FTN-PA.TO
Financial ServicesFinancial 15 Split Corp · Asset Management · $620M
What is Financial 15 Split Corp?
Financial 15 Split Corp is a Canadian closed-end equity fund managed by Quadravest Capital Management Inc. It focuses on publicly traded financial-sector companies in Canada and the United States.
The fund pools investor capital and deploys it into a concentrated portfolio of financials-sector equities across North American public markets. Quadravest Capital Management selects and manages the underlying holdings. The split-share structure creates two classes of securities — preferred shares and capital shares — each designed to appeal to different investor income and growth objectives.
The fund was formed in 2003 and is headquartered in Toronto, Canada.
- Concentrated financials-sector equity exposure
- Preferred share class targeting regular income
- Capital share class for growth-oriented investors
- Managed by Quadravest Capital Management Inc.
Is FTN-PA.TO a Good Stock to Buy?
UQS Score rates FTN-PA.TO as Below Average overall.
The fund's strongest pillar is Quality, which registers as Good — reflecting the relatively stable nature of its underlying financial holdings. Valuation is rated Attractive, suggesting the preferred shares may be priced reasonably relative to what the fund offers.
Moat, Growth, and Risk all come in as Weak, which is a meaningful drag on the composite score. As a closed-end fund with a narrow mandate, durable competitive advantages and growth prospects are structurally limited.
See the full pillar breakdown and underlying financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does FTN-PA.TO pay dividends?
Yes — Financial 15 Split Corp pays a dividend.
FTN-PA.TO pays a regular dividend, consistent with the preferred share structure of a split-share fund. The income distribution is a core feature of the preferred share class, designed to provide holders with predictable cash flow. Investors drawn to this fund typically prioritize income over capital appreciation.
When does FTN-PA.TO report earnings?
Financial 15 Split Corp reports on a quarterly cadence, typical for Canadian-listed closed-end funds.
As a managed fund, periodic results reflect the performance of its underlying financials-sector holdings rather than operating revenues. Distributions and net asset value trends are the primary metrics investors monitor.
For the most recent quarterly results and NAV updates, visit Financial 15 Split Corp's investor relations page directly.
FTN-PA.TO Price History
+50.2% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Financial 15 Split Corp?
Based on Financial 15 Split Corp's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
FTN-PA.TO Long-term Outlook
The fund's Growth and Risk pillars are both rated Weak, pointing to a limited upside trajectory and meaningful sensitivity to broader financial-sector conditions. The Attractive Valuation label offers some cushion, but structural constraints of the split-share format cap the fund's ability to compound over time. Investors should weigh the income appeal of the preferred share class against the elevated risk profile.
Growth drivers
- Dividend income from underlying North American financial-sector holdings
- Potential NAV appreciation if financials-sector equities rally broadly
Key risks
- Concentrated exposure to the financials sector amplifies sector-specific downturns
- Weak Moat rating reflects limited structural protection against NAV erosion
- Leverage inherent in the split-share structure can magnify losses for capital shareholders
FTN-PA.TO vs Peers
FTN-PA.TO operates in a niche alongside other income-oriented closed-end and specialty finance vehicles.
Gladstone Investment focuses on buyout and debt investments in lower-middle-market US companies, offering a different risk-return profile than a pure financials-sector equity fund.
Eagle Point Income specializes in CLO debt tranches, giving it a credit-focused mandate distinct from FTN-PA.TO's equity-driven financials exposure.
Affiliated Managers Group is a diversified asset management firm with stakes in multiple boutique managers, offering broader business-model diversification than a single-mandate split-share fund.
Frequently Asked Questions
What does Financial 15 Split Corp do?
Financial 15 Split Corp is a Canadian closed-end fund that invests in publicly traded financial-sector equities across Canada and the United States. It uses a split-share structure to offer two distinct security classes — preferred shares focused on income and capital shares oriented toward growth — managed by Quadravest Capital Management Inc.
Does FTN-PA.TO pay dividends?
Yes. FTN-PA.TO pays a regular dividend as part of the preferred share structure. Income distribution is a defining feature of this share class, making it relevant for investors who prioritize steady cash flow over capital gains.
When does FTN-PA.TO report earnings?
Financial 15 Split Corp follows a quarterly reporting cadence. Because it is a managed fund, results center on net asset value and distribution updates rather than traditional operating earnings. Check the fund's investor relations page for the latest reporting schedule.
Is FTN-PA.TO a good stock to buy?
UQS Score rates FTN-PA.TO as Below Average overall. While the Quality pillar is Good and Valuation is Attractive, three pillars — Moat, Growth, and Risk — are rated Weak. Whether it suits your portfolio depends on your income needs and risk tolerance. The full pillar breakdown is available to Pro members.
Is FTN-PA.TO overvalued?
The UQS Valuation pillar for FTN-PA.TO is rated Attractive, suggesting the preferred shares are not expensively priced relative to what the fund offers. However, valuation alone does not offset the Weak ratings in Growth and Risk. View the complete metrics with a UQS Pro account.
How does FTN-PA.TO compare to its competitors?
Compared to peers like Gladstone Investment, Eagle Point Income, and Affiliated Managers Group, FTN-PA.TO is more narrowly focused — concentrating solely on North American financials-sector equities through a split-share structure. This concentration can be a feature or a limitation depending on your sector outlook.
What is FTN-PA.TO's market cap bracket?
FTN-PA.TO falls in the small-cap bracket. This reflects the fund's relatively modest total assets under management compared to large diversified asset managers or major closed-end funds listed in North America.
Who founded Financial 15 Split Corp?
Financial 15 Split Corp was formed in 2003 and is sponsored and managed by Quadravest Capital Management Inc., a Toronto-based investment manager specializing in split-share fund structures. Founding details about individual principals are publicly available through Quadravest's corporate disclosures.
Is FTN-PA.TO a long-term quality indicator?
From a long-term quality standpoint, FTN-PA.TO's UQS profile is mixed. The Good Quality pillar provides some foundation, but Weak Growth and Weak Moat ratings suggest limited compounding potential over time. Investors seeking long-term quality may want to review the full analysis available to Pro members.
What sector does FTN-PA.TO belong to?
FTN-PA.TO operates within the Financial Services sector. Its portfolio is concentrated exclusively in financials-sector equities across Canadian and US public markets, making it highly sensitive to conditions in banking, insurance, and related industries.
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Pro Analysis
FTN-PA.TO — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 14, 2026 | 40.9 | 75.2 | 17.0 | 0.0 | 33.0 | 86.0 | 0.0 |
| May 12, 2026 | 40.9 | 75.2 | 17.0 | 0.0 | 33.0 | 85.7 | -7.3 |
| Apr 26, 2026 | 48.2 | 75.2 | 17.0 | 36.9 | 33.0 | 85.7 | 0.0 |
| Apr 25, 2026 | 48.2 | 75.2 | 17.0 | 36.9 | 33.0 | 85.3 | 0.0 |
| Apr 23, 2026 | 48.2 | 75.2 | 17.0 | 36.9 | 33.0 | 85.7 | +6.0 |
| Apr 22, 2026 | 42.2 | 75.2 | 17.0 | 6.7 | 33.0 | 85.7 | -0.3 |
| Apr 19, 2026 | 42.5 | 75.2 | 17.0 | 8.3 | 33.0 | 85.7 | -0.1 |
| Apr 18, 2026 | 42.6 | 75.2 | 17.0 | 8.3 | 33.0 | 86.0 | +0.8 |
| Apr 12, 2026 | 41.8 | 75.2 | 17.0 | 8.3 | 33.0 | 80.9 | — |
FTN-PA.TO — Pillar Breakdown
Quality
— 75.2/100 (25%)Financial 15 Split Corp demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 0.0/100 (20%)Financial 15 Split Corp faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 33.0/100 (15%)Financial 15 Split Corp presents elevated risk with concerns around leverage or financial stability.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 86.0/100 (15%)Financial 15 Split Corp appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 17/100 (25%)Financial 15 Split Corp operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for FTN-PA.TO.
Score Composition
Financial Data
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How is the FTN-PA.TO UQS Score Calculated?
The UQS (Unified Quality Score) for Financial 15 Split Corp is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Financial 15 Split Corp's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Financial 15 Split Corp is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.