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Strategies & Market Trends : Closed End Global and Country Funds
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To: peter michaelson who wrote (202)2/19/1998 3:36:00 PM
From: Allen Furlan  Read Replies (2) of 289
 
Your post on CEF forum on MAKOX versus Korean ADRs was very interesting. I wasnt informed enough to ask the marketing person at Matthews whether the stocks in their portofolio were the domestically traded or foreign set aside shares.( In this context I am speaking of shares traded in Seoul) If my understanding is correct, foreign set aside shares have been and continue to be at a premium to domestic shares and therefore MAKOX(if holding foreign shares) would adjust downward when the day comes that all shares are traded at same price. If so and if ADRs are evaluated as foreign set aside shares the MAKOX advantage to ADRs comes about primarily by the mechanism of market premium being placed on the shares because of NYSE trading distortions. How in the world does one find out the basis of the shares vs a vs the domestic Korean market so that comparisons can be made of apples to apples. When I talked to the marketing rep at KF he led me to believe that their NAV calculations are based on domestic prices converted each day to dollars. Because they had authority to trade this way, their fund has historically enjoyed a premium on the NYSE. When I eyeballed the decline on prices since mid August last year MAKOX appears to have steeper declines than the ADRs. Im confused but would love to arbitrage a position if I really felt comfortable with my knowledge base. Have you clarified these issues in your mind? Thanks for any insight you can provide.
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