IAPM Sum # 7


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The following information is available for a close ended fund for the last 12 months.

 

Month

NAV at the end of the Month ()

Premium (Discount at the end of Month %)

January (beginning)

January

February

March

April

May

June

July

August

September

October

November

December

10.00

10.25

11.75

 9.25

10.15

11.25

11.95

12.25

11.90

12.30

11.75

10.95

11.75

0.0

 – 4.00

– 4.35

– 2.35

– 1.05

– 4.75

– 2.50

– 6.50

– 4.35

– 6.92

– 4.25

– 1.25

– 1.05

Return on the Market Index for the 12 months is 10.45%. If an investor has bought 100 units of this mutual fund at the beginning and sold at the end of the year, calculate his annual return and comment.

 


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