{"id":1032,"date":"2007-08-01T19:29:00","date_gmt":"2007-08-01T23:29:00","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1032"},"modified":"2007-08-01T19:29:00","modified_gmt":"2007-08-01T23:29:00","slug":"mapf-portfolio-composition-july-31-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1032","title":{"rendered":"MAPF Portfolio Composition: July 31, 2007"},"content":{"rendered":"

Not a lot of change in the sectoral composition of the fund’s holdings since the June 29, 2007 analysis<\/a>. Were it not for the other tables, readers might be forgiven for wondering whether there have been any changes at all!<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
MAPF Sectoral Analysis 2007-7-31<\/td>\n<\/tr>\n
HIMI Indices Sector<\/td>\nWeighting<\/td>\nYTW<\/td>\nModDur<\/td>\n<\/tr>\n
Ratchet<\/td>\n0%<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
FixFloat<\/td>\n0%<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
Floater<\/td>\n0%<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
OpRet<\/td>\n0%<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
SplitShare<\/td>\n38%<\/td>\n4.64%<\/td>\n5.51<\/td>\n<\/tr>\n
Interest Rearing<\/td>\n0%<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
PerpetualPremium<\/td>\n26%<\/td>\n5.28%<\/td>\n4.30<\/td>\n<\/tr>\n
PerpetualDiscount<\/td>\n36%<\/td>\n5.31%<\/td>\n15.01<\/td>\n<\/tr>\n
Scraps<\/td>\n1%<\/td>\n4.39%<\/td>\n5.65<\/td>\n<\/tr>\n
Cash<\/td>\n-1%<\/td>\n0.00%<\/td>\n0.00<\/td>\n<\/tr>\n
Total<\/strong><\/td>\n100%<\/strong><\/td>\n5.10%<\/strong><\/td>\n8.69<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The\u00a0“total” reflects the un-leveraged total portfolio (i.e., cash is included in the portfolio calculations and is deemed to have a duration and yield of 0.00.), and readers\u00a0may make their own adjustments to reflect interest.\u00a0MAPF will often have relatively large cash balances, both\u00a0credit and debit,\u00a0to facilitate trading. Figures presented in the table have been rounded to the indicated precision.<\/p>\n

Credit distribution is:<\/p>\n

\n\n\n\n\n\n\n\n\n\n
MAPF Credit Analysis 2007-7-31<\/td>\n<\/tr>\n
DBRS Rating<\/td>\nWeighting<\/td>\n<\/tr>\n
Pfd-1<\/td>\n19.3%<\/td>\n<\/tr>\n
Pfd-1(low)<\/td>\n25.9%<\/td>\n<\/tr>\n
Pfd-2(high)<\/td>\n0%<\/td>\n<\/tr>\n
Pfd-2<\/td>\n38.4%<\/td>\n<\/tr>\n
Pfd-2(low)<\/td>\n17.5%<\/td>\n<\/tr>\n
Cash<\/td>\n-1.1%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

There has been a slight decline in credit quality, \u00a0but quality is still well within normal bounds. The variances in credit\u00a0be constant\u00a0as opportunistic trades are executed.<\/p>\n

Liquidity Distribution is:<\/p>\n

\n\n\n\n\n\n\n\n\n\n
MAPF Liquidity Analysis 2007-7-31<\/td>\n<\/tr>\n
Average Daily Trading<\/td>\nWeighting<\/td>\n<\/tr>\n
<$50,000<\/td>\n0.7%<\/td>\n<\/tr>\n
$50,000 – $100,000<\/td>\n30.1%<\/td>\n<\/tr>\n
$100,000 – $200,000<\/td>\n43.2%<\/td>\n<\/tr>\n
$200,000 – $300,000<\/td>\n19.4%<\/td>\n<\/tr>\n
>$300,000<\/td>\n7.7%<\/td>\n<\/tr>\n
Cash<\/td>\n-1.1%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Liquidity has declined somewhat from June’s elevated levels and are now comparable to that found in the analysis of the Claymore ETF April Portfolio<\/a>.<\/p>\n

MAPF is, of course, Malachite Aggressive Preferred Fund, a “unit trust” managed by Hymas Investment Management Inc. Further information and links to performance, audited financials and subscription information are available on the fund’s web page<\/a>. A “unit trust” is like a regular mutual fund, but is sold by offering memorandum rather than prospectus. This is cheaper, but means subscription is restricted to “accredited investors” (as defined by the Ontario Securities Commission) and those who subscribe for $150,000+. Fund past performances are not a guarantee of future performance. You can lose money investing in MAPF or any other fund.<\/p>\n

A discussion of July’s performance is available here<\/a>.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Not a lot of change in the sectoral composition of the fund’s holdings since the June 29, 2007 analysis. Were it not for the other tables, readers might be forgiven for wondering whether there have …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1032","post","type-post","status-publish","format-standard","hentry","category-mapf"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1032"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1032\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}