The Unit Trust Cor­po­ra­tion’s (UTC) Ca­lyp­so Macro In­dex Fund (Ca­lyp­so) has record­ed a To­tal Com­pre­hen­sive Loss of $104 mil­lion for the nine months end­ed Sep­tem­ber 30.

This is com­pared to To­tal Com­pre­hen­sive In­come of $23 mil­lion for the com­par­a­tive pe­ri­od end­ed Sep­tem­ber 2019 or a de­cline of 552 per cent.

In the fund’s fi­nan­cial state­ments, Chair­man Prof Ger­ry Brooks said: “The To­tal Com­pre­hen­sive Loss wors­ened by $19 mil­lion when com­pared to the six months end­ed June 30, pre­dom­i­nant­ly ow­ing to price de­clines ex­pe­ri­enced on the Fund’s en­er­gy ETFs (Ex­change Trad­ed Funds), which are re­port­ed in the line item Net Change in Fair Val­ue of In­vest­ment Se­cu­ri­ties.”

Brooks re­mind­ed in­vestors that the Fund’s fair val­ue loss­es are pri­mar­i­ly non-cash fair move­ments re­sult­ing from the COVID-19 re­lat­ed eco­nom­ic slow­downs be­ing ex­pe­ri­enced glob­al­ly.

De­spite these un­favourable fair val­ue move­ments, Brooks added that Ca­lyp­so con­tin­ued to make dis­tri­b­u­tions: as at Sep­tem­ber 30, the Fund paid $0.16 per unit com­pared to $0.20 for Sep­tem­ber 2019.

He said that the low­er div­i­dend re­sult­ed from re­duced pay­outs from sev­er­al com­pa­nies, as they sought to pre­serve cap­i­tal to weath­er the cur­rent eco­nom­ic head­winds.

Ac­cord­ing to Brooks, Ca­lyp­so con­tin­ues to com­prise high qual­i­ty in­vest­ments, both lo­cal­ly and in­ter­na­tion­al­ly He as­sert­ed: “We there­fore re­main op­ti­mistic that short-term price volatil­i­ty, even of the cur­rent ex­treme na­ture will not di­min­ish the long-term prospects of the un­der­ly­ing busi­ness­es and in­dus­tries re­flect­ed in the port­fo­lio hold­ings.”

The Ca­lyp­so Macro In­dex Fund is a closed-end mu­tu­al fund de­nom­i­nat­ed in T&T dol­lars, that was launched on Jan­u­ary 8, 2016, and is sched­uled to ter­mi­nate on the re­demp­tion date of No­vem­ber 30, 2025, or such lat­er date as may be pre­scribed by the Reg­u­la­tions of the Fund.

Ac­cord­ing to UTC, the Ca­lyp­so Fund is man­aged by the Cor­po­ra­tion, which may charge a fee of no more than 0.5 per cent of the net as­set val­ue of the dis­tri­b­u­tion pe­ri­od. The to­tal man­age­ment fees for the pe­ri­od amount­ed to $1,608,094.