Sunday, February 28, 2010

Moominmama Performance February 2010

Moominmama lost 1.82% in February, mainly due to the fall in Sterling against the US Dollar. The value of Sterling Cash fell 4.81%, while bonds returned -3.70% as the larger part of her holdings are in Sterling bonds. Not surprisingly, US equities were the top performer. The MSCI World Index returned 1.31% this month.

Moominmama has a UK Savings Certificate - a kind of government savings bond - that is still in the name of my father who died in 2002. My brother has started investigating how we can transfer it into her name. The authorities in the UK responded by demanding a list of all assets jointly owned by my parents in 2002. This will be hard to come up with and there is a danger that they'd then demand inheritance tax to be paid on the estate or something. My parents left Britain in 1995, but the British government has very strange tax rules. Being "domiciled" in Britain is what counts not being "resident" there. It looks like we might need a lawyer to deal with this. The savings certificate in question is worth about $US65,000.

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