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Closed End Funds

Global Capital Securities Trust (Formerly North American Financials Capital Securities Trust)March 31, 2017

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Global Capital Securities Trust (Formerly North American Financials Capital Securities Trust) (the “Fund”) was designed to provide investors with access to an actively managed portfolio of subordinated capital instruments (excluding common equity) issued by Canadian and non-Canadian financial institutions that are designed to meet the regulatory requirements of the issuer's regulator ("Capital Securities").  In December 2014, the investment mandate was amended to broaden the geographic scope and the type of securities that qualify for inclusion in the Portfolio to be securities that are designed to comply with the Basel III capital requirements.  The Fund's mandate is global in scope with a focus on North America. Class A Units are listed on the Toronto Stock Exchange under the symbol NAF.UN. Class F Units are designed for fee-based accounts and are not listed on a stock exchange but may be converted into Class A Units on a weekly basis.

The Fund's investment objectives are to (i) provide Unitholders with attractive tax-advantaged quarterly cash distributions, and (ii) return to Unitholders the original issue price of the Units upon termination of the Fund on November 30, 2019.

For weekly prices, click here.

Performance Review

Performance (%) – Class A

As OfCurrent QuarterYTD1 Yr2 Yr3 Yr4 Yr5 yrIncep.
03/31/20173.43.49.8-0.50.61.23.75.7

Portfolio Review

Top 10 Holdings

 % of Portfolio
JPMorgan Chase & Co. 5.300%, 20208.9
Morgan Stanley 5.450%, 20198.0
Goldman Sachs Group Inc. 5.700%, 20197.7
Bank of America Corp. 8.125%, 20187.5
Bank of Nova Scotia 4.500%, 20257.4
Bank of Nova Scotia 3.367%, 20256.6
Bank of Montreal 3.320%, 20246.6
Canadian Imperial Bank of Commerce 3.000%, 20246.0
Bank of Montreal 3.340% 20255.5
Royal Bank of Canada 3.310%, 20265.5

Sector Breakdown

 % of NAV
Foreign Corporate Bonds51.4
Canadian Corporate Bonds46.5
Canadian Preferreds12.9
Short-Term Notes0.1
Foreign Currency Forward Contracts0.6
Net Other Assets (Liabilities)-26.8

Portfolio Statistics

Weighted Average Duration3.67 years
Weighted Average Yield to Maturity3.7%
Leverage21.4%

Fund Facts

Class A Units (March 31, 2017)

NAV:$22.55
Market Price:$21.21
Quarterly Distribution:$0.3125
Cumulative Distributions:$10.59
Current Yield (at target distribution):5.9%
Market Capitalization:$69.1 million
TSX Symbol:NAF.UN
Inception Date:Oct. 23, 2009
Termination Date:Nov. 30, 2019

Class F Units (March 31, 2017)

NAV:$25.18
Quarterly Distribution:$0.3125
Cumulative Distributions:$10.59
Current Yield (at target distribution):5.0%
Inception Date:Oct. 23, 2009
Termination Date:Nov. 30, 2019

This webpage and any related documents may make forward-looking statements and there are risks that actual results could differ materially from forecasts, projections or conclusions in the forward-looking statements. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections in the forward-looking statements and you may find additional information about such material factors and assumptions and the material factors that could cause actual results to so differ in the prospectus for North American Financials Capital Securities Trust (the “Fund”) and on an ongoing basis in the Fund’s management reports of fund performance. The above information should be considered as background information only and should not be construed as investment or financial advice. Further, it should not be construed as an offer or solicitation to buy or sell securities. Investors should read the Fund’s prospectus and continuous disclosure documents available at www.astonhill.ca or www.sedar.com, which further describe the risks and fees and expenses associated with an investment in the securities of the Fund and should consult with professional advisors before making investments decisions.

Please correct the following errors:

Minimum Investment Requirements

The AHF Credit Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $125,000 or $25,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $25,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the AHF Credit Opportunities Fund.


Disclaimer: Information pertaining to AHF Credit Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the AHF Credit Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

Minimum Investment Requirements

The Aston Hill Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $150,000 or $5,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $5,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the Aston Hill Opportunities Fund.


Disclaimer: Information pertaining to Aston Hill Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the Aston Hill Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

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