Alex Filonov's  Instablog

Alex Filonov
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I was born in 1956 in USSR. After graduation from college in 1979 I worked full-time as an IT specialist. Until 1990 I worked for different companies in the Soviet military industrial complex. I created a small software business in 1991, which failed in 1993. I worked for Oracle Corp in 1995 in... More
My blog:
Muddling Investor
  • Muni Closed-End Funds Portfolio Changes 0 comments
    Jul 19, 2012 11:50 PM | about stocks: BTA, NAD, VGM, VKI, DSM, NEA, MZF

    My Mid-Year portfolio review is coming next week. I was thinking about doing it last week, but decided to wait for earnings.

    Las couple of months I made changes in my Muni holdings.

    Change number one: no more Nuveen closed-end funds. Looks like management sucks: funds are reducing payouts one after another. Today I sold Nuveen Select Quality Municipal Fund (NQS). Before that, I closed my biggest (for that moment) muni holding: Nuveen Municipal Market Opportunity Fund (NMO).

    There are CEFs with better management. Currently I hold BlackRock Long-Term Municipal Advantage Trust (NYSE:BTA), Invesco Van Kampen Trust for Investment Grade Municipals (NYSE:VGM), Invesco Van Kampen Advantage Municipal Income Trust II (NYSEMKT:VKI).

    Every position is a subject of trading around it. I did several trades around BTA. I also traded around Managed Duration Investment Grade Municipal Fund (NYSE:MZF) and Dreyfus Strategic Municipal Bond Fund (NYSE:DSM). Current strategy: buy at discount or small premium to net asset value and sell at premium above 4%. I know, DSM and MZF at times traded at 8% premium and I missed the profit. Well, that's life. You can't win everything. Anyway, every trade worked, with exception of NQS, where I'm about even, counting dividend.

    Disclosure: I am long BTA, VGM, VKI.

    Additional disclosure: I have no positions in other funds mentioned. Positions can change any time.

    Stocks: BTA, NAD, VGM, VKI, DSM, NEA, MZF
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