U.S. Financials Income Fund
TSX : USF.UN

U.S. Financials Income Fund

March 23, 2016 16:03 ET

U.S. Financials Income Fund Announces Annual Results

TORONTO, ONTARIO--(Marketwired - March 23, 2016) - U.S. Financials Income Fund (the "Fund") (TSX:USF.UN) announces results of operations for the period ended December 31, 2015. Decrease in net assets attributable to holders of Class A amounted to C$1.68 million or C$0.50 per Class A unit. Increase in net assets attributable to holders of Class U units amounted to C$0.08 million or C$0.22 per Class U unit. Cash distributions of C$0.425 per Class A unit and US$0.425 per Class U unit were paid during the period. As at December 31, 2015, net assets attributable to holders of Class A were C$29.07 million or C$8.45 per Class A unit and net assets attributable to holders of Class U units were C$4.17 million or C$11.48 (US$8.27) per Class U unit.

The Fund's investment objectives are (i) to provide Unitholders with quarterly cash distributions; and (ii) to maximize total return through capital appreciation and distributions.

To achieve its investment objectives, the Fund invests in an actively managed portfolio of U.S. financial issuers selected from the S&P 500 Index that are classified as "Financials" by Standard & Poor's Global Industry Classification Standard and which have a market capitalization of at least US$10 billion and a credit rating issued by Standard & Poor's Rating Services of at least A- at the time of purchase. The portfolio may include U.S. publicly listed alterative asset management issuers which have a market capitalization of at least US$5 billion at the time of purchase. The Fund may also invest up to 25 percent of the net asset value in other U.S. financial or alternative asset management issuers that do not meet the rating or market capitalization requirements noted above.

To generate additional income above the distributions earned on its equity securities, the Fund will from time to time write covered call options in respect of all or a portion of the securities in its portfolio.

The Fund's investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Class A units are listed on the Toronto Stock Exchange under the ticker symbol USF.UN. The Class U units are denominated in U.S. currency and do not trade on an exchange.

Statement of Financial Information: ($ Millions)
Statement of Financial Position 2015
As at December 31
Assets C$ 34.79
Liabilities (1.55 )
Net Assets Attributable to Holders of Class A and Class U Units C$ 33.24
Statement of Comprehensive Income
For the period from February 24, 2015 to December 31, 2015
Income (including Net Loss on Investments) C$ (0.70 )
Expenses (0.90 )
Decrease in Net Assets Attributable to Holders of Class A and Class U Units C$ (1.60 )

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.strathbridge.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.

Contact Information

  • Strathbridge Asset Management Inc.
    Aaron Ho
    Vice-President, Finance
    416.681.3966; 1.800.725.7172

    Strathbridge Asset Management Inc.
    121 King Street West, Suite 2600
    Toronto, Ontario, M5H 3T9
    416.681.3966; 1.800.725.7172
    info@strathbridge.com
    www.strathbridge.com