Decade of Daddy Mirror Fund bi-weekly report

Thanks to the Globe article, more of you are paying attention to the Decade of Daddy Mirror Fund (see prior post “Media Hat Tip #34” August 16-08).

Here is the bi-weekly report, and it isn’t good. We are backing up as they say when things are going the wrong way on the links. Over at Decade of Daddy Central, the unit price of the O’Leary Global Equities Income Fund (OGE-UN:TSX) still trades at a handsome premium to NAV (aka the Decade of Daddy Fund™), despite the fact that the funds’ net asset value dropped below $11 for the first time since the June 2008 IPO.

We’ve made money in:

BMO (+9.7%), Bristol Myers (+6.8%), BNS (+8.1%), CIBC (+8.8%), Duke (+2.5%), JP Morgan (+18.2%), Eli Lilly (+2.5%), MKS (+19.7%) and Teranet (+2.7%).

In the red column:

CDN Oil Sands Trust (-3.3%), Merck (-6.9%); Spectra Energy (-8.6%) and the newly-added Thomson Reuters (-4.3%).

On the whole, we are up 3.6% (versus +4.9% at last report {see prior post “Decade of Daddy Mirror Fund bi-weekly report” August 8-08}) since the portfolio was launched on July 2nd. During the same period, the Dow Jones Index is up 3.7%. Of the $40 million we set aside, $9.3 million remains in cash.

Putting that $2.1MM into TRI last week was very costly out of the gate ;-(. But the bigger problem has been worries about the upcoming local bank earnings.

MRM