TORONTO, March 27, 2024 (GLOBE NEWSWIRE) — Mulvihill Premium Yield Fund (the “Fund”) (TSX: MPY) announces results of operations for the year ended December 31, 2023. Decrease in net assets attributable to holders of Class I units amounted to $0.20 million or $0.15 per Class I unit, decrease in net assets attributable to holders of Class F units amounted to $0.21 million or $0.15 per Class F unit, decrease in net assets attributable to holders of Class A units amounted to $0.13 million or $0.17 per Class A unit, and increase in net assets attributable to holders of ETF units amounted to $0.00 million or $0.01 per ETF unit. As at December 31, 2023, net assets attributable to holders of Class I were $11.18 million or $9.56 per Class I unit; net assets attributable to holders of Class F were $12.15 million or $9.56 per Class F unit, net assets attributable to holders of Class A units were $7.82 million or $9.07 per Class A unit, and net asset attributable to holders of ETF units were $4.95 million or $9.00 per ETF unit. Distributions paid to Class I units, Class F units, Class A units, and ETF units were $0.57 per unit for each Class of units during the year.
The Fund is a mutual fund investment trust that seeks to provide unitholders with (i) high quarterly income on a tax efficient basis; (ii) long-term capital appreciation through investment in a portfolio of high quality equity securities; and (iii) lower overall portfolio volatility. The Fund will write options to seek to earn tax efficient option premiums, reduce overall portfolio volatility and enhance the portfolio’s total return.
The Fund will (i) invest in an actively managed portfolio comprised of securities from the S&P/TSX Composite Index and S&P 500 Index; and (ii) use option writing strategies from time to time in response to market conditions to generate an enhanced tax efficient yield. The Fund is also permitted to invest in public investment funds including exchange-traded funds and other Mulvihill Funds (provided that no more than 15 percent of the net asset value of the Fund may be invested in securities of other Funds managed by Mulvihill and provided there are no duplication of fees) that provide exposure to such securities.
The Fund will, from time to time employ various investment strategies, including the use of derivative instruments to generate income, reduce portfolio volatility and protect capital. The Fund seeks to achieve a 5 percent yield, with additional capital growth potential beyond such yield target.
The Fund’s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Class F and Class A units are available on Fundserv under the codes MCM103 and MCM101 respectively. The ETF units are listed on the Toronto Stock Exchange under the symbol MPY.
| Selected Financial Information: ($ Millions) | |||
| Statement of Financial Position as at December 31st | 2023 | ||
| Assets | $ | 36.39 | |
| Liabilities | (0.29 | ) | |
| Net Assets Attributable to Holders of Class I, Class F, Class A and ETF Units | $ | 36.10 | |
| Statement of Comprehensive Income | |||
| For the year ended December 31st |
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| Income (including Net Loss on Investments) | $ | 0.52 | |
| Expenses | (1.05 | ) | |
| Decrease in Net Assets Attributable to Holders of Class I, Class F, Class A and ETF Units | $ | (0.53 | ) |
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com.
| John Germain, Senior Vice-President & CFO | Mulvihill Capital Management Inc. 121 King Street West Suite 2600 Toronto, Ontario, M5H 3T9 416.681.3966; 1.800.725.7172 www.mulvihill.com |
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
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