Auditor`s Report - SweetSpot® Investments LLC

Transcription

MELLEN, SMITH & PIVOZ PLC
Certofoed P u blic A ccountants
30600 Telegraph Ad
Suote 1131
B onghem Farms. Ml 48025·4531
[24 81 642-2803
Fax [2481 642·7236
Robert E . Mellen, CPA
Mochael A. Povoz, CPA
Mark L. Smoth, CPA
Jeffry A . Campeau. CPA
Pe•J•n HarrisOn, CPA
LOI"o A. Wog ler, CPA
Gel"ald A. Kol"schner, CPA
Eroc L. L ambert. CPA
Lynne E . McKelvey, CPA
Elizabeth M. Poetrangelo, CPA
Jason L . Povoz, CPA
Oennos A . Reef, CPA
Kevon S . Tel"ry, CPA
INDEPENDENT ACCOUNTANTS' REPORT
ON APPLYING AGREED-UPON PROCEDURES
To Neil H. Stoloff and
SweetSpot Investments, LLC
Bloomfield, Michigan
We have performed the procedures enumerated below, which were agreed to by Neil H. Stoloff and
SweetSpot Investments, LLC ("SweetSpot"), solely to assist you in evaluating the accuracy of
investment information published by SweetSpot on its web-site, www.sweetspotinvestments.com .
SweetSpot's management is responsible for the published investment information. This agreedupon procedures engagement was conducted in accordance with attestation standards, established
by the American Institute of Certified Public Accountants. The sufficiency of these procedures is
solely the responsibility of those parties specified in the report. Consequently, we make no
representation regarding the sufficiency of the procedures described below either for the purpose
for which this report has been requested or for any other purpose.
1) Procedure: Obtain the record of securities trades of up to 30 trading positions and compare
the trade entry information to information published by SweetSpot.
Findings:
1
2
3
4
5
6
7
8
Published
Date Bought
12/23/1998
12/23/1998
12/23/1998
12/23/1999
12/23/1999
12/29/2000
12/29/2000
12/29/2000
Security:
Pacific Basin (FPBFX)
Canada (FICDX)
Latin America (FLATX)
Medical Delivery (FSHCX)
Consumer Staples (FDFAX)
Japan (FJPNX)
Japan (FJSCX)
(Continued)
Confirmed
Settlement Date
12/23/1998
12/23/1998
12/23/1998
12/27/1999 A
12/27/1999 A
12/29/2000
12/29/2000
12/29/2000
Neil H. Stoloff and
(Continued)
Findings:
Published
Date Bought
Confirmed
Settlement Date
Leisure (FDLSX)
12/29/2000
12/29/2000
10
Industrial Materials (FSDPX)
01/08/2002
01/09/2002 A
11
Insurance (FSPCX)
01/08/2002
01/09/2002 A
12
01/08/2002
01/09/2002 A
13
Chemicals (FSCHX)
01/02/2003
01/03/2003 A
14
Transportation (FSRFX)
01/02/2003
01/03/2003 A
15
Defense & Aerospace (FSDAX)
01/02/2004
01/02/2004
16
Energy Services (FSESX)
01/02/2004
01/05/2004 A
17
Environmental & Alternative Energy (FSLEX)
01/02/2004
01/05/2004 A
18
Automotive (FSAVX)
01/03/2005
19
Industrial Equipment (FSCGX)
01/03/2005
01/04/2005 A
01/04/2005 A
20
Materials (FSDPX & PYZ)
01/03/2005
01/03/2005
21
Retail (FSRPX & PMR)
01/03/2006
01/04/2006 A
22
Communication Equipment (SDCX)
01/03/2006
01/03/2006
23
Networking (FNINX)
01/03/2006
01/03/2006
24
01/03/2007
01/04/2007 A
25
Paper & Forest Products (FSPFX & CUT)
01/03/2007
01/04/2007 A
26
Natural Gas (FSNGX)
01/09/2007
01/09/2007
27
Air Transport (FSAJX)
01/03/2008
01/07/2008 B
28
Electronics (FSELX)
01/03/2008
01/04/2008 A
29
Security
9
30 Mexico (EWW}
Exceptions found as a result of applying the procedure:
01/03/2008
01/04/2008 A
01/11/2008
01/16/2008 B
SweetSpot uses the trade date as the date bought but Fidelity uses the settlement date in
reporting the purchases on their statements. Traditionally, transactions settle within three
business days of the trade date.
A = Confirmed settlement date within one business day of published date.
8 = Confirmed settlement date within three business days of published date.
2) Procedure: Obtain the record of securities trades of up to 30 trading positions and compare
the trade exit information to information published by SweetSpot.
Findings:
Published
Date Sold
Security
Confirmed
Settlement Date
1
12/21/1999
12/22/1999 A
2
Canada (FICDX)
12/21/2001
12/24/2001
A
3
12/21/2001
12/24/2001
A
4
12/28/2000
12/29/2000
A
5
Consumer Staples (FDFAX)
01/02/2003
01/03/2003
A
6
7
Japan (FJPNX)
Japan (FJSCX)
01/02/2004
01/02/2004
01/02/2004
01/02/2004
8
01/02/2004
01/05/2004
(Continued}
/VI rp
!J&
A
Cert1f1ed Publ ic Accountan ts
Neil H. Stoloff and
(Continued)
Findings:
Published
Date Sold
Security
Confirmed
Settlement Date
Leisure (FDLSX)
01/03/2006
01/03/2006
10
Industrial Materials (FSDPX)
01/02/2003
01/03/2003 A
11
Insurance (FSPCX)
10/15/2004
10/18/2004
12
01/03/2005
01/03/2005
13
Chemicals (FSCHX)
01/03/2005
01/04/2005 A
14
01/03/2005
01/04/2005 A
15
Defense & Aerospace (FSDAX)
12/29/2006
12/29/2006
16
Energy Services (FSESX)
12/29/2006
12/29/2006
17
12/29/2006
12/29/2006
18
Automotive (FSAVX)
01/03/2008
01/04/2008 A
19
Industrial Equipment (FSCGX)
01/03/2008
01/04/2008 A
20
Materials (PYZ)
01/03/2008
01/08/2008 8
21
Retail (PMR)
01/05/2009
01/06/2009 A
22
Communication Equipment (FSDCX)
01/04/2011
01/04/2011
23
Networking (PXQ)
01/04/2011
01/04/2011
24
9
B
Medical Delivery (PT J)
01/04/2010
01/07/2010
B
25
Paper & Forest Products (CUT)
01/04/2010
01/07/2010
B
26
Natural Gas (FSNGX)
01/04/2010
01/05/2010 A
27
Air Transport (FSAIX)
01/04/2011
01/04/2011
28
Electronics (FSELX)
01/04/2011
01/04/2011
29
01/04/2011
01/04/2011
30 Mexico (EWW)
01/04/2011
01/04/2011
SweetSpot uses the trade date as the date sold but Fidelity uses the settlement date in reporting
the sales on their statements. Traditionally, transactions settle within three business days of the
trade date.
A =Confirmed settlement date within one business day of published date.
B = Confirmed settlement date within three business days of published date.
3) Procedure: Obtain SweetSpot's calculation of investment returns and select a sample of
10 trading positions; recalculate the return on investment using the dividend-adjusted trade
entry and exit prices as published by Yahoo Finance or other available reference sources
over the period of investment for the selected samples .
Findings:
Published
Return
Security
Recalculated
Return
1
2
16.8%
16.7%
3
Leisure (FDLSX)
43.1%
43.1% c
4
Insurance (FSPCX)
20.5%
20.6% c
5
68.3%
68.3%
6
29.8%
29.8%
102.9%
(Continued)
/VI fP
~&
102.8% c
c
Certif1ed Publ1c Accountants
Neil H. Stoloff and
(Continued)
Findings:
Security
7
8
9
10
Materials (PYZ)
Retail (PMR)
Networking (PXQ)
Natural Gas (FSNGX)
Published
Return
74.1%
(23.1%)
56.2%
5.5%
Recalculated
Return
74.1%
(23.1 %)
56.1% c
5.5%
SweetSpot uses adjusted closing prices from Yahoo Finance to calculate percent change.
C =Adjusted closing price on Yahoo Finance had changed on the date of recalculation due to
adjustments Yahoo Finance made for dividends declared subsequent to SweetSpot's
calculation. The changes resulted in recalculated percent change ranging from 0.01 to 0.13
percent.
4) Procedure: Confirm with the qualified custodian SweetSpot's holdings as of October 19,
2007, the date of inception of SweetSpot, and as of December 31 , 2008, 2009, and 2010;
compare the holding information to information published by SweetSpot.
Securities Held
Confirmed
Confirmed
Confirmed
Confirmed
Findings:
October 19, 2007
December 31 , 2008
December 31 , 2009
December 31 2010
No exceptions were found as a result of applying the procedure.
We were not engaged to, and did not conduct an audit, the objective of which would be the
expression of an opinion on the financial statements of SweetSpot Investments, LLC. Accordingly,
we do not express such an opinion. Had we performed additional procedures, other matters might
have come to our attention that would have been reported to you .
This report is intended solely for the use of Neil H. Stoloff and SweetSpot Investments, LLC, and is
not intended to be and should not be used by any other than those specified parties.
February 18, 2011
fYI rp MELLEN, SMITH & PIVOZ
~&
Cartof1ed Public Accountants
PLC

Auditor`s Report - SweetSpot® Investments LLC

Transcription

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