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H&Q Healthcare Investors (HQH) appears to a be a decent value now within the closed-end fund universe. It is broadly diversified, and primarily invests in biotechnology, medical devices, pharmaceuticals and medical delivery. It also invests a limited portion of the portfolio in smaller, emerging companies and some restricted securities. In their last SEC filing (as of June 30), the top five holdings were: Teva (TEVA), Gilead (GILD), Celgene (CELG), Amgen (AMGN) and Biogen (BIIB).
On August 4, the fund discontinued their managed distribution policy. HQH had been paying out 2% of NAV in capital gains distributions every quarter for many years. The purpose of this policy was to narrow the discount to NAV, but the policy was not fully successful and mainly just reduced the NAV of the fund. On August 5, the day after the press release, the discount to NAV jumped up three percent from -17.78% to -20.73%.
On September 30, the fund announced a share repurchase plan to enhance shareholder value and narrow the discount to NAV. They will purchase up to 10% of the shares in the open market. This can occur during the one year period following October 9, 2009.
Here are some recent stats on HQH:
H&Q Healthcare Investors no regular dividend
- Total Net Assets: 343 MM
- Expense ratio: 1.51%
- Discount to NAV: -20.27%
- Portfolio Turnover rate: 65%
Disclosure: Long HQH
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This article has 1 comment:
What does this have to do with HQH? They do not invest in banks.
On Nov 16 02:31 PM SP1100 wrote:
> Over 120 banks went bust since 2008 and this is only 8% of all what's
> to come. 99% of this banks went bust on Saturdays and Sundays ( look
> at the dates here: www.fdic.gov/bank/indi...
> ) when markets were closed, because FDIC don't want you to know about
> it's biggest secret: your bank will be next to go bust.
> The problem is that most US banks are dead and FDIC tries to close
> the smallest banks first, leaving big crème de la crème for the desert.
>
> The more banks will go bust the less your deposits will be insured,
> that's why check our RUN ON A BANK list if your bank is there.<br/>shorl.com/frofrujostet...
>
>
> S&P at 1100 is the thing of the moment, biggest runs on a bank
> is more than real.