Unit Value and Return Rate
NAV of XMM unit, measured in different currencies:
| (exchange rate)* | |||||
| XMM/XRP | XMM/USD* | XMM/BTC* | USD/XRP | BTC/XRP | |
| 28/02/14 | 1.000 | 0.01420 | 0.00002481 | 70.44 | 40300 |
| 31/03/14 | 1.426 | 0.01306 | 0.00002755 | 109.14 | 51761 |
| 30/04/14 | 2.590 | 0.01370 | 0.00003103 | 188.98 | 83466 |
* Calculated based on the exchange-rates listed on the right columns.
^ exchange-rates are vwap of IOU.Bitstamp on the last day of each month (source: ripplecharts.com).
Montly return rate, measured in different currencies:
| ~XRP | ~USD | ~BTC | Average | |
| Mar-2014 | 42.6% | -8.0% | 11.0% | 15.2% |
| Apr-2014 | 81.6% | 4.9% | 12.6% | 33.0% |
Review and Comment:
In April, XMM values appreciate more than 80% against XRP, mainly due to the sharp fall of XRP price during the month. The value of our Fund increase only 4.9% against USD, and 12.6% against BTC.
To eliminate the effect of exchange-rates fluctuation, I think the more suitable gauge for our Fund's performance is the average of the above three figures. The +33% return in April is again well above our internal target of 10% per month.
Market Making Activities
For BTC/XRP markets -- our Fund had gradually diversify away from Bitstamp into other gateways' iou (during March it was about 70% weigh on Bitstamp). As the size of our Fund growing, we are now able to provide more liquidity for more markets (Justcoin, The Rock Trading, btc2ripple), and our portfolio had also become more balanced.
For Fiats-IOUs -- we are still focusing on USD and CNY only, for the major four gateways (Bitstamp, SnapSwap, RippleChina and RippleCN). A new gateway that made into our portfolio is USD.RippleSingapore.
Experimentally, we are now trading some small amount of XAG.RippleSingapore. On the other hand, we had temporarily gave up supporting Frictionless-VirtualGateway project due to limited time and energy.
Units and Holders Analysis
| Unit in Circulation | |
| 28/02/14 | 111,042 |
| 31/03/14 | 167,198 |
| 30/04/14 | 245,885 |
| Number of holders on 30th-April | |
| < 10 units | 5 |
| [ 10 – 100 ) | 6 |
| [ 100 – 1000 ) | 17 |
| [ 1k – 10k ) | 22 |
| >= 10k units | 12 |
| TOTAL | 62 |
Buy-back and New Issue
About 78k new units of XMM was issued during the month.
Buyback and NewSale prices were quoted with spread of ~7% most of time.
Due to the high fluctuation of XRP lately, the price of XMM had to be adjusted more frequent than I was expecting. As such, I'm considering to convert the Fund from current profit-accumulated model into a dividend-payout model, in a hope to free myself from the loads of monitoring, calculating value and adjusting price.
A poll had been created on xrptalk, hope to hear some feedback or discussion from XMM holders: https://xrptalk.org/topic/2375-poll-xmm-to-use-dividend-payout-model/.
I'm having a two-weeks-vacation starting 21th-May. During that period I may be totally off-line, hence you will probably see no activities of market-making from the trading accounts of XMM. Also, the Buyback and New-sales offers may be temporarily halted.
