Post by
primo105 on Mar 13, 2023 8:19pm
My NAV calc
Calculated as $4.52. Does not include a couple of the smaller holdings but would not have a material difference. I think this makes more sense than $3.65...if the NAV was $3.65, FFN would not be trading at a 28% premium.
https://www.checkman.com/fund-estimate/629ccd51cea68
Comment by
EdPaquette on Mar 13, 2023 9:19pm
Don't be discouraged, estimating nav is very hard. Mouserman is very very good. FFN is sunk for the moment, I think it could take 6 months to pay again. SVB was like a lightning strike just when FFN was already on the rocks.
Comment by
primo105 on Mar 13, 2023 9:27pm
FFN not paying a dividend doesn't worry me, but if we are indeed trading at a 28% premium that is very concerning.
Comment by
navgod on Mar 14, 2023 5:52am
Rookie mistake -- If you use unit NAV in your calculation the updated estimate is 13.47 ie 3.47 for the capital shares. The remaining difference between you and mm is probably cash which is not part of your calculation. Time to change "more sense" to no sense" and "would not" to "should not". GLTA
Comment by
navgod on Mar 14, 2023 6:08am
ps almost forgot you left out FX adjustment on US holdings - small positive impact. Thanks though for website didn't know it existed.
Comment by
mouserman on Mar 14, 2023 10:13am
Checkman is out to lunch. Apparently doesnt understand the split share structure. Commons value are based on the UNIT NAV, not just the value of the commons. SO he is obviously missing that a major part of the value of the UNIT is the preffered shares. IN FFN for instance 10$ of the UNIT NAV goes to preferreds and the remainder goes to the commons.