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Closed-End Funds
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Analyzing Closet Indexer AdxSince I've arbritarily set a start of the SabaKO that I'm running comps on for everyone, I am using that same begin date for the comparison between ADX and the Spy. Since they were set to even on 3.21.17 ADX opened the campaign with a discount of 14.6%. That is probably about avg for ADX. But the peak outperformance occurred early in the race with XadeX surging on its own, and getting a powerful lift with a shrinkage in the discount to only 11.7% on 8.14.19. That drove a stunning beat of the index to being a striking 12.7% better. 3.21.17 ADX $13.62 SPY 233.73 8.14.19 ADX $15.35 SPY 283.90 Adx had two good size divvys in that range while Spy's divvys were routinely relatively modest. The divvy action definitely pushed ADX up so it developed that 12.7% better total performance. But since that peak the discount has swollen quite substantially and XadeX has also lagged behind the Spy. Here are the next key dates. The first pivotal day was 2.24.20 as the pandemic crisis was unfolding. On that day the port performance (ADEX) was underperforming quite badly but the mp of ADX was holding strong. Yet the sign of trouble wa unmistakable, as the discount on the port shrank to a bare minimum of 10.5% leaving ADX as having outperformed the index by a still powerful 11.9%. 2.24.20 ADX $16.04 Spy 322.42 After that day though holders gave up on Adx. It way underperformed to the Spy going in to the pandemic crisis on 3.18.20. On that day the discount on ADX dived to 18.4% and that comboed with the steady punk performance of XadeX, cut the outperformance of ADX since SabaKO to only 3.8%. 3.18.20 ADX $11.07 SPY 240.00 Since that performance bottom Adx's outperformance has bounced a good bit higher but came back down as well at least a couple of times and has for the time being achieved sort of an outperformance plateau of about 6%. The latest # has Adx doing better than Spy since SabaKO by 6.66% and that seems about in the middle of what its done since the start of April. All of this uses divvy adjustments to maintain equity between the two. 5.19.23 ADX $15.85 SPY 418.62 |
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