Rapster, I do hear what you suggest about the brokers report(if you are referring to merril lynch report)
A coupla points: Hopefully sept/oct were to be their worst months on record, these two months alone smashed 7/10 of their structured products, except their international diversified funds which is in pretty damn good.
Most losses incurred are of a hedging/margin nature so the losses are magnified, in saying that the market is up since sept/october lows therefore some of those portfolios would be looking a bit more healthy for december announcement.
Accross the board all underlying investment funds in the hfa suite average around 80 cents NTA( not sure if pre/post tax).
Considering some sideways movement the only issues i see will be further dehedging by HAP as it is in the worst of scenarios, this is in guidelines for the downgrade.
Although HFA can boast it has protected capital the best, i do feel they could have acted on other parts of the suite earlier. HFA also hedged the dollar incase the U.S dollar fell weaker to the aussie, they are now looking into trading this situation.
Only debt really is the 128mil from lighthouse to be paid in 2011, which really is not an issue.
20% gearing, 10% dividend.
HAP: which is HFA Accelerator Plus fund alone is trading at .30 cents and that is their worst AUM. go figure!!!!
Lets see what today brings.
Good Luck holders
HFA Price at posting:
40.0¢ Sentiment: Hold Disclosure: Held
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