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Strategies & Market Trends : Closed End Global and Country Funds -- Ignore unavailable to you. Want to Upgrade?

To: bob s who wrote (228)	3/10/1998 4:08:00 PM
From: James A Roberts	Read Replies (2) \| Respond to of 289

New to this board. I've invested in CEF's for some time and am very happy with the results. I am currently in central European Equity (CEE), Latin American Discovery (LDF), and a small position in Morgan Stanley african (AFF). I am looking into Equiis II (not a global I know, but interesting style) and am just beginning to go short funds at a large premium. Looking to open a short position on the indonesian Fund (IF). Anyone have any ideas on other short candidates? ANDREW

To: bob s who wrote (228)	3/10/1998 11:38:00 PM
From: Shoe	Read Replies (1) \| Respond to of 289

Bob, I bought more MXF today, which explains the Mexican market's performance. If you still want to know, my other current CEF longs include GF, FRG, NEF, SWZ, LAM, BZF, TY, EMG, TYW, CLM, JFC. Obviously I diversify geographically and look for a relatively high discount -- generally over 15% in the current climate, unless there is a credible shareholder insurgency or some other special factor. I regard past performance of the fund as irrelevant except as it is affected by the expense ratio. But you will surely do better to follow the picks of one or more of the pros (or institutions, such as Harvard). -- Shoe

To: bob s who wrote (228)	3/29/1998 3:30:00 PM
From: Shoe	Read Replies (1) \| Respond to of 289

MXF discount looks out of line at 22%, even compared to Latin funds generally, and especially on an expense-adjusted basis. Looks like a buying opportunity, IMHO (but then I'm long already). As for MEF, Santander's "liquidity" justification for closed-end status won't bear scrutiny -- the annual report shows the biggest position is $14 million in Grupo Elekra, an issue (EKT) with a market cap of $2.7 billion; also there are chunks of such issues as Cemex, Grupo Televisa (cap $17 Billion), PanAmerican Beverages (cap $3.9 billion). Some positions are actually ADRs. These may well be good investments. IMHO it would not be hard to sell a few shares of them to accommodate redemptions. -- Shoe