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depraved_miscreant

depraved_miscreant
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  • Building An Income Portfolio With Closed-End Funds. Part 1: Real Estate [View article]
    Only semi-serious with that last comment. In actuality, 2013 was not a good year for the sector, which began taking off again early this year. However, Wall Street does have a knack for creating investment opportunities near tops. But the discounts for neither AWP nor RQI have narrowed much in over a year.

    But last week I closed a my position in FGB, a BDC CEF, which I have held for several years. Jack Hough wrote a favorable article about FGB in Barrons a few weeks back and the fund spiked to a premium despite NAV moving slightly down to sideways recently. The next distro is not until Nov.30 and I like BDCs, even in a rising interest rate environment, so I'm looking to get back in if/when the price/discount is favorable, hopefully before the next ex-div date. Dividend capture is not my game, but it could work here.

    Apologies if this last was slightly off topic.
    Sep 8, 2014. 02:51 PM | 1 Like Like |Link to Comment
  • Building An Income Portfolio With Closed-End Funds. Part 1: Real Estate [View article]
    Hmmm. Just received an email from Schwab announcing the introduction of the Schwab Fundamental Global Real Estate Index Fund (SFREX).

    Just a coincidence or is the sector near a top ???
    Sep 8, 2014. 02:14 PM | 1 Like Like |Link to Comment
  • Building An Income Portfolio With Closed-End Funds. Part 1: Real Estate [View article]
    "If I were choosing among the funds today, I'd go for one global and one domestic fund."

    I'm with you, LB. I bought both AWP and RQI at the beginning of 2014. In retrospect, pretty good timing, although I keep watching IGR and its superior NAV performance over AWP. Since both use relatively low leverage, I guess the difference is due to a combination of a greater exposure to US REITs in IGR or just plain better REIT selection by its PM.
    Sep 8, 2014. 09:03 AM | Likes Like |Link to Comment
  • Equity CEFs: Don't Judge A CEF By Its Yield [View article]
    In 2012 and 2013, GRX also made very healthy LT(?) year-end Capital Gains distributions and has upped the quarterly dist ~20% in 2014.

    With NAV steadily increasing, calling GRX a growth fund is an excellent description. I bought it in back in 2012 influenced, no doubt, by one of Mr. Albo's convincing articles. And I did participate (partially) in the recent rights offering.

    Much obliged, Douglas.
    Sep 2, 2014. 02:30 PM | 2 Likes Like |Link to Comment
  • This Fund May Be Your Best Call For Preferred Shares [View article]
    Do these links work ? 2-year and 5-year charts of XFFCX:

    http://yhoo.it/1n8ZXvh;range=2y

    http://yhoo.it/1n8ZXvh;range=5y

    Looks like they both display the 1-year chart, but click on another time and it will display.
    Aug 30, 2014. 10:04 AM | Likes Like |Link to Comment
  • Atlas Resource Partners: A 12% Yield With Limited Growth [View article]
    Yep, Cooperman has increased his positions in ARP, APL and ATLS.
    Aug 30, 2014. 09:40 AM | 1 Like Like |Link to Comment
  • This Dividend Dog ETF Has A Lot Of Promise [View article]
    David or anyone, how often is the SDOG portfolio updated/rebalanced ?
    Aug 29, 2014. 08:50 AM | Likes Like |Link to Comment
  • Questions For U.S. Stock ETF Bulls [View article]
    "Analysts at SG Securities estimate that corporations spent 20% last quarter on share buybacks."

    Gary, would you clarify ? 20% of what ? A 20% increase from a year ago ? The previous quarter ?

    However you measure it, seems to me that buybacks at market highs is not the best use of capital. I have been lightening up and increasing cash.
    Aug 23, 2014. 09:55 AM | Likes Like |Link to Comment
  • USA And ASG: Are They Really All-Stars? [View article]
    Re USA, you're in good company. USA represents the 2nd largest holding in Phil Goldstein's Special Opportunities Fund (NYSE:SPE). FWIW, what follows is Goldstein's comment re USA in the SPE 2013 Annual Report. If he's right about another self-tender offer, you might be looking at some upside.

    Liberty All-Star Equity Fund (NYSE:http://bit.ly/yvMlHo)
    "We purchased almost all of our shares of this diversified multi-manager equity
    fund at a double-digit discount to net asset value. After we commenced a proxy contest, USA conducted a self-tender offer that expired on September 23, 2013. As a result, we were able to sell 22% of our shares at a 4% discount to NAV. USA’s discount is currently about 12%. At this time, we are comfortable holding the balance of our shares because we think management may take additional actions to address the discount if it remains above 10%. We do not anticipate providing any more updates about USA."

    I have no position in USA or SPE, but the latter is on my watch list.
    Aug 19, 2014. 12:10 PM | Likes Like |Link to Comment
  • DNP Select Income - Steady Income With Possible Premium Expansion Kicker [View article]
    I agree with zgb952 re item #1, but not necessarily #2. Might ROC be due to the fact that some of the energy holdings are MLPs ? I confess that I haven't dug into the holdings to find out. In any event, NAV has been increasing so the ROC might not be that much of a negative.

    If I were a buyer now, I think I'd prefer the pure equity DPG (see Albo's article here):
    http://seekingalpha.co...

    I've been long UTF since the NAV golden cross in July 2012. YOC >8.5% and the strong uptrend is still intact, but I haven't added more since.
    Aug 18, 2014. 03:24 PM | 2 Likes Like |Link to Comment
  • Evaluating Preferred Stock Funds For Your Retirement Portfolio [View article]
    I still hold a few preferred from those I purchased back in 2009 when the margin of safety was gigantic. Not the case now. Took profits on some.

    Here's an opposing view on preferreds from Larry Swedroe :

    http://cbsn.ws/1muH8G9

    Good idea or bad ? You decide.
    Aug 12, 2014. 12:22 PM | Likes Like |Link to Comment
  • CEFs: An Opportunity In A Nuveen Floating Rate Fund [View article]
    In this week's 'Up And Down Wall Street' column in Barron's, Randall Forsythe echos Doug's retorts about how loan CEFs don't suffer the liquidity problems inherent in bank loan ETFs and mentions how yields are enhanced by the widening discounts to NAV.

    Buying last week might turn out to be very timely. Well done, Douglas.
    Aug 9, 2014. 11:41 AM | 2 Likes Like |Link to Comment
  • CEFs: An Opportunity In A Nuveen Floating Rate Fund [View article]
    I hold EVF, PHD and PPR and noticed that NAVs, while not ramping up like JQC, have been essentially flat and I was just about to add to some of them. While JQC's distribution is slightly lower than those 3 (but in the same ballpark), JQC's discount is substantially wider. The above 3 are more pure loan funds.

    Thanks for another great idea.
    Aug 4, 2014. 03:07 PM | Likes Like |Link to Comment
  • Keeping It In The Family At Ellsworth Fund, Ltd. [View article]
    The FDU school motto: What You Don't Know Can't Hurt You
    May 15, 2014. 12:48 PM | Likes Like |Link to Comment
  • APB: A Closed-End Fund For An Elevated Stock Market [View article]
    An alternative to APB is IAE in which I opened a position about a month ago. The discount on IAE is @8.55%. A big difference between the two is that IAE has almost 1/4 of its portfolio in Australian companies and has a distribution rate > 10% at current prices. I also ventured into KEF back in March.

    APB looks interesting. I'll have to see how much overlap there is in the portfolios of APB and IAE. Thanks for the idea.
    May 7, 2014. 08:30 AM | Likes Like |Link to Comment
COMMENTS STATS
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