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Douglas Albo

 
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  • Equity CEFs: Terrific Opportunity In A Duff & Phelps Utility Fund [View article]
    Snotty? "The report is incomplete without describing annual expenses." Sorry, but I'm sensitive to that.
    Sep 24 12:49 PM | 5 Likes Like |Link to Comment
  • Equity CEFs: Terrific Opportunity In A Duff & Phelps Utility Fund [View article]
    Thank you for your comment.
    Sep 24 11:46 AM | Likes Like |Link to Comment
  • Equity CEFs: Terrific Opportunity In A Duff & Phelps Utility Fund [View article]
    Yes, I like UTF and I suppose I could have included it but its three largest holdings are more infrastructure than utility. American Tower Corp (AMT) and Crown Castle (CCI) own communication towers and Vinci is a construction company. The fund's performance relies a lot on these actually.
    Sep 24 11:37 AM | Likes Like |Link to Comment
  • Equity CEFs: Terrific Opportunity In A Duff & Phelps Utility Fund [View article]
    A 2-year old prospectus is worthless when interest rates have moved down this much. I gave you a link in the article to DPG's Semi-Annual report if you want to know what the current expense ratio actually is. Go to page 12 which lists the total expenses for 6-months. Let's even take away the annual reimbursements altogether since that seems to be a thorn in your side. So the fund incurred $7,208,790 of total expenses for 6-months (which includes an annualized 1.1% borrowing expense on $260 million BTW).

    So annualize the total expenses at $14,418,000 and divide by the $1,058,000,000 total managed assets and what do you get? That's right...a 1.36% expense ratio.

    You really have to use the higher total assets managed rather than the common share assets otherwise you wouldn't have to incur an interest expense now would you?
    Sep 24 10:49 AM | 4 Likes Like |Link to Comment
  • Equity CEFs: ING Funds Get Axed Again [View article]
    Would you buy a mutual fund composed of mutual funds? You probably wouldn't need THAT much diversification and you certainly wouldn't want to pay 2-layers of management fees.
    Sep 22 11:26 AM | 1 Like Like |Link to Comment
  • Equity CEFs: ING Funds Get Axed Again [View article]
    Don't own EXG any more. ETY is a better alternative right now, better NAV performance simply because it has a larger US exposure and also because its at a wider discount. ETB is the most volatile and is good to pick up on weakness because it always seems to bounce back. EOI and EOS have had great years & I own both. ETV has been a bit disappointing at the NAV level but its very defensive and I still hold a large position.
    Sep 16 09:06 AM | 3 Likes Like |Link to Comment
  • Equity CEFs: ING Funds Get Axed Again [View article]
    Yep. At some point, GNT/GGN will have to cut again though the funds rely on gold prices and any spike up would more than offset that in the minds of investors. I would certainly never buy these funds at a premium when you could buy the GLD ETF and sell your own call options against it.
    Sep 16 09:00 AM | 1 Like Like |Link to Comment
  • Equity CEFs: A Legg Mason Fund At A Double Digit Discount Outperforming The S&P 500 [View article]
    I think you guys place way too much emphasis on UNII. If a fund is growing its NAV, everything else is secondary. CEF Connect calculates its UNII info straight from each fund's latest annual, semi-annual or quarterly report and one period calculation can be totally different than the next.

    In the case of SCD, they used an accounting method which resulted in a $4.068 million loss for the latest semi-annual report ending May 31, 2013 (the fund has ALOT of loss carry forward from years past during the financial crisis that they can use). However, in that same report, SCD actually had a $40,225,000 increase in net assets over that same 6-month period which INCLUDES $10,070,000 paid out in distributions.

    We'll see what the annual report says next but I wouldn't worry about a negative UNII for SCD. If anything, SCD might be able to raise its distribution again.
    Sep 15 11:35 AM | 3 Likes Like |Link to Comment
  • Eaton Vance Faces Stiff Headwinds [View article]
    Actually, most of the Eaton Vance equity CEFs have significantly outperformed over the past couple years compared to BlackRock, ING, Nuveen and most other fund families. I should know, I follow all of them very closely.
    Sep 9 09:48 AM | 1 Like Like |Link to Comment
  • Equity CEFs: The Most Undervalued And Overvalued Funds - 6 Months Later [View article]
    I think ETB is great here. Its probably the most volatile of the EV option-income CEFs at market price due to its smaller size but historically, it has had one of the best NAV total return performances. And yes, its NAV is very defensive, more so than EOI, EOS, EXG or ETY. The only negative is that it trades at the narrowest discount of all the EV funds.
    Sep 4 09:02 AM | Likes Like |Link to Comment
  • Equity CEFs: Time To Step Up To The BlackRock Option-Income Funds [View article]
    Yes, I only disclose funds mentioned in the article, long or short. And I don't really have a source where you can see all of my positions. Only my clients get to see that!
    Sep 3 05:31 PM | Likes Like |Link to Comment
  • Equity CEFs: Time To Step Up To The BlackRock Option-Income Funds [View article]
    Really for new money. I might swap some EXG to buy BOE but I wouldn't swap EOI or EOS to buy CII. Like I said in the article, the Eaton Vance funds have a lot of overlap so you might want to diversify a bit if you are heavily weighted in their funds.
    Sep 3 05:27 PM | 1 Like Like |Link to Comment
  • Equity CEFs: Time To Step Up To The BlackRock Option-Income Funds [View article]
    Well, these are option-income funds. They depend mostly on option-premium but also to a degree on portfolio dividends and interest. If the markets go up, then yes, option-income funds depend mostly on unrealized portfolio appreciation. If the markets go down, they depend on the option premium.
    Sep 3 05:14 PM | Likes Like |Link to Comment
  • Equity CEFs: Time To Step Up To The BlackRock Option-Income Funds [View article]
    There's big difference between ROC and destructive ROC.

    Say a fund which paid a 10% annual yield held only one stock in its portfolio. Say it was a tech stock and had no dividend. Not very prudent but lets say the manager also partially hedged the fund's downside by buying a leap put option 1-year out.

    Let's say after 1-year, the stock was up 50% and the put option expired worthless. How would the 10% yield the fund paid be classified? It would all be ROC because the fund only showed a realized loss for the year despite the 50% appreciation of the one position.
    Sep 3 04:15 PM | 1 Like Like |Link to Comment
  • Equity CEFs: Time To Step Up To The BlackRock Option-Income Funds [View article]
    You should always trust Yahoo! Finance! ;-)

    For CII

    http://bit.ly/175zxnZ

    For BOE

    http://bit.ly/175zx7j
    Sep 3 11:25 AM | Likes Like |Link to Comment
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