Lesson 11 of 25 · 6 min

The positions table: what each column is

Each row is six columns about one holding, and only two of those columns are market observations.

The positions table is a row-wise ledger of pledged holdings at period end, not a price list. On this page it is marked at 31 March close. Six columns sit on every row: name, units, price, market value, advance rate, lending value. Two of those columns are observations. The rest are labels, products, or policy.

Reading one row left to right, using Calder Growth common as the example:

Name is a label. Calder Growth common identifies the invented holding; it is not a number.
Units is an observation: 3,100 shares.
Price is an observation: $593.55 per share at the 31 March mark.
Market value is a product: 3,100 × $593.55 = $1,840,005.00.
Advance rate is policy: 35%, assigned by the lender for this row this period.
Lending value is a product of a product: $1,840,005.00 × 0.35 = $644,001.75.

The same six-column grammar holds on every other row. Meridian Industrial common is 12,400 shares at $148.25, market $1,838,300.00, advance 50%, lending $919,150.00. The broad-market equity collective is 4,150 units at $214.80. Oakridge Utility preferred is 8,200 shares at $62.40. The short-duration government fund is 18,600 units at $51.15. Units and unit prices change; the columns do not.

Totals under the table are sums of columns, not new observations. Market value $6,032,795.00 is the five market figures added. Lending value $3,277,251.25 is the five lending figures added. The blended advance rate is that second total divided by the first. A row that is misread as six independent facts will not catch a broken product. A row that is read as two observations and three consequences will.

Key terms

Positions table: The statement block that lists each pledged holding at period end, with units, price, market value, advance rate and lending value.
Units: How many shares or fund units are pledged. An observation. Calder is 3,100 shares.
Unit price: The mark used for that holding at period end. An observation. Calder is $593.55.

Worked example

Calder, column by column

Calder Growth common on the 31 March positions table.

Name: Calder Growth common
Units: 3,100
Price: $593.55
Market value: 3,100 × $593.55 = $1,840,005.00
Advance rate: 35%
Lending value: $1,840,005.00 × 0.35 = $644,001.75

Two facts came from a market. One fact came from a lender schedule. Three facts are arithmetic. The row looks like six measurements. It is not.

Check yourself

Oakridge Utility preferred shows 8,200 shares, $62.40, market $511,680.00, advance 55%, lending $281,424.00. Which two figures are observations, and which two products must those observations support?

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Educational only. Nothing in this lesson is investment, legal or tax advice, or a recommendation to enter into any transaction. Figures are illustrative and computed from the inputs stated in the lesson.