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Msg  18982 of 19289  at  7/20/2019 8:55:00 AM  by


SPE quirks

The Acamus platform has developed a valuation system for the cefs that do not report navs daily so that the user can have an idea about what's going on as it occurs rather then the delayed basis that the non daily reporters prefer. The question is how accurate is the Acamus platform. I am thinking that the platform uses daily port vals of the most recently released holdings of the cef. My assumption is that the platform is getting the underlying quote feed & then using the quotes to calc o/a val of the port. At least that's the premise I'm operating with.

The situation with SPE is instructive. SPE is putting out weekly vals that gets the prior week's val adjusted based on the dilutive effect of the outstanding convertible. This delayed adjustment does not seem to comport with the Acamus platform's calculated navs of reg & div adjusted navs for the prior week. The current example is xSPEx #s for last week (7.12.19) were initially $15.63 & then conv adjusted to $15.49. Presumably the conversion val of SPE does not take into account the Jul divvy of SPE. Meanwhile the platform results show reg xNAVx for 7.12.19 of $17,63 which was the original result from SPE itself with a div adj nav of $17.53. I am presuming from the reported data that the platform is not taking the conversion effect into account even on a delayed basis.

All of this is causing me to infer that the Acamus platform is great as far as it goes but is still not the perfect tool. But its daily modulation of the nav vals remains a valuable source of information.

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