Post by
AnEducator on Dec 28, 2023 2:16pm
NAV
Treat the NAV as an estimate as Quadravest's posted mid-month numbers were highly erratic. In fact, they were compelled to post a revision of DFN's NAV while those of FTN and FFN were lower than both my and MM's calculations.
The portfolio composition may have changed significantly and if I were to hazard a guess, I suspect they have raised some extra cash with the euphoria engulfing the markets since the last Fed announcement. I may be totally wrong on that assumption, but we won't know for a couple of weeks until the December update is posted.
Comment by
Clarke123 on Dec 28, 2023 3:38pm
They may have also used cash to buy back some of FFN units at discount, which enhances the NAV higher. I know they were actively buying FFN's class A and pref shares earlier in November. Some calls may have exercised, so yes.. the composition could have changed significantly.