Cullen

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Cullen

  1. 1. CULLEN NORTH AMERICAN HIGH DIVIDEND VALUE EQUITY FUNDCitywire New York June 2012
  2. 2. DisclosurePAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.This document has been prepared by Cullen Funds PLC, for information purposes only. This document is an indicative summary of the terms and conditions of the securities described herein and may beamended, superseded or replaced by subsequent summaries. The final terms and conditions of the securities will be set out in full in the applicable offering document(s).The performance shown is that of the Cullen Global High Dividend Value Equity strategy and the Cullen North American High Dividend Value Equity Strategy, the philosophy of which the Cullen GlobalHigh Dividend Value Equity Funds and the Cullen North American High Dividend Value Equity Fund (‘The Funds’) will be based. It is represented here to illustrate the success that Cullen CapitalManagement has had in the past but is not intended to represent The Funds returns. The performance of The Funds will not necessarily mirror that of the strategy due to, among other things, differentcharging structures, timings and portfolio concentration.All views and opinions are those of Cullen Capital Management and are subject to change without notice. This presentation is based on information we consider reliable, but we do not warrant its accuracy orcompleteness and it should not be relied on as such. Where securities are mentioned in this presentation they do not necessarily represent a specific portfolio holding and do not constitute a recommendationto purchase or sell.This document shall not constitute an offer to sell, or the solicitation of an offer to buy any securities described herein. Cullen Funds PLC is not acting as adviser or fiduciary. Accordingly you mustindependently determine, with your own advisers, the appropriateness for you of the securities before investing. Cullen Funds PLC accepts no liability whatsoever for any consequential losses arising from theuse of this document or reliance on the information contained herein.Cullen Funds PLC does not guarantee the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from, or is based upon trade and statisticalservices or other third party sources. Any data on past performance, modelling or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness ofthe assumptions made within, or the accuracy or completeness of any modelling or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of anyinvestment may fluctuate as a result of market changes. The information in this document is not intended to predict actual results and no assurances are given with respect thereto.Cullen Capital Management, its affiliates and the individuals associated therewith may (in various capacities) have positions or deal in securities (or related derivatives) identical or similar to those describedherein.This document is being made available in the UK to persons who are investment professionals as defined in Article 19 of the FSMA 2000 (Financial Promotion Order) 2005. Outside of the UK, it is directed atpersons who have professional experience in matters relating to investments. Any investments to which this document relates will be entered into only with such persons. This document is not for distributionto retail customers.NO ACTION HAS BEEN MADE OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION IN WHICHACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF THE SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERINGMATERIAL RELATING TO SUCH SECURITIES MAY BE MADE IN, OR FROM ANY JURISDICTION, EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANYAPPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON CULLEN FUNDS PLC OR ANY OF ITS AFFILIATES.THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES. PRIOR TO TRANSACTING,POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES AND ANY APPLICABLE RISKS. THIS DOCUMENT IS NOT APROSPECTUS FOR ANY SECURITIES DESCRIBED HEREIN. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATIONIN THE RELEVANT PROSPECTUS (WHICH HAS BEEN, OR WILL BE PUBLISHED AND MAY BE OBTAINED FROM CULLEN FUNDS PLC), AND NOT ON THE BASIS OF ANYINFORMATION PROVIDED HEREIN.Results for fully discretionary accounts are market value weighted and are calculated on a total return, time-weighted basis using trade date valuations. Returns reflect the reinvestment of dividends and otherearnings. Cash returns are included in a component of the total account and are not detailed separately. Leverage is not used in managed account and mutual fund strategies. Performance results will vary basedupon the period measured.It is intended that Cullen Funds PLC will make an application to be recognised for distribution in the United Kingdom by the Financial Services Authority under Section 264 of the Financial Services andMarkets Act, 2000 of the United Kingdom. Most or all of the protection provided by the United Kingdom regulatory structure will not apply. The rights of Shareholders may not be protected by the FinancialServices Compensation Scheme established in the United Kingdom.© 2012 Morningstar, Inc. All Rights Reserved. The information contained herein:(1) is proprietary to Morningstar;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use ofthis information. Past performance is no guarantee of future results.Copyright Cullen Funds PLC. (all rights reserved). This document is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Cullen Funds PLC.
  3. 3. Highlights Registered investment advisor established in 1983  Independent 100% employee owned firm  Value Investor Disciplined, Experienced, Research-driven  Headquarters New York, New York  Assets Under Management $15.1 Billion as of 3/31/123
  4. 4. Strong Team Based Approach James P. Cullen President & Portfolio Manager 47 Years Experience John C. Gould Exec. VP & Portfolio Manager 24 Years Experience Brooks Cullen Rahul Sharma Jennifer Chang, CFA Carl Gardiner, CFA VP, Analyst VP, Analyst VP, Analyst VP, Analyst 1996-Present 1999 - Present 2006 - Present 2008 - Present Pravir Singh, CFA Michael Kelly, CFA Erik Schafer Stephen O’Neil VP, Analyst VP, Analyst Analyst VP, Analyst 2005 - Present 2007 - Present 2007 - Present 2002 - Present  Portfolio management team have an average of 25 years’ experience  Supported by a team of seven equity analysts, averaging 9 years of research experience.4
  5. 5. Cullen Capital Management – Strategy Overview Assets by Strategy as of 31st March 2012 Strategy Description Established Strategy AUM US Value Equity strategy with High Dividend Value Equity emphasis on dividend yields greater 1994 $8.3 Billion (North American) than the S&P 500. Global High Dividend Value High Dividend Value Equity strategy 2001 $78 Million Equity with US and international exposure. International High Dividend High Dividend Value Equity strategy 2004 $1.2 Billion Value Equity with Non-US exposure only. Low P/E and high earnings growth Value Equity potential, taking a bottom-up 1983 $5.4 Billion approach to stock selection. Low P/E and high earnings growth Small Cap Value Equity potential, taking a bottom-up 1991 $133 Million approach to stock selection. Total Assets $15.1 Billion5
  6. 6. Investment Overview Legendary investor, Benjamin Graham said it best in summarizing his 50 years in the investment business. He said that the key to being successful in investing was to ignore everything else and focus on the following two key principles: 1. Invest with a discipline which helps you to avoid overpaying for your investments. The disciplines he recommended were price/earnings, price/book and dividend yield. 2. Be a long-term investor. (i.e. 5 years)6
  7. 7. The Potential Offered by a Disciplined Value Approach Annual performance of the S&P 500 Top 20% Bottom Bottom Top 20% Top 20% Bottom Bottom Top 20% Years S&P 500 Years S&P 500 by P/E 20% by P/E 20% by P/BK by Yield by P/E 20% by P/E 20% by P/BK by Yield 1968 11.1 11.6 30.5 37.3 27.3 1990 -3.1 -13.9 -18.7 -25.2 -6.9 1969 -8.5 -12.6 -17.5 -20.5 -12.3 1991 30.5 32.5 47.6 55.2 31.0 1970 4.0 -5.6 7.8 4.3 18.5 1992 7.7 8.8 14.0 27.9 8.9 1971 14.3 20.5 19.0 19.9 9.0 1993 10.1 13.5 16.5 18.4 17.2 1972 18.9 20.8 14.8 14.3 15.2 1994 1.3 0.0 1.5 3.1 -0.3 1973 -14.7 -15.5 -17.7 -10.6 -14.6 1995 37.6 22.8 42.5 42.1 43.6 1974 -26.5 -30.9 -12.8 -12.1 -21.4 1996 23.0 18.6 18.7 16.4 17.7 1975 37.2 34.5 83.3 94.8 76.5 1997 33.4 18.3 35.2 25.4 32.8 1976 23.9 18.9 50.3 57.3 36.5 1998 28.6 22.9 -2.3 11.5 20.8 1977 -7.2 -9.3 11.0 8.4 1.1 1999 21.0 26.8 3.4 5.9 -5.5 1978 6.6 6.7 13.1 7.5 1.0 2000 -9.2 -2.2 18.3 21.1 21.9 1979 18.4 26.5 26.3 30.5 9.7 2001 -11.9 -15.7 15.4 14.6 8.5 1980 32.4 40.4 26.4 18.5 17.9 2002 -22.1 -23.2 -8.6 -17.6 -10.9 1981 -4.9 -6.6 15.1 13.5 12.0 2003 28.6 41.7 37.5 56.9 28.1 1982 21.4 34.1 31.0 37.0 20.9 2004 10.9 20.2 22.5 23.8 18.6 1983 22.5 24.2 24.4 41.2 25.7 2005 4.9 5.1 15.1 12.5 1.7 1984 6.3 -6.7 34.3 1.0 16.4 2006 15.8 13.2 18.4 20.2 20.9 1985 32.2 23.8 28.4 19.1 30.4 2007 5.5 5.2 -3.3 -13.7 -5.1 1986 18.5 15.1 20.5 9.3 23.0 2008 -37.0 -48.6 -44.9 -48.0 -38.0 1987 5.2 7.7 -8.0 10.5 2.2 2009 26.5 40.0 51.9 62.5 15.2 1988 16.8 11.3 20.8 24.7 22.0 2010 15.1 22.4 15.8 21.5 15.5 1989 31.7 27.0 23.7 15.1 31.9 2011 2.1 0.3 -1.1 -8.5 12.6 44 Years S&P 500 Top 20% by P/E Bottom 20% by P/E Bottom 20% by P/B Top 20% by Yield 1968-2011 9.4 8.1 14.1 14.1 11.9 % CAGR Returns noted are for illustrative purposes only and do not represent the performance of an account, fund or composite. Source: CCM Research 31/12/11. The performance data quoted represents past performance, which is no guarantee of future results. The Standard & Poors 500 Stock Index (the S&P 500) is a commonly used measure of the broad U.S. stock market. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund or separately managed account. It is not possible to invest directly in an index. The Top and Bottom 20% by P/E , P/B, and Yield represents holdings within the S&P 500 Index.7
  8. 8. The Potential Offered by a Disciplined Value Approach Rolling 5-Year Performance S&P 500 Bottom S&P 500 Top S&P 500 Bottom S&P 500 Top Period Period 20% by P/E 20% by Yield 20% by P/E 20% by Yield 1968-1972 9.7% 10.7% 1987-1991 10.5% 14.9% 1969-1973 0.0% 2.2% 1988-1992 15.4% 16.4% 1970-1974 1.1% 0.0% 1989-1993 14.5% 15.5% 1971-1975 12.4% 8.3% 1990-1994 10.1% 9.2% 1991-1995 23.2% 19.1% 1972-1976 17.8% 13.3% 1992-1996 17.9% 16.5% 1973-1977 17.0% 10.3% 1993-1997 22.0% 21.3% 1974-1978 24.7% 14.1% 1994-1998 17.8% 22.0% 1975-1979 34.3% 22.0% 1995-1999 18.2% 20.7% 1976-1980 24.7% 12.5% 1996-2000 13.9% 16.8% 1977-1981 18.2% 8.2% 1997-2001 13.3% 14.9% 1978-1982 22.2% 12.1% 1998-2002 4.7% 6.1% 1979-1983 24.5% 17.1% 1999-2003 12.1% 7.4% 1980-1984 26.1% 18.5% 2000-2004 16.0% 12.4% 2001-2005 15.4% 8.4% 1981-1985 26.5% 20.9% 2002-2006 16.0% 10.7% 1982-1986 27.6% 23.2% 2003-2007 17.3% 12.1% 1983-1987 18.9% 19.1% 2004-2008 -2.3% -3.0% 1984-1988 18.2% 18.4% 2005-2009 2.0% -3.6% 1985-1989 16.3% 21.4% 2006-2010 2.1% -1.1% 1986-1990 6.1% 13.5% 2007-2011 -1.5% -2.5% Past performance is no guarantee of future results. The Standard & Poors 500 Stock Index (the S&P 500) is a commonly used measure of the broad U.S. stock market. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index. Source: CCM Research 31/12/11.8
  9. 9. 10-Year U.S. Treasury Yield Yield % 18 Top 20% of Top 20% of Rising Rate Falling Rate 5-Year Periods S&P 500 by Yield 5-Year Periods S&P 500 by Yield Environment Environment 16 Annualized Returns Annualized Returns (1967-1981) (1981-2003) 16% 14 1971-1975 8.3% 1981-1985 21.0% 1972-1976 13.3% 1982-1986 23.2% 12 1973-1977 10.3% 1983-1987 19.1% 10 1974-1978 14.1% 1984-1988 18.4% 8 1975-1979 22.0% 1985-1989 21.4% 1976-1980 12.5% 1986-1990 13.5% 6 1977-1981 8.2% 1987-1991 14.9% 4 Average Return 12.65% Average Return 18.78% 4% 4% Average Return for Average Return 2 6.99% 16.51% S&P 500 for S&P 500 0 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 The performance data quoted represents past performance, which is no guarantee of future results. Source: CCM Research.9
  10. 10. S&P 500 Stock Prices and Recessions 5-Year Annualized Returns Starting One Year Price (S&P 500) Before The Recession Began (5-Year Periods / High Dividend Yield Discipline) 1,550 1,550 5 Year Return Annualised 1,000 1,000 Recession (Year before Return (For 5YR Period recession started) periods) 500 500 1969-1970 1968-1972 8.68 % 1973-1974 1972-1976 16.52 % 1981-1983 1980-1984 20.28 % 1991 1990-1994 10.48 % 2001 2000-2004 12.68 % 1969-70 73-74 81-83 91 2001 2008 Year Blue lines denote recessionary periods The performance data quoted represents past performance, which is no guarantee of future results. Source: S&P 500 / CCM 31/12/11.10
  11. 11. INVESTMENT PROCESS & PORTFOLIO11
  12. 12. 3 Key Points  Low P/E  High Absolute Dividend Yield  Strong Dividend Growth12
  13. 13. North American High Dividend Value Equity Fund Investment Process Screening Fundamental / Qualitative / Portfolio Investable Sell Discipline Credit Construction Universe Research  Begin with largest 2,000 publicly  Seek low debt to equity and high  Approximately 25-35 holdings  Price objectives reached traded equities returns on investable capital  Diversification across 15-20  Earnings/Dividend growth not  Dividend yield of 3% or greater  Search for catalyst that can industries realized drive earnings, including:  Screen for stocks in bottom  No more than 5% in any one stock  Deteriorating fundamentals quintile according to P/E and  New markets at cost  Decline of 25% - investment P/B basis  New products  No more than 15% in any one thesis reassured  Typical market capitalization industry at cost  Strong managements with clear  Cuts in dividend policy >$5 B vision and commitment to  No more than 30% in any one  Sector and Industry Inflection shareholder value sector at cost Points  Typically equally weighted positions  Top 10 holdings typically represent 35 – 40%  Up to 20% non-US exposure (ADR)13
  14. 14. Cullen North American High Dividend Value Equity Fundamental Research Attractive Valuations Dominant Company Characteristics • P/E bottom quintile • Leading Market Shares • P/B bottom quintile • Global Brands • Strong Operating & Free Cash Flow • Simple, Defensive Business Models • Low Debt/Cap, High ROE • Competitive Advantages • Net Cash Balances • Recurring Cash Flows Catalysts for Price & EPS Appreciation Superior Dividend Policies • New Markets • Minimum Yield of 3% • New Products • Strong DPS Growth • Restructuring • Adequate Pay-Out Ratios • Capital Management Initiatives • Management Committed to Policy • Market Share Gains • Pricing Power14
  15. 15. North American High Dividend Value Equity Fund Top Ten Holdings & Sector Weights: 31st May 2012 Top Ten Holdings Sector Weights Company Name Sector Portfolio (%) Cullen North American S&P 500 High Dividend Altria Consumer Staples 3.5 Consumer Disc 1.6 11.3 Merck & Co. Healthcare 3.5 17.7 Consumer Staples 11.4 AT&T Telecommunications 3.5 9.4 Energy Raytheon Industrials 3.3 10.6 10.1 Financials/REIT Eli Lilly & Co. Healthcare 3.1 14.3 14.7 Healthcare Kimberly-Clark Consumer Staples 3.0 11.8 9.8 Industrials 10.5 Vodafone Telecommunications 3.0 Info Technology 6.0 19.9 Intel Information Technology 3.0 1.4 Materials 3.4 Microsoft Information Technology 3.0 11.8 Telecommunications ConocoPhillips Energy 2.9 3.2 Utilities 4.8 Total Percentage 31.8 3.7 12.7 Cash Number of Holdings 35 0 0 5 10 15 20 25 The Portfolio is actively managed and current holdings and characteristics may be different. The holdings listed should not be considered recommendations to buy or Source: CCM Research, As of 31/5/12 sell any particular security listed.15
  16. 16. North American High Dividend Value Equity Fund Portfolio Characteristics As of 31st March, 2012 Portfolio S&P 500 Index P/E Ratio (2011) 12.6 13.4 Price / Book Ratio 2.3 2.3 Dividend Yield 4.0 2.0 Projected Long Term EPS Growth 7.1 7.7 Average Market Cap ($ Billion) $101.6 $111.3 Median Market Cap ($ Billion) $67.2 $12.3 Source: Bloomberg/FactSet/CCM16
  17. 17. North American High Dividend Value Equity Strategy Strategy Composite Performance Cumulative Returns (%) – US$ Inception As of May 31st, 2012 1 month 3 months YTD 1 yr 3 yrs 5 yrs 10 yrs 1/1/94 Strategy (Net) -4.2% -1.5% 0.6% 3.3% 46.0% -2.5% 67.5% 367.9% S&P 500 TR USD -6.0% -3.5% 5.2% -0.4% 51.8% -4.5% 50.0% 299.6% Cullen NAHDVE – “A” Shares USD Strategy Composite Calendar Year Returns (%) ‘11 ‘10 ’09 ‘08 ‘07 ‘06 ‘05 ’04 ‘03 ‘02 ‘01 ‘00 ‘99 ‘98 ’97 ‘96 ‘95 ‘94 Strategy (Net) 11.6 10.4 12.4 -29.4 5.6 21.9 4.9 13.2 27.0 -5.6 2.0 16.7 - 6.3 8.8 29.6 19.6 32.5 4.2 S&P 500 TR USD 2.1 15.1 26.5 -37.0 5.5 15.8 4.9 10.9 28.7 -22.1 -11.9 -9.1 21.0 28.6 33.4 23.0 37.6 1.3 UCITS Strategy Composite Disclosure: Total return presented in US Dollars, NAV to NAV. Performance returns from 1st January 1994 through to 31st August 2003 are based on the Schafer Cullen Capital Management High Dividend Transaction Based Composite for Separately Managed Accounts. Net of Fee performance has been calculated by applying 1/12th of 1%, which is the Capped Total Expense Ratio of this Fund’s institutional share classes per annum, to gross monthly returns. Performance returns from 1st September 2003 onwards are based on the Retail Share Class (CHDEX) of the Cullen High Dividend Equity Fund, a U.S. Mutual Fund which is a series of the Cullen Funds Trust, a U.S. SEC registered investment company. Therefore, Net of Fees performance for each month reported above is based on a minimum Total Expense Ratio of 1% per annum. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Source: Cullen Capital Management and Lipper, a Thomson Reuters Company to 31/5/2012 *Lipper Global Sector: Equity North America Registered for sale in the United Kingdom The Standard & Poors 500 Index is the commonly used measure of the broad U.S. stock market17
  18. 18. 10 year Strategy Risk/Return Performance is for the underlying  strategy and not the fund.  Please refer to  performance disclosure included with this  presentation. Source: Lipper, a Thomson Reuters  company. Total return in US Dollars.  31/5/2002 to 31/5/2012 and  CCM  Research 31/5/2012 Annualised Standard Deviation (%) – US$ As of May 31st, 2012 YTD 1 yr 3 yrs 5 yrs 10 yrs Strategy 8.7% 10.7% 11.6% 15.7% 13.1% S&P 500 TR USD 15.5% 15.4% 16.0% 19.1% 16.0% UCITS Strategy Composite Source: Lipper, May 201218
  19. 19. SUMMARY19
  20. 20. Summary Economic Outlook: Mixed  The macro-economic outlook remains mixed, the US economy is showing positive signs, but overshadowed by the European debt crisis: deleveraging takes time  Consensus earnings expectations for the market in 2012 are still too optimistic in our view Dividend Outlook: Positive  The amount of cash held on US companies balance sheets are at an all time high and dividend payout ratios at an all time low: pointing to scope for further significant dividend increases  Sea change of attitude by US corporate management to paying dividends: realization that paying a growing dividend can lead to share price appreciation  Dividends will once again become an important part of the total return from equities Lower Risk: Invest with a long-term mindset  The key to the strategy for long-term investors is its risk-adjusted performance  Historical volatility of the strategy has been less than 4/5ths of the index but still outperformed the S&P 500 over the long-term  Morningstar Analyst View: “We think the fund is likely to outperform in sideways and down markets, and lag in strong rallies”20
  21. 21. Cullen North American High Dividend Value Equity Fund Fund Details – As of 31st May 2012 Launch Date October 2010 Administrator RBC Dexia Investor Services Ireland Fund Size $226m Custodian RBC Dexia Investor Services Bank S.A Structure Irish OEIC – UCITS Status Dealing Line +353 1 440 6555 Minimum Institutional Shares: $1m Countries RFS UK - reporting status Investments Retail Shares: $1,000 and Tax Status Singapore (Restricted), Switzerland Base currency US Dollar TER Capped at 0.25% above Management Fee Distributions Quarterly Liquidity Daily Share Class Currency Type Management Fee ISIN Code A USD Accumulation Institutional 0.75% IE00B4Y3VK99 B USD Distribution Institutional 0.75% IE00B4YB8D55 E GBP (Hedged) Accumulation Institutional 0.75% IE00B4YC4G39 F GBP (Hedged) Distribution Institutional 0.75% IE00B4VFKM36 I EUR (Hedged) Accumulation Institutional 0.75% IE00B4XN3T34 J EUR (Hedged) Distribution Institutional 0.75% IE00B45KP075 Retail Share classes also available with the same range of currency classes as above: Management fee of 1.5% Distribution History Inception of Share Class 30/06/2011 30/09/2011 31/12/2011 31/03/2012 Total Historic Yield* Class B 25/02/2011 $0.09654 $0.03886 $0.13943 $0.09000 $0.36482 3.46% Class F 21/12/2010 $0.14927 $0.06594 $0.32486 $0.14130 $0.68138 4.11% *The Historic Yield reflects the total of the past 4 quarterly dividend distributions per share class as a percentage of its bid price, as of the effective date of this presentation. Withholding Tax on dividends received by the fund is paid by the fund prior to the dividend distributions being made.21

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