I underperformed in September. Such is reality. Mr. Market grades each of us in both the short term and the long term. The short term matters because the long term is the aggregate of all short terms. When I look at my short term grades, I need to be objective and critical of myself. Big heads never learn anything.
Dan Plettner
56 posts
To the extent, if any, that the broad market is the benchmark for this Long/Short Opportunistic Style, I underperformed in September. This style takes short positions as well as long positions, and most recently has been adding to composite short positions (DCS and DDF at the end of August, CAF in early September), and selling long positions like FGF and SGF.
On the evening of September 15th, Cohen & Steers announced adopting a level rate distribution policy, and declared third quarter distributions for its affected Closed-End Funds.
On the evening of September 15th, Cohen & Steers announced adopting a level rate distribution policy, and declared third quarter distributions for its affected Closed-End Funds.
On the evening September 13, SunAmerica Focused Alpha Growth Fund (FGF) and SunAmerica Focused Alpha Large-Cap Fund (FGI) each announced the intention to conduct tender offers. In reaction to the news, FGF’s market price rose 2.5% from the prior day close of $14.82 to $15.20 on Tuesday, September 15, 2010. FGI’s rose 0.5% from $13.92 to $13.99. The Dow and S&P declined slightly on the day.
I recently shorted Morgan Stanley China A Share Fund (CAF) which trades near parity with its Net Asset Value (“NAV”). CAF issued transferable rights to its stockholders of record August 18th, which enable the issuance of 5,440,904 at a price as low as 90% of NAV.
The below text is licensed to Covestor Ltd. (“Covestor”), by Dan Plettner. Such text may be disseminated only by Covestor. Dan Plettner invests and receives income for securities research, including “buy-side” research. Dan licenses his own real time trading data to Covestor Ltd. (“Covestor”). Covestor is a Registered Investment Advisor […]
The below text is licensed to Covestor Ltd. (“Covestor”), by Dan Plettner. Such text may be disseminated only by Covestor. Dan Plettner invests and receives income for securities research, including “buy-side” research. Dan licenses his own real time trading data to Covestor Ltd. (“Covestor”). Covestor is a Registered Investment Advisor […]
The below text is licensed to Covestor Ltd. (“Covestor”), by Dan Plettner. Such text may be disseminated only by Covestor. Dan Plettner invests and receives income for securities research, including “buy-side” research. Dan licenses his own real time trading data to Covestor Ltd. (“Covestor”). Covestor is a Registered Investment Advisor […]
The below text is licensed to Covestor Ltd. (“Covestor”), by Dan Plettner. Such text may be disseminated only by Covestor. Dan Plettner invests and receives income for securities research, including “buy-side” research. Dan licenses his own real time trading data to Covestor Ltd. (“Covestor”). Covestor is a Registered Investment Advisor […]
The below text is licensed to Covestor Ltd. (“Covestor”), by Dan Plettner. Such text may be disseminated only by Covestor. Dan Plettner invests and receives income for securities research, including “buy-side” research. Dan licenses his own real time trading data to Covestor Ltd. (“Covestor”). Covestor is a Registered Investment Advisor […]
The below text is licensed to Covestor Ltd. (“Covestor”), by Dan Plettner. Such text may be disseminated only by Covestor. Dan Plettner invests and receives income for securities research, including “buy-side” research. Dan licenses his own real time trading data to Covestor Ltd. (“Covestor”). Covestor is a Registered Investment Advisor […]