Thursday, January 17, 2013

Table Update for Closed End Fund Portfolio-As of 1/17/13

I will post an update table of my closed end fund (CEF) portfolio about twice a year. 

I will also post an updated stock fund table, which will include stock mutual funds, twice a year, probably in March and September.  

The CEF portfolio is a portfolio within a portfolio. It is a worldwide balanced stock and bond fund portfolio, primarily designed to generate income and secondarily long term capital gains. 

I will periodically look at this table and make a decision to re-allocate among bond and stock funds based in part on my big picture views. Lately, I have been adding to stock CEFs and lightening up on  bond funds. I have also been adding stock CEFs that own stocks located in emerging markets and will probably continue doing so. 

I have not yet received the shares which are supposed to be bought with the large dividend paid at year end by the China Fund. Fidelity is still waiting for the reinvestment price. The China Fund has now paid large distributions, mostly long term capital gains, in both 2011 and 2012. Stocks, Bonds & Politics: China Fund ($3.2668 per share in 2012, The China Fund, Inc. Declares Distributions, and $2.9964 per share in 2011, The China Fund, Inc. Declares Distributions). 

I am also still waiting for the receipt of General American shares that will be purchased with its 2012 year end special distribution. General American Investors Announces: Issue Price for the 2012 Year-End Special Dividend and Distribution Payable on January 31, 2013 

CEF Portfolio as of 1/17/2013

This list includes one CEF, BIF, which I will discuss in my next post. That fund has an unusually large stake in Berkshire Hathaway. 

The table also includes one Canadian CEF. I will probably be using my CADs during 2013 to buy more Canadian CEFs, since they trade at unusually large discounts to net asset value. 

I own just 100 shares of the Canadian General Investments CEF: Canadian General Investments Ltd. (TOR :CGI) 

I checked the net asset value for that Canadian CEF this evening. As of 1/17/13, the net asset value per share was C$22.34, up C$.19 for the day. The shares closed today at C$16.05, creating a discount to net asset value of 28.16%. 

I did recently receive a $.52 per share capital gain distribution:  CGI Dividends 

As shown at the sponsor's webpage, the fund has done well over 10 years with a 11.8% annualized return, but could have done better over the past five.

Some of the Canadian CEFs are discussed in this Globe and Mail article published last February. 

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