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Evaluating CEFs: NCZ Is At A Large Discount


  • NCZ pays a distribution of 3.75 cents a month (for an 8.75% yield). Attractive if it can support it.
  • NAV performance over the last 3 years has been good, but not so good over the last 10.
  • The distribution has been well supported, but that is with distribution cuts.
  • With new management, a larger than average discount, and no distribution cut in April, there could be an opportunity here.
  • Looking for a helping hand in the market? Members of High Dividend Opportunities get exclusive ideas and guidance to navigate any climate. Learn More »

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In a series of articles evaluating CEFs (Closed-End Fund), I started by looking at two from Cornerstone with very high yields. I evaluated them looking at their ability in the past to support their very

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This article was written by

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The #1 Service for Income Investors and Retirees, +9% dividend yield.

Beginning in October of 2018 I began working with Rida Morwa and his team at HDO. I both write articles in collaboration with the HDO team and on my own. Contributing authors, if any, will be listed after the bullet points at the start of articles.

Until SA made me change it my profile picture is an actual picture of me and 4 of my siblings from 1971. I am 9, and the one in the greenish shirt saluting (to keep the sun out of my eyes). My siblings are 8 (brother at far right), 7 (blond sister), 6 (sister in the red shirt) and 3. My grandfather is holding my youngest brother. In this picture, my grandfather is about 2 years older than I currently am. I still look at it often, particularly when I am feeling old.

I have been a software engineer developing applications in various fields for over 30 years. I began investing in mutual funds for my 401(k) back in 1988.I started investing outside of my retirement account a little over 23 years ago. I used to follow a value oriented strategy, but after I saw how that worked  during the financial crisis, I began to switch over to a more income based approach. I have been an income investor since around 2009 and have only written income investor focused articles for SA.

I long ago switched my portfolio to a DGI strategy but more recently focused on the more immediate income implementation of that strategy..
One of my most profitable picks turned out to be Freddie Mac, which I originally chose because I liked the dividend and because I once worked there. When it first ran into problems I increased my holdings because it still looked like a good value to me. I eventually managed to buy several thousand shares at a cost of $0.50 (I knew that was a good value) and eventually exited the stock at a price that was $5 a share above my average share cost.
My biggest miss was when I sold out my 100 shares of Apple shortly after Steve Jobs returned but before he had done much to improve the companies outlook. You can see my holdings here :


I am currently contributing articles to Rida Morwa's service High Dividend Opportunities.

Analyst’s Disclosure: I am/we are long USA, DNP, CCD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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