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Drop in NAV causing negative return on 10th Jan 2024
Hi guys, i just called Moomoo to clarified.
According to their explanation, the daily interest are based on the NAV on the fullerton website.
So i checked on Fullerton website, the NAV on 9th Jan and 10th Jan are 1.00354 and 1.00352 respectively. Its a drop of NAV -0.00002. With this drop of NAV, we then able to compute what is the return out of 10k. Moomoo shows -0.1993. Which sounds reasonable based on the drop in NAV.
If it is just due to drop in NAV, then basically nothing to do with Moomoo. The next thing we could do is to probably check with Fullerton Fund manager regarding the drop. I believe part of the drop maybe due to some of the fixed income this fund put into has matured. Anyway good news is the NAV goes up today to 1.00375 (source: fullerton website). So we should expect roughly 2.30 per 10k return today. Lets wait for the actual return by Moomoo.
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yooooz : Do u have the link of the nav on fullerton’s website?
yooooz : Also, if the securities matured on 10/1 and only buy back the securities on 11/1, why would the daily return be 2.3/10k. I thought it would be the usually 0.8-1.1/10k. And if the securities matured on 10/1, shouldn’t they replace with new ones on the same day?
Soo L Yun OP yooooz : I'm not too sure about the matured part because i've yet to reach out to Fullerton Fund manager to confirm. But you are kinda right also if it mature the same day it should be reinvest in something else.
Soo L Yun OP yooooz : https://www.fullertonfund.com/fund/fullerton-sgd-liquidity-fund-a/
yooooz Soo L Yun OP : Thanks
yooooz Soo L Yun OP : I would like to understand more on their revenue recognition concept. it seems the revenue is not smooth out daily and thus become one day negative and next day double up. I am not sure why.
TLim77 : I saw this interesting withdrawal clause on Fullerton website which clients may not be aware of : Subject to redemption gate at 10% of Fund AUM on any dealing day, subject to change without further notice. In comparison, the redemption gate for Fullerton SGD Cash Fund is 25%. So if more than 10% of funds get redeem for this liquidity fund, the withdrawal may end up slower than the SGD Cash Fund. If that's the case, may not be a good place to park those cash that we may need urgently.
102743325 : Thanks @Soo L Yun
Moo_Rich : Dear Client,
Due to an incorrect pricing of a security held by the Fullerton SGD Liquidity Fund, the net asset value of the fund was underestimated on January 10, 2024. The net asset value of the fund has now been corrected, and we have compensated affected investors.
- If you invested in the fund on January 10, 2024, you will not be affected by the underestimation of the net asset value, and the number of shares you purchased will not change.
- If you redeemed the fund on January 11, 2024, and received a lower redemption return due to the underestimated net asset value, we have compensated affected holders for the difference between the underestimated and correct net asset values, which has been credited to your Universal Account. You can view the compensation amount in the fund details.
We apologize for any inconvenience caused and appreciate your understanding and support. If you have any questions, please do not hesitate to contact the moomoo team.
Thank you.
Moo_Rich yooooz : Dear Client,
Due to an incorrect pricing of a security held by the Fullerton SGD Liquidity Fund, the net asset value of the fund was underestimated on January 10, 2024. The net asset value of the fund has now been corrected, and we have compensated affected investors.
- If you invested in the fund on January 10, 2024, you will not be affected by the underestimation of the net asset value, and the number of shares you purchased will not change.
- If you redeemed the fund on January 11, 2024, and received a lower redemption return due to the underestimated net asset value, we have compensated affected holders for the difference between the underestimated and correct net asset values, which has been credited to your Universal Account. You can view the compensation amount in the fund details.
We apologize for any inconvenience caused and appreciate your understanding and support. If you have any questions, please do not hesitate to contact the moomoo team.
Thank you.