Business & Finance
Business and Finance
Business and Finance
Fri, March 23, 2012 Premier Canadian Income Fund Announces Year End Results
March 23, 2012 09:26 ET
Premier Canadian Income Fund Announces Year End Results
TORONTO, ONTARIO--(Marketwire - March 23, 2012) - Premier Canadian Income Fund (TSX:PCU.UN) (the "Fund") announces results for the year ended December 31, 2011. The net decrease in net assets from operations amounted to $(1.9) million or $(0.62) per unit. Net assets were $9.3 million or $3.59 per unit, net of distributions to unitholders in the amount of $0.8 million or $0.26 per unit.
The Fund's investment objectives are (a) to maximize total returns for unitholders including both long-term appreciation in net asset value ("NAV") per unit and distributions; and (b) to pay unitholders monthly tax efficient distributions in an amount targeted to be 6.5% per annum on the NAV of the Fund. The Fund invests in a portfolio principally consisting of common shares selected from the Energy, Financial and Materials sectors of the S&P/TSX 60 Index. In addition, the Fund may invest up to 20% of its net assets in equity securities of other issuers selected from the S&P/TSX Composite Index.
The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting ("SSO"), to enhance the income generated by the Portfolio and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.
The Fund's investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. Fund units are listed on Toronto Stock Exchange under the symbol PCU.UN.
| Selected Financial Information: ($ Millions) | |||
| Statement of Net Assets | 2011 | ||
| Assets | $ | 9.4 | |
| Liabilities | (0.1 | ) | |
| Net Assets (Unitholders' Equity) | $ | 9.3 | |
| Statement of Financial Operations | |||
| Revenue | $ | 0.3 | |
| Expenses | (0.4 | ) | |
| Net Investment Loss | $ | (0.1 | ) |
| Net Loss on Investments | (1.8 | ) | |
| Net Decrease in Net Assets from Operations | $ | (1.9 | ) |
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit [ www.strahtbridge.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.
