A person needs to look at when the underlying index funds pay their dividends and the dividend amounts. I suspect very few of them paid dividends in June. Usually quarterly dividends are paid the first month of the quarter. I suspect that August is when we'll see a much larger dividend that reflects the dividends paid in July.
Ex dividend and date of record are two different dates. The ex-dividend date precedes the date of record by two days. The reason is that it takes two days for transactions to "settle". A little confusing but important to know.
Also, a person who buys in the pre-market on the ex-dividend day will own the stock before the market opens but will not be entitled to the dividend. One must own the stock at the end of trading (or if you want, 11:59 pm New York time) on the day prior to ex-dividend date to get the dividend.
Because I own so much of both, I probably won't be adding to either NSAM or NRF in the near future unless one of them goes on "sale".
I saw the $20 fee in my Scottrade account this morning also. I'll probably give them a call and ask that it be refunded but they have been so good to me, (reduced margin rates, free trades, and incentive bonuses) that in some way I hate to quibble about $20.
It took Scottrade all morning to get NSAM and NRF set up but by the end of the day I could trade them. Interactive Broker on the other hand didn't have things set up until this morning.
According to Paulo Santos, (SA article on 6-30), NSAM is no Massive Bargain, at least in his opinion. So, it appears that concerns of NSAM becoming overvalued like AAMC, are not going to realized, at least in the next few days/weeks/months, should one listen to Mr. Santos.
Seriously though, you are right that a company can get overvalued and that is why I believe that an investor should know the companies that he/she invests in and not only how they make their money, but have a good sense of their value. I believe that fundamentals do matter and that is why I appreciate those on this and other boards who support their statements with reasons of why they think something will or will not happen. That is also why I pay very little attention to those who like to call others names or who state positions without providing any basis for their positions. It is also why I like to hear from those who have a differing opinion than I have, if they have a solid basis for their opinion, it well may be worth listening to even though I may initially disagree with them. In other words, I value all opinions as long as they are based on facts and sound reasoning and not based on emotion.
Wishing you the best
Thanks for the update. Scottrade doesn't have my NSAM stock showing yet and they show blanks for NRF. Maybe they should have had more notice of what was happening, after all, it has been a busy 6 months. Online trading of either NRF or NSAM for me this morning isn't going to happen. But, I am happy to watch today.
Dar is exactly right, the big boys with the fast computers and the algorithms already in place are buying buying and selling making money on the spread between (NRFwi + NSAMwi)/2 and NRF. There was a constant spread/differental of at least $.10 for the first half hour or more. Ten cents x a million shares equals a lot of dinners out anywhere you want to go.
All that I could think of today was what my father told me long ago...It is a foolish person who plays where elephants are fighting. A good day to sit back and watch.
NRF seems to be trading about $.10 less than (NRFw+NSAMw)/2. This has been pretty constant throughout the morning and so if a person wanted to be buying NRF and selling NRFw and NSAM they could be making about .10 on the trade. However, the price has been moving around too fast, IMO, to do much arbitrage trading right now.
I admit that I get frustrated at how the market values AI, but as long as it keeps paying a 12.78% qualified dividend, I'll be more than satisfied in owing AI.