Splat !!!

Almost 1% of TIX share float (1.158M out of 120M) traded during the closing auction Friday afternoon, dropping the sp to $2.24. In one fell swoop, this transaction put TIX back almost to NTA value (was $2.21 in April) and raised the distribution rate to 8.57% (from 8.24%). Ruined my OZ portfolio performance today, though, which was up .7% to 1% until TIX got clobbered after 4pm :-(

We will probably never know why the selloff occurred, but good news is that it looks like a one-off event by one insto. Maybe the insto needed the cash to buy Alibaba shares (half joking); maybe a contract expiry of some sort (unlikely -- ASX indiv stock options expire next week); or maybe an insto had to sell due to client selling from its fund. Currently a huge gap in the TIX buy-sell register.

This wasn't a REIT sector sell-off. ASX200 REITs were only slightly lower today ( -.3%); my other REIT (GOZ) actually jumped 2.5%. UBS warned earlier this week that OZ yield stocks (they included AREITs) are under pressure due to falling AUD and rising bond yields. I doubt many investors will fall for their arguments. (Hint: estimated USFed rate in 2 years won't be much more than the current OZ central bank rate.)

Meanwhile, TIX ex-distribution date for the next quarterly takes place this week.