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I'm a 65-year-old investor focused on dividends in a Retirement Income Portfolio. I'm not yet in the distribution phase of retirement.  I've been a member of the National Association of Investment Clubs (NAIC) since 1982, which now operates as BetterInvesting.org. For many years as a... More
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  • Two CEFs Added, One Dropped 0 comments
    May 30, 2013 2:53 PM

    Four closed end buy/write funds have comprised about 20% of my retirement portfolio with about a 5% allocation for each: ETV, JLA, NFJ and IGA. (Additionally, BUI comprises about 4% of the portfolio, but I count it in the utility sector.)

    Yesterday I closed the position in IGA (the ING Global Advantage & Premium Opportunity Fund) and opened a position in ETW (the Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund).

    This move was inspired by Douglas Albo's article, "Equity CEFs: Top Funds by Fund Family (Part I)," particularly his comparison of their discounts to net asset value. I also appreciate Eaton Vance's commitment to buy shares if the fund trades at a 10% discount to NAV.

    ETW now represents about 4% of the portfolio. I reduced the allocation of ETV, JLA and NFJ to 4% of the portfolio (down from 5%), and for diversification I added another Albo recommendation, the Nuveen Equity Premium & Growth Fund (JPG).

    So, excluding BUI, the CEF portion of the portfolio continues to be 20%. but it is now comprised of five funds with a 4% weighting for each.

    This morning, when Chambers Street Properties (NYSE:CSG) spiked down, I bought some more shares and it is now fully weighted in the portfolio. This weekend I will post an end-of-the-month portfolio update.

    Disclosure: I am long ETW, ETV, JLA, JPG, NFJ, BUI.

    Additional disclosure: CSG is not yet recognized by the SA system, but I am long CSG.

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