has middlefield reduced it position a bit? The Common NAV posted by Middlefield is always plus or minus one cent from my expected NAV but most days it is dead on.
ENB has been down six days in a row. During that time, my Expected NAV has consistently been running a cent below the declared NAV.
What does that mean?
It could either be six days of rounding error to the positive side (very unlikely) or something has changed.
My guess, and it's only a guess, is that Middlefield hasn't added to its position with the recent divided.
Why would they do that when they have consistently owned 0.44 shares of ENB for every ENS Unit for a long time?
If Middlefield thinks (or knows because they are a significant insider) ENB will be dropping shortly as per the recent ENB announcement that they would be raising $2.7 billion), Middlefield could be keeping the recent cash injection from the dividend on hold in anticipation of buying ENB at a lower price.
If ENB closes the day UP, and my assumption is correct, my Expected NAV should be a cent low when Middlefield published today's closing NAV tomorrow morning.
Who knows. I just try to make sense of the numbers.