BlackRock Dividend Achievers Trust (BDV)
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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
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
Trading 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. ReplyEditors
General Discussion on BDV
Is this a buy or a sell? Reply