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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (1135)	3/8/1998 8:20:00 PM
From: Shoe	Respond to of 22640

BZF the best way to play for a Brazil rally? At a 19% discount to NAV this closed-end fund seems like a better option than picking particular stocks (how bad can Scudder be at this?). Granted the fund sits on unrealized gains, so for a long-term investor the tax-deferred account might be the best place for BZF. Institutional interest may be picking up (Harvard and OTR 13Gs in February), so it seems possible that Scudder will be goaded into doing something to reduce the discount, as with IBF. The expense ratio was down below 1.5% last year per latest filing; still painful but not extortionate. Just MHO, of course, but I don't see why BZF should sport a higher discount than BZL, not to mention several Asian funds. -- Shoe (long BZF)