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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: valueminded who wrote (89651)	2/19/2001 3:31:08 PM
From: Knighty Tin	Respond to of 132070

Chris, Unfortunately, I don't see anything in the European closed end bond field. Most of the intl. funds are into emerging market debt. Some, like TGG, have a nice amount of European debt, but they have a large amount of emerging, too, and I don't think that is what I want. If you have a different opinion, TGG is definitely well managed. In no loads, the American Century Intl. Bond Fund has a huge representation of better quality European names. Of course, there is no rule that the PM has to stick with them and there is no discount. As far as European equity CEFs go, I am not thrilled about the shrinking discounts. Well, I am happy on the ones I already own, but not on those I might want to buy. <g> My favorite is the diversified Europe Fund (EF) selling at a 12% Discount. It is well managed and they have the better quality names represented. I used to recommend Scudder New Europe, but they open ended on me. I like Swiss Helvetia and it has a 17% discount. But the fund is up for the past year and Swiss stocks are not dirt cheap. New Germany is more of a spec, but the 19% discount helps me like its higher risk level. In Japan, I like Morgan Stanley Asia-Pacific. Yes, I know it is the same one I recommended in May of 1995, but it is back to being cheap again after a good upward move from that earlier recommendation. A 19% discount and about a 45% weighting in Japan. Fairly conservative for that part of the world, with Singapore and Hong Kong the other large holdings. It sort of mirrors the Morgan Stanley index. I don't like indexing that much, but, at a discount, I'll hold my nose and accept a closet indexer. For all Japan, JOF has the best cos. and NO banks. Only a 9% discount, but you do have a Nobel Prize winner running the fund. I think that deserves a larger discount, but he's done a good job. <g>