Adams Express Co. (The) (ADX)
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- All Comments on ADX
- General Discussion on ADX
- Trading Closed-End Funds - An Update [view article]
- Adams Express: A Cheap Closed-End Fund [view article]
- Three CEFs Offering Assets on the Cheap [view article]
- Adams Express: A CEF Warhorse [view article]
- A System for Trading Closed-End Funds [view article]
- Three Closed-End Funds of Funds [view article]
loading ...Recent ADX Articles
- Adams Express: A Cheap Closed-End Fund
- Trading Closed-End Funds - An Update
- Adams Express: A CEF Warhorse
- Three CEFs Offering Assets on the Cheap
- A System for Trading Closed-End Funds
- Sign of a Market Top? Closed-End Funds Trading at Premium to Net Asset Value
- Three Closed-End Funds of Funds
- Full List of Articles »
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Trading Closed-End Funds - An Update [view article]
CET is certainly cheap, but there hasn't been any insider buying in a long time. It might be a good value, but it wouldn't qualify as a buy in this informal screening system.As for dividing vs. subtracting, the answer is that I don't know. It's just a different system. As calclay says, a ratio of discount/fee prioritizes low fees, compared to simply subtracting the fee from the discount. Reply
Trading Closed-End Funds - An Update [view article]
Why does it need to be a ratio, why not just track the discount % minus the fee %?Making it a ratio seems to distort the importance of the fee, no? Reply
Adams Express: A Cheap Closed-End Fund [view article]
Disclaimer - I work at ADX.Re. Comment from veeblefetzer - While ADX's dividend payout is similar to the S & P's dividend yield, you also have to factor in the capital gains that the Fund pays out. Combining both the dividends and capital gains, ADX's annual rate of distribution for 2007 was 7.15%, and has averaged 7.45% a year over the last 10 years.
Re. Comment from Xyrus - Actually, ADX's NAV total return has outperformed the S & P on a five and ten year basis, as of June 30, 2008. Go to its website: adamsexpress.com and click on the At-A-Glance.
Reply
Spritzer
Trading Closed-End Funds - An Update [view article]
Ben-What is your opinion of Central Securities (ticker CET)? It has a low expense ratio and high discount to NAV. Their top holding is Plymouth Rock which is private. It is a solid company, but the lack of liquidity might add to the CET discount. Reply
Adams Express: A Cheap Closed-End Fund [view article]
A much better play? ADX has significantly underperformed the S&P over the long term. PEO has only recently caught up with the S&P. Both are more expensive than a simple ETF.~X~
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Adams Express: A Cheap Closed-End Fund [view article]
ADX also does stock buybacks from time to time, so it buys back it's own assets at a discount. A much better play than a low cost S&P 500 ETF or say SSO with a dividend reinvestment plan etc. PEO does the same, low cost/dividends/cap gains reinv, and stock buybacks. Managed way to play/cost average/into energy. Good feature comments on a great hidden value!! ReplyAdams Express: A Cheap Closed-End Fund [view article]
Since ADX is a closed-end fund, there's no guarantee that it's price will have any relationship to the price of the underlying securities it owns or to the S&P 500. And since it also has a very low dividend yield, what reasons are there for people to want to buy it? ReplyTrading Closed-End Funds - An Update [view article]
Oops. In my comment above, I should have said discount/fee ratio.Kevintx is right about a nice feature of foreign funds. The Swiss Fund (SWZ) gives you access to Roche and Nestle, two blue chips that US investors can only trade in the Pink Sheets. The Swiss Fund also has a policy have not hedging currency, so it's an indirect way of buying the Swiss Franc (a traditional safe haven). Reply
Trading Closed-End Funds - An Update [view article]
The "M.Star" column is the Morningstar rating. The "Insiders" column is my semi-subjective opinion of the strength of recent insider buying (3 is best).There's more detail about the system in the original article (this article is an update). Briefly, the fund never buys a CEF with a fee/discount ratio under 5 or no insider buying in the last year. Discounts have widened quite a bit since I first started testing the system, so now it is easy to find fee/discount ratios of 10 or more. Reply
Trading Closed-End Funds - An Update [view article]
Discount / fees of 8 or more is a good value. Also some of the foreign CEFs have a bonus as the underlying securities are difficult or expensive to trade directly. ReplyTrading Closed-End Funds - An Update [view article]
Very interesting. Ben, could you provide additional explanation of the meanings of the numbers under the Insiders and M.Star columns? Thanks. ReplyTrading Closed-End Funds - An Update [view article]
Yep. I've maintained myself that a portion of the discount on a closed end fund represents the discounted value of the expenses. ReplyThree CEFs Offering Assets on the Cheap [view article]
What are the best references, websites, etc. available regarded closed end funds? Replyrver
Adams Express: A CEF Warhorse [view article]
Read about the 1930s stockmarket and Adams Express is often cited in the articles. Over the years it seems to stay in the 10 - 15 dollar range, not too exciting. ReplyThree CEFs Offering Assets on the Cheap [view article]
I've always been a little foggy on what factors drive the discount or premium on CEFs. Yeah, sure, there's supply and demand, which is basically about popularity, which is more or less unpredictable. But what else? Reply