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  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    Doughave,

    Thank you for your comment.

    The basic reason as stated in the press release is for the funds to trade closer to NAV. The press release also states that the plan incorporates what other ETFs have: the ability to exchange shares for assets.

    REDI
    Dec 26, 2014. 12:28 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    r gmil,

    Thank you for your note.

    First you should call Nuveen and thank them.

    From the filing, it appears that the process will take 8-10 months. Therefore, the discount partially reflects the time until conversion into an ETF.

    We cannot offer investment advice. Deciding on whether to holding until conversion depends many factors.

    REDI
    Dec 24, 2014. 08:09 AM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    realist1900,

    We have spoken with numerous small and large shareholders of CTF. Everyone we have spoken with is both unhappy about the performance and would to vote to liquidate. They have also called Nuveen to complain, which we view as a necessary but not sufficient step to make progress.

    We are conducting further research on CTF and may publish another article.

    REDI
    Nov 18, 2014. 03:30 PM | Likes Like |Link to Comment
  • AllianceBernstein Income Fund Shareholders Deserve More From Management And The Board [View article]
    Augustus,

    Thank you for your insightful comments. Your comments help guide seeking alpha readers as to the understanding the merits and risks of the investment.

    REDI
    Oct 29, 2014. 03:56 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    Tom,

    Thank you for your feedback.

    We should have been more clear in the original article that although we had reserved the website and set it up, we were not publishing it in the hopes of reaching a negotiated solution first. And yes, we are mindful of our legal and regulatory obligations.

    We are open to your input and expertise in solving the following hypothetical problem:
    50 holders each own 1% of a trust. Each of the 50 is in favor of its termination. Yet the only step each one takes is to contact the trust manager. What the holders don't do and what could lead to a solution is to contact each other.

    REDI
    Oct 23, 2014. 02:17 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    movies555 and realist1900,

    In general, we believe a product manager is concerned about their product's revenue as it may impact their compensation.

    A senior executive may be more focused on the reputation of the firm and legal and regulatory risks. For their point of view, the lost revenue is not material.

    REDI
    Oct 22, 2014. 09:46 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    Tom,

    Thank you for your comment and noticing the item.

    We prefer a negotiated solution. And therefore, although we have set up a facts about CTF website, we have not published it.

    There are other facts about website, such as http://bit.ly/U9fhJC
    or http://bit.ly/1ovIKCi. Those two situations are not ones that can be negotiated. There are other websites such as shareholder square table that discuss activist positions.

    As we stated in the article, we believe that shareholders need to communicate with each other.

    REDI
    Oct 22, 2014. 09:38 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    Doughave,

    Thank you for your comment. Again, we believe that a negotiated solution is the best outcome for all involved. And a negotiated solution may prevent the, "going to get wanked for tax loss selling."

    Absent a negotiated solution, there is a way to collapse the Delaware trust structure as set forth in the trust agreement via a special shareholder meeting and vote.

    And as you mentioned, we agree that there is a long list of legal and regulatory of angles (aside from the simple shareholder vote) that could be sought. It begins with: this is the largest discount to NAV in the US that holds liquid assets as measured by Nuveen's own website.

    REDI
    Oct 22, 2014. 09:31 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    Realist1900,

    Thank you for sharing your views with other holders. We feel it is an important part of the grassroots process.

    We have spoken to many other holders that have had a very similar experience.

    Thank you for the quote. The problem is best explained by Charlie Munger as Incentive-Cause Bias.

    REDI
    Oct 22, 2014. 11:12 AM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    Movies555,

    Exactly. The reason to continue with the CEF is that it assures management of millions per year in fees.

    From the investor point of view, we agreed with you that converting to the open-end fund makes economic sense.

    REDI
    Oct 21, 2014. 02:16 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    R Gmil,

    The fund is not long energy. It is flat. It is actually short Ag, and that is why the NAV has been increasing.

    We can not predict where the NAV will go in the short run. Given that almost all investors have a tax loss, the tax loss related selling could further increase the discount.

    REDI
    Oct 20, 2014. 11:04 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    Slade,

    Yes. It is entirely possible that the monthly dividend is reduced. The dividend is not one in the normal sense of the word. When Microsoft pays a dividend, the money is a distribution of earnings. CFT has no earnings since inception. The check one gets is simply a return of capital that the shareholders put up.

    While one can try to predict when the distribution is cut, we are not focused on that.

    REDI
    Oct 19, 2014. 01:40 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    R Gmil,

    The option strategy does contribute to income, or in CTF's case, it decreases the losses.

    Again, because the Fund does not have net income after management fees, there is no income to pay out. On a bond, the interest one receives is income. It is earned. But a distribution from CTF is different: one is simply receiving ones capital back.

    REDI
    Oct 19, 2014. 03:48 AM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    Doughave,

    Thank you for your comment. We feel it is important for shareholders to communicate with each other and Nuveen management. We appreciate you sharing your view with them.

    We believe that you were not the only one who purchased this product because its was sponsored by the premier firm in the industry, Nuveen.

    REDI
    Oct 18, 2014. 08:55 PM | Likes Like |Link to Comment
  • Nuveen Long/Short Commodity Total Return Fund Should Be Restructured [View article]
    R Gmil,

    We don't think of the distribution as a yield. The fund is simply returning capital to its owners. Because the fund does not earn any money, over time, it is likely that the monthly distributions will be decreased.

    The fund did not want the volatility associated with being short the energy market, which can be subject to large spikes in prices.

    REDI
    Oct 18, 2014. 08:51 PM | Likes Like |Link to Comment
COMMENTS STATS
89 Comments
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