The final contents of the Doppler Value Model Portfolio for January 2009 were:
$62,190.28 USD in the Doppler Value Treasury Money Market Fund
$80,525.27 HKD total balance in the Everbank Hong Kong Dollar CD ($10,382.45 USD)
2 shares of BRKB ($5,978.00 USD)
222 shares of DFJ ($7,612.38 USD)
103 shares of FXY ($11,422.70 USD)
The total market value of the Doppler Value Model Portfolio at the end of January 2009 was $97,585.81 USD.
The average yield of the 1-month Treasury Bill was .051% in January 2009, and the average yield of the 3-month Treasury Bill in November 2008 was .194%. The average of these figures is .123%, and .3% less than this is -.178%, which is the yield of the Doppler Value Treasury Money Market Fund. Yes, the yield on our cash balance went negative. This illustrates why Vanguard recently closed its Treasury money market funds to new accounts and added many restrictions on deposits for existing accounts – it was having difficulty finding Treasury Bills with enough yield to cover management expenses. As a result of the negative yield, interest accrued during February 2009 was -9.40 USD (about -$.30 USD/day). Yes, $9.40 USD in interest was DEDUCTED from rather than added to the cash balance. Since there were no dividends, CD redemptions, sales, or purchases during the month, the credited cash balance remained constant at $62,190.28 USD. The total cash balance was reduced from $62,190.28 USD to $62,180.88 USD.
The Hong Kong Dollar CD began the month with a credited balance of $80,353.54 HKD and accrued interest of $171.73 HKD.
The Hong Kong Dollar CD yielded 1.00% for the first 13 days of the month, and an additional $28.62 HKD of interest (about $2.20 HKD/day) accrued before maturity. The resulting balance of $80,553.89 HKD was rolled over into a new CD. From the 14th to the 28th, $8.28 HKD of interest accrued in the CD. The credited balance remained at $80,553.89 HKD while the accrued interest increased to $8.28 HKD, for a total balance at the end of the month of $80,562.17 HKD. On the last day of the month, the average exchange rate was 7.7547 HKD/USD, and the total balance of the Hong Kong Dollar CD was $10,388.82 USD.
At the end of February 2009, the 2 shares of BRKB had a market value of $5,128.00 USD, the 222 shares of DFJ had a market value of $6,671.10 USD, and the 103 shares of FXY had a market value of $10,508.06 USD.
The final contents of the Doppler Value Model Portfolio for February 2009 were:
$62,180.88 USD in the Doppler Value Treasury Money Market Fund
$80,562.17 HKD total balance in the Everbank Hong Kong Dollar CD ($10,388.82 USD)
2 shares of BRKB ($5,128.00 USD)
222 shares of DFJ ($6,671.10 USD)
103 shares of FXY ($10,508.06 USD)
At the end of February 2009, the total market value of the Doppler Value Model Portfolio was $94,876.86 USD, a drop of 2.8% for the month.
