UTF - News and Analysis from Seeking Alpha 'UTF' Tag RSS Syndication from SeekingAlpha.com SeekingAlpha.com http://seekingalpha.com/symbol/utf Cohen & Steers Realty Funds Merge http://seekingalpha.com/article/146342-cohen-steers-realty-funds-merge?source=feed 146342 Two odd press releases after the close yesterday, both pertaining to our favorite REIT focused fund. According to the first, Cohen & Steers Advantage Income Realty Fund, Inc. (RLF), Cohen & Steers Worldwide Realty Income Fund, Inc. (RWF), Cohen and Steers Premium Income Realty Fund, Inc. (RPF) and Cohen & Steers Quality Income Realty Fund, Inc. (RQI) have all merged with and into RQI. It apears that even despite the magical ramp of all REITs this quarter, those pesky "size matters" issues have reared their ugly heads for the 4 various closed-end funds (all four combined represent less than half a billion in net assets):

In approving the mergers, the directors considered, among other things, each fund's investment objectives, net asset value and stock price performance, income-generating strategy and expenses, and potential cost savings based on operational efficiencies. The mergers will permit fund shareholders to pursue substantially similar investment objectives in a larger fund that has similar investment policies and anticipated lower expenses.

]]> Wed, 01 Jul 2009 03:51:53 -0400 Tyler Durden Tyler Durden submits:

Two odd press releases after the close yesterday, both pertaining to our favorite REIT focused fund. According to the first, Cohen & Steers Advantage Income Realty Fund, Inc. (RLF), Cohen & Steers Worldwide Realty Income Fund, Inc. (RWF), Cohen and Steers Premium Income Realty Fund, Inc. (RPF) and Cohen & Steers Quality Income Realty Fund, Inc. (RQI) have all merged with and into RQI. It apears that even despite the magical ramp of all REITs this quarter, those pesky "size matters" issues have reared their ugly heads for the 4 various closed-end funds (all four combined represent less than half a billion in net assets):

In approving the mergers, the directors considered, among other things, each fund's investment objectives, net asset value and stock price performance, income-generating strategy and expenses, and potential cost savings based on operational efficiencies. The mergers will permit fund shareholders to pursue substantially similar investment objectives in a larger fund that has similar investment policies and anticipated lower expenses.


Complete Story »]]> RQI RWF UTF Tyler Durden Retail Energy Utilities Caught Between Bad Regulators and Distressed Customers http://seekingalpha.com/article/132573-retail-energy-utilities-caught-between-bad-regulators-and-distressed-customers?source=feed 132573 Retail gas and electric utilities are increasingly finding themselves in a pincer between state regulators and energy consumers. In general, most utilities (except the very largest), are the messengers of wholesale commodity market signals and public policy decisions. The message, in the main, is one of increasing burden on retail energy consumers. Regulators, who know better, have chosen to portray the utilities as instigators rather than as intermediaries. A hostile press and anxious consumers have turned to the regulators for explanations and action. The regulatory response has, largely, consisted of pandering.

Regulators

Regulatory pandering is creating and will continue to create regulatory risks that are and will keep translating into earnings and credit risks for retail gas and electric utilities, especially those whose residential, commercial and institutional customer base accounts for a substantial majority of revenues and cash flows.

]]> Thu, 23 Apr 2009 07:22:41 -0400 Vinod Dar Retail gas and electric utilities are increasingly finding themselves in a pincer between state regulators and energy consumers. In general, most utilities (except the very largest), are the messengers of wholesale commodity market signals and public policy decisions. The message, in the main, is one of increasing burden on retail energy consumers. Regulators, who know better, have chosen to portray the utilities as instigators rather than as intermediaries. A hostile press and anxious consumers have turned to the regulators for explanations and action. The regulatory response has, largely, consisted of pandering.

Regulators

Regulatory pandering is creating and will continue to create regulatory risks that are and will keep translating into earnings and credit risks for retail gas and electric utilities, especially those whose residential, commercial and institutional customer base accounts for a substantial majority of revenues and cash flows.


Complete Story »]]> BGLEP.PK GLU RTU RYU UTF UTG XLU Vinod Dar The Case for Closed-End Funds http://seekingalpha.com/article/71381-the-case-for-closed-end-funds?source=feed 71381 In a recent edition of Value Investor Insight, Phil Goldstein and Andrew Dakos of Bulldog Investors described their focus on investing in closed-end funds trading at wide discounts to their net asset value.

Let’s talk about a current closed-end idea, Cohen & Steers Select Utility Fund (UTF)?

]]> Mon, 28 Apr 2008 06:17:00 -0400 Value Investor Insight In a recent edition of Value Investor Insight, Phil Goldstein and Andrew Dakos of Bulldog Investors described their focus on investing in closed-end funds trading at wide discounts to their net asset value.

Let’s talk about a current closed-end idea, Cohen & Steers Select Utility Fund (UTF)?


Complete Story »]]> ASA BGR FF PBF UTF Value Investor Insight Comparing Utility ETFs http://seekingalpha.com/article/37333-comparing-utility-etfs?source=feed 37333

The data table is below, sorted by expense. Note that Cap is shown here in dollars, not thousands of dollars, and that Month Traded is shown in millions of dollars.

It looks like there is no easy answer in this sector, but there are a number of advantages held by some funds:

]]> Tue, 05 Jun 2007 04:01:29 -0400 Michael Bommarito Michael Bommarito submits: As I recently covered various fundamentals of broad and country-specific Asian ETFs for more aggressive portfolios, I was interested in summarizing a more conservative income sector like utilities.

The data table is below, sorted by expense. Note that Cap is shown here in dollars, not thousands of dollars, and that Month Traded is shown in millions of dollars.

It looks like there is no easy answer in this sector, but there are a number of advantages held by some funds:


Complete Story »]]> DBU IDU JXI PHO PRFU PUI PUW RYU UTF UTG UTH VPU XLU Michael Bommarito Cohen & Steers Select Utility Fund Currently Trading at a Nice Discount (UTF) http://seekingalpha.com/article/11592-cohen-steers-select-utility-fund-currently-trading-at-a-nice-discount-utf?source=feed 11592 GroovyStocks.com who noticed that the discount is currently upwards of 16%. Often this type of discount is reserved for funds like Foxby Corp (FXX) and Equus II (EQS), which have had less than stellar long-term returns. I think UTF is a decent fund, so I have been buying shares when the discount has been around 16-17%.

I’ve noticed that almost all utility funds are currently trading near their highest discounts of the past several years, and I think there are a few reasons investors are avoiding them. One reason is that utilities in general have been one of the hottest sectors over the last several years. Contrarian investors who like to invest in out of favor sectors have to consider whether this out-performance will be followed by a long period of under-performance. In addition, utility stocks have not been performing as well recently, which may be causing momentum type investors to lose interest in utility funds.

Another reason investors may be avoiding closed-end utility funds is that the investments are so leveraged. Utilities themselves are leveraged, and the closed-end funds that invest in them are usually highly leveraged. So when there is a lot of uncertainty about where interest rates are headed, a risk-averse investor may not want to invest in these funds.

]]> Mon, 05 Jun 2006 08:55:55 -0400 CEFblog GroovyStocks.com who noticed that the discount is currently upwards of 16%. Often this type of discount is reserved for funds like Foxby Corp (FXX) and Equus II (EQS), which have had less than stellar long-term returns. I think UTF is a decent fund, so I have been buying shares when the discount has been around 16-17%.

I’ve noticed that almost all utility funds are currently trading near their highest discounts of the past several years, and I think there are a few reasons investors are avoiding them. One reason is that utilities in general have been one of the hottest sectors over the last several years. Contrarian investors who like to invest in out of favor sectors have to consider whether this out-performance will be followed by a long period of under-performance. In addition, utility stocks have not been performing as well recently, which may be causing momentum type investors to lose interest in utility funds.

Another reason investors may be avoiding closed-end utility funds is that the investments are so leveraged. Utilities themselves are leveraged, and the closed-end funds that invest in them are usually highly leveraged. So when there is a lot of uncertainty about where interest rates are headed, a risk-averse investor may not want to invest in these funds.


Complete Story »]]> UTF CEFblog