Premium Income Corporation

What Premium Income Corporation does

Premium Income Corporation is a Canadian split-share fund listed on the Toronto Stock Exchange under the tickers PIC.A (Class A) and PIC.PR.A (Preferred), established in 1993 and managed by Mulvihill Capital Management Inc. The fund invests primarily in a concentrated portfolio of major Canadian bank stocks and employs an option-based, covered-call enhanced-yield strategy to generate income for unit holders while managing downside risk. As of April 30, 2026, net assets attributable to Class A shareholders totaled $229.4 million ($12.39 per Class A share), with $81.3 million in operating profit generated over the prior six months and a $3.91 per-share NAV increase, alongside cash distributions of $0.64 per Preferred share and $0.52 per Class A share during the period.

The fund serves income-focused Canadian investors and Canadian bank-sector investors seeking tax-efficient yield enhancement through a professionally managed, exchange-listed vehicle with two share classes offering differing distribution and risk profiles. Distribution is conducted through the TSX, investment advisors, brokerage platforms, and self-directed accounts across Canada, with marketing support from Mulvihill's website and monthly email newsletter. Revenue mechanics are management-fee-based against AUM, anchored by a 30-year Mulvihill enhanced-yield track record and an investment team with more than 250 years of combined experience.

Name

Premium Income Corporation

Legal name

Premium Income Corporation

Website

https://mulvihill.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

Premium Income Corporation is a Canadian split-share fund listed on the TSX under PIC.A and PIC.PR.A that invests in major Canadian bank stocks using covered-call enhanced-yield strategies. It is managed by Mulvihill Capital Management and serves income-focused Canadian retail and advised investors seeking tax-efficient yield.

Ownership category

akta.pro rank

Product category

Split Share Fund

NAICS

Other Financial Vehicles (525990), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Convertible & Hybrid Credit (Converts/Preferreds/CoCos) (FSAHAGAG)

Keywords

• Split share fund
• Covered call strategies
• Enhanced yield investing
• Canadian bank stocks
• Income fund management

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Portfolio Returns: The fund generates returns from a concentrated portfolio of Canadian bank stocks, using option-based strategies to enhance yield while managing risk. Operating profit of $81.3 million was generated during the six-month period ended April 30, 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Premium Income Corporation is a split-share fund that invests primarily in a concentrated portfolio of major Canadian bank stocks and applies option-based covered call strategies to enhance yield. The fund offers two share classes — Class A shares (PIC.A) and Preferred shares (PIC.PR.A) — paying regular cash distributions ($0.52 per Class A share and $0.64 per Preferred share during the six-month period ended April 30, 2026). It is professionally managed by Mulvihill Capital Management Inc., an employee-owned independent asset manager based in Toronto.

Product overview

Premium Income Corporation (PIC) is a split share fund managed by Mulvihill Capital Management Inc. The fund offers two share classes: Class A shares and Preferred shares. As of April 30, 2026, net assets totaled $229.4 million ($12.39 per Class A share). The fund invests in a portfolio of Canadian bank stocks and uses option-based strategies to generate enhanced yield. Cash distributions of $0.64 per Preferred share and $0.52 per Class A share were paid during the period.

Differentiator

Problem solved

Functional benefit

Products and services

• Premium Income Corporation (PIC) Class A Shares

Quantifiable outcome

• $81.3 million operating profit generated in six months from portfolio of Canadian bank stocks

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves4 records

Expansion highlights2 records

Direct peers

• Purpose Canadian Financial Income ETF: Canadian-listed ETF that invests in Canadian financial-services companies and writes covered calls to enhance yield. Direct peer on both the sector focus (Canadian financials/banks) and the option-overlay income strategy.
• Brompton Lifeco Split Corp: Canadian split-share fund with Preferred and Class A tranches focused specifically on the Canadian financial sector, including Lifeco and other bank/insurance issuers. Highly comparable in split-share vehicle structure and Canadian financials exposure.
• BMO Covered Call Canadian Banks ETF (ZWK): Direct competitor applying a covered call strategy specifically to the Canadian banks sector in an ETF wrapper. Highly comparable on investment universe (Canadian banks) and income-generation technique, with potential cost/structure advantages over a split-share structure.
• Horizons Canadian Financials Covered Call ETF: Covered-call ETF on a broad Canadian financials basket. Directly comparable on the Canadian financials/banks exposure and covered call yield-enhancement strategy, but structured as a conventional ETF rather than a split-share fund.
• Mulvihill Premium Yield Fund (MPY): Sister Mulvihill product applying a premium-yield option strategy to a broader Canadian equity universe, distributed as both ETF and mutual fund. Comparable in manager, covered call income approach, and Canadian distribution footprint, though broader than PIC's pure bank-stock focus.
• Dividend 15 Split Corp: Canadian split-share fund investing in a portfolio of 15 dividend-paying Canadian stocks with a covered call overlay and Preferred/Class A share structure. Comparable in vehicle structure (split-share) and covered call income strategy, though broader in sector focus.
• Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF: Canadian-listed ETF applying an option-overlay to a portfolio of investment-grade preferred shares. Comparable as a preferred-share-focused covered-call income vehicle, aligning with PIC's Preferred share class investment thesis on the hybrid credit side.
• Mulvihill Canadian Bank Enhanced Yield ETF (CBNK): Sister product from the same manager (Mulvihill) applying an option-overlay enhanced-yield strategy to the same underlying basket of Canadian bank stocks, but in a lower-fee ETF wrapper. Most directly comparable peer because of identical investment thesis and management team.

Broad incumbents

• BMO Equal Weight Banks Index ETF (ZEB): Largest and most liquid Canadian banks ETF tracking the equal-weighted Canadian banks index. Comparable as the dominant passive vehicle in PIC's exact underlying universe, against which PIC's covered call overlay is sold to investors.
• iShares S&P/TSX Capped Financials Index ETF (XFN): Broad Canadian financials ETF from a global incumbent (BlackRock). Provides diversified passive exposure to the same Canadian financials sector where PIC is concentrated, and serves as a benchmark alternative for income-oriented investors.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Premium Income Corporation