TORONTO, ONTARIO–(Marketwired – March 22, 2017) – World Financial Split Corp. (TSX:WFS)(TSX:WFS.PR.A) (the “Fund”) announces results of operations for the year ended December 31, 2016. Increase in net assets attributable to holders of Class A shares amounted to $0.66 million or $0.31 per Class A share. As at December 31, 2016, net assets attributable to holders of Class A shares were $7.87 million or $3.74 per Class A share.
The Fund is a mutual fund corporation which invests in a portfolio that includes common equity securities selected from the ten largest financial services or real estate companies by market capitalization in each of Canada, the United States and the Rest of the World (the “Portfolio Universe”). The issuers of securities in the Portfolio, other than Canadian issuers, must have a minimum credit rating of “A” from Standard & Poor’s Rating Services or a comparable rating from an equivalent rating agency.
In addition, up to 25% of the Net Asset Value of the Fund may be invested in common equity securities of financial services or real estate companies not included in the Portfolio Universe as long as such companies have a market capitalization at the time of investment of at least US$10 billion and for non-Canadian issuers, a minimum credit rating of “A-” from Standard & Poors Rating Services or a comparable rating from an equivalent rating agency.
The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting (SSO), to enhance the income generated by the Portfolio and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.
The Fund’s investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Fund’s Preferred and Class A shares are listed on Toronto Stock Exchange under the symbols WFS.PR.A and WFS respectively.
| Selected Financial Information: ($ Millions) | ||
| Statement of Financial Position | 2016 | |
| As at December 31 | ||
| Assets | $ | 29.16 |
| Liabilities (including Redeemable Preferred Shares) | (21.29) | |
| Net Assets Attributable to Holders of Class A shares | $ | 7.87 |
| Statement of Comprehensive Income | ||
| For the year ended December 31 | ||
| Income (including Net Gain on Investments) | $ | 2.52 |
| Expenses | (0.73) | |
| Operating Profit | 1.79 | |
| Preferred Share Distributions | (1.13) | |
| Increase in Net Assets Attributable to Holders of Class A Shares | $ | 0.66 |
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.strathbridge.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.
Aaron Ho
Vice-President, Finance
Strathbridge Asset Management Inc.
121 King Street West, Suite 2600
Toronto, Ontario, M5H 3T9
416.681.3966; 1.800.725.7172
[email protected]
www.strathbridge.com
