Top 10 Split Trust announces its half-year results

TORONTO, Aug.23, 2021 (GLOBE NEWSWIRE) – (TSX: TXT.UN; TXT.PR.A) Top 10 Split Trust (the “Fund”) reports its operating results for the six-month period ended June 30, 2021. The increase in net assets attributable to equity holders was 2.34 million. dollars or $ 2.77 per share of capital. Net assets attributable to holders of capital units as at June 30, 2021 amounted to $ 2.32 million or $ 3.83 per capital unit. Cash distributions of $ 0.39 per Preferred Security and $ 0.13 per Capital Unit were paid to Securityholders during the Period.

The Fund’s investment objectives for capital shares are (i) to offer holders of capital shares, at the time of redemption, the benefit of any capital appreciation in the price of securities in the financial portfolio and (ii) to pay quarterly distributions to unitholders of a target amount of 7.5% per annum of the net asset value of the Fund. The Fund’s investment objectives for Preferred Securities are (i) to pay holders of Preferred Securities quarterly fixed cash interest payments of 6.25% per annum on the principal amount of $ 12.50 of a Preferred Security. and (ii) to repay the principal of $ 12.50 per preferred Guarantee security upon termination of the Fund.

The Fund invests exclusively in equities of the six largest Canadian banks and the four largest Canadian life insurance companies, generally investing at least 5% and not more than 15% of the assets of the Fund in each company.

The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting (“SSO”), in order to enhance the income generated by the portfolio and reduce volatility. In addition, the Fund may write covered cash put options on securities in which it is authorized to invest.

The Fund’s investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The capital shares and preferred securities of the Fund are listed on the Toronto Stock Exchange under the symbols TXT.UN and TXT.PR.A respectively.

Selected financial information: (in millions of dollars)
Statement of comprehensive income
For the semester ended June 30, 2021
(Unaudited)
Income (including net gain on investments) $ 2.88
Expenses (0.22 )
Operating profit $ 2.66
Privileged security (0.32 )
Increase in attributable net assets
to holders of capital shares $ 2.34

For more 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 can all 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.

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