Once again, FIG is making good on their year end top up crawfishing. Do not expect a year end 'top up' distribution.
First of all, as FIG management intimated on their call, they want to hang on to the money and use it for transactions like Microfinancial and the UCCMB unit (2.7 billion purchase). So, once again, the 'year end top up' is a first-half-of-the-year promise and a second-half-of-the-year mirage. FIG are all big talk during the first half...to generate a little investor interest...but when the time comes to pay out FIG always have some reason to hang on to the money.
Second of all, once again, fig fund managers conspire to make some embarrassing moves. At least the bitcoin was a relatively small investment. Blowing up the macro fund on a Swiss currency bet was a bad move in size.
I guess outright incompetence is worse than fibbing to retail muppets about their intent to pay top up dividends. Either way, investors need not wonder why this stock underperforms. The message the market is sending is clear: FIG, deliver on your dividend promises. Develop a clear and cogent dividend policy...and this is the important part, here...actually execute it! No more bait and switch with the dividend!