The beginning NAV is normally $75 to $80 after factoring in 10% issue costs (expenses related to creating, selling and operating the fund) and the average 10-15% premium paid for flow-through shares.
NAV is per initial $100 investment. The Terra 2007, 2008, 2009, 2010 & 2011 portfolios are invested in both the energy and mining sectors.
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Returns for the Terra FTLPs are calculated based on the NAV of the partnership on the date of rollover into a corporate class mutual fund, except for any Terra FTLP listed above that has not yet rolled over (status designated as "Closed") the return is calculated as at the valuation date indicated above. The after-tax returns on at-risk capital have been calculated based on an Ontario taxpayer who pays tax at the highest marginal tax rate.
For investors with unused capital losses, the after-tax returns will be higher.
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The 2005 and 2006 portfolio returns are hypothetical and show the returns of a combined and equal investment in each individual energy & mining flow-through partnership on the rollover date.
