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CrossingBridge and Cohanzick 3Q23 Commentary - No Fat Pitches
This quarterly report by @davidsherman is a Masterclass. In 12 pages I learnt how to bust myths around High Yield Energy, Midstream service providers, Private Credit (so important to bust this one), and understand what looks like a fat pitch and what isnt. Thank you for taking the time and showing respect to your investors.
Thank you @davidsherman. I've been a happy customer of RPHYX for quite a few years, and SPC since it's launch. I've been very impressed and kind of amazed with the steady trend line SPC has had over the past year. It's nice to see that both of these funds surpassed treasuries and CDs for 1 year return, though that may be a bit more difficult moving forward if CD's and T's are now in the upper 5% range going forward. But, still betting on you.
OK, this is about 11/1/10. I see at Yahoo Finance, Nov 01, 2010 9.98 9.98 9.98 9.98 6.93 But this didn't happen just on that day. It represents years of dividend/CG adjustment between 10/1/10 and now (about 13 years!). That is lot of backward-ratio-adjustments in adjusted-prices.
@yogibearbull ; Are you kidding me !!?? "That is lot of backward-ratio-adjustments in adjusted-prices. " I was under the impression adjusted prices took place on a day to day pricing. No looking back BS. Think I'll sell my equity holdings & buy T's.
@Derf, another way to calculate TR is to use adjusted-prices between the 2 times.
So, for simplicity, assuming that from 11/1/10 (adj-price 6.93) to 10/13/23 (adj-price 9.61) is almost 13 years, the TR = (9.61/6.93)^(1/13) = 1.02547 or +2.55%. So-so over 13 years.
Using SPY instead, adjusted-prices were 92.81 on 11/1/10 and 431.50 on 10/13/23, so TR = (431.50/92.81)^(1/13) = 1.1255 or 12.55%. Of course, this is to show the method, not to compare stock fund with HY bond fund.
Backward-ratio-adjustment applies to ALL prices prior to the dividend date. That is why it works.
Maybe, maybe not. There's detail behind this but, short version, management has apparently decided not to extend its recently reduced minimum investment requirement for RSIIX to Schwab account holders. That, after suggesting that it would.
Comments
Can anyone explain why the adj. close was 7.11 at this point in time ?
**Adjusted close price adjusted for splits and dividend and/or capital gain distributions.
Info from Yahoo Finance .
Nov 01, 2010 9.98 9.98 9.98 9.98 6.93
But this didn't happen just on that day. It represents years of dividend/CG adjustment between 10/1/10 and now (about 13 years!). That is lot of backward-ratio-adjustments in adjusted-prices.
Thanks YBB, Derf
So, for simplicity, assuming that from 11/1/10 (adj-price 6.93) to 10/13/23 (adj-price 9.61) is almost 13 years, the TR = (9.61/6.93)^(1/13) = 1.02547 or +2.55%. So-so over 13 years.
Using SPY instead, adjusted-prices were 92.81 on 11/1/10 and 431.50 on 10/13/23, so TR = (431.50/92.81)^(1/13) = 1.1255 or 12.55%. Of course, this is to show the method, not to compare stock fund with HY bond fund.
Backward-ratio-adjustment applies to ALL prices prior to the dividend date. That is why it works.
https://info.crossingbridgefunds.com/fixed-income-market-update-10-23
Is a replay of the Quarterly Call available?