|Date||Total Amount||Total Shares||Per Share||Share Price||Percentage of Share Price|
|Oct. 27, 2013, 3:45 p.m. UTC||167.5242985 BTC||152575 shares||0.00109798 BTC||0.00400000 BTC||27.44950%|
|Oct. 17, 2013, 4:01 p.m. UTC||219.71562875 BTC||152575 shares||0.00144005 BTC||0.00400000 BTC||36.00125%|
|Oct. 7, 2013, 4:05 p.m. UTC||195.34932534 BTC||153822 shares||0.00126997 BTC||0.00500200 BTC||25.38924%|
|Sept. 26, 2013, 5:45 p.m. UTC||383.23643745 BTC||210981 shares||0.00181645 BTC||0.00600000 BTC||30.27417%|
|Sept. 15, 2013, 4:10 p.m. UTC||471.88596387 BTC||195423 shares||0.00241469 BTC||0.00954900 BTC||25.28736%|
|Sept. 5, 2013, 4:10 p.m. UTC||599.59251532 BTC||176908 shares||0.00338929 BTC||0.01314000 BTC||25.79368%|
|Aug. 25, 2013, 4:08 p.m. UTC||604.53085184 BTC||144608 shares||0.00418048 BTC||0.01250000 BTC||33.44384%|
|Aug. 14, 2013, 4:13 p.m. UTC||589.37581098 BTC||85734 shares||0.00687447 BTC||0.02300000 BTC||29.88900%|
|Aug. 4, 2013, 4:12 p.m. UTC||238.16101065 BTC||44797 shares||0.00531645 BTC||0.02100000 BTC||25.31643%|
|July 23, 2013, 4:20 p.m. UTC||270.21083382 BTC||51003 shares||0.00529794 BTC||0.01901000 BTC||27.86923%|
This fund is issued and managed by Deprived.
Deprived has managed the LTC-ATF asset on LTC-Global since September 2012. A brief history of LTC-ATF should explain why Deprived has the ability and experience to manage a fund of this type.
LTC-ATF is a fund which trades (rather than invests) in crypto-currency denominated securities and related areas. It is a growth fund (profits are retained increasing the value of units) rather than one which (usually) pays dividends. At launch units were sold at 10 LTC each - with future sales at a small premium to NAV/U.
When GLBSE vanished a few weeks after the fund start, prospects didn't look good. LTC-ATF was lucky enough to be one of those who received their BTC on deposit back - but during the time they had been locked in GLBSE LTC had risen sharply vs BTC. This, along with some GLBSE assets having to be written off or marked down reduced the NAV/U of LTC-ATF to 7.636 (it was 10.56 when GLBSE closed).
Since then, LTC-ATF has steadily grown - even through the recent massive rise in price of LTC vs BTC (when most other securities on LTC-Global fell massively in price).
The reduction is outstanding units is NOT from lack of demand - but from sales of new units having ceased long ago, with capital instead being raised by issuing fixed-rate bonds which are denominated in BTC but transacted in LTC. 250 BTC-worth of those have been sold (at present no more are being sold) allowing leveraging LTC-ATF's own capital as well as minimising the impact of exchange-rate moves (by having BTC-denominated liabilities to offset the majority of our BTC-denominated assets). The majority of buying back of units occurred when LTC peaked vs BTC/USD (in the 50-60 LTC per unit area as it was before the special dividend). Investors (including Deprived) cashed out capital that wasn't needed to profit when the obvious LTC bubble burst.
If the performance of LTC-ATF from start (26th Septmeber 2012) until last report date (9th June 2013) is examined then we find:
Those gains are not imaginary ones based on some fantasy means of valuing securities. The vast majority of LTC-ATF's assets are ALWAYS cash - usually 85-95% cash (88.37% as of this instant). And the gains are not ones that investors can't realise. LTC-ATF maintains a bid wall on its own units (for 100 units for a long time now - i.e. 35% of all outstanding units) at around 98% of NAV/U - though any investor wishing to sell would have no problem finding buyers at a premium to NAV/U (there is little market activity as noone wants to sell at any price near NAV/U).
The performance of LTC-ATF, the consistent reporting standards and the willingness (indeed eagerness) of Deprived to return unneeded funds to investors are the best possible qualifications to run a fund such as this.
Full details of LTC-ATF can be found :
In its listing on LTC-Global - https://www.litecoinglobal.com/security/LTC-ATF
In its thread on BTCtalk forums - https://bitcointalk.org/index.php?topic=112876.0
IMPORTANT : The account to send DMS.PURCHASE to (to receive DMS.MINING and DMS.SELLING) is DeprivedMining
Deprived Mining Speculation is a fund comprised of three seperate securities listed on BTC-TC. These three securities share a pool of assets to which they each have a different set of rights. Two of the securities will receive dividends from the pool of assets, the third only exists as a means of enforcing certain consistency on the behaviour of the other two.
DMS.MINING - This acts like a 5 Mega-Hash/Second PMB (Perpetual Mining Bond). It is NOT a bond (and nor are any PMBs). Daily dividends will be paid out.
DMS.SELLING - This acts as the backing for a DMS.MINING. These provide the capital that allows investors in DMS.MINING to receive back significantly more in dividends than they paid for their shares. If DMS.MINING never receive back what they paid then DMS.SELLING keep the extra. If difficulty rises sharply then these will also receive dividends - as the capital needed to back DMS.MINING becomes lower.
DMS.PURCHASE - This represents 1 unit of DMS.MINING + 1 unit of DMS.SELLING. These are the only shares that will be sold by the issuing account on the market. DMS.MINING and DMS.SELLING are obtained by transferring unit(s) of DMS.PURCHASE back to the issuer - who will then transfer an equal and matching number of DMS.MINING and DMS.SELLING to you. This is a messy way to sell paired securities - but the only practical AND trackable way to ensure that there are always an equal amount of DMS.MINING and DMS.SELLING.
The selling price of DMS.PURCHASE is defined by formula - and (unless mining difficulty rises massively) will drop over time as dividends are paid out. The selling/trading prices of DMS.MINING and DMS.SELLING are entirely left to those trading in DMS.PURCHASE to set - there will be no sales of them by the issuing account. The issuer/manager (Deprived) WILL sell these himself - but on exactly the same footing as everyone else : paying the same amount for a DMS.PURCHASE and competing with all other traders in the market-place.
The majority of capital raised will (where possible) be invested very conservatively - in bonds/debt from well-established businesses and in secured (on reputable securities provided as collateral) loans to individuals. This allows the cash paid out to DMS.MINING and DMS.SELLING to be more than the selling price of DMS.PURCHASE - reducing the margin traders need to make on the relative pricing of those two for investment here to be profitable.
In most scenarios the benefit (and risk) of that investment gos to DMS.SELLING holders - DMS.MINING investors received payments calculated based on difficulty whilst DMS.SELLING receive whatever is left over (which includes all income from investment). This means that although the rate of return of our investment will be low (due to being only in very safe investments and not all capital being invested) DMS.SELLING can still receive a decent return IF bought at the right price - as they will be effectively receiving the earned income on ALL capital not just the portion raised from DMS.SELLING. That balances the risk they bear - that they have no guaranteed minimum payment at all. DMS.SELLING investors will be able to determine which securities/issuers are considered 'safe' for investment or for use as collateral when taking a loan from the fund - but investment will be restricted strictly to investments which repay 100% of capital so as to protect the interests of DMS.MINING.
A management fee of 3% is charged on all sales of DMS.PURCHASE. Originally I was going to take management fee on dividends - but that becomes less transparent and far more complicated, involving taking fees at a number of different dividend points (and having to take a management fee on buy-backs and redemptions as well). I believe this compares very favourably to all alternatives where the management fee is disclosed. Sales of 500 BTC worth of DMS.PURCHASE would be needed just for me to break even on the listing fees.