To All, CEF notes: 1. Well, I finally sold my longtime recommendation, Van Kampen Convertible Securities VXS, on Friday. This fund's performance has been nothing short of incredible. I have long said that VXS was great because of its deep discount, but couldn't perform as well as when I was managing it. The last year has had a return of 65%, and though a chunk of that is due to discount reduction, the fact it, it greatly outperformed the other convert funds even after the discount reduction. And I NEVER got a 65% return on this one. True, I didn't manage it for a full year, but we weren't on that kind of pace during the time I did manage it. Anyway, without a discount and some big questions about what sort of voodoo the new manager is doing, I am out of here with my pockets fulla moolah. Adios to an old and faithful servant.
2. I am starting to give Japan Equity the hairy eyeball again. It is below where I sold my last third and starting to spark some interest in me. True, I'd like to see a bit lower on the price and higher on the discount, but it is one I like, despite the negative of having a portfolio manager who one the Nobel Prize in Economics. He is smart despite that, though his actions are awfully restricted.
3. Morgan Stanley Africa (AFF) may be the next fund to open end or merge. It has to be an embarrassment to Morgan Stuckup. Since inception, is has been diving like Das Boot. Meanwhile, my favorite in the area, SOA, has been doing o.k. in a bad environment. But this is a spec. If they don't open end, then we basically have a fund that can't invest and chew gum at the same time.
4. Singapore Fund has also climbed back onto my radar screen. I have had huge success with this one for decades, so I am hoping for anothre shot. |
