- Claymore Sabrient Defender ETF (DEF) was down 3.00% on February 27 and from the close on 2/26 to the close on March 5 it was down 4.97%
- Claymore Yield Hog (CVY) was down 2.33% on February 27 and from the close on 2/26 to the close on March 5 it was down 5.52%
- iShares Dividend Select ETF (DVY) was down 3.21% on 2/27 and from the close on 2/26 to the close on 3/5 it was down 5.15%
- SPDR S&P Dividend ETF (SDY) was down 2.26% on 2/27 and for the same week as the others it was down 4.81%
- WisdomTree High Yielding Equity ETF (DHS) was down 2.80% on 2/27 and down 4.95 for the week measured as above
- Madison Claymore Covered Call Fund (MCN) was down 0.93% on 2/27 and down 1.73% for the week
- S&P 500 Covered Call Fund (BEP) was down 3.80% on 2/27 and down 5.56% for the week
- First Trust Covered Call Fund (FFA) was down 1.60% on 2/27 and down 3.98% for the week
- NFJ Div, Int, Prem Strategy Fund (NFJ) was down 2.91% on 2/27 and down 3.58% for the week
- Macquarie Infrastructure Trust (MIC) was down 1.52% on 2/27 and down 6.0% for the week
- Eaton Vance Enhanced Equity Income Fund (EOI) was down 2.15% on 2/27 and down 3.66% for the week
- Eaton Vance Tax Managed Diversified Equity Income Fund (ETY) was down 0.06% on 2/27 and down 2.35% for the week
- Alpine Global Dynamic Dividend Fund (AGD) was down 3.28% on 2/27 and down 6.26% for the week.
- DB Currency Harvest ETF (DBV) was down 1.75% on 2/27 and down 3.70% for the week.
The S&P 500 was down 3.47% on 2/27 and down 5.19% for that week. Lastly the CBOE BuyWrite Index (BXM) was down 2.91% and 5.05% respectively.
You can draw your own conclusions. To the extent you care you may want to look at how quickly any of these funds (or more correctly any of this type you care about) bounced back.
The value of what these funds are supposed to offer is more important during periods of rolling over into bear markets as opposed to V shaped dips but it is interesting nonetheless.
If you want to add any of your own in the comments I would ask that you study the same time periods so it is apples to apples.
9 comments:
The first no was for 2/26-27 the second no was for 2/26-3/5/07
* TFS Market Neutral(TFSMX), -1.7%, -2.7%
* Pinnacle Value(PVFIX), -0.8%, -1.1%
* Hussman Strategic Growth(HSGFX), +1.1%, +1.1%
* Merger Fund(MERFX), -0.3%, -0.5%
These are core holdings of defensive portfolio.
http://tinyurl.com/yrk4p7
Let's see if this works, used my
first tiny url, thank you leisa
I bought dba for long term hold, to offset volatility. My entry was at 50dma. Going now hard to 200dma. I think this index is a good proxy for dba. Sometimes better to wait until the market comes to you. 5% of portfolio but a little more of Roger's influence is warranted. Better to have a mix of stuff like dba, but I was pretty impressed with visual low correlation of this index to the market. On each of a number of downturns last few years, it was a signal for a significant rally. Roger what do you think about this observation
http://tinyurl.com/2pt33m
I specifically meant to add the Merger Fund and spaced it, thank you.
re DBA (personal holding): the tiny urls worked. I think I read two things in your comment long term hold for diversification combined with a trader's eye toward timing an entry, not a bad thing but perhaps a difficult thing?
In buying a counter strategy I don;t really think about the next 10% move which is what I think an assessment of the 50DMA etc would seem to do?
Your idea might be valid but it is a little outside of the way I try to look at it.
Following your layout, returns for 2/27 first, then 2/26-3/5.
Advent Claymore Convertible Securities & Income (AVK) -2.17%, -3.60%
Eaton Vance Tax Managed Buy Write (ETV) -0.87%, -1.78%
Eaton Vance Tax Managed Global Buy Write (ETW) -0.61%, -1.94%
iShares Lehman TIPS (TIP) +0.89%, +1.01%
Rydex Absolute Return Strategies (RYMSX) -1.69%, -2.48%
Hussman covered in previous post.
I would add that one day, one week, heck even one month is too short a time horizon to measure correlation or a lack thereof.
Roger, is it safe to assume those numbers are total return (include dividends) or that there were no distributions during that period? I've been watching AGD and EOI since both seem to offer something extra in the dividend/defensive space but am still working on the portfolio effects I really need here (it may turn out that the currency harvest would work better overall).
OT but New Century Financial just filed for bankruptcy http://tinyurl.com/238adg : Guess that settles that question (except now I get to see how messy unwinding the last of my short position is going to be).
As I recall some anonymous poster here was calling a lot of folks liars (when they discussed their hedge or short positions) and also claimed to be a big buyer of NEW. I freely confess to a touch of schadenfreude -- hard to avoid when a faceless stranger calls you out in the cyber-fog and then, in virtual irony, pulls an apparent full face-plant-- but actually do hope s/he was the real liar otherwise s/he is probably completely wiped out now (the fate of common stock in chapter 11 is usually very poor).
Unlike the futures markets I do not believe the stock market is inherently a zero-sum game nor is it a competition -- more like working out at the gym where one sets their own goals and can even hurt themselves by unreflectively attempting to match another's performance -- but it sure can seem to operate like a competitive, zero-sum game at times.
He RW, congrats on your trade. A while back there was no requirement to close out a short on a stock that went to zero thus avoiding declaration of the gain. I know the riles have been changed but I don;t know the particulars.
Thanks Roger, never shorted a stock where the company declared bankruptcy but, assuming I understood my brokerage rep correctly, I'll have the choice of either covering now while the stock is still listed (and hence tradable) or waiting until the stock is delisted (declared worthless) in which case there will be no need to cover. Assuming I do have that option then the deciding factor will likely be carry cost if I wait but I should know more in a day or two (the broker rep I spoke with was rather uncertain about details).
Learned today that Grant Thornton LLP, the auditor for two of the larger surviving subprime lenders, quit working with both firms -- right in mid-audit in the case of one of them. In most circumstances I'd say that if a set of books is sufficiently off-color to scare Grant Thornton away then I'm going to short it but since I'm already short the firms in question what would the point be (I'd name the firms but have no interest in being accused of inverse touting or whatever it's called).
Just returning from a week on Grand Cayman. No bank accounts there but a wonderful destination. My best performing and largest holding BRK.B was -2.2% and +0.1% for the two holding periods. I invested in the Bershire name in November to help take some of the volatility out of my portifolio. So far so good Tom in Indy
the canyon? did you stop in Prescott along the way?
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