Well … what can I say here that I didn’t already say in my press release?
Not much! For more information about the fund, see the MAPF Main Page on my company site.
But it’s now available to accredited investors nationally, not just Ontario.
Category: MAPF
MAPF Returns: December 2006
The monthly return for Malachite Aggressive Preferred Fund has been calculated.
The unit price as of December 29, 2006, was $9.6213 after distribution of $0.121966 Capital Gains and $0.180846 Dividends.
Returns may therefore be calculated as:
| Periods Ending December 29, 2006 | Return (see Note) |
| Month | +0.94% |
| Quarter | +3.32% |
| Year | +6.89% |
| Two Years (Annualized) | +6.40% |
| Three Years (Annualized) | +8.69% |
| Four Years (Annualized) | +14.43% |
| Five Years (Annualized) | +11.65% |
| MAPF returns are shown after expenses, but before fees. | |
Note that past performance should not be taken as a guarantee of future performance. You can lose money investing in MAPF or any other investment.
“But what about risk?” you ask, and I’m glad you asked that question. The following data is based on the Value Date portfolio.
All issues held in the portfolio are rated Pfd-2(low) or better by DBRS. 45% are rated Pfd-1(low) or better, 53% are rated either Pfd-2(low) or Pfd-2, 2% of the portfolio is cash.
The composition of the portfolio in terms of the HIMI Preferred Indices is:
| Index | MAPF Composition |
| Ratchet | 0% |
| Fixed-Floater | 0% |
| Floating Rate | 0% |
| OpRet | 0% |
| SplitShare | 42% |
| InterestBearing | 0% |
| PerpetualPremium | 54% |
| PerpetualDiscount | 2% |
| Cash | 2% |
The nice thing about the returns is that they have been virtually entirely dividends and capital gains, resulting in a generally lower tax rate than for interest for most taxable investors.
The fund is now available to investors across Canada, provided they meet the definition of “accredited investors”. This is a new development, requiring a trivial amount of extra disclosure on my part (basically, I have to give you the right to back out of the purchase agreement within a week of subscription AND tell you that you have that right) and I’m very pleased. I’ll be issuing a press release in early January announcing this availability.
For more information and documents regarding the fund, see the HIMI website
MAPF Returns : November, 2006
The monthly return for Malachite Aggressive Preferred Fund has been calculated.
The unit price as of November 30, 2006, was $9.8314
Returns may therefore be calculated as:
| Period Ending November 30, 2006 | Return (see Note) |
| Month | +1.74% |
| Quarter | +3.71% |
| Year | +6.61% |
| Two Years (Annualized) | +6.51% |
| Three Years (Annualized) | +9.22% |
| Four Years (Annualized) | +14.22% |
| Five Years (Annualized) | +10.87% |
| MAPF returns are shown after expenses, but before fees. | |
Note that past performance should not be taken as a guarantee of future performance. You can lose money investing in MAPF or any other investment.
“But what about risk?” you ask, and I’m glad you asked that question. All issues held in the portfolio are rated Pfd-2(low) or better by DBRS. 43% are rated Pfd-1(low) or better, the remainder are rated Pfd-2(low) or better.
The composition of the portfolio in terms of the HIMI Preferred Indices as of November 30, 2006 is:
| Index | MAPF Composition |
| Ratchet | 0% |
| Fixed-Floater | 0% |
| Floating Rate | 0% |
| OpRet | 25% |
| SplitShare | 23% |
| InterestBearing | 0% |
| PerpetualPremium | 34% |
| PerpetualDiscount | 20% |
| Cash | -2% |
The nice thing about the returns is that they have been virtually entirely dividends and capital gains, resulting in a generally lower tax rate than for interest for most taxable investors.
The fund is available only to accredited investors in Ontario. If you are a Canadian accredited investor not in Ontario with a substantial amount of money to invest, contact me and we can discuss the possibility of Hymas Investment Management Inc. (HIMI) applying for registration in your province or territory.
For more information and documents regarding the fund, see the HIMI website
MAPF Returns : October 31, 2006
The monthly return for Malachite Aggressive Preferred Fund has been calculated – it was calculated some time ago, actually, and I’m just getting around to updating the websites!
The unit price as of October 31, 2006, was $9.6628
Returns may therefore be calculated as:
| Period Ending October 31, 2006 | Return (see Note) |
| Month | +0.48% |
| Year | +6.32% |
| Two Years (Annualized) | +6.38% |
| Three Years (Annualized) | +9.31% |
| Four Years (Annualized) | +13.36% |
| Five Years (Annualized) | +10.30% |
| MAPF returns are shown after expenses, but before fees. | |
Note that past performance should not be taken as a guarantee of future performance. You can lose money investing in MAPF or any other investment.
The nice thing about these returns is that they have been virtually entirely dividends and capital gains, resulting in a generally lower tax rate than for interest for most taxable investors.
The fund is available only to accredited investors in Ontario. If you are a Canadian accredited investor not in Ontario with a substantial amount of money to invest, contact me and we can discuss the possibility of Hymas Investment Management Inc. (HIMI) applying for registration in your province or territory.
For more information and documents regarding the fund, see the HIMI website
I have resumed transmission of information regarding the fund to Globefund. I confess to some amusement at the fact that MAPF – 100% invested in TSX listed preferred shares and the occasional preferred security – is categorized as “Canadian Equity” and gets THREE STARS anyway, despite the very favourable conditions for actual equity funds over the past few years.
MAPF Results : September, 2006
The monthly return for Malachite Aggressive Preferred Fund has now been calculated. The unit price is $9.6162 after a third-quarter distribution of $0.050227.
Returns may therefore be calculated as:
| Period Ending September 29, 2006 | Return (see Note) |
| Month | +1.45% |
| Quarter | +3.51% |
| Year | +5.96% |
| Two Years (Annualized) | +6.52% |
| Three Years (Annualized) | +9.44% |
| Four Years (Annualized) | +14.67% |
| Five Years (Annualized) | +10.47% |
| MAPF returns are shown after expenses, but before fees. | |
Note that past performance should not be taken as a guarantee of future performance. You can lose money investing in MAPF or any other investment.
The nice thing about these returns is that they have been virtually entirely dividends and capital gains, resulting in a generally lower tax rate than for interest for most taxable investors.
MAPF Returns : August 2006
I have been remiss! I haven’t yet bragged about the results of Malachite Aggressive Preferred Fund in August.
The fund returned 1.79% in August, after expenses but before fees. In comparison, the BMO-NB 50 returned 0.86% (I use a third party benchmark rather than my own indices, both because my indices are currently still experimental and because I think casual readers may consider external benchmarks more appropriate for my own product).
This makes the 12-month comparison (MAPF after expenses but before fees) to MAPF: +5.92%; Index: +3.64%. There’s lots more information available at the main site. Past performance is not indicative of future results and you can lose money investing in MAPF or any other investment.
Contributers to the success of the fund in August were:
- BAM.PR.J (a long term holding that is still undervalued, according to me) returned 1.955%
- RY.PR.B, bought near its July lows, returned 1.6633%
- PWF.PR.L, bought partially at the issue price (bargain!) and partially on the first day of trading (bargain! just not so good) ended the month up about 2% from the all-in purchase cost
MAPF, Results for July, 2006
At July 31, 2006, MAPF had a unit value of $9.3608, a return of 0.24% (after expenses, before fees) on the month, vs the BMO-NB50 return of 0.35%
The last three months have been flat against the index – there are, I think, two major sources of this reduction in excess returns:
- Reduced volatility : the market’s not doing anything! It’s volatility that allows for trading with significant profit.
- BAM.PR.J The fund has a large holding in BAM.PR.J, which returned -0.51% on the month and is -2.52% YTD (total return). I just don’t understand it – for some insight into just why I don’t understand it, see Operating-Retractible Yield Curve, 2006-07-26. Surely at some point the issue will come more in line with its peers … but I’ve been saying that for a while now …