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The adjustment on principal may be happening, and at first glance you would think the unit price should respond (rise with inflation). However this holds very long term bonds, and the prices of those are volatile and can change dramatically. So even if principal is rising, the volatility of the bond prices is working against it.

As @Flugzeug says, the coupon payments should be increasing during high inflation. So I think the main benefit of XRB is supposed to be rising semi-annual cash distributions. But this hasn't happened yet either. Here are the recent cash distributions, rounded to make it easier to see

2019 June, 0.23
2019 Dec, 0.24
2020 June, 0.22
2020 Dec, 0.19
2021 June, 0.18
2021 Dec, 0.18

High inflation readings only started at the end of last year. Maybe this means that distributions will increase this year/next year.

I'm still not sure this will work as intended. I don't understand why these distributions have decreased over the last 3 years.

Maybe in 1-2 years, we can see if the distributions are rising with inflation? It's really not clear to me.
 
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