I took a position in FF -- First Financial Fund on bloody tuesday when it fell to and slightly below my $14.40 limit price.
A FANTASTIC long term track record with all kind of lipper awards. A well respected manager, a slight discount to NAV when it pretty much traded at a premium for a several years.
A cluster of small insider buys drew my attention here. I placed a limit order at $14.40 and waited.
They are also attempting to implement a managed distribution policy which, when they do, could draw buying interest in the stock because you'd have a terrific long term track record along with predictable income. (Id like to see monthly but they may only go quarterly. Id expect at least 8% and probably 10% which is well below their long term average annual return. I would expect it to trade ABOVE NAV shortly after a managed distribution plan is announced.
7-Feb-07 LOONEY JOEL W
Director 2,000 Direct Purchase at $14.91 per share. $29,820
5-Feb-07 MURPHEY NICOLE L
Officer 425 Direct Purchase at $14.85 per share. $6,311
11-Jan-07 JOHNS CARL D
Officer 1,500 Direct Purchase at $14.61 - $14.63 per share. $22,0002
11-Jan-07 MILLER STEPHEN C
Officer 3,000 Indirect Purchase at $14.51 per share. $43,530
11-Jan-07 MILLER STEPHEN C
Officer 1,950 Direct Purchase at $14.52 per share. $28,314
10-Jan-07 JOHNS CARL D
Officer 1,800 Direct Purchase at $14.50 - $14.52 per share. $26,0002
The only negative Ive found is they only update their NAV once a week which sounds like something from a few decades ago !
firstfinancialfund.com |
