Unit Value and Return Rate
Historical 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 |
40,300 |
| 31/03/14 |
1.426 |
0.01306 |
0.00002755 |
109.14 |
51,761 |
| 30/04/14 |
2.590 |
0.01370 |
0.00003103 |
188.98 |
83,466 |
| 31/05/14 |
3.084 |
0.01243 |
0.00002057 |
248.08 |
149,903 |
| 30/06/14 |
3.433 |
0.01312 |
0.00002153 |
261.646 |
159,415 |
* 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% |
| May-2014 |
19.1% |
-9.3% |
-33.7% |
-8.0% |
| Jun-2014 |
11.3% |
5.5% |
4.7% |
7.2% |
3-months Return
(31/3 ~ 30/6) |
140.7% |
0.4% |
-21.8% |
39.8% |
Review and Comment:
During the month, NAV of our fund appreciate 11% against XRP, 5.5% against USD, and 4.7% against BTC. The average figure was ~7% which is slightly below our internal target (10%). For the 3-months period ended 30th-Jun, our Fund recorded about +40% total return in average.
As compared to previous months, price of XRP was relatively stable throughout the whole month of June. Hence, in my opinion, the return rate in June was quite a good reference for measuring our fund's profitability in market-making.
Market Making Activities
About 30% of our assets was allocated for BTC/XRP markets. According to the data from
RippleCharts.com, our fund contributed about 2% of total trading volume for BTC.Bitstamp/XRP during the final week of June (24/6~30/6). In the same period, our contribution to the liquidity of BTC.btc2ripple, BTC.Justcoin and BTC.TheRockTrading were ~6%, ~7% and ~43% respectively.
About half of our fund's allocation were for Fiat-IOUs market. Our Fund contributed ~1% and ~7% volume respectively to USD.Bitstamp/XRP and USD.SnapSwap/XRP market (in last week of June). The figures were ~4% for both CNY.RippleChina and CNY.RippleCN markets.
Two new currencies, EUR and NZD, were added into our supported list during the month. Since then XMM had become one of the major market-makers for EUR.SnapSwap, EUR.TheRockTrading, and NZD.Coinex.
About 11% of our asset was allocated for metal markets. Our main focus was still on XAG.RippleSingapore/XRP, with smaller portion for XAG/USD. During the month we had expanded our support to XAU, though the volume was still very small.
Units and Holders Analysis
|
Unit in Circulation |
| 28/02/14 |
111,042 |
| 31/03/14 |
167,198 |
| 30/04/14 |
245,885 |
| 31/05/14 |
424,209 |
| 30/06/14 |
479,689 |
| Number of holders on 30th-June |
| < 10 unit | 11 |
| [10 – 100) | 9 |
| [100 – 1000) | 19 |
| [1k – 10k) | 31 |
| >= 10k | 12 |
| TOTAL | 82 |
Buy-back and New Issue
About 55k of new XMM was issued during the month, a mild increase of ~13% as compared to May.
The issuing/redemption processes was fully automated in mid of June. Since then the buy-back and new-sale prices were updated hourly, and spread was maintained at 5%. The quoted volume on both side was set at ~5% of units-in-circulation, which is lower than when it was done manually.
Others
June-2014 was a significant period for XMM, where we gradually switched towards automation.
We hope that with the help of bots we could make-market more efficiently in future. However, due to my inexperience in coding, our bots are still far from optimized and thus could have some negative impact to the performance of our Fund. Yet, I'm glad to sacrifice some profitability, for able to inject higher volume into Ripple ecosystem and help tightening the spreads.
From July onwards I'll become more free, and am thinking about launching some new funds.
