (Preferred Shares) (Feb 29, 2024)
    41,406,631
  • Maturity Date(2)
    October 30, 2028
  • Inception Date (CAD Hedged)
    October 17, 2006
  • 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
    10 business days prior to the second last business day of November, except in the year in which there is an extension of the termination date
  • Special Non-Concurrent Retraction Date
    October 30, 2028
  • Special Retraction Notice Deadline
    September 29, 2028

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.

Life & Banc Split Corp.

Summary of Investment Portfolio as at January 31, 2024

Total Net Asset Value$714,287,000

Holdings

% of Portfolio% of Net Asset Value
Manulife Financial Corp.10.3%
Great-West Lifeco Inc.10.3%
National Bank of Canada10.2%
Sun Life Financial Inc.10.0%
Bank of Nova Scotia9.9%
Bank of Montreal9.9%
iA Financial Corporation Inc.9.8%
Royal Bank of Canada9.7%
Canadian Imperial Bank of Commerce9.7%
Toronto-Dominion Bank9.6%
Cash0.8%
Other net assets (liabilities)0.0%
Total0%100.2%
Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(2)

YTD 1-Year 3-Year 5-Year 10-Year Since Inception(3)
Life & Banc Split Corp. - Class A (1.9%) 3.5% 20.3% 14.8% 13.0% 10.0%
Life & Banc Split Corp. - Preferred 0.6% 6.0% 5.7% 5.7% 5.3% 5.3%
Life & Banc Split Corp. - Unit (0.5%) 4.6% 11.8% 9.7% 8.7% 7.2%

Year-by-Year Returns

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Life & Banc Split Corp. - Class A 26.0% (19.3%) 77.7% (13.5%) 57.8% (32.1%) 16.9% 52.7% (9.9%) 17.0% 73.3% 46.8%
Life & Banc Split Corp. - Preferred 5.9% 5.6% 5.6% 5.6% 5.6% 4.9% 4.8% 4.8% 4.8% 4.8% 5.3% 5.4%
Life & Banc Split Corp. - Unit 13.8% (6.7%) 33.4% (2.3%) 24.6% (13.1%) 10.6% 24.2% (2.2%) 10.6% 30.6% 18.8%

Returns for Life & Banc 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.

Filter By Document Type:

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 be comprised of mainly capital gains and return of capital and, to a lesser extent, dividend income. Distributions on the Preferred shares are expected to be mainly characterized as dividend payments, which receive the preferential dividend tax treatment. 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 in the 2006 calendar year, and all dividends paid thereafter, 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

Class A 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
Feb 29, 2024 Mar 14, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10000
Jan 31, 2024 Feb 14, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10000
Dec 29, 2023 Jan 15, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10000
Nov 30, 2023 Dec 14, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
Oct 31, 2023 Nov 14, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
Sep 29, 2023 Oct 16, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
Aug 31, 2023 Sep 14, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
Jul 31, 2023 Aug 15, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
Jun 30, 2023 Jul 17, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
May 31, 2023 Jun 14, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
Apr 28, 2023 May 12, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
Mar 31, 2023 Apr 17, 2023 0.00000 0.01528 0.00000 0.00000 0.00000 0.08472 0.10000
Total 0.00000 0.13752 0.00000 0.00000 0.00000 0.76248 1.20000
News Releases From to Search

Subscribe for updates.

Discover our innovative product suite, hear from our portfolio managers, and receive market updates.