TORONTO, ONTARIO -- (Marketwired) -- 03/21/14 -- Gold Participation and Income Fund (the "Fund") (TSX: GPF.UN) announces results of operations for the year ended December 31, 2013. Net decrease in net assets from operations amounted to $(5.3) million or $(3.71) per unit. Net assets were $7.9 million or $5.60 per unit, net of distributions to unitholders in the amount of $0.7 million or $0.49 per unit.
The Fund's investment objectives are: (i) to maximize total returns for unitholders including both long-term appreciation in net asset value ("NAV") per unit and distributions; and (ii) to pay unitholders monthly distributions in an amount targeted to be 6.5% per annum on the NAV of the Fund. The Fund achieves its objectives by investing its net assets in the Gold sector with up to 50% in shares of SPDR Gold Trust, an exchange-traded fund that seeks to track the price of gold by investing directly in gold bullion, and the balance in a portfolio of equity securities selected from the S&P/TSX Global Gold Index, a dynamic international benchmark of the world's leading gold companies.
The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting ("SSO"), to enhance the income generated by the Portfolio and to reduce volatility. The Fund may, from time to time, selectively write covered call options in respect of up to a maximum of 25 percent of the securities in the portfolio. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.
The Fund's investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Fund's units are listed on Toronto Stock Exchange under the symbol GPF.UN.
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Selected Financial Information: ($ Millions)
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Statement of Net Assets 2013
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Assets $ 8.0
Liabilities (0.1)
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Net Assets (Unitholders' Equity) $ 7.9
Statement of Financial Operations
Revenue $ 0.1
Expenses (0.4)
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Net Investment Loss $ (0.3)
Net Loss on Investments (5.0)
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Net Decrease in Net Assets from Operations $ (5.3)
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Aaron Ho, Vice-President, Finance
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.
Contacts:
Strathbridge Asset Management Inc.
Investor Relations
416.681.3966, 1.800.725.7172
info@strathbridge.com
www.strathbridge.com
