Considerations after Quadravest mid-month updateSo, after Quadravest published its update on DF's NAV, I am trying to reason on a few things:
First, my calculations without the dividends received by the fund was about 0.45 cents lower than the declared value, which to me represents a hit in the center of the bullseye; however, I am writing not to brag (also because other times I have been very far from it) but to try to understand what happens with the dividends amounts received by the fund. I know very well that too many of the parameters we are given are highly rounded:
- the cash amount itself can be anywhere between half point lower to half a point greater than what is reported
- the weight of each holding is rounded to the first decimal, which can produce an non-realistic number of shares for each holding
- the number of outstanding fund shares gets calculated using the declared total fund value at month end and the rounded NAV, which can produce variations going either up or down every 15 days
This said, I am not surprised when I see almost half-million dollar dividends disappear: they may really have been plugging those holes created by those rounded numbers released by Quadravest.