Investment Company Act file number:
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811-09261
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|
|
FOXBY CORP.
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SEEKING TOTAL RETURN
2015 |
JUNE 30 |
SEMI-ANNUAL REPORT
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WWW.FOXBYCORP.COM |
PORTFOLIO ANALYSIS
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||||
June 30, 2015
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TOP TEN |
June 30, 2015 |
TOP TEN |
June 30, 2015 |
|||||
HOLDINGS
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INDUSTRIES
|
|||||||
1 Berkshire Hathaway, Inc. Class B |
1 Investment Advice |
|||||||
2 Daimler AG |
2 Exchange Traded Funds |
|||||||
3 Franklin Resources, Inc. |
3 Motor Vehicles & Passenger Car Bodies |
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4 Wells Fargo & Company |
4 Fire, Marine & Casualty Insurance |
|||||||
5 The Procter & Gamble Company |
5 Computer Communications Equipment |
|||||||
6 McDonald’s Corp. |
6 Retail - Eating Places |
|||||||
7 Google Inc. Class A |
7 National Commercial Banks |
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8 Wal-Mart Stores, Inc. |
8 Soap, Detergents, Cleaning Preparations, |
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Perfumes, Cosmetics |
||||||||
9 Cisco Systems, Inc. |
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9 Information Retrieval Services |
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10 Express Scripts Holding Company |
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10 Retail - Variety Stores |
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Top ten holdings comprise approximately 46% of total assets.
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Holdings are subject to change. The above portfolio information should not be considered as a recommendation to purchase or sell a particular security and there is no assurance that any securities will remain in or out of the Fund. |
FOXBY CORP.
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Semi-Annual Report 2015
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TO OUR SHAREHOLDERS
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||||
June 30, 2015
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Dear Fellow Shareholders:
1 Semi-Annual Report 2015 |
FOXBY CORP.
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TO OUR SHAREHOLDERS
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||||
June 30, 2015
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FOXBY CORP.
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Semi-Annual Report 2015 2
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SCHEDULE OF PORTFOLIO INVESTMENTS
|
June 30, 2015 (Unaudited)
|
|||
Financial Statements
|
Shares
|
Common Stocks (95.25%)
|
Value
|
||||||||
Cable & Other Pay Television Services (1.89%) |
||||||||||
2,000 |
Viacom Inc. |
$ | 129,280 | |||||||
Cigarettes (1.17%) |
||||||||||
1,000 |
Philip Morris International, Inc. |
80,170 | ||||||||
Computer Communications Equipment (6.18%) |
||||||||||
9,000 |
Cisco Systems, Inc. (a) |
247,140 | ||||||||
6,750 |
Juniper Networks, Inc. |
175,298 | ||||||||
422,438 | ||||||||||
Computer & Office Equipment (0.95%) |
||||||||||
400 |
International Business Machines Corporation |
65,064 | ||||||||
Electronic & Other Electrical Equipment (1.18%) |
||||||||||
1,000 |
Emerson Electric Co. |
55,430 | ||||||||
1,000 |
Koninklijke Philips N.V. |
25,460 | ||||||||
80,890 | ||||||||||
Finance Services (1.14%) |
||||||||||
1,000 |
American Express Company |
77,720 | ||||||||
Fire, Marine & Casualty Insurance (7.73%) |
||||||||||
3,500 |
Berkshire Hathaway, Inc. Class B (a) (b) |
476,385 | ||||||||
1,000 |
W.R. Berkley Corporation |
51,930 | ||||||||
528,315 | ||||||||||
Information Retrieval Services (3.95%) |
||||||||||
500 |
Google Inc. Class A (a) (b) |
270,020 | ||||||||
Investment Advice (10.66%) |
||||||||||
3,000 |
Apollo Global Management, LLC |
66,450 | ||||||||
20,000 |
Fortress Investment Group LLC |
146,000 | ||||||||
9,000 |
Franklin Resources, Inc. (a) |
441,270 | ||||||||
2,000 |
Invesco Ltd. |
74,980 | ||||||||
728,700 | ||||||||||
In Vitro & In Vivo Diagnostic Substances (2.98%) |
||||||||||
6,000 |
Myriad Genetics, Inc. (b) |
203,940 | ||||||||
Leather & Leather Products (1.52%) |
||||||||||
3,000 |
Coach, Inc. (a) |
103,830 | ||||||||
Men’s & Boys’ Furnishings, Work Clothing, & Allied Garments (1.94%) |
||||||||||
1,000 |
Ralph Lauren Corp. |
132,360 | ||||||||
Motor Vehicles & Passenger Car Bodies (8.53%) |
||||||||||
4,800 |
Daimler AG |
441,456 | ||||||||
4,250 |
General Motors Company |
141,652 | ||||||||
583,108 | ||||||||||
See notes to financial statements. |
3 Semi-Annual Report 2015 |
FOXBY CORP.
|
SCHEDULE OF PORTFOLIO INVESTMENTS
|
June 30, 2015 (Unaudited)
|
|||
Financial Statements
|
Shares
|
Common Stocks (continued)
|
Value
|
||||||||
National Commercial Banks (4.94%) |
||||||||||
6,000 |
Wells Fargo & Company (a) |
$ | 337,440 | |||||||
Office Furniture (2.22%) |
||||||||||
12,500 |
Kimball International Inc. Class B |
152,000 | ||||||||
Paperboard Containers & Boxes (0.64%) |
||||||||||
1,000 |
REXAM PLC |
43,590 | ||||||||
Petroleum Refining (1.22%) |
||||||||||
1,000 |
Exxon Mobil Corp. |
83,200 | ||||||||
Pharmaceutical Preparations (0.72%) |
||||||||||
1,000 |
Sanofi ADR |
49,530 | ||||||||
Plastic Mail, Synth Resin/Rubber, Cellulose (1.17%) |
||||||||||
4,900 |
Rayonier Advanced Materials Inc. |
79,674 | ||||||||
Printed Circuit Boards (2.00%) |
||||||||||
9,375 |
Kimball Electronics, Inc. (b) |
136,781 | ||||||||
Real Estate (1.35%) |
||||||||||
5,000 |
NorthStar Asset Management Group Inc. |
92,450 | ||||||||
Real Estate Investment Trusts (0.93%) |
||||||||||
2,000 |
Tanger Factory Outlet Centers, Inc. |
63,400 | ||||||||
Retail Consulting and Investment (0.01%) |
||||||||||
72,728 |
Amerivon Holdings LLC (c) |
727 | ||||||||
Retail - Drug Stores and Proprietary Stores (3.25%) |
||||||||||
2,500 |
Express Scripts Holding Company (a) (b) |
222,350 | ||||||||
Retail - Eating Places (5.20%) |
||||||||||
3,000 |
McDonald’s Corp. (a) |
285,210 | ||||||||
400 |
Panera Bread Company (b) |
69,908 | ||||||||
355,118 | ||||||||||
Retail - Family Clothing Stores (2.01%) |
||||||||||
3,600 |
The GAP, Inc. (a) |
137,412 | ||||||||
Retail - Variety Stores (3.94%) |
||||||||||
3,800 |
Wal-Mart Stores, Inc. (a) |
269,534 | ||||||||
Semiconductors & Related Devices (1.50%) |
||||||||||
2,000 |
Altera Corp. |
102,400 | ||||||||
Services - Business Services (2.08%) |
||||||||||
7,000 |
The Western Union Company |
142,310 | ||||||||
See notes to financial statements. |
FOXBY CORP.
|
Semi-Annual Report 2015 4
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SCHEDULE OF PORTFOLIO INVESTMENTS
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June 30, 2015 (Unaudited)
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|||
Financial Statements
|
Shares
|
Common Stocks (concluded)
|
Value
|
||||||||
Services - Medical Laboratories (2.31%) |
||||||||||
1,300 |
Laboratory Corporation of America Holdings (b) |
$ 157,586 | ||||||||
Services - Prepackaged Software (2.04%) |
||||||||||
4,750 |
CA, Inc. (a) |
139,128 | ||||||||
Soap, Detergents, Cleaning Preparations, Perfumes, Cosmetics (4.58%) |
||||||||||
4,000 |
The Procter & Gamble Company (a) |
312,960 | ||||||||
Wholesale - Computers & Peripheral Equipment & Software (1.10%) |
||||||||||
3,000 |
Ingram Micro Inc. (b) |
75,090 | ||||||||
Wholesale - Electronic Parts & Equipment (1.20%) |
||||||||||
2,000 |
Avnet, Inc. |
82,220 | ||||||||
Wholesale - Industrial Machinery & Equipment (1.02%) |
||||||||||
1,000 |
MSC Industrial Direct Co., Inc. |
69,770 | ||||||||
Total common stocks (Cost $5,404,609) |
6,510,505 | |||||||||
Exchange Traded Funds (8.56%) |
||||||||||
4,500 |
Cambria Shareholder Yield ETF |
140,760 | ||||||||
2,900 |
First Trust US IPO Index Fund ETF |
158,166 | ||||||||
3,000 |
Guggenheim Spin-Off ETF |
137,610 | ||||||||
3,050 |
PowerShares Buyback Achievers ETF Trust |
148,261 | ||||||||
Total exchange traded funds (Cost $547,971) |
584,797 | |||||||||
Preferred Stocks (1.60%) |
||||||||||
Retail Consulting and Investment (1.60%) |
||||||||||
194,990 |
Amerivon Holdings LLC (c) (Cost $539,522) |
109,194 | ||||||||
Money Market Fund (0.07%) |
||||||||||
4,807 |
SSgA Money Market Fund, 7 day annualized yield 0.00% (Cost $4,807) |
4,807 | ||||||||
Total investments (Cost $6,496,909) (105.48%) |
7,209,303 | |||||||||
Liabilities in excess of other assets (-5.48%) |
(374,625) | |||||||||
Net assets (100.00%) |
$ 6,834,678 | |||||||||
(a) All or a portion of these securities have been segregated as collateral pursuant to the Committed Facility Agreement. As of June 30, 2015, the value of securities pledged as collateral was $3,242,679 and there were no securities on loan under the lending agreement. (b) Non-income producing. (c) Illiquid and/or restricted security that has been fair valued. |
||||||||||
See notes to financial statements. |
5 Semi-Annual Report 2015 |
FOXBY CORP.
|
STATEMENT OF ASSETS AND LIABILITIES
|
(Unaudited)
|
|||
Financial Statements
|
June 30, 2015
|
||||||
Assets |
||||||
Investments at value (cost $6,496,909) |
$ 7,209,303 | |||||
Dividends receivable |
5,210 | |||||
Other assets |
1,772 | |||||
Total assets |
7,216,285 | |||||
Liabilities |
||||||
Bank credit facility borrowing |
338,224 | |||||
Payables |
||||||
Accrued expenses |
35,879 | |||||
Investment management fee |
5,731 | |||||
Administrative services |
1,773 | |||||
Total liabilities |
381,607 | |||||
Net Assets |
$ 6,834,678 | |||||
Net Asset Value Per Share |
||||||
(applicable to 2,610,050 shares outstanding: 500,000,000 shares of $.01 par value authorized) |
$2.62 | |||||
Net Assets Consist of |
||||||
Paid in capital |
$ 7,651,433 | |||||
Accumulated undistributed net investment income |
110,139 | |||||
Accumulated net realized loss on investments |
(1,643,803) | |||||
Net unrealized appreciation on investments |
716,909 | |||||
$ 6,834,678 | ||||||
See notes to financial statements. |
FOXBY CORP.
|
Semi-Annual Report 2015 6
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STATEMENT OF OPERATIONS
|
(Unaudited)
|
|||
Financial Statements
|
Six Months Ended June 30, 2015
|
||||||
Investment Income |
||||||
Dividends (net of $437 foreign tax expense) |
$ 101,227 | |||||
|
||||||
Total investment income |
101,227 | |||||
|
||||||
Expenses |
||||||
Investment management |
35,780 | |||||
Bookkeeping and pricing |
12,890 | |||||
Directors |
7,868 | |||||
Audit |
6,915 | |||||
Shareholder communications |
6,362 | |||||
Administrative services |
5,630 | |||||
Custody |
2,595 | |||||
Transfer agent |
2,260 | |||||
Interest on bank credit facility |
1,818 | |||||
Insurance |
905 | |||||
Other |
671 | |||||
|
||||||
Total expenses |
83,694 | |||||
|
||||||
Net investment income |
17,533 | |||||
|
||||||
Realized and Unrealized Gain (Loss) |
||||||
Net realized gain on investments |
721,308 | |||||
Unrealized depreciation on investments |
(899,882) | |||||
|
||||||
Net realized and unrealized loss |
(178,574) | |||||
|
||||||
Net decrease in net assets resulting from operations |
$ (161,041) | |||||
|
||||||
7 Semi-Annual Report 2015 |
FOXBY CORP.
|
STATEMENTS OF CHANGES IN NET ASSETS
|
(Unaudited)
|
|||
Financial Statements
|
Six Months Ended
|
Year Ended
|
|||||||||||
Operations |
||||||||||||
Net investment income |
$ 17,533 | $ 47,822 | ||||||||||
Net realized gain |
721,308 | 570,698 | ||||||||||
Unrealized depreciation |
(899,882) | (567,754) | ||||||||||
|
|
|||||||||||
Net increase (decrease) in net assets resulting from operations |
(161,041) | 50,766 | ||||||||||
|
|
|||||||||||
Total increase (decrease) in net assets |
(161,041) | 50,766 | ||||||||||
Net Assets |
||||||||||||
Beginning of period |
6,995,719 | 6,944,953 | ||||||||||
|
|
|||||||||||
End of period |
$ 6,834,678
|
$ 6,995,719
|
||||||||||
|
|
|||||||||||
End of period net assets include undistributed net investment income |
$ 110,139
|
$ 92,606
|
||||||||||
|
|
|||||||||||
See notes to financial statements. |
FOXBY CORP.
|
Semi-Annual Report 2015 8
|
STATEMENT OF CASH FLOWS
|
(Unaudited)
|
|||
Financial Statements
|
Six Months Ended June 30, 2015
|
||||||||
Cash Flows From Operating Activities |
||||||||
Net decrease in net assets resulting from operations |
$ (161,041) | |||||||
Adjustments to reconcile decrease in net assets resulting from operations |
||||||||
Unrealized depreciation of investments |
899,882 | |||||||
Net realized gain on sales of investments |
(721,308) | |||||||
Purchase of long term investments |
(1,296,065) | |||||||
Proceeds from sales of long term investments |
1,494,353 | |||||||
Net purchases of short term investments |
(7,332) | |||||||
Decrease in dividends receivable |
9,468 | |||||||
Increase in other assets |
(570) | |||||||
Decrease in accrued expenses |
(10,060) | |||||||
Decrease in investment management fee payable |
(300) | |||||||
Increase in administrative services payable |
270 | |||||||
|
||||||||
Net cash provided by operating activities |
207,297 | |||||||
|
||||||||
Cash Flows from Financing Activities |
||||||||
Bank credit facility repayment |
(207,297) | |||||||
|
||||||||
Net cash used in financing activities |
(207,297) | |||||||
|
||||||||
Net change in cash |
- | |||||||
Cash |
||||||||
Beginning of period |
- | |||||||
|
||||||||
End of period |
$ - | |||||||
|
||||||||
Supplemental disclosure of cash flow information: |
||||||||
Cash paid for interest on bank credit facility |
$ 1,824 | |||||||
See notes to financial statements. |
9 Semi-Annual Report 2015 |
FOXBY CORP.
|
NOTES TO FINANCIAL STATEMENTS
|
June 30, 2015 (Unaudited)
|
|||
Financial Statements
|
FOXBY CORP.
|
Semi-Annual Report 2015 10
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|||
Financial Statements
|
11 Semi-Annual Report 2015 |
FOXBY CORP.
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|||
Financial Statements
|
FOXBY CORP.
|
Semi-Annual Report 2015 12
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|||
Financial Statements
|
The following is a summary of the inputs used as of June 30, 2015 in valuing the Fund’s assets. Refer to the Schedule of Portfolio Investments for detailed information on specific investments.
ASSETS |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Investments, at value |
||||||||||||||||
Common Stocks |
||||||||||||||||
Cable & Other Pay Television Services |
$ 129,280 | $ - | $ - | $ 129,280 | ||||||||||||
Cigarettes |
80,170 | - | - | 80,170 | ||||||||||||
Computer Communications Equipment |
422,438 | - | - | 422,438 | ||||||||||||
Computer & Office Equipment |
65,064 | - | - | 65,064 | ||||||||||||
Electronic & Other Electrical Equipment |
80,890 | - | - | 80,890 | ||||||||||||
Finance Services |
77,720 | - | - | 77,720 | ||||||||||||
Fire, Marine & Casualty Insurance |
528,315 | - | - | 528,315 | ||||||||||||
Information Retrieval Services |
270,020 | - | - | 270,020 | ||||||||||||
Investment Advice |
728,700 | - | - | 728,700 | ||||||||||||
In Vitro & In Vivo Diagnostic Substances |
203,940 | - | - | 203,940 | ||||||||||||
Leather & Leather Products |
103,830 | - | - | 103,830 | ||||||||||||
Men’s & Boy’s Furnishings, Work Clothing & |
132,360 | - | - | 132,360 | ||||||||||||
Motor Vehicles & Passenger Car Bodies |
583,108 | - | - | 583,108 | ||||||||||||
National Commercial Banks |
337,440 | - | - | 337,440 | ||||||||||||
Office Furniture |
152,000 | - | - | 152,000 | ||||||||||||
Paperboard Containers & Boxes |
43,590 | - | - | 43,590 | ||||||||||||
Petroleum Refining |
83,200 | - | - | 83,200 | ||||||||||||
Pharmaceutical Preparations |
49,530 | - | - | 49,530 | ||||||||||||
Plastic Mail, Synth Resin/Rubber, Cellulose |
79,674 | - | - | 79,674 | ||||||||||||
Printed Circuit Boards |
136,781 | - | - | 136,781 | ||||||||||||
Real Estate |
92,450 | - | - | 92,450 | ||||||||||||
Real Estate Investment Trusts |
63,400 | - | - | 63,400 | ||||||||||||
Retail Consulting and Investment |
- | - | 727 | 727 | ||||||||||||
Retail - Drug Stores and Proprietary Stores |
222,350 | - | - | 222,350 | ||||||||||||
Retail - Eating Places |
355,118 | - | - | 355,118 | ||||||||||||
Retail - Family Clothing Stores |
137,412 | - | - | 137,412 | ||||||||||||
Retail - Variety Stores |
269,534 | - | - | 269,534 | ||||||||||||
Semiconductors & Related Devices |
102,400 | - | - | 102,400 | ||||||||||||
Services - Business Services |
142,310 | - | - | 142,310 | ||||||||||||
Services - Medical Laboratories |
157,586 | - | - | 157,586 | ||||||||||||
Services - Prepackaged Software |
139,128 | - | - | 139,128 | ||||||||||||
Soap, Detergents, Cleaning Preparations, |
312,960 | - | - | 312,960 | ||||||||||||
Wholesale - Computers & Peripheral Equipment |
75,090 | - | - | 75,090 | ||||||||||||
Wholesale - Electronic Parts & Equipment |
82,220 | - | - | 82,220 | ||||||||||||
Wholesale - Industrial Machinery & Equipment |
69,770 | - | - | 69,770 | ||||||||||||
Exchange Traded Funds |
584,797 | - | - | 584,797 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Retail Consulting and Investment |
- | - | 109,194 | 109,194 | ||||||||||||
Money Market Fund |
4,807 | - | - | 4,807 | ||||||||||||
Total investments, at value |
$ 7,099,382 | $ - | $ 109,921 | $ 7,209,303 | ||||||||||||
There were no securities transferred from level 1 on December 31, 2014 to level 2 at June 30, 2015.
13 Semi-Annual Report 2015 |
FOXBY CORP.
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|||
Financial Statements
|
The following is a reconciliation of level 3 assets:
Common Stocks
|
Preferred Stocks
|
Total | ||||||||||
Balance at December 31, 2014 |
|
$ 1,455 |
|
$ |
108,478 |
|
$ |
109,933 |
|
|||
Payment of in-kind dividends |
- | 12,863 | 12,863 | |||||||||
Change in unrealized appreciation |
(728) | (12,147) | (12,875) | |||||||||
Balance at June 30, 2015 |
$ 727 | $ | 109,194 | $ | 109,921 | |||||||
Net change in unrealized appreciation attributable to
|
|
$ (728)
|
|
$
|
(12,147)
|
|
$
|
(12,875)
|
|
|||
There were no transfers into or out of level 3 assets during the period. Unrealized gains (losses) are included in the related amounts on investments in the Statement of Operations.
The Investment Manager, under the direction of the Fund’s Board of Directors, considers various valuation approaches for valuing assets categorized within level 3 of the fair value hierarchy. The factors used in determining the value of such assets may include, but are not limited to: the discount applied due to the private nature of the asset; the type of the security; the size of the asset; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer or analysts; an analysis of the company’s or issuer’s financial statements; or an evaluation of the forces that influence the issuer and the market in which the asset is purchased and sold. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. The pricing of all fair value assets is normally reported to the Fund’s Board of Directors.
The following table presents additional information about valuation methodologies and inputs used for assets that are measured at fair value and categorized as level 3 as of June 30, 2015:
June 30, 2015
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range
|
||||
Common Stocks |
||||||||
Retail - Consulting and |
$ 727 | Value of liquidation per share | Discount rate due to lack of | 80% | ||||
Investment |
marketability | |||||||
Preferred Stocks |
||||||||
Retail - Consulting and |
$ 109,194 | Value of liquidation preference | Discount rate due to lack of | 80% | ||||
Investment |
per share
|
marketability
|
||||||
|
||||||||
5. INVESTMENT TRANSACTIONS Purchases and proceeds from sales of investment securities, excluding short term securities, were $1,296,065 and $1,494,353, respectively, for the six months ended June 30, 2015. As of June 30, 2015, for federal income tax purposes, subject to change, the aggregate cost of securities was $6,496,909 and net unrealized appreciation was $712,394, comprised of gross unrealized appreciation of $1,404,909 and gross unrealized depreciation of $692,515. The aggregate costs of investments for tax purposes will depend upon the Fund’s investment experience during the entirety of its fiscal year and may be subject to changes based on tax regulations.
FOXBY CORP.
|
Semi-Annual Report 2015 14
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|||
Financial Statements
|
6. ILLIQUID AND RESTRICTED SECURITIES The Fund owns securities which have a limited trading market and/or certain restrictions on trading and, therefore, may be considered illiquid and/or restricted. Such securities have been valued using fair value pricing. Due to the inherent uncertainty of valuation, fair value pricing values may differ from the values that would have been used had a readily available market for the securities existed. These differences in valuation could be material. Illiquid and/or restricted securities owned as of June 30, 2015 were as follows:
Acquisition Date
|
Cost
|
Value
|
||||||||||||||
Amerivon Holdings LLC preferred shares
|
9/20/07 |
$ |
539,522 |
|
$ |
109,194 |
|
|||||||||
Amerivon Holdings LLC common equity units
|
9/20/07
|
|
0
|
|
|
727
|
|
|||||||||
|
|
|||||||||||||||
Total
|
$ | 539,522 | $ | 109,921 | ||||||||||||
|
|
|||||||||||||||
Percent of net assets |
|
8
|
%
|
|
2
|
%
|
||||||||||
|
||||||||||||||||
15 Semi-Annual Report 2015 |
FOXBY CORP.
|
NOTES TO FINANCIAL STATEMENTS
|
(Unaudited)
|
|||
Financial Statements
|
FOXBY CORP.
|
Semi-Annual Report 2015 16
|
FINANCIAL HIGHLIGHTS
|
(Unaudited)
|
|||
Financial Statements
|
Six Months Ended June 30, 2015
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||
Per Share Operating Performance |
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||||||||
(for a share outstanding throughout each period) | ||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$2.68 | $2.66 | $2.09 | $1.79 | $1.72 | $1.65 | ||||||||||||||||||||||||
Income from investment operations: |
||||||||||||||||||||||||||||||
Net investment income (loss) (1) |
0.01 | 0.02 | 0.02 | (0.04 | ) | 0.01 | (0.01 | ) | ||||||||||||||||||||||
Net realized and unrealized gain on investments |
(0.07 | ) | -* | 0.57 | 0.35 | 0.06 | 0.08 | |||||||||||||||||||||||
Total from investment operations |
(0.06 | ) | 0.02 | 0.59 | 0.31 | 0.07 | 0.07 | |||||||||||||||||||||||
Less distributions: |
||||||||||||||||||||||||||||||
Net investment income |
|
- |
|
- | (0.02 | ) | (0.01 | ) | - | - | ||||||||||||||||||||
Return of capital |
|
- |
|
- | - | -* | - | - | ||||||||||||||||||||||
Total distributions |
- | - | (0.02 | ) | (0.01 | ) | - | - | ||||||||||||||||||||||
Net asset value, end of period |
$2.62 | $2.68 | $2.66 | $2.09 | $1.79 | $1.72 | ||||||||||||||||||||||||
Market value, end of period |
$1.85 | $1.87 | $1.95 | $1.45 | $1.24 | $1.10 | ||||||||||||||||||||||||
Total Return (3) |
||||||||||||||||||||||||||||||
Based on net asset value |
(2.24 | )% | 0.75 | % | 28.23 | % | 17.53 | % | 4.07 | % | 4.24 | % | ||||||||||||||||||
Based on market price |
(1.07 | )% | (4.10 | )% | 35.50 | % | 17.70 | % | 12.73 | % | 7.84 | % | ||||||||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||||||||
Net assets at end of period (000s omitted) |
$6,835 | $6,996 | $6,945 | $5,442 | $4,661 | $4,491 | ||||||||||||||||||||||||
Ratio of expenses to average net assets |
2.39 | %† | 1.92 | % | 1.60 | % | 4.57 | %(4) | 2.03 | % | 2.28 | % | ||||||||||||||||||
Ratio of expenses excluding loan interest and fees to average net assets |
2.39 | %† | 1.86 | % | 1.60 | % | 4.57 | %(4) | 2.03 | % | 2.25 | % | ||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.50 | %† | 0.75 | % | 0.92 | % | (1.94 | )% | 0.34 | % | (0.41 | )% | ||||||||||||||||||
Portfolio turnover rate |
18.23 | % | 52.94 | % | 12.30 | % | 14.92 | % | 11.41 | % | 4.49 | % | ||||||||||||||||||
Average commission rate paid |
$0.0253 | $0.0114 | $0.0170 | $0.0115 | $0.0077 | $0.0011 | ||||||||||||||||||||||||
(1) |
The per share amounts were calculated using the average number of shares outstanding during the period. |
(2) |
The amount of net investment income (loss) was less than $.005 per share. |
(3) |
Total return on a market value basis is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividend and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan if in effect or, if there is no plan in effect, at the lower of the per share net asset value or the closing market price of the Fund’s shares on the dividend/distribution date. Generally, total return on a net asset value basis will be higher than total return on a market value basis in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total return on a net asset value basis will be lower than total return on a market value basis in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods. The calculation does not reflect brokerage commissions, if any. |
(4) |
Expenses incurred by the Fund in connection with a special meeting of shareholders held on September 12, 2012, increased the ratio of expenses to average net assets by 2.27% for the year ended December 31, 2012. |
* |
Less than $0.005 per share. |
† |
Annualized. |
See notes to financial statements.
17 Semi-Annual Report 2015 |
FOXBY CORP.
|
The additional information below and on the following pages is supplemental and not part of the financial statements of the Fund. | ||
BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
|
(Unaudited)
|
|
Additional Information
|
FOXBY CORP.
|
Semi-Annual Report 2015 18
|
BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
|
(Unaudited)
|
|
Additional Information
|
19 Semi-Annual Report 2015 |
FOXBY CORP.
|
GENERAL INFORMATION
|
(Unaudited)
|
|||
Additional Information
|
Cautionary Note Regarding Forward Looking Statements- This report contains “forward looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” and similar expressions identify forward looking statements, which generally are not historical in nature. Forward looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its current expectations or projections indicated in any forward looking statements. These risks include, but are not limited to, equity securities risk, corporate bonds risk, credit risk, interest rate risk, leverage and borrowing risk, additional risks of certain securities in which the Fund invests, market discount from net asset value, distribution policy risk, management risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to update or revise any forward looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained.
Fund Information - This report, including the financial statements herein, is provided for informational purposes only. This is not a prospectus, circular, or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report. This report shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, or an exemption therefrom.
Section 23 Notice- Pursuant to Section 23 of the Investment Company Act of 1940, as amended, notice is hereby given that the Fund may in the future purchase its own shares in the open market. These purchases may be made from time to time, at such times, and in such amounts, as may be deemed advantageous to the Fund, although nothing herein shall be considered a commitment to purchase such shares.
FOXBY CORP.
|
Semi-Annual Report 2015 20
|
FOXBY CORP.
FXBY |
TICKER |
WWW.FOXBYCORP.COM
|
PRINTED ON RECYCLED PAPER
(a)
|
The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's second fiscal quarter of the period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Not applicable.
|
(a)(2) |
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit EX-99.
|
(a)(3) |
Not applicable.
|
(b) | Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit EX-99 906. |
|
|
|
Foxby Corp.
|
|
|
August 27, 2015
|
By: /s/ Thomas B. Winmill
|
|
Thomas B. Winmill
|
|
President
|
|
|
|
|
|
Foxby Corp.
|
|
|
August 27, 2015
|
By: /s/ Thomas O'Malley
|
|
Thomas O'Malley
|
|
Chief Financial Officer
|
|
|
|
Foxby Corp.
|
|
|
August 27, 2015
|
By: /s/ Thomas B. Winmill
|
|
Thomas B. Winmill
|
|
President
|
|
|
|
|
|
Foxby Corp.
|
|
|
August 27, 2015
|
By: /s/ Thomas O'Malley
|
|
Thomas O'Malley
|
|
Chief Financial Officer
|
|
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
|
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
August 27, 2015
|
|
By: /s/ Thomas B. Winmill
Thomas B. Winmill
President
|
|
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles
|
|
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
|
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
August 27, 2015
|
|
By: /s/ Thomas O'Malley
Thomas O'Malley
Chief Financial Officer
|
1.
|
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.
|
August 27, 2015
|
|
By: /s/ Thomas B. Winmill
Thomas B. Winmill
Chief Executive Officer
|
1.
|
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.
|
August 27, 2015
|
|
By: /s/ Thomas O'Malley
Thomas O'Malley
Chief Financial Officer
|
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