Decade of Daddy Mirror Fund™ update

Busy as we’ve been closing new growth financings, both here and in the USA, the Decade of Daddy Mirror Fund™ happily drives on.

But, the time has come for a trade. We’re going to use our cash and sell some sleepy BCE shares to buy two different bonds from the Republic of Venezuela. They’ve traded down on the fear of a global Revolution contagion, but I see no evidence of that going on in South America. Moreover, since Venezuela is already the proud owner of a revolutionary leader, things could only get better there should Chavez be toppled, right? At least that’s my assumption.

So, buying C$1.7MM (at cost) each of BOLIVARIAN REPUBLIC VENEZUELA AMORTIZING BD REG S 2022-08-23 12.7500% and PETROLEOS DE VENEZU NOTE 2014-10-28 4.9000%. The former is the country’s debt, trading at C$0.868, and the latter is the State petro agency (which sounds a lot like the government to me) at C$0.703.

It may be too early for the regular quarterly report…but our NAV is at $49.7 million, up just $600k since the end of 2010 given the 3 cent drop in the C$ and the fact that we’ve got half of our assets in USD securities.

Since inception, we are up 24.3%. During the same timeframe post-launch (Canada Day 2008), the Dow is up 6.2%.

Over at “Get-Paid-While-You-Wait” land, the units are at last above water: up 17 basis points as of March 3, 2011 (including distributions) since the inception of the madness back in June 2008.

MRM