Dividends at a Discount
1-2 Punch Double Digit Combo
Lower Your . Too!
Actual Yield Data
Equity Fund Highlights
- One of Canada’s largest monthly pay funds
- Trades at an approximately 15% discount to NAV
- Low management fee of 1.1% per annum
- Monthly distribution of $0.10 per unit/current 10% yield
- Premium DRIP and DRIP*
- Annual redemption feature – 10% of outstanding units at 95% of NAV
- Inception – August 1997
- One of Canada’s largest most liquid monthly pay closed-end funds
- Trades at an approximately 12% discount to NAV
- Low management fee of 1.09% per annum
- Monthly distribution, current 9.65 % yield
- DRIP and Cash Purchase Plan*
- Inception – June 1986
NAV Discounts Explained
NAV Discounts are the best and most overlooked way to grow Income. The strategy we call the Income Boost has been used by some investors at one of the top 5 Canadian bank investment firms since year 2002.
Here are some facts.
- Bigger Than CPP : The amount of pension style managed assets in this pool of funds is bigger than CPP. And a lot of time they can be bought cheap.
- 750+ CEFs in Canada and the US: There are about 650 monthly pay closed end funds in the US & 130 CEFs in Canada. Most are trading at NAV Discounts.
- New in Canada: There are 5 ETFs using NAV discounts in CEFs in the US but none in Canada…yet.
- Well Researched Subject: It is an anomaly well known on Wall street and Bay street. 2017 Nobel prize winner in economics Richard Thaler wrote about it.
- Ideal for Canadians: It is ideal for Canadian Income Investors who want to grow and protect their incomes, yet it is almost 100% overlooked by them.WELL RESEARCHED SUBJECT

On the fringes of the stock market lie opportunities to outperform. Especially off the beaten path are CEFs. They can deliver better results than ETFs, particularly during moments of fear and panic in the market.

5 Flaws to look for if your Income Portfolios doesn't make you feel like a Million Bucks and how to fix it.
We can help if you are:
- Overcharged: Think of a Discount as 2-3 years of prepaid MER.
- Overstressed: Diversification and extra safety that are “built-in.”
- Underperforming: Asset discounts help with a measurable headstart.
- Underinformed: You will understand numbers and rules to follow.
- Overtaxed : Fewer Tax slips at tax time. Or none, if you insist.

These exchange-traded investments display behaviour so irrational, that professional managers can make money by betting against retail investors who clearly don't have a clue what they are worth.


5 Reasons to "Pick our Brains" if you Manage your own Portfolio
- True cost efficiency. Discounts save measurably more money than DIY.
- We made all the costly rookie mistakes a long time ago.
- We do not have Investment Products to Sell.
- We do have Investment Process to Follow.
- True tax efficiency. Top marginal tax on dividends in Ontario is 39.34 %.
Income Boost isn’t your typical investment advice. It is a no-brainer way to find value. If you have a chance to work with these guys, take it.

Paul Stewart
Practice Leader, Valuation and Advisory Services, Avison Young
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