In another sign of bad news being good news these days, the Nuveen Global Values Opportunity fund (NYSE:JGV) cuts its distribution 8.6% from $0.29/share to $0.265/share and promptly goes up 2.5%!
JGV hasn't been exactly a great performer with a -2.7% total return NAV YTD due to its long global metals/mining and utility sector stocks and short technology/discretionary spending stocks. Obviously, someone feels that better days are ahead and that this news may have marked the bottom.
This is JGV's second distribution cut in a year as the fund's investment strategy has significantly underperformed for some time now. JGV currently at $14.05.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.