Joan, SOA is a very well-managed fund and the devaluation has hurt it. In fact, one of its long-term strengths, less reliance on the mining shares, has hurt it lately because the mining shares do make money in dollars. But I would accumulate here and I also have an income paired trade, long SOA, short New South Africa. NSA is also a decently managed fund, but it sells at half the discount SOA carries, even though SOA is the much better performer long term (3years ending March 31, SOA was up 17.3% annualized while NSA came in at 5.9%). NSA also has a slightly higher expense ratio, so if anyone could tell me why it deserves to trade at half of SOA's discount, I would like to hear the story.
With the natural gas play, you are saying it may get cooler than this sometime this year? <G> It is only 97 degrees here today. BTW, I notice that the lowest crude oil prices in years have not exactly been reflected at the pump, at least not here in Houston. The refiners must be printing money.
MB
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