Highlights

  • North American Financial 15 Split Corp reported a net realized gain of CAD 27.0M in H1 2025, reversing last year’s loss.
  • The company’s operating cash flows surged to CAD 71.6mn, supporting stable shareholder distributions.
  • Net income declined to CAD 26.5mn due to unrealized fair-value movements, but cash flow remains stable.
  • The company’s January dividend maintained at CAD 0.11335 per Class A share, to be paid on February 10, 2026.

North American Financial 15 Split Corp. (TSX:FFN) is a mutual fund corporation that invests in a diversified portfolio of more than 15 financial services companies. The fund offers two types of shares: Preferred Shares and Class A Shares. Its primary goal for Preferred Shares is to provide investors with fixed, cumulative monthly dividends, set on an annual basis, while also ensuring that holders receive a predetermined price per share upon the fund’s termination.

Financial Performance

The fund reported a Net Realized Gain of CAD 27.0 million in H1 2025, compared with a loss of CAD10.2 million in H1 2024. This improvement was driven by stronger results from profitable portfolio transactions versus last year’s losses.

Interest for distribution purposes increased slightly to 1.3 million from 1.2 million, supported by higher cash balances and income earned on short‑term investments.

The company’s Net Income declined to CAD26.5 million from CAD 127.8 million a year earlier. The decrease mainly reflects unrealized fair‑value movements in financial holdings during a volatile period. These accounting adjustments do not affect cash generation, as seen in stable operating cash flows and ongoing distributions.

Operating cash flows rose significantly to CAD 71.6 million in H1 2025, up from CAD 30.7 million, showing favourable cash‑generating ability and continued support for shareholder distributions.

Recent Update

North American Financial 15 Split Corp. announced its routine monthly dividend for January, with payout levels remaining the same for both share classes. Holders of Class A shares (FFN) will receive a distribution of CAD 0.11335 per share, scheduled for payment on February 10, 2026, to shareholders registered as of January 30, 2026.

Company Outlook

FFN states that it is well‑positioned to benefit from easing interest rates in both Canada and the U.S., which generally support favourable bank lending, capital markets activity, and insurance sector earnings. Although short‑term volatility may continue due to broader macro and trade uncertainties, consistent dividends from core holdings, along with income from covered call strategies should help sustain distributions. A meaningful rebound in financial stocks would provide a notable boost to the Class A NAV over the medium term.

Top 10 Shareholders

The top 10 shareholders collectively own about ~71.9% of the company's total shares. Citi group Inc Goldman Sachs Group Inc. hold a maximum stake in the company at ~8.9% and ~8.6%, respectively.

Stock Information

 The stock has declined by around 0.95% over the past month, while posting a gain of approximately 13.86% over the last three months. It is currently trading above both its 52-week low of CAD 4.33 and its 52-week high of CAD 9.93.

 Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 26 January 2026. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.