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Joe Eqcome
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Joe Eqcome is the pen name of Robert A. Frank, CFA, a Wall Street executive who has spent over 30 years as an investment professional. Mr. Frank is the founder of GrowthIncome Research & Management, LLC. GrowthIncome Research & Management, LLC’s business mission is focused on generating... More
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  • CEFs Week Of 10/19/12: Break Ahead 2 comments
    Oct 22, 2012 10:27 AM | about stocks: CAF, KMP, PCEF, RQI

    Actionable Items:

    Highest Positive Spread: MS China A Shares (NYSE:CAF)

    Lowest Negative Spread: Kayne Anderson Energy Development (KMP)

    Focus Stock(s) of the Week: Cohen & Steers Quality Income Realty (NYSE:RQI)

    Last Week's Focus Stock:

    CEF Weekly Review: On average, the 13 closed-end fund (NYSEMKT:CEF) types registered a share price increase of 0.1% for the week ending 10/19/12. The high-low spread (average percentage price change difference between the highest and lowest fund types) registered this week was +0.05% versus +0.21% the previous week. On an aggregate unweighted basis, the weekly average price change for the approximately 600 CEFs in the GrowthIncome database was -0.05%.

    The PowerShares CEF Income Composite (NYSEARCA:PCEF), an ETF that invests in taxable fixed-income CEFs, advanced -0.6% for the week. PCEF is now up 9.1% YTD on price appreciation alone. Currently, PCEF's trailing twelve months' yield is 7.9% (an YTD month total return of 17.0%).

    Reality Seeps in Around the Edges: Earlier this week-after some hesitation-investors determined that things were really "that bad". Earnings were not that pretty. The DJIA declined 205.43 points on Friday after escalating on Thursday 1.7%. For the week, the average was +0.3% for the week and +14.0% YTD.

    S&P 500 trading volume (GSPC) this week advanced 17.1% to an average 3.7 billion shares. The 205.43 down day for Friday was that spectacular as only less than 5.0 million shares were traded.

    CEF Weekly Fund Type Performance: The performance of the equity CEFs was late in coming. The LoanPartFnds was up 1.0%, the ConvtSecFnds was up 0.7% and the WrldEqFnds was up a 0.6%. GenEqFnds was up 0.4%. Off for the week was USMrtgBndFnds (1.1%), OtherFnds (0.6%) and HiYldBndFnds (0.3%).

    (click to enlarge)

    MS China "A" Shares was up 3.3% and NAV was up 0.5% for a gain of PrcNAVSprd of 2.8%. Kayne Anderson Energy Development (NYSE:KMP) was down 6.7% and NAV was off by 0.2% for a PrcNAVSprd of a negative 6.5%. The quarterly dividend was launched last week and was raised by $0.04 for a $0.43 quarterly distribution.

    Focus Stock(s) of the Week: The Cohen & Steers Quality Income Realty fund is priced below the NAV of 4.1%. The distribution is 6.8%. The assets are $1.2 billion and the debt is 27.5% of the assets.

    Joe Eqcome

    Disclosure: I am long RQI, CAF. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

    Themes: closed-end-funds Stocks: CAF, KMP, PCEF, RQI
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  • Robin Heiderscheit
    , contributor
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    Glad you are back Joe!
    23 Oct 2012, 01:33 PM Reply Like
  • DRPinVa
    , contributor
    Comment (1) | Send Message
     
    Hello Joe!!! I never met you and only traded comments a few times, but I am so happy to see you are back!!! I have always found all of your columns to be informative, unbiased, and interesting...they were missed! So good to see you back.
    29 Oct 2012, 10:03 PM Reply Like
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