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Strategies & Market Trends : Thai Funds
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To: Jan Kozic who wrote (16)9/24/1997 9:40:00 PM
From: Polartee   of 107
 
Excellent web link!! From there I got lots of information on closed end funds. There are ten Thai funds of which only two are traded in the U.S. The average premium to NAV is 5% with the two US funds having the highest premiums. Thai Capital Fund has the highest premium at 49.6%. One of the biggest Thai funds (by assets) is the Thai International Fund traded on London - it is at a 19.8% discount (yes a discount) to NAV. Also, the portfolio summaries show that this fund has some of its largest holdings in common with the Thai Capital Fund. That's good if you're looking for a hedge (i.e., short Thai Capital Fund, long Thai Int. Fund). If the holdings were identical we'd have the perfect hedge. Also, for some of you posters that are bullish on Thailand, this fund could be a good buy. Thai Development fund is at a bigger discount though (33.9%) but it's more into venture capital type investments. Also, Thai Euro Fund is at a discount of 21.8% but it's 24.5% invested in cash.

My broker (Green Line in Canada) will buy up to $10,000 worth of shares on the London Stock Exchange for $175 and sell them for $120. Plus there's slippage on the currency conversion to pounds and back to $ of about 2% so this is not real cheap.

Maybe I'll hedge my short position...and also increase it.
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