Connect with us

Investment

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940: DEX – Business Wire

Published

 on


PHILADELPHIA–(BUSINESS WIRE)–On December 27, 2019, Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) (the “Fund”), a closed-end fund, paid a monthly distribution on its common stock of $0.0916 per share to shareholders of record at the close of business on December 19, 2019.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

Current Distribution from:

 

 

 

Per Share ($)

 

%

Net Investment Income

0.0299

 

32.6%

Net Realized Short-Term Capital Gain

0.0000

 

0.0%

Net Realized Long-Term Capital Gain

0.0128

 

14.0%

Return of Capital or other Capital Source

0.0489

 

53.4%

Total (per common share)

0.0916

 

100.00%

 

 

 

 

Fiscal Year-to-Date Cumulative

 

 

 

Distributions from:

 

 

 

 

Per Share ($)

 

%

Net Investment Income

0.0299

 

32.6%

Net Realized Short-Term Capital Gain

0.0000

 

0.0%

Net Realized Long-Term Capital Gain

0.0128

 

14.0%

Return of Capital or other Capital Source

0.0489

 

53.4%

Total (per common share)

0.0916

 

100.00%

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Subject to the foregoing, the Fund estimates (as of the date hereof) that it has distributed more than its income and net realized capital gains for the fiscal year ending November 30, 2020; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

Fund Performance and Distribution Information

Fiscal Year to Date (12/01/2019 through 12/27/2019)

Annualized Distribution Rate as a Percentage of NAV^

9.97%

Cumulative Distribution Rate on NAV^^

0.83%

Cumulative Total Return on NAV* for fiscal year ended 11/30/2019

13.53%

 

 

Average Annual Total Return on NAV for the 5-Year Period Ending 11/30/2019**

5.31%

 

 

^ Based on the Fund’s NAV as of November 30, 2019.

 

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund’s fiscal year ending November 30, 2020 based on the Fund’s NAV as of November 30, 2019.

 

*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2018 through November 30, 2019.

 

**The 5-year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

About DEX

The Fund’s primary investment objective is to seek current income, with a secondary objective of capital appreciation. The Fund invests globally in dividend-paying or income-generating securities across multiple asset classes, including but not limited to: equity securities of large, well-established companies; securities issued by real estate companies (including real estate investment trusts and real estate industry operating companies); debt securities (such as government bonds; investment grade and high risk, high yield corporate bonds; and convertible bonds); and emerging market securities. The Fund also uses enhanced income strategies by engaging in dividend capture trading; option overwriting; and realization of gains on the sale of securities, dividend growth, and currency forwards. There is no assurance that the Fund will achieve its investment objectives.

Under normal market conditions, the Fund will invest: (1) at most 60% of its net assets in securities of U.S. issuers; and (2) at least 40% of its net assets in securities of non-U.S. issuers, unless market conditions are not deemed favorable by the Manager, in which case, the Fund would invest at least 30% of its net assets in securities of non-U.S. issuers; and (3) the Fund may invest up to 25% of its net assets in securities issued by real estate companies (including real estate investment trusts and real estate industry operating companies). In addition, the Fund utilizes leveraging techniques in an attempt to obtain higher return for the Fund.

The Fund has implemented a managed distribution policy. Under the policy, the Fund is managed with a goal of generating as much of the distribution as possible from net investment income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted, and if necessary, a return of capital. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years.

Currently under the Fund’s managed distribution policy, the Fund makes monthly distributions to common shareholders at a targeted annual distribution rate of 10% of the Fund’s average net asset value (“NAV”) per share. The Fund will calculate the average NAV per share from the previous three full months immediately prior to the distribution based on the number of business days in those three months on which the NAV is calculated. The distribution will be calculated as 10% of the prior three month’s average NAV per share, divided by 12. The Fund will generally distribute amounts necessary to satisfy the Fund’s managed distribution policy and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code. This distribution methodology is intended to provide shareholders with a consistent, but not guaranteed, income stream and a targeted annual distribution rate and is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there is no assurance that the policy will be successful in doing so. The methodology for determining monthly distributions under the Fund’s managed distribution policy will be reviewed at least annually by the Fund’s Board of Trustees, and the Fund will continue to evaluate its distribution in light of ongoing market conditions.

The payment of dividend distributions in accordance with the managed distribution policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expenses and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The managed distribution policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The managed distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

About Macquarie Investment Management

Macquarie Investment Management, a member of Macquarie Group, includes the former Delaware Investments and is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the team level in pursuit of opportunities that matter for clients. Macquarie Investment Management is supported by the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of asset management, investment, banking, financial and advisory services.

Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment advisor. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. For more information about Delaware Funds® by Macquarie, visit delawarefunds.com or call 800 523-1918.

Other than Macquarie Bank Limited (MBL), none of the entities referred to in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL, a subsidiary of Macquarie Group Limited and an affiliate of Macquarie Investment Management. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

© 2019 Macquarie Management Holdings, Inc.

Let’s block ads! (Why?)



Source link

Continue Reading

Investment

FedDev Ontario Investment Contribution to TRCA Will Support Enhanced Visitor Experiences at Bruce's Mill Conservation Park – TRCA

Published

 on


August 9, 2022, Toronto, ON – Visitors to Toronto and Region Conservation Authority’s (TRCA) Bruce’s Mill Conservation Park in Stouffville, ON will enjoy enhanced experiences thanks to an investment contribution from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) that will help to revitalize the park infrastructure.

The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario and Member of Parliament for Markham-Stouffville made the funding announcement today at Bruce’s Mill.

The investment contribution of up to $740,715 will support improvements at Bruce’s Mill intended to positively impact both the local community and visitors to the park, allowing more people to re-engage with their communities and nature.

These improvements include: the installation of two new picnic shelters, the addition of 15 new accessible picnic tables for community use, and the upgrading of three washrooms to improve accessibility and physical distancing components. In addition, the park access roads and parking lots will be paved and repaired.

Left to right: Aaron D’Souza, Senior Manager, Major Contracts, TRCA; Joe Petta, General Manager, Conservation Parks and Golf, TRCA; The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario; Michael Tolensky, Chief Financial and Operating Officer, TRCA, attend today’s announcement at Bruce’s Mill Conservation Park. Photo courtesy of Federal Economic Development Agency for Southern Ontario
Dignitaries at announcement of federal investment contribution to revitalize infrastructure at Bruces Mill Conservation Park
The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (left), and Michael Tolensky, Chief Financial and Operating Officer, TRCA (right), attend today’s announcement at Bruce’s Mill Conservation Park. Photo courtesy of Federal Economic Development Agency for Southern Ontario

Quotes:

“Our government is investing in community infrastructure to support the mental and physical health of Canadians by promoting social interaction and physical activity. This Canada Community Revitalization Fund investment for Toronto and Region Conservation Authority will help revitalize the Bruce’s Mill Conservation Park’s public infrastructure. This revitalization will help draw visitors to Bruce’s Mill, where they can come together, enjoy the outdoors and be active.”
The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario

“The investment by FedDev Ontario will not only improve visitor experiences at Bruce’s Mill but will accommodate the increased demand for outdoor recreation and provide safe alternative recreational activities as we all recover from the COVID-19 pandemic. It is investments like these that allow TRCA to keep our parks and trails in a state of good repair while increasing community connection and improving accessibility to our visitors.”
– Michael Tolensky, Chief Financial and Operating Officer, Toronto and Region Conservation Authority (TRCA)

TRCA’s Bruce’s Mill Conservation Park

Conveniently located off Highway 404, Bruce’s Mill Conservation Park is a popular destination for the five million residents within our jurisdiction and from many tourists from around the world. In addition to picnic areas and trails, recreational facilities at the park include a professionally designed golf driving range and a BMX cycling track. To learn more visit trca.ca/bruces-mill.


About Toronto and Region Conservation Authority (TRCA)
With more than 60 years of experience, TRCA is one of 36 Conservation Authorities in Ontario, created to safeguard and enhance the health and well-being of <span data-trca-tooltip="

Watershed

The entire area of land whose runoff water, sediments and dissolved materials (nutrients and contaminants) drain into a lake, river, creek, or estuary. Its boundary can be located on the ground by connecting all the highest points of the area around the river, stream or creek, where water starts to flow when there is rain. It is not man-made and it does not respect political boundaries.” class=”glossary-term”>watershed communities through the protection and <span data-trca-tooltip="

Restoration

To repair or re-establish functioning ecosystems; the process of altering a site to establish a defined, native, historic ecosystem; the goal is to emulate the structure, function, diversity and dynamics of a specified ecosystem.” class=”glossary-term”>restoration of the natural environment and the <span data-trca-tooltip="

ecological services

Ecological services are defined as the overall benefits to humans arising from a functioning healthy ecosystem, which includes improved water quality and quantity, air quality, soil stabilization, flood mitigation, balanced hydrologic regimes, biological processes and biodiversity. Ultimately, the streams in TRCA’s watersheds run into Lake Ontario and have a direct influence on the water quality and habitat along the waterfront.” class=”glossary-term”>ecological services the environment provides. More than five million people live within TRCA-managed watersheds, and many others work in and visit destinations across the jurisdiction. These nine watersheds, plus their collective Lake Ontario waterfront shorelines, span six upper-tier and 15 lower-tier municipalities. Some of Canada’s largest and fastest growing municipalities, including Toronto, Markham and Vaughan, are located entirely within TRCA’s jurisdiction.

To learn more about TRCA, visit trca.ca.


Media Contact

Shereen Daghstani
Senior Manager, Communications, Marketing and Events
Toronto and Region Conservation Authority (TRCA)
Shereen.daghstani@trca.ca

Adblock test (Why?)



Source link

Continue Reading

Investment

Short Term vs Long Term Investments: Gauging the saving spectrum – Economic Times

Published

 on


Quick wealth creation is what financial markets consider; however, investing as a practice is a long-term process. While an investor’s capital can be invested in the short-term and long-term, both forms of investment have their merits and demerits.

Typically, short-term investments involve less risk than long-term investments. Long-term investments give the investor’s money a substantial period to grow and recover from major dips in the market.

Having clear and crisp financial goals can help the investor decide whether to choose short or long-term investments and which vehicles within those categories aim towards personalized investment gains.

Before choosing any investment strategy, the investor ideally needs to do proper research on which asset types suits their need.

What is suitable for one investor might not be in sync with another’s financial objectives, so one must consider their overall goals along with the risks one is willing to take.

Short-term investments have a validity period typically up to three years – high liquidity instruments, generally involving lesser market risks.

Also, these temporary investments are mostly used for parking excess funds for a short period. Short-term investments are highly liquid and hence are used by investors to meet expected near-future expenses.

Less risky in nature, these short-term investment products have a short tenure and give predictable returns as compared to long-term investments be it –

Treasury bills which can be redeemed within 91 days and is a high liquidity instrument.

● Gilt Funds which invest only in government securities and owing to zero credit risk, are safe investment funds.

● Ultra-short-term debt funds wherein the maturity period ranges between three to six months and provides comparatively higher returns.

● Low duration debt funds whose maturity period ranges between six and 12 months, these funds invest in debt and money market instruments.

● Money market funds that invest in money market instruments and have a redemption period of up to one year.

● Bank fixed deposits that can be renewed on maturity and their tenure can range from 14 days to 10 years. Also, liquidity can be a concern here as some banks don’t allow premature withdrawals.

● Company fixed deposits can have a tenure of more than one year

● Post office time deposits have tenures ranging from one to five years and similarly Recurring deposits can open an RD for a duration as low as six months. Sweep-in-Fixed Deposits as against low returns on savings accounts, these offer comparatively higher returns, with a minimum tenure of around 12 months.

On the other hand, long-term investments are investments that can offer high returns after several years, typically five years or more – involving more market risks.

Be it via stocks, ETFs, mutual funds, etc. Investments in stocks earn quite high returns if patience is kept high (Of course, this cannot be guaranteed but you should assess your risk-taking capacity before thinking of investing in stocks).

Having a deeper understanding of the market movements so that the investor makes wiser financial decisions and when to sell the stocks, investing in stocks and securities requires a trusted financial partner, who can provide hassle-free features to open an online Demat and Trading Account.

Another long-term investment avenue for receiving higher returns is Equity Mutual Funds where the investor gets to pick from small, mid-cap, and large-cap equity mutual funds for the long term to achieve greater financial goals.

Ultimately, the short-term investment gives levy to the investor to achieve their financial goals within a short span and with lower risk (depending on which asset you pick), if the investor has a greater risk appetite, and wants higher returns, they can select a long-term investment avenue.

To further simplify, if the investor wants to preserve their capital and is happy with moderate returns then they may choose short-term investments but, with the expectation of a higher return, the investor may invest in long-term investment avenues.

(The author is Senior Vice President, at mastertrust)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Adblock test (Why?)



Source link

Continue Reading

Investment

Hong Kong Investment Bank’s 2,325% Surge Baffles Local Investors – BNN

Published

 on


(Bloomberg) — Another little-known Hong Kong-based financial services firm is mystifying investors with a dramatic price surge following its US listing. 

Magic Empire Global Ltd., which provides underwriting and advisory services and has helped just one company go public since 2020, surged 2,325% in its debut session Friday in New York to a market capitalization larger than football club Manchester United Plc. Magic Empire is the seventh firm this year from Hong Kong or China to experience similarly surprising moves. 

“This price level has clearly shown it is not sustainable,” said Ken Shih, head of wealth management in Greater China at Saxo Capital Markets HK Ltd., adding that without knowing who is doing the buying, it is hard to be definitive. “At this point, downside risk for investors clearly outweighs upside.”  

Last week, Hong Kong financial services provider AMTD Digital Inc. briefly became bigger than Goldman Sachs Group Inc. after a 14,000% gain in less than a month. The moves are particularly notable at a time of otherwise muted IPO activity and with Chinese companies Alibaba Group Holding Ltd. and JD.com Inc. threatened with delisting if they fail to comply with American auditing standards.

Magic Empire reported revenue of $2.2 million in 2021, a 17% drop from a year earlier. The company’s operating entity, Giraffe Capital Ltd., completed just one IPO in 2020 and none last year “due to COVID-19 and volatile outlook of the Hong Kong capital market,” according to the prospectus. Friday’s price surge brought Magic Empire’s market capitalization to $1.9 billion.

“The wild swings are likely due to the concentrated ownership, which certainly raises red flags,” said Kakei Lam, fund investment officer at Metaverse Securities Ltd. “I don’t see a resemblance to the meme-stock mania, given the thin trading volume.”

Magic Empire’s chairman Gilbert Chan Wai-ho and chief executive officer Johnson Chen Sze-hon co-lead Giraffe Capital, which obtained a license to provide corporate finance services in 2017. The firm mostly works on IPOs on GEM, the small-cap exchange, and often engages other small local brokerages as underwriters, including KOALA Securities Ltd., HKMonkey.com and Yellow River Securities Ltd. Chan and Chen own most of Magic Empire, with a combined stake of about 63%. The firm had just nine employees as of December 2021, according to its prospectus.

Hong Kong’s Scandal-Plagued Small-Cap Exchange Left for Dead

About half of the companies Giraffe Capital has taken public jumped on the first day, some by as much as 125%. Seven are now trading 30% to 92% lower than IPO price and another has been delisted.

Magic Empire didn’t respond to an email request for comment and calls to the phone number listed on its website weren’t answered.

In the first half of this year, fundraising in the Hong Kong IPO market dropped 92%. With the tiny companies that make up their customer base under close regulatory watch, small- and mid-sized financial advisory firms like Giraffe Capital have had a particularly tough time.

In 2017 and 2021, the Securities and Futures Commission and the Hong Kong stock exchange issued two rounds of warnings about so-called ramp-and-dump schemes tied to small-cap IPOs. These schemes manipulate very thin trading volume to inflate prices, luring unwary investors before shares collapse. 

The SFC declined to comment for this article, but has previously identified four typical features of problematic IPOs: 

  • Market capitalization barely meets the minimum threshold
  • Price-to-earnings (P/E) ratio is very high given the firm’s fundamentals and the valuations of its peers
  • Underwriting commissions or other listing expenses are unusually high
  • Shareholding is highly concentrated in a limited number of shareholders

Magic Empire’s relatively modest revenue means it qualifies as an “emerging growth company” under American legislation, according to its prospectus. These firms enjoy reduced reporting requirements compared to larger US-listed public companies, with only two years of audited financial statements required and disclosure obligations regarding executive compensation pared back. 

(Updates with Kakei Lam’s comments.)

©2022 Bloomberg L.P.

Adblock test (Why?)



Source link

Continue Reading

Trending