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To provide unitholders with a stable stream of monthly distributions targeted to be 6.5% per annum on the net asset value of the Trust.
And, to preserve and grow the net asset value (NAV) per unit.
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The Trust invests its assets primarily in dividend-paying shares listed on the TSX. The Trust will generally invest not less than 4% and not more than 10% of the NAV in each of fifteen securities as listed below, as well as, up to 15% in other securities listed on the TSX.
To generate additional returns above the dividend income generated by the portfolio, the Trust will write covered call options.
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| Ticker Symbol: |
CDD.UN (TSX) |
2010 |
$0.244460 |
| Eligible for: |
RRSPs, DPSPs, RRIFs, RESPs |
2009 |
$0.433290 |
| Liquidity Features: |
Exchange traded and monthly redemptions |
2008 |
$0.527003 |
| Termination Date: |
not fixed |
2007 |
$0.616378 |
| Distribution Policy: |
6.5% p.a. of NAV paid monthly |
2006 (Inception: Nov 16, 06) |
$0.051000 |
| Website Information: |
www.mulvihill.com |
Cumulative Total |
$1.872131 |
| Original Issue Price: |
$10.00 per unit on Nov 16/06 |
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| Tax Efficient: |
Distributions are typically comprised of Capital Gains, Dividends, and ROC |
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- Net Asset Value at quarter end June 30, 2010 was $7.07 versus $7.72 on March 31, 2010. Unitholders received distributions totaling $0.12448 during the quarter.
- The equity rally which had slowed by the end 2009, peaked in April 2010 and began to correct. As a result, most sectors saw negative returns during the second quarter. A notable exception was the healthcare sector driven by Biovail Corporation which agreed to merge with a California-based company in late June.
- Financials which had delivered positive results in the first quarter were down more than 10% in the second quarter.
- Healthcare, up over 21% was the best performing sector for the reason mentioned above. The worst performing sector was Information Technology down more than 20%.
- We added gold miner Semafo Inc. to our non-core portfolio during the first quarter and it was our best performing stock in the second quarter up 38.6%.
- Our worst performer was Manulife, down almost 23% during this quarter. Reported earnings were down significantly both quarter over quarter and year over year which was reflected in the stock price.
- After volatility reached multi-year lows at the beginning of the quarter, there was a dramatic spike through most of June. This was due in part to the more negative economic data and reduced corporate earning reports; both of which increased the level of uncertainty among market participants.
- The trading price on June 30th was $6.80, down $0.25 from the March 31st trading price of $7.05.
- The June 30th trading price of $6.80 represents a discount to NAV of $0.27 per unit or –3.82% of the $7.07 NAV.
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