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 …

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