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Provide unitholders with a stable stream of quarterly distributions of at least $0.50 ($2.00 annually).
Returning at a minimum the original issue price of the units to unitholders upon termination of the fund.
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The fund invests its net assets into a diversified portfolio of common shares issued by major Canadian issuers that are in the top 200 of the TSX Composite by market capitalization.
To generate additional returns above the dividend income generated by the portfolio, the fund will write covered call options. |
| Ticker Symbol: |
FPI.UN (TSX) |
2010 |
$0.20 |
| Eligible for: |
RRSPs, DPSPs, RRIFs, RESPs |
2009 |
$1.25 |
| Liquidity Features: |
Exchange traded and monthly redemptions |
2008 |
$1.70 |
| Termination Date: |
January 1, 2014 |
2007 |
$2.00 |
| Distribution Policy: |
$0.20 quarterly per unit |
2006 |
$2.00 |
| Website Information: |
www.mulvihill.com |
2005 |
$2.00 |
| Original Issue Price: |
$25.00 per unit on June 28, 1996 |
2004 |
$2.00 |
| Tax Efficient: |
Distributions are typically comprised of Capital Gains, Dividends, and ROC |
2003 |
$2.00 |
| |
2002 |
$2.00 |
| |
2001 |
$2.25 |
| |
2000 |
$4.00 |
| |
1999 |
$2.50 |
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1998 |
$2.75 |
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1997 |
$3.50 |
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1996 |
$1.50 |
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Cumulative Total |
$31.65 |
- Net Asset Value at quarter end March 31, 2010 was $11.54 versus $11.51 on December 31, 2009. Unitholders received distributions totaling $0.20 during the quarter.
- The quarter was mixed. The gains from Q4:09 were reversed in January but recovered to slightly better than flat year-to-date by the end of Q1:10.
- Financials recovered from a weak Q4, up 7.1% this quarter. Most other sectors delivered positive single-digit gains with the exception of Energy down -2.72%.
- We continue to believe that, as the recovery progresses, Canadian stocks will benefit and there is still room for further appreciation.
- Volatility spiked up during the sell-off in January but continued to move lower during the remainder of the quarter reaching lows not seen since June 2008.
- Our two best performers this quarter were Red Back Mining, up 38.3% and Teck Resources, up 20.2% during the first quarter.
- The trading price on March 31st was $11.14, up $0.30 from the December 31st trading price of $10.84.
- 200,065 warrants were exercised for gross proceeds of $2.26 million under the warrant offerings, bringing the total units outstanding to 2,023,583.
- The March 31st trading price of $11.14 represents a discount to NAV of $0.40 per unit or –3.47% of the $11.54 NAV.
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