Archive for November 26, 2008

Thoughts on working through N-PXs

I spent some time today processing N-PXes (the annual filings in which mutual funds disclose their proxy votes) to build up our vote database. My process involves a lot of automation followed by a check step in which the idiosyncrasies of the different filings really come out. Some of these things are purely formatting things that are annoying to me and anyone else who tries to process this data. One of today’s annoyances of this type was the number of repeat meetings in some of the Franklin Templeton N-PXes: cases where they reported their votes for the same meeting twice. How does this even happen?

Another thing that came out was how often T Rowe Price Growth Stock Fund (PRGFX) lists “Did not vote” in its filing. In our database this gets recorded as “Did not vote” but coded the same way as an abstain. The coding choice makes sense because ultimately the vote does not get counted (unlike with individuals), but I wondered how often “Did not vote” was a choice and how often an administrative oversight. I don’t measure this in any way currently, and I don’t know if anyone would find it interesting.

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November 26, 2008 at 5:50 pm Leave a comment


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