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1. Company Snapshot

1.a. Company Description

North American Financial 15 Split Corp.is an equity mutual fund launched by Quadravest Inc.It is managed by Quadravest Capital Management Inc.


The fund invests in public equity markets of United States and Canada.It invests in high quality portfolio of preferred shares and Class A shares of 15 financial services companies.The fund employs investment strategy along with fundamental based equity investing with covered call writing to create its portfolio.


It was formerly known as Financial 15 Split Corp.II.North American Financial 15 Split Corp.


was formed on October 15, 2004 and is domiciled in Canada.

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1.b. Last Insights on FFN

North American Financial 15 Split Corp.'s recent performance was positively driven by the company's decision to maintain a competitive Preferred Share dividend rate of 7.50% for the fiscal year commencing December 1, 2025. Additionally, the company declared regular monthly distributions for Class A and Preferred shares, with monthly payments of $0.11335 and $0.07292, respectively. The company's actively managed, high-quality investment portfolio also contributed to the positive performance. Furthermore, the company's dividend rate adjustment reflects its ability to adapt to current market conditions.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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North American Financial 15 Split Corp. Monthly Dividend Declaration for Class A & Preferred Share

Nov -19

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North American Financial 15 Split Corp Monthly Dividend Declaration for Class A & Preferred Share

Oct -20

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North American Financial 15 Split Corp. Monthly Dividend Declaration for Class A & Preferred Share

Sep -23

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North American Financial 15 Split Corp. Preferred Share Rate

Sep -23

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North American Financial 15 Split Corp. Monthly Dividend Declaration for Class A & Preferred Share

Aug -20

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North American Financial 15 Split Corp. Monthly Dividend Declaration for Class A & Preferred Share

Jul -18

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North American Financial 15 Split Corp. Monthly Dividend Declaration for Class A & Preferred Share

Jun -18

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North American Financial 15 Split Corp. Announces TSX Acceptance of Normal Course Issuer Bid

May -29

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Investment and Related Activities

Expected Growth: 8.5%

The North American financial services sector is expected to grow driven by increasing demand for digital payment systems, rising adoption of fintech, and growing need for risk management and insurance services.

7. Detailed Products

Dividend Income Portfolio

A diversified portfolio of high-quality, dividend-paying stocks, providing a regular income stream for investors.

Capital Appreciation Portfolio

A growth-oriented portfolio focused on long-term capital appreciation, investing in a mix of established companies and emerging growth opportunities.

Fixed Income Portfolio

A portfolio of high-quality, investment-grade bonds and other fixed-income securities, providing a stable income stream.

Preferred Share Portfolio

A portfolio of preferred shares, offering a relatively stable income stream and priority over common shares in the event of liquidation.

Split Share Corporation

A corporation that issues two types of shares: preferred shares and capital shares, allowing investors to choose between income and growth.

8. North American Financial 15 Split Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for North American Financial 15 Split Corp. is medium, as there are some alternative investment options available to investors, but they may not offer the same benefits as the company's investment products.

Bargaining Power Of Customers

The bargaining power of customers for North American Financial 15 Split Corp. is low, as individual investors have limited negotiating power and the company has a diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for North American Financial 15 Split Corp. is low, as the company has a diversified supplier base and is not heavily dependent on any one supplier.

Threat Of New Entrants

The threat of new entrants for North American Financial 15 Split Corp. is high, as the financial services industry is highly competitive and new entrants can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry for North American Financial 15 Split Corp. is high, as the financial services industry is highly competitive and there are many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 72.18%
Debt Cost 3.95%
Equity Weight 27.82%
Equity Cost 18.31%
WACC 7.94%
Leverage 259.43%

11. Quality Control: North American Financial 15 Split Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NAF 15 Split

A-Score: 8.1/10

Value: 7.7

Growth: 7.6

Quality: 8.2

Yield: 10.0

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

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Horizon Technology Finance

A-Score: 7.0/10

Value: 8.2

Growth: 3.7

Quality: 6.1

Yield: 9.0

Momentum: 5.0

Volatility: 10.0

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Grosvenor Capital Management

A-Score: 6.5/10

Value: 4.9

Growth: 4.3

Quality: 6.0

Yield: 8.0

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

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Hennessy Advisors

A-Score: 6.5/10

Value: 7.8

Growth: 2.7

Quality: 8.0

Yield: 9.0

Momentum: 6.0

Volatility: 5.3

1-Year Total Return ->

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Fiera Capital

A-Score: 5.8/10

Value: 6.3

Growth: 3.6

Quality: 6.3

Yield: 10.0

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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Portman Ridge Finance

A-Score: 5.7/10

Value: 6.0

Growth: 4.7

Quality: 3.2

Yield: 10.0

Momentum: 0.5

Volatility: 10.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.66$

Current Price

8.66$

Potential

-0.00%

Expected Cash-Flows