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Oct. 10, 2012, 12:41 PMNot limited to mortgage REITs, panic grips another favorite of income investors, closed-end investment funds - notably those trading far above NAV for seemingly no other reason than their fat yield. The payouts on many of these are sustained by digging into capital rather than by earning a return on it. PGP -7.5%, PHK -7.8%, PHT -5.5%. | 8 Comments
Oct. 8, 2012, 3:25 PMBlinded by fat yields, investors continue to bid closed-end funds far higher than their NAVs. 66% of taxable and 73% of muni-bond funds trade above NAV now, compared to just 30% a year ago, with often the funds with the highest distributions having the highest premiums. "We believe that an excessive premium for the fund is not likely to be sustainable," says Gabelli of one of its funds. Are investors listening? | 35 Comments
Feb. 21, 2010, 3:47 PMHigh yields aren't always a good thing: Mario Gabelli, whose high-yielding closed-end fund Gabelli Utility Trust (GUT) recently traded at a 60% premium to net asset value, even though 90% of the yield is now simply a return of investors' capital: "I personally think the premium is unsustainable. It's off the wall." | Comment!
GUT vs. ETF Alternatives
The Funds primary investment objective is to achieve long-term growth of capital and income. The Fund will invest in ordinary stock and other securities of foreign and domestic companies involved to a substantial extent in providing products, services or e
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