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Futures Portfolio Fund (FPF)

First Trust Intermediate Duration Preferred & Income Fund (the "Fund") is a diversified, closed-end management investment company. The primary investment objective is to seek a high level of current income. The Fund has a secondary objective of capital appreciation. The Fund seeks to achieve its objectives by investing, under normal market conditions, at least 80% of its managed assets in preferred securities and other income producing securities issued by U.S. and non-U.S. companies, including traditional preferred securities, hybrid preferred securities that have investment and economic characteristics of both preferred securities and debt securities, floating rate and fixed-to-floating rate preferred securities, debt securities, convertible securities and contingent convertible securities. The Fund seeks to maintain, under normal market conditions, a duration of between three and eight years.

FPF stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 63.91M 63.91M 63.91M 63.91M 63.91M 63.91M
Cash burn (monthly) (no burn) (no burn) 118.52K 121.35K (no burn) (no burn)
Cash used (since last report) n/a n/a 522K 534.48K n/a n/a
Cash remaining n/a n/a 63.39M 63.38M n/a n/a
Runway (months of cash) n/a n/a 534.9 522.3 n/a n/a

Beta Read what these cash burn values mean

Financial report summary

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Management Discussion
  • During the 1st quarter, the Fund benefited from profitable trading in currency markets as a long USD posture benefitted from the strength in the greenback. The largest gain was from a sizable, short Yen position which tumbled to its weakest level since 2015 versus the USD and near a twenty-year low. A short position in the Euro was also a significant contributor as market participants worried about the effect that rising oil and natural gas prices would have on the European economy while the tone at the Fed became increasingly hawkish. A long position in the British Pound was the largest detractor as the currency weakened versus the USD during the quarter.
  • Trading in equities was unprofitable during the quarter as losses in U.S. indices were only partially offset by gains from positions in other geographies. Overall exposure in equities was generally long biased, though position sizes were muted and, at times, was neutral to slightly short. In the U.S., the largest losses were from long E-mini S&P 500 and NASDAQ 100 positions which declined during the quarter. In Europe and Asia, persistent short exposure benefitted from the sell-off in stocks with notable gains from trading in the German DAX and the Hang Seng Indices.
  • At the end of the 1st quarter, the Fund’s largest risk exposure remained in commodities, led by long energy positions. Risk exposure in agricultural markets also was significant as exposure remained long in response to strong fundamentals and rising prices. Both base and precious metals exposure was positioned long as well. Risk exposure in equities was small and positioning, while mixed, was long biased overall at the end of the period. Fixed income exposure finished the quarter short in all major regions and across all parts of the curve. In currency markets, the Fund was positioned long USD overall with notable short exposure in the Euro and Yen while emerging market currencies were long versus the USD.

Content analysis

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Proxies
No filings