TORONTO, ONTARIO--(Marketwire - Aug. 16, 2012) - World Financial Split Corp. (TSX:WFS)(TSX:WFS.PR.A) announces results for the six months ended June 30, 2012. Net income for the period amounted to $0.2 million or $0.05 per unit. Net assets were $10.05 per unit, net of distributions to Preferred shareholders in the amount of $0.9 million or $0.26 per Preferred share. Each unit consists of one Preferred share and one Class A share.
The Fund is a mutual fund corporation which invests in a portfolio that includes common equity securities selected from the ten largest financial services companies by market capitalization in each of Canada, the United States and the Rest of the World (the "Portfolio Universe"). The issuers of securities in the Portfolio, other than Canadian issuers, must have a minimum credit rating of "A" from Standard & Poor's Rating Services or a comparable rating from an equivalent rating agency.
In addition, up to 20% of the Net Asset Value of the Fund may be invested in common equity securities of Financial Services companies not included in the Portfolio Universe as long as such companies have a market capitalization at the time of investment of at least US$10 billion and for non-Canadian issuers, a minimum credit rating of "A" from Standard & Poors Rating Services or a comparable rating from an equivalent rating agency.
The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting ("SSO"), to enhance the income generated by the portfolio and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.
The Fund's investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Fund's Preferred and Class A shares are listed on Toronto Stock Exchange under the symbols WFS.PR.A and WFS respectively.
| Selected Financial Information: ($ Millions) | |||
| Statement of Operations for the six months ended June 30, 2012 | |||
| (Unaudited) | |||
| Revenue | $ | 0.5 | |
| Expenses | (0.4 | ) | |
| Preferred Share Distributions | (0.9 | ) | |
| Net Investment Loss | (0.8 | ) | |
| Net Gain on Investments | 1.3 | ||
| Increase in Value of Preferred Shares | (0.3 | ) | |
| Net Income | $ | 0.2 | |
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:
Aaron Ho
Vice-President, Finance
416.681.3966 or Toll Free: 1.800.725.7172
Strathbridge Asset Management Inc.
121 King Street West, Suite 2600
Toronto, Ontario, M5H 3T9
416.681.3966 or Toll Free: 1.800.725.7172
info@strathbridge.com
www.strathbridge.com