North American Financial 15 Split Corp A 2019-01.12.24
10.84
CAD
+0.01
(+0.09%)
ISIN
CA65685J1030
CUSIP
65685J103
Return %
Stock
S&P 500
1Y
0.00
14.20
3Y
10.50
81.12
5Y
6.59
68.34
Capital Structure
CAD
•
in mil. unless spec.Working Capital
CAD
•
in mil. unless spec.Growth Rates
CAD
•
in mil. unless spec.Semi-annual Revenue
CAD
•
in mil. unless spec.Semi-annual Earnings Per Share
CAD
•
in mil. unless spec.Semi-annual Dividends Per Share
CAD
•
in mil. unless spec.Company Description
- CEO
- Stephen Wayne Finch
- Sector
- Miscellaneous
- Industry
- Investment trusts
- Address
- 200 Front Street West Toronto ON Canada M5V 3K2
- IPO Date
- Oct 15, 2004
- Website
- quadravest.com
- Similar Companies
- Business
- North American Financial 15 Split Corp. is a mutual fund corporation that invests in a high-quality portfolio of 15 financial services companies comprising approximately 40% Canadian issuers including Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial Inc. and Great-West Lifeco Inc., and 60% U.S. issuers including JPMorgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanley, Wells Fargo & Co. and Bank of America Corp.; it offers two classes of shares, Preferred Shares (FFN.PR.A) providing holders with cumulative preferential monthly cash dividends at a fixed annual rate of 8.75% subject to a five-year minimum of 7%, and Class A Shares (FFN) providing holders with regular monthly cash distributions targeted at $0.11335 per share or $1.36 annualized along with participation in net asset value growth. The company, managed by Quadravest Capital Management Inc., was established to deliver fixed income to Preferred shareholders and leveraged return potential to Class A shareholders through an actively managed portfolio of large-capitalization North American financial equities traded on the Toronto Stock Exchange; it operates principally in Canada with investments focused on the United States and Canadian banking, investment banking and insurance sectors serving institutional and retail investors. Recent developments include the extension of the company's termination date beyond the original schedule with associated retraction rights for both Class A and Preferred shareholders fully satisfied without requiring a share rebalance, the Toronto Stock Exchange acceptance in May 2025 of a Normal Course Issuer Bid authorizing the repurchase of up to 10% of the public float of each share class through June 2026 to support value when trading below intrinsic levels exceeding $8.00 per Class A share, and the confirmation of ongoing dividend policies amid a portfolio emphasizing top holdings such as JPMorgan Chase, Goldman Sachs and Morgan Stanley.
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