World Financial Split Corp. Announces Semi-Annual Results
16 August 2012 - 10:30PM
Marketwired Canada
World Financial Split Corp. (TSX:WFS)(TSX:WFS.PR.A) announces results for the
six months ended June 30, 2012. Net income for the period amounted to $0.2
million or $0.05 per unit. Net assets were $10.05 per unit, net of distributions
to Preferred shareholders in the amount of $0.9 million or $0.26 per Preferred
share. Each unit consists of one Preferred share and one 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
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 20% of the Net Asset Value of the Fund may be invested in
common equity securities of Financial Services 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$10 billion and for non-Canadian issuers, a
minimum credit rating of "A" from Standard & Poors Rating Services or a
comparable rating from an equivalent rating agency.
The Fund employs a proprietary investment strategy, Strathbridge Selective
Overwriting ("SSO"), to enhance the income generated by the portfolio and to
reduce volatility. In addition, the Fund may write cash covered put options in
respect of securities in which it is permitted to invest.
The Fund's investment portfolio is managed by its investment manager,
Strathbridge Asset Management Inc. The Fund's Preferred and Class A shares are
listed on Toronto Stock Exchange under the symbols WFS.PR.A and WFS
respectively.
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Selected Financial Information: ($ Millions)
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Statement of Operations for the six months ended June 30,
2012
(Unaudited)
Revenue $ 0.5
Expenses (0.4)
Preferred Share Distributions (0.9)
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Net Investment Loss (0.8)
Net Gain on Investments 1.3
Increase in Value of Preferred Shares (0.3)
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Net Income $ 0.2
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For further information, please contact Investor Relations at 416.681.3966, toll
free at 1.800.725.7172 or visit www.strathbridge.com.
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