According to a 13G/A filed by Doliver Capital Advisors, LP (Doliver) for December 31, 2009, Doliver either sold or disbursed (“sold”) another 872,582 shares of its holdings. This represents an accelerated monthly pace over the past 3 months and above the average monthly sales of 735,000 shares since June ‘09.[i]
Getting Out of Dodge? In the last 6 months of ’09, CFP’s major shareholder(s) sold a total of 4,480,271 shares. During that period, it has reduced its holdings from 91.4% at the end of May ‘09 to 43.4% at the end of December ‘09. Currently Doliver holdings are now 4,055,828 shares. (The chart below tracks the disbursement and holdings of Doliver compared to the outstanding shares of Cornerstone Progressive Return Fund ((NYSEMKT:CFP)) from August of ‘09.) (Click Here for Doliver’s SEC filings). Click to enlarge
Additionally, Ralph W. Bradshaw, president and chairman of CFP, reduced his personal holding in CFP down to 3 shares. He purchased and sold 3,813 shares on December 30, 2009.
Trading Accelerating: Trading in the shares continues to accelerate with Doliver’s dispositions representing 27% of the share volume in December. I’d expect to see another drop in Doliver’s holdings in January. Average daily trading jumped 26.3% in the first week of January compared to the average daily trading volume in December ’09.
At the current average daily trading volume, it is estimated that Doliver would reduce its holdings by another 971,250 shares in January based on its dispositions representing 25% of the average daily trading volume for the month.
Parting Comments: When I awarded CFP the Joe Eqcome 2010 Investor Stupidity Award (.pdf) I promised readers I wouldn’t “rag on it” any more. This article is just reporting the facts as filed with the SEC.
I’ve gone “radio silent” with regards to an opinion.
Disclosure: No Disclosure, I'm neither long nor short CFP