Quote from: B15K3 on September 25, 2013, 06:05:57 PM

Very nice performance!

But there are a few things I don't understand:

1. You said you will sell 10000 shares after each report. But where were they after this one?
2. You say the current NAV is 132.65006235 BTC. But you pay 2.55004676 BTC of this as dividends. So the actual NAV should be: NAV End - Management Fee - Dividens: 129,9640131 BTC. Am I thinking wrong?
3. Could you please provide NAV/Share in the short summary? With this Information it is much easier to compare the actual price on Bitfunder to the NAV.

Thanks! We hope to continue the performance this way!

With regards to your questions

1. Might have been better to include that part in the short summary as well, but the reason is in the complete report copied below for your reference:

Quote

Issuing new shares
As described in the assets description we can issue a total of 10.000 new shares after each report:
New shares can be issued at a fixed price of 105% of NAV until all 1.000.000 shares are sold. Shares are issued directly after paying out dividends in batches of maximum 10.000 shares.

Because btct.co will close and weve liquidated most assets there we still have more than 40% of the fund uninvested. Because of this, and the volatility we expect in the coming days we will not issue new shares at this point. The next report is due the 7th of October.

We will issue new shares after the following report since things seemed to have calmed down considerably. As stated in the description shares will be issued at 105% of NAV at that time (which would actually fill some sell orders at this time).

2. You are correct that the current NAV is NAV End -/- payed dividends -/- management fee (129.96401309 BTC), hence the term NAV End to implicate the NAV on which dividends are based. We'll add new NAV to the next report, thanks for the suggestion!

3. We'll add NAV/share to the short report as well, although we strongly recommend everyone to read the whole report (as well as the complete description on Bitfunder Wink

)

Also the rolling high water mark mentioned is the NAV after dividends are payed to ensure the fund actually grows so it makes sense to mention that in the short summary as well.

Short summary based on last report with the extra numbers would be:

NAV Start 129.25000000 BTC
NAV End 132.65006235 BTC
Gross profits 3.40006235 BTC
Management fee 0.13600249 BTC
Dividends 2.55004676 BTC
Dividends/share 0.00019730 BTC
Current NAV 129.96401309
Current NAV / share 0.01005524

Hope this helps and thanks for the suggestions,