TORONTO, March 23, 2018 (GLOBE NEWSWIRE) -- (TSX:TCT.UN) Top 10 Canadian Financial Trust (the “Fund”) announces results of operations for the year ended December 31, 2017. Increase in net assets attributable to holders of units amounted to $1.36 million or $0.82 per unit. As at December 31, 2017, net assets attributable to holders of units were $17.06 million or $10.30 per unit. Cash distributions to unitholders totaling $1.26 million or $0.76 per unit were paid during the year.
The Fund’s investment objectives are to provide unitholders with a stable stream of quarterly cash distributions in an amount targeted to be 7.5% of the net asset value per unit and to return the net asset value per unit of $15.60 to unitholders upon termination of the Fund.
The Fund invests in the six largest Canadian banks and four largest Canadian life insurance companies by market capitalization, generally investing not less than 5% and not more than 15% of the Fund’s assets in each of the companies.
The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting (SSO), to enhance the income generated by the Portfolio and to reduce volatility.
The Fund’s investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Fund’s units are listed on Toronto Stock Exchange under the symbol TCT.UN.
|Selected Financial Information: ($ Millions)|
|Statement of Financial Position||2017|
|As at December 31|
|Net Assets Attributable to Holders of Units||$17.06|
|Statement of Comprehensive Income|
|For the year ended December 31|
|Income (including Net Gain on Investments)||$1.82|
|Increase in Net Assets Attributable|
|to Holders of Units||$1.36|
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.strathbridge.com.
|John Germain, Senior Vice-President & CFO||Strathbridge Asset Management Inc.|
121 King Street West
Toronto, Ontario, M5H 3T9
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.
Source: Top 10 Canadian Financial Trust