Investing in closed end funds: finding value and building wealth
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York <<[u.a.]>>
Inst. of Finance
1991
|
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXVIII, 492 S. |
| ISBN: | 0135034914 |
Staff View
MARC
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| 100 | 1 | |a Fredman, Albert J. |e Verfasser |0 (DE-588)101115627X |4 aut | |
| 245 | 1 | 0 | |a Investing in closed end funds |b finding value and building wealth |c Albert J. Fredman and George Cole Scott |
| 264 | 1 | |a New York <<[u.a.]>> |b Inst. of Finance |c 1991 | |
| 300 | |a XXVIII, 492 S. | ||
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| 338 | |b nc |2 rdacarrier | ||
| 700 | 1 | |a Scott, George Cole |e Verfasser |4 aut | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-021704811 | ||
Record in the Search Index
| _version_ | 1804144551861944321 |
|---|---|
| adam_text | Contents
Foreword by Steven M. Cress xv
Preface xvii
Acknowledgements xxi
Introduction xxv
PART 1: OVERVIEW 1
1. Investing in Closed-End Funds 3
Investment versus Speculation 4
Investment 4
Speculation 5
Fund Basics 5
Open- versus Closed-End Funds 5
Organizational Structure 7
A Brief History 10
Boom and Bust 11
Small Investors Return 13
The Great Bull Market 14
Personality Funds 16
vii
viii Contents
Specialized Equity and Convertible
Funds 16
The Bond Funds 17
Shareholder Reinvestment 18
Advantages of All Funds 20
Diversification 20
Professional Management 20
Many Portfolio Choices 21
Economies of Scale 21
Record Keeping 21
Unique CEF Advantages 22
Stability of Capital 23
Investment for Total Return 24
Trading Advantages 24
Disadvantages of CEFs 26
Types of CEFs 28
Conclusion 29
2. Discounts and Premiums 31
Computing Discounts or Premiums 34
A Risk Factor 37
Advantages of the Discount 39
Leverage 39
Higher Yield 39
Beware the Premium! 40
Why the Discount? 42
Fund Specific Factors 45
Sector Specific Factors 46
General Factors 47
Fund Type Affects the Discount 49
Narrowing the Gap 51
Studies of CEF Performance 54
Will Discounts Persist? 55
Conclusion 58
3. Analyzing a Fund 61
The Authors Philosophy 61
Standard Sources 63
Media Coverage 63
Shareholder Reports 64
Visiting the Library 65
Contents ix
Lipper Data 69
Advisory Letters 70
Brokers Who Specialize 71
Analyzing the Data 73
Expense Analysis 73
Distributions 78
Analyzing Fund Distributions 80
Examining Performance 83
Tracking Discounts 85
Portfolio Turnover 87
Unrealized Appreciation 89
Derivative Products 90
Conclusion 91
Appendix 3-1 Calculation of Total
Return for a Multi-Year Holding
Period: Closed- versus Open-End Fund 92
PART 2: EQUITY-ORIENTED FUNDS
4. Investing in Stock Funds 97
Stock Fund Differences 98
Diversified Versus Non-Diversified 99
Advantages of Stock Funds 100
Superior Long-Term Performance 100
Time Diversification Lowers Risk 102
The Power of Compounding 103
Gifts to Minors 105
Deeper Discounts 105
Superstar Managers 106
Growth Versus Value 106
Value Investing 107
Approaches to Value 107
Templeton s Principles 108
Growth Investing 109
Small Stocks 110
When to Invest? 111
Small Cap CEFs 112
Conclusion 116
5. Older Domestic Equity Funds 117
Basic Data 118
Performance Records 118
x Contents
Management Arrangement 121
Fund Profiles 121
Classic Funds 122
Other Older Funds 132
Can CEF Performance Be Measured
in a Meaningful Way? 138
Conclusion 140
6. The Personality Funds 141
Fund Features 143
Fund Profiles 144
Selection Guidelines 159
Conclusion 164
7. Dual Purpose Funds 165
The Dual Fund Concept Was
Dusted Off 166
Dual Fund Basics 166
The Leverage Factor 167
Maturity Date 168
Growth in Income 170
Potential Pitfalls 171
Gauging Discounts and Premiums 172
Dual Fund Analysis 172
Individual Funds 177
Diversified Common Stock Funds 177
Specialized Dual Funds 179
Conclusion 183
8. Sector Equity Funds 185
Sector Risk 186
Gold-oriented Funds 187
Utility Funds 192
Financial Company Funds 195
Other Sectors 198
Fund Selection 203
Consider Dollar Cost Averaging 203
Conclusion 205
Contents xi
9. Global Investing 207
Cross-Border Investing Is Nothing New 208
Why Invest Internationally? 208
Diversification 208
More Opportunities 213
Better Opportunities 214
Protection Against a Falling Dollar 217
Risks of Investing Abroad 217
Currency Risk 218
Political Risk 219
The Investment Company Route 219
Returns to CEF Investors 220
Types of Funds 221
Conclusion 222
10. Single- and Multi-Country Funds 223
Single Country Funds 223
What Attracts People to Country
Funds? 227
Country Fund Profiles 228
Country Fund Valuation 232
Country Funds as Growth Stocks 233
1989 Country Fund Performance 233
1990 Country Fund Fall Out 235
Discounts Prevail in August 1990 236
Premium-Discount Fluctuations 237
Should You Pay A Premium? 237
Funds at Large Discounts 240
The Multi-Country Funds 240
Fund Profiles 241
The Question of Expenses 248
Conclusions 249
11. British and Canadian Funds 251
The London Investment Trusts 252
The Scottish Funds 259
Canadian Funds 261
Getting More Information 262
Conclusion 262
xii Contents
PART 3: FIXED INCOME FUNDS
Introduction to Part 3 on Fixed Income Funds
By A. Michael Lipper
12. Bond Fund Basics 271
Closed- Versus Open-End Bond Funds 272
Bond Basics 274
Bond Types 274
Bond Risks 275
Bond Fund Basics 278
Analyzing a CEBF 280
Two Special Ratios 281
Income Dividends versus Income 281
Expense Analysis 283
Set Your Sights on Total Return,
Not Yield 284
Always Relate Turnover to Total
Return 285
Conclusion 285
13. Older Bond Funds 287
Past Performance 288
Older Investment Grade Fund Profiles 289
Direct Placement Funds 299
Conclusion 301
14. Bond Fund Types
and Their Characteristics 303
Bond Fund Categories 304
High-Yield Corporate Funds 305
U.S. Government Funds 307
Mortgage-Backed Securities Funds 308
Global and International Funds 311
Multi-Sector Funds 312
Flexible Portfolio Funds 316
Municipal Bond Funds 320
The Nuveen Funds 321
Choosing a Muni Fund 322
Loan Participation Funds 324
Contents xiii
CEBF Selection Guidelines 325
Conclusion 326
15. Convertible Funds 327
The Basics of Convertibles 327
The Bond Value 328
The Conversion Value 329
A Closer Look at the Premiums 330
Forcing Conversion 330
Three Convertible Strategies 332
The Convertible Funds 334
Convertible Fund Profiles 336
Conclusions 342
PART 4: PUTTING IT ALL TOGETHER
16. Dealing with Your Broker 347
Trading Basics 348
Liquidity 348
Average Daily Volume 349
The Bid-Asked Spread 350
The Size in the Quote 351
Entering Orders-Timing is Important 351
The Market Order 352
The Limit Order 352
Stop Orders 354
Do Not Reduce ( DNR ) Orders 354
All-or-None ( AON ) Orders 355
Discretionary Orders 355
Watch out for the NAV Syndrome
on Mondays 356
Cash Versus Margin 356
Stock Certificate Considerations 358
A Broker s Advice 359
Conclusion 361
17. Building Your Portfolio 363
Let s Review our Philosophy 364
Developing Your Investment Plan 365
The Risk-Return Trade-Off 367
xiv Contents
Risk—A Case Study 368
Diversifying Among Fund Types 370
Time Diversification Makes Equity
Investing Less Risky 372
Use Dollar Cost Averaging 372
Core CEF Holdings 373
Additional CEF Holdings 374
Finding Value 374
When to Sell 377
Tax Considerations 377
Conclusions 380
18. Takeovers and Open-Ending 381
Takeover Basics 382
Advantages and Disadvantages
of Open-Ending 386
What Attracts Arbitrageurs? 387
Arbitrageurs Face Difficulties 390
Schafer Value Trust: A Case Study 392
Bergstrom Capital Corporation:
A Case Study 393
Keeping the Discount Narrow 395
Conclusions 396
19. A Final Word 399
Funds Versus Ordinary Stocks 400
Advantages of Open- and Closed-End
Funds 400
Unique Advantages of Closed-End
Funds 401
Recipe for Success 403
One Individual s Success Story 404
Conclusions 405
Glossary 407
Appendix 1—Directory of Closed-End Funds 431
Appendix 2—Directory of Closed-End Fund
Information Sources and Services 468
Appendix 3—Closed-End Funds Followed
by The Value Line Investment Survey 475
Index 477
|
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| id | DE-604.BV026113120 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T23:05:21Z |
| institution | BVB |
| isbn | 0135034914 |
| language | English |
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| physical | XXVIII, 492 S. |
| publishDate | 1991 |
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| spelling | Fredman, Albert J. Verfasser (DE-588)101115627X aut Investing in closed end funds finding value and building wealth Albert J. Fredman and George Cole Scott New York <<[u.a.]>> Inst. of Finance 1991 XXVIII, 492 S. txt rdacontent n rdamedia nc rdacarrier Scott, George Cole Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021704811&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Fredman, Albert J. Scott, George Cole Investing in closed end funds finding value and building wealth |
| title | Investing in closed end funds finding value and building wealth |
| title_auth | Investing in closed end funds finding value and building wealth |
| title_exact_search | Investing in closed end funds finding value and building wealth |
| title_full | Investing in closed end funds finding value and building wealth Albert J. Fredman and George Cole Scott |
| title_fullStr | Investing in closed end funds finding value and building wealth Albert J. Fredman and George Cole Scott |
| title_full_unstemmed | Investing in closed end funds finding value and building wealth Albert J. Fredman and George Cole Scott |
| title_short | Investing in closed end funds |
| title_sort | investing in closed end funds finding value and building wealth |
| title_sub | finding value and building wealth |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021704811&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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