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depraved_miscreant

depraved_miscreant
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  • Tortoise Energy Infrastructure Looks Really Cheap [View article]
    "Is TYG a good candidate for a short term pop in market price or is it destined to be a chronic laggard ? "

    Prescient call, George. TYG up 2% today. Or have you become a market mover ?
    Nov 11, 2014. 04:47 PM | 1 Like Like |Link to Comment
  • Tortoise Energy Infrastructure Looks Really Cheap [View article]
    "Interesting metrics for the two funds. Over the last year, NAV for TYG has increased > 23% while the market price is up only ~ 1.4%....might TYG be better positioned to catch up to its NAV ?"

    At first, I liked the fact that TYG's market price trailed its NAV by >22% and a peek at the entire CEF universe showed that to be the 4th highest among all CEFs using cefanalyzer data from 11/07. But the top three are all Cornerstone funds, which makes me wonder if that is such a good thing. Is TYG a good candidate for a short term pop in market price or is it destined to be a chronic laggard ?
    Nov 11, 2014. 02:13 PM | Likes Like |Link to Comment
  • Tortoise Energy Infrastructure Looks Really Cheap [View article]
    Better ? Depends where you hold it. In a taxable account, TTP's ROC and CGs are certainly advantageous over pure income.

    I like TTP's wide discount and good price momentum, but mostly I prefer its GP-heavy portfolio. I'm just beginning to sniff around the MLP CEFs after holding an overly large position in a single MLP (APL) for almost 6 years. I sold recently on the news of APL merging/being taken over and I didn't want any part of the possible tax complexities. That sale turned out to be very timely, as APL has fallen several points since.

    I'm also looking for a purer LP-oriented CEF or two. TYG is one of several worth a look.
    Nov 11, 2014. 01:32 PM | 1 Like Like |Link to Comment
  • Tortoise Energy Infrastructure Looks Really Cheap [View article]
    TTP vs. TYG. While not exactly a case of comparing apples and oranges, tangerines vs. oranges might be an apt description of the difference. While the TTP portfolio does contain MLPs, I believe it is much more heavily invested in the general partners. FWIW, both are C-Corps.

    Interesting metrics for the two funds. Over the last year, NAV for TYG has increased > 23% while the market price is up only ~ 1.4%. For TTP, NAV is up > 27% while its market price is up almost 22%. So TTP has a wider discount and better price momentum, but might TYG be better positioned to catch up to its NAV ? In either case, I wish I had been smart enough to buy them three weeks ago.

    Thanks to George for a superb rundown of TYG.

    I could look it up, by my inherent laziness causes me to ask if anyone has done a comparison of the insider holdings of TYG vs. TTP.
    Nov 11, 2014. 11:45 AM | 1 Like Like |Link to Comment
  • A Value And Momentum Strategy For Closed-End Funds [View article]
    I found this article interesting enough to create my own spreadsheet. I first created a screen on cefanalyzer choosing the pertinent fields and then imported the data into my sheet. I then eliminated funds with less than 1 year of history and also state-specific Munis which don't apply to me. For the momentum portion, I computed an average of the price total returns, giving a double weighting to the 3 month TR over the 1 year TR, then ranked the funds on this average. I then ranked the funds on discount and added the discount and TR rankings equally. Finally, I ranked the funds on this sum, with the lowest total getting a ranking of 1.

    While I wouldn't follow the buy-sell recommendations of the model, i.e., buy the top 20 (or some other number), this has caused me to notice some funds I was not familiar with. I threw in Z-scores for another angle to look at, i.e., highly ranked Value/Momentum funds with low negative Z-scores.

    FWIW, my spreadsheet ranked four REIT funds in the top seven based on data from the market close on 11/07: RIF, NRO, RIT and RNP. Three Cornerstone funds, CFP, CLM and CRF, ranked in the bottom six of the 481 funds in the spreadsheet.

    I plan to also run the sheet for equity funds only and income funds only.
    Nov 9, 2014. 04:11 PM | Likes Like |Link to Comment
  • Oil & Gas Stocks: How Far Are We In This Correction? [View article]
    Good point, Elliot. Midstream MLPs have gotten clobbered -- perhaps a case of tossing out the baby with the bathwater.
    Oct 15, 2014. 09:08 AM | Likes Like |Link to Comment
  • Equity CEFs: Time To Buy Some Of The Eaton Vance Option Income Funds [View instapost]
    ETY is also a top five holding of YYY, which has suffered the same fate as CEFL.
    Oct 14, 2014. 10:04 AM | Likes Like |Link to Comment
  • Look At The MLP GP Companies For An Alternate Path To High Total Returns [View article]
    The discount on TTP is a ridiculous -19.22%, the widest in the 3 years since fund inception. The Z-Statistic is @-4.11. TTP has never traded at a premium, with the narrowest discount near -5%. NAV remains well above its 200 day MA. I've got a bid in.
    Oct 13, 2014. 03:35 PM | 1 Like Like |Link to Comment
  • Equity CEFs: Time To Buy Some Of The Eaton Vance Option Income Funds [View instapost]
    Added to ETY and also BGY, another Top 10 holding in CEFL.
    Both use options and are essentially unlevered.

    FWIW, the discount for TTP is a ridiculous -19.22%. Problem is they are all falling knives at the moment. TTP holds some MLPs, but mostly the General Partners of same.
    Oct 13, 2014. 03:20 PM | Likes Like |Link to Comment
  • Steady Income, But No 'Icing On The Cake' In 3rd Quarter For Savvy Senior IRA [View article]
    FGB had historically traded at a discount until it was touted by Jack Hough in Barron's a few weeks back. I decided to get out and I was fortunate to sell close to the top. However, I am looking to reenter at a suitable price and discount.

    I sold RQI and added the unlevered RFI to replace it. RFI has held up rather well in the volatile market of the last few weeks.

    Thanks for the article. Investigating some of your other ideas should keep me busy for a while. By and large, CEFs have taken it on the chin lately as retail investors head for the exits and I suspect some nice bargains will be surfacing.
    Oct 10, 2014. 09:06 AM | 1 Like Like |Link to Comment
  • Earn An 8% Yield From An Asset Class That's Probably Missing From Your Portfolio [View article]
    Been watching PSP but, FWIW, the technicals are ugly: MACD is negative and a 'death cross' is evident in both a daily 1-year chart and a weekly 4-year chart (I use EMAs).

    I'll continue to wait for signs of a bottom....
    Oct 7, 2014. 09:39 AM | 1 Like Like |Link to Comment
  • Seeking Global Value From ETFs In The Land Down Under [View article]
    Here are the current (8/31/14) country allocations from the IAE website:
    Australia 24.90%
    China 23.82%
    South Korea 14.39%
    Hong Kong 10.95%
    Taiwan 10.07%

    IAE does not use leverage and current distribution ~ 9.93% with no ROC in the last year. 31.9% of portfolio is in the financial sector.

    Long IAE and looking to add on weakness.
    Sep 25, 2014. 09:38 AM | Likes Like |Link to Comment
  • Equity CEFs: Funds With Strong NAVs And Weak Market Prices [View article]
    I have been looking at lightening up on some of my leveraged CEFs. RQI hasn't exactly been a dazzling performer for me so the unleveraged (and higher yielding) RFI looks like a good candidate to replace it. The problem with both RQI and RFI is that NAV could be rolling over.

    Thanks for the idea -- worth watching.
    Sep 22, 2014. 12:00 PM | Likes Like |Link to Comment
  • You Might Be A High Yield Sucker If... [View article]
    I have no position in PSEC, but insiders are buying. FWIW, two individuals recently purchased > $1M worth of shares and I seem to recall seeing heavy insider buying over the last few weeks. If you're long PSEC, this recent buying should limit the downside, if nothing else.
    Sep 22, 2014. 09:23 AM | 1 Like Like |Link to Comment
  • Equity CEFs: Take A Chance On GGZ, Mario Gabelli Did [View instapost]
    I took a look at GDL just yesterday. NAV has been in a steady decline since inception (2007). I'm watching -- big discount and decent yield -- but highly leveraged with no hint of finding a bottom.
    Sep 17, 2014. 06:20 PM | Likes Like |Link to Comment
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