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Robin Heiderscheit

Robin Heiderscheit
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  • NCZ: Is It Time To Enjoy This Fund's 14% Distribution? [View article]
    Hey rusty13, the NAV of the fund is simply the current value of the assets, less the current value of the liabilities, divided by the share count. The NAV is not affected by the distribution reduction. The price per share OTOH is set by the buyers and sellers of the shares of the closed end fund. You can get the price per share of the fund from your broker; the NAV you can get from CEFconnect or from your broker, but it is not reported until around 5 pm typically.

    Hope that helps. But I think the main point is that the distribution reduction does not impact the NAV.
    Sep 2, 2015. 01:16 PM | Likes Like |Link to Comment
  • NCZ: Is It Time To Enjoy This Fund's 14% Distribution? [View article]
    based on the modest rally in spread product I would say .5% higher than yesterday as I write
    Sep 2, 2015. 12:51 PM | Likes Like |Link to Comment
  • NCZ: Is It Time To Enjoy This Fund's 14% Distribution? [View article]
    With the recent cut the distribution is now covered by NII; the discount to NAV in the high single digits seems about right to me. If one wished to speculate that spreads and risk assets will do well from here now would be an okay entry point.
    Sep 2, 2015. 12:45 PM | 1 Like Like |Link to Comment
  • Time To (Re)Focus On AllianzGI's Convertible/Income Bond Fund [View article]
    it would make sense if you read and understood my comments above . . . they don't want to return capital, period
    Sep 2, 2015. 12:05 PM | Likes Like |Link to Comment
  • MVC Capital: A Deeply Undervalued BDC [View article]
    Things may be getting a little worse for MVC.

    They were supposed to file their SEC statements at the end of July. July 1, EY resigned as auditor, although they agreed to continue to work through the restatement.

    In the past few weeks both MVC lenders have extended, but only until September (BBT) and October 31 (somebody else, I forget). Normal course had generally been annual extensions. Most of the available is $133ml is drawn.

    The assets are pledged to the lenders. I have no idea what the covenants are but assuming that 100% of the assets are pledged I would be short the equity here, especially if I held the senior notes. I am not worried that the notes are not money good. I think Mr. T is honest and will try to do the correct thing, but I think the equity could see $5 in rights offering.
    Sep 1, 2015. 01:12 PM | Likes Like |Link to Comment
  • Is Buying A Tax-Managed CEF Worth It? [View article]
    Eaton Vance just released estimated sources of distributions for August for its equity CEFs. The trend toward more interest and cap gains and less ROC continues, although less so for ETB and ETW. May be an early warning sign that techniques for maximizing ROC may be running short as the market has now been basically sideways for 14 months.
    Sep 1, 2015. 11:31 AM | Likes Like |Link to Comment
  • New Mountain Finance - Equity Upside From SBIC And SLP [View article]
    I took a look at NMFC after the Unitek mini debacle and never looked again. If you give them a mulligan for that one the track record isn't too bad. Still not sure if it deserves a premium to NAV though, with about 50% of gross investment income going to expenses and the dividend covered pretty modestly. They definitely have room to add to the nonqualified bucket and I concur that there is enough room there to offset say a 50 bps increase over the next year in Libor. The right hand side of their balance sheet is cheap and diversified, definitely one of the better BDCs there. My residual concern is the left side.

    Thanks for prompting a second look.
    Sep 1, 2015. 11:25 AM | Likes Like |Link to Comment
  • MVC Capital: A Deeply Undervalued BDC [View article]
    Thanks for weighing in . . . are you still in RFT?
    Sep 1, 2015. 09:32 AM | Likes Like |Link to Comment
  • OHA Investment Corp. Is Riskier Than The Market Has Priced It [View article]
    The problem is that for the moment investors have caught on to the idea that earning a dollar in gross interest income and then paying out sixty cents of it and interest and expenses is no good for anyone but the manager.

    So subscale or high expense BDCs like OHAI are generally getting a discount to NAV of 25%. You convinced me however that NAV may bottom more in the $6.60 range so a reasonable price today would be $4.75 to $5. That would be a 12% NII yield which is also inline with small players.
    Sep 1, 2015. 09:30 AM | Likes Like |Link to Comment
  • OHA Investment Corp. Is Riskier Than The Market Has Priced It [View article]
    This was not a very sophisticated article but I think Mr. Market has OHAI about right in the $4.50 to $4.75 range. That translates into the current portfolio being worth around $6-6.40 then applying the standard 25% discount to NAV for a subscale BDC.
    Aug 31, 2015. 11:56 AM | Likes Like |Link to Comment
  • The Case For A Rate Hike Relies On Forecasts Of Firmer Inflation [View article]
    that is also a really good suggestion . . . witchcraft depends on secrecy and superstition . . . the more Fed heads talk the more these are undercut.
    Aug 31, 2015. 11:37 AM | 1 Like Like |Link to Comment
  • What To Do With My Hedge [View instapost]
    If we had another quick leg down to at least last Monday's lows I think you would start to see implied volatility way out on the curve finally start to rise more . . . we have gone from the 18 area to the 20 area but I think you could easily see 22-24, so your selling price would benefit from that mini spike, offsetting I think what you lose in bid ask spreads.
    Aug 31, 2015. 10:25 AM | Likes Like |Link to Comment
  • MVC Capital: A Deeply Undervalued BDC [View article]
    @mkneutralhedger I own a little of the RFT . . . any thoughts on the persistent downtrend in the debt . . . down in line with spreads generally I guess but wow it seems cheap if you think there is a 95% chance it is money good
    Aug 31, 2015. 10:15 AM | Likes Like |Link to Comment
  • MVC Capital: A Deeply Undervalued BDC [View article]
    Baby bonds continue to drift lower, quoted just above $24 now. Persistent selling. I guess somebody does like the lack of SEC filings. Common has held up well. A head scratcher for me.
    Aug 31, 2015. 10:13 AM | Likes Like |Link to Comment
  • The Case For A Rate Hike Relies On Forecasts Of Firmer Inflation [View article]
    Apparently the Atlanta Fed really screwed the pooch on the 2d quarter GDP estimates.

    More to the point, what a revolution in Fed policy! I am old enough, (i.e., over 25) to remember when inflation plus 1-2% was considered "normal" policy. Now apparently normal is inflation MINUS 1-2%. It is all voodoo and witchcraft, these folks have no idea.
    Aug 31, 2015. 08:30 AM | 3 Likes Like |Link to Comment
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