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Strategies & Market Trends : Closed End Global and Country Funds

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To: peter michaelson who wrote (235)	3/11/1998 2:55:00 AM
From: Shoe	Read Replies (1) of 289

Peter, I have no position in Indonesian shares and don't know the companies, but I did a rough spot-check on the premium recently and found that TPI has traded at well over double the Jakarta price (TPIA.JK, not KL as in my prior post, of course) at one time but lately was down closer to 75% more (at a higher rupiah price). If this is so (don't trust my math!) would you tend to underweight or overweight it in your IF hedge portfolio, compared to ADRs without substantial premiums? BTW, do you have any source for ADR premiums or efficient way to compute them? -- it seems as if someone could write (and probably has written) a little retrieval program like Netstock that does this. But even with this data, how much premium is justified by the legal restrictions on foreign ownership as they apply to a particular issue and the dearth of local capital seems like a difficult matter on which to second-guess the markets. -- Shoe

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