So, on January 1st, the fund buys as many jugs of water as it can afford, and sometime before midnight on January 31st, it sells all the jugs, and makes a deal with the supermarket that the supermarket will set aside more jugs for the fund on Feb 1 and hold them for the fund until February 28th.
Companies' monthly financial reports may run fine for years, then crash in February of a leap year when software tries to compare Feb. 29, 2012, to a nonexistent Feb. 29, 2011.
Just days ahead of its fourth quarter earnings results on Feb. 21, e-mails from top management leaked to Bloomberg indicating a bust in February sales.