The fund underperformed the indices in October, as several of the insurance sector low-spread FixedResets held gave up their relative out-performance over the prior two months. When I wrote eMail To A Client towards the …
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MAPF Performance: September, 2015
The fund underperformed the indices in September, weighed down by its heavy weighting in FixedResets, particularly those with a low Issue Reset Spread. The poor performance of the preferred share market is getting to be …
MAPF Performance: August, 2015
The fund underperformed the indices in August, weighed down by its heavy weighting in FixedResets, particularly those with a low Issue Reset Spread which performed poorly. The poor performance of the preferred share market is …
MAPF Performance: July 2015
The fund underperformed the TXPR index in July (results for the BMO-CM “50” index are not yet available), weighed down by its heavy weighting in FixedResets, particularly those with a low Issue Reset Spread. ZPR, …
MAPF Performance: June, 2015
The fund underperformed the BMO-CM “50” in June. ZPR, is an ETF comprised of FixedResets and Floating Rate issues and a very high proportion of junk issues, returned -3.77%, -4.37% and -12.61% over the past …
MAPF Performance: May 2015
The fund slightly outperformed the TXPR index in May (the BMO-CM “50” index returns are not yet available), a month marked by a good upswing in the first half and steady losses in the second …
MAPF Performance: April 2015
The fund strongly broke even with the index in April, a month marked by a January-style crash in the first half and an impressive rally in the second half. ZPR, is an ETF comprised of …
MAPF Performance: March, 2015
The fund strongly outperformed in March, powered by gains in low-spread FixedReset issues (primarily GWO.PR.N, TRP.PR.F and IFC.PR.A) and hurt by holdings PVS.PR.D (SplitShare), GWO.PR.I (DeemedRetractible) and ENB.PR.T (FixedReset with suspect credit). ZPR, is an …
MAPF Performance: February 2015
The fund slightly outperformed in February, hurt by holdings in lower quality FixedResets and the surprisingly poorly performing IFC.PR.A, but buoyed by holdings in higher quality FixedResets and DeemedRetractibles. ZPR, is an ETF comprised of …
MAPF Performance: January 2015
The fund underperformed in January, hurt by its holdings in low-spread FixedResets. ZPR, is an ETF comprised of FixedResets and Floating Rate issues and a very high proportion of junk issues, returned +%, +% and …