August MFO Ratings & Flows Posted
August MFO Ratings & Flows Posted One of the stunning numbers in the Score Card is the FirstHand fund family. Its three funds have an average ER of -
1.
12.
The culprit is a CEF
Firsthand Technology Value Fund SVVC with an ER of -7.2
1.
I checked with Lipper and their folks say it's correct, referencing this
10K
filing.
To my knowledge, the fund appears to have lost nearly all its AUM since launching in 20
11.
Still can't quite get my head around this.
Here's an excerpt:
NOTE 4. INVESTMENT MANAGEMENT FEE
The Company has entered into an investment management agreement (the “Investment Management Agreement”) with FCM pursuant to which the Company will pay FCM a fee for providing investment management services consisting of two components—a base management fee and an incentive fee.
The base management fee will be calculated at an annual rate of 2.00% of our gross assets. For services rendered under the Investment Management Agreement, the base management fee will be payable quarterly in arrears. The base management fee will be calculated based on the average of (1) the value of our gross assets at the end of the current calendar quarter and (2) the value of the Company’s gross assets at the end of the preceding calendar quarter; and will be appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Base management fees for any partial month or quarter will be pro-rated.
The incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date), commencing on April 15, 2011, and equals 20% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees, provided that the incentive fee determined as of December 31, 2023, will be calculated for a period of shorter than twelve calendar months to take into account any realized gains computed net of all realized capital losses and unrealized capital depreciation from inception. For the year ended December 31, 2023, there were no Incentive fee adjustments. For the year ended December 31, 2022, there were no incentive fee adjustments. For the year ended December 31, 2021, there were no incentive fee adjustments.
Effective September 30, 2023, the Company has entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM agrees to (1) waive future accruals of the base management fee starting October 1, 2023, through December 31, 2024, with future recoupment to the extent permitted by the Investment Management Agreement, and (2) waive $2.5 million of base management fee that has been accrued but unpaid prior to but unpaid as of September 30, 2023. Any accrued base management fee waived under section (2) may be recouped by FCM within ten years.
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer I do not think I was thick skinned when I was unemployed a few years at a time or when I was employed for that matter. If I were thick skinned, perhaps, I would not have been as unemployed as I was. Once I decided I am not going to look for a job anymore, which effectively means once I retired, I was able to look back and see where I went wrong in not being able to optimize my effort or maximize the output to input ratio in my work life. It turns out, when it comes to life, I am a slow learner! I do have fond memories of people who went out of their way to be helpful with my career. I had tones of help outside my family - I wish I made the most of it and was not so thin skinned.
+
1.
I very much respect such candor. Thank you. My own career started late. I preferred school, for as long as it did not require actual work. I enjoyed what I was studying. The jobs I took lasted a few years each, with
12-
18 month interruptions. I suppose I was aiming for 20 years "in," but lasted
19. I got the Big Fish in the Small Pond angry at me. Then, I said, "forget this! Not again!"
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer Yep. I added more last week. I am probably down about 5% in the current foray into this stock - third time in four years. I started the first time during Covid at near $100. I will hate to give back any profits I already took on BA stock. Each time I buy, I think it is a forever holding but I end up selling for one reason or the other. This time I bought it in a taxable account.
P.s.: corporate wide layoffs are a nice event to get rid of a lot of fat (e.g., redundant management) in the system. Some managers also relish these events to get rid of employees who produce less but take up too much of team resources, including management time, but which employees are otherwise pain to get rid of because of various entrenched corporate idiosyncrasies (e.g., power hogging HR). In all my work, for sometime after each mass layoff, the productivity of my group increased. Some tech companies layoff 5% of their work force every year - does not mean they do not grow. I know it sucks to be unemployed but I can be objective about it because I was unemployed as many years as I was employed.
I wish I'd been as thick-skinned as you, about being unemployed. Only a prostate exam is worse.
Pimco Says Private Credit Is Overvalued as Complacency Spreads Wise man.
He was born in
1880. He lived through a number of ups and downs up to, and through, the demonetization of silver in the
1960's.
I only know about his thoughts because he wrote a little pamphlet for his children, and their off-spring. A book named
The Market Place, by Alexander Dana Noyes, taught me more about his era.
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer Yep. I added more last week. I am probably down about 5% in the current foray into this stock - third time in four years. I started the first time during Covid at near $100. I will hate to give back any profits I already took on BA stock. Each time I buy, I think it is a forever holding but I end up selling for one reason or the other. This time I bought it in a taxable account.
P.s.: corporate wide layoffs are a nice event to get rid of a lot of fat (e.g., redundant management) in the system. Some managers also relish these events to get rid of employees who produce less but take up too much of team resources, including management time, but which employees are otherwise pain to get rid of because of various entrenched corporate idiosyncrasies (e.g., power hogging HR). In all my work, for sometime after each mass layoff, the productivity of my group increased. Some tech companies layoff 5% of their work force every year - does not mean they do not grow. I know it sucks to be unemployed but I can be objective about it because I was unemployed as many years as I was employed.
Pimco Says Private Credit Is Overvalued as Complacency Spreads
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer At the moment that would be -10% planes produced.
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer They recently announced 10% layoffs across the board. So, there should be enough productivity gains.
Or they may simply be producing 10% fewer planes.
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer As a shareholder, I am fine with the wage increases. Co initial offer was 30%. They recently announced 10% layoffs across the board. So, there should be enough productivity gains. I am happy they will be back to work soon.
I just need the execs to get back to fixing the culture.
Side bar, There is a possibility, it is going to be M Bowman and not Powell’s world. In any case, Powell term ends in a year or so.
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer First the port workers, now Boeing: 1.35^0.25 = 1.078 or +7.8% wage growth annualized, not counting other goodies. Powell won't be happy.
August MFO Ratings & Flows Posted Just posted all ratings and flows to
MFO Premium site, using Refinitiv data drop from Friday,
18 October, reflecting risk and return metrics thru 3Q24 and fund flows thru
18 October, as applicable.
Social Security C.O.L.A. for 2025 at 2.5% increase/ADDED calculations For a boomer couple consistently earning high salaries over their careers, the SS annual benefit for next year, MC paid for = ~$120k.
A good system after all, and a (partial) triumph for socialist democracy.
⇒ All Things Boeing ... Machinist Union Accepts Latest Boeing Contract Offer
BONDS The week that was.... December 31, 2024..... Bond NAV's...Most positive. FINAL REPORT 2024
Thanks
@yogibearbull. I pulled that number from Yahoo because M* seems to be stuck on Thursday asset prices for OEF's, so I wasn't sure what else was wrong there. Looks like %5.38 is the TTM yield. M* shows 4.75% for the SEC rate, if M* can be believed.
Of main importance to me is that total return for the week and four week periods shows USFR ahead of MM's available to me. I had been rocking along with XONE, but bailed recently, as I describe elsewhere. If conditions change, it's easy enough to change with them.
