The [NYNY] Fund
The NYNY fund has grown from H$67.51 to H$78.16 (H$10.65, 15.78%, 0.52%dROI) over the past 30 days. The NYNY fund is heavily invested in Star Bonds as they account for 61.6% of the funds value; movie Stocks account for 34.1% of the value. The fund has a majority of its assets in Mid-Cap stocks, accounting for 79.7% of the fund’s value. However, when looking at the number of individual positions held, the fund has 83.2% of invested shares in Small-Cap securities. The following table illustrates the fund’s holdings.
| | SECURITIES | MOVIES | BONDS |
| | Sm-Cap | Md-Cap | Lg-Cap | TOTAL | DVLP | PROD | WRAP | RLSE | |
| Value | 10.78m | 63.38m | 2.00m | 27.2m | 25.9m| 0.7m | 0.3m | 0.1m | 49.0m |
| Count | 99 | 61 | 1 | 80 | 68 | 2 | 8 | 2 | 81 |
| Shares| 7.297m | 1.455m | 20,000 | 6.75m | 6.0m | 58k | 463k | 200k | 2.02m |
|%Value | 13.56% | 79.69% | 2.52% | 34.1% | 95.7 | 2.8 | 1.2 | 0.3 | 61.6% |
|%Count | 61.49% | 37.89% | 0.62% | 49.7% | 85.0 | 2.5 | 10.0 | 2.5 | 50.3% |
|%Shares| 83.19% | 16.58% | 0.23% | 77.0% | 89.3 | 0.9 | 6.9 | 3.0 | 23.3% |
Note:
The Development, Production, Wrap and Release percentages are representative not of the share of the total fund, but of the share of funds invested in Movie Stocks.
The fund holds 95.8% of its funds invested, discounting profits tied up in shorted shares and positions with fewer than 1,000 shares invested. The fund’s top 10 holdings account for 34.8% of the fund’s value, and consist of 6 Star Bonds and 4 Movie Stocks. The following table show the top 10 securities by value.
| Name | Price | Shares Held | Value | % |
| NMUS3 | $ 94.33 | 100,000 Long | $ 9,433,000 | 11.86% |
| EQLIZ | $ 31.78 | 97,000 Long | $ 3,082,660 | 3.88% |
| IDAY2 | $ 58.86 | 50,000 Long | $ 2,943,000 | 3.70% |
| BCRYS | $ 100.12 | 20,000 Long | $ 2,002,400 | 2.52% |
| DOMON | $ 94.73 | 20,000 Short | $ 1,894,600 | 2.38% |
| SKANG | $ 92.44 | 20,000 Long | $ 1,848,800 | 2.32% |
| NHOUL | $ 89.75 | 20,000 Long | $ 1,795,000 | 2.26% |
| JFAVR | $ 85.23 | 20,000 Long | $ 1,704,600 | 2.14% |
| EBANA | $ 77.22 | 20,000 Short | $ 1,544,400 | 1.94% |
| HEMAN | $ 14.48 | 100,000 Long | $ 1,448,000 | 1.82% |
The fund seems well positioned to take advantage of upcoming news and development projects, which is good because there don’t appear to be many eligible movies being released soon. The fund holds 20,000 shares in all of the eligible Star Bonds, so I expect the fund manager to keep investing the profits made off of the Star Bonds into more and more of the development movie projects. One of them has to get released eventually, right?
If the fund keeps returning a 0.52% dROI, it would delist on 5/12/13. However, if the fund maintains a 1.1% dROI (it’s growth rate since IPO), it would delist on 4/18/13. I expect it to delist somewhere between those two dates. If the fund struggles, and only maintains a 0.25% dROI, it would delist on 6/28/13.
The [SNL] Fund
The Not Ready for Prime Time Fund has grown from H$54.93 to H$57.51 (H$2.58, 4.7%, 0.16%dROI) over the past 30 days. The fund’s current split between Movie Stocks and Star Bonds sits at 55.5/36.7, accounting for 92.2% of the fund’s value. Most of the fund’s value is tied up in Mid-Cap stocks, accounting for 56.5% of the fund’s value, but only 20.0% of the shares it has invested. 74.9% of the fund’s invested shares, and 52.5% of its positions, are in Small-Cap securities. The following table illustrates the fund’s holdings.
| | SECURITIES | MOVIES | BONDS |
| | Sm-Cap | Md-Cap | Lg-Cap | TOTAL | DVLP | PROD | WRAP | RLSE | |
| Value | 8.07m | 32.57m | 12.48m | 32.0m | 7.4m | 20.5m| 4.1m| 600 | 21.1m |
| Count | 31 | 26 | 2 | 44 | 26 | 7 | 10 | 1 | 15 |
| Shares| 2.08m | 583.0k | 112.5k | 2.47m | 1.7m | 358k | 398k | 10k | 300k |
|%Value | 14.00% | 56.53% | 21.66% | 55.5% | 23.1 | 64.1 | 12.8 | 0.0 | 36.7% |
|%Count | 52.54% | 44.07% | 3.39% | 74.6% | 59.1 | 15.9 | 22.7 | 2.3 | 25.4% |
|%Shares| 74.91% | 21.03% | 4.06% | 89.2% | 69.0 | 14.5 | 16.1 | 0.4 | 10.8% |
Note:
The Development, Production, Wrap and Release percentages are representative not of the share of the total fund, but of the share of funds invested in Movie Stocks.
The SNL Fund’s top ten investments are made up of 8 Star Bonds and 2 Movie Stocks. These high-value investments are safe, but are slow growing. The average dROI on these 8 Star Bonds is only 0.07%, and in aggregate, at their current dROIs, would yield only H$10,200/day. The complete top 10 investments are listed below.
| Name | Price | Shares Held | Value | % |
| ANCH2 | $ 113.25 | 92,500 Long | $ 10,475,625 | 18.18% |
| MUPE2 | $ 54.48 | 100,000 Long | $ 5,448,000 | 9.46% |
| BCRYS | $ 100.12 | 20,000 Long | $ 2,002,400 | 3.48% |
| DSPAD | $ 98.86 | 20,000 Long | $ 1,997,200 | 3.43% |
| BHADE | $ 98.22 | 20,000 Short | $ 1,964,400 | 3.41% |
| MRUDO | $ 94.53 | 20,000 Short | $ 1,890,600 | 3.28% |
| CROCK | $ 92.04 | 20,000 Long | $ 1,840,800 | 3.20% |
| BSTIL | $ 91.33 | 20,000 Long | $ 1,826,600 | 3.17% |
| KWIIG | $ 90.29 | 20,000 Short | $ 1,805,800 | 3.13% |
| RSCHN | $ 88.75 | 20,000 Long | $ 1,775,000 | 3.08% |
While the fund’s investments lean heavily towards Movie Stocks, it worries me to see so much of the fund’s assets ( those 8 Star Bonds account for 26% of the fund) tied up in such low return assets. Perhaps the fund manager can look at re-allocating some of the money invested in the high-price star bonds, and move it Star Bonds with a better dROI, or Movie Stocks that have a promising outlook.
If the fund continues it’s current pace of 0.16% dROI, it would delist on 3/8/14. If the fund maintains the 0.56% dROI it has managed since IPO, it would delist on 7/5/13. I’d estimate a dROI of around 0.3%, which would put the delist date at 10/2/13.
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