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BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | February 25, 1994
Sometimes different can be better.Investors bored with conventional stock mutual funds and willing to do a little homework can spice up their portfolios with the hybrid known as a closed-end fund.It can emphasize a specific country, region or investment strategy. Last year, the average closed-end fund had a total return of more than 21 percent, boosted mostly by emerging markets. Returns have been a bit choppier this year because of overseas volatility, but the potential remains.Investors are catching on. The number of closed-end funds has grown to more than 500 with assets of nearly $140 billion from 54 with $7 billion in assets in 1985.
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BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | October 14, 2007
For obvious reasons, receiving a discount is more popular than paying a premium. Closed-end funds, investments that usually can be purchased at a modest discount, have gained attention this year because those discounts have widened. There are more than 650 closed-end funds, with a total market capitalization of $300 billion. Some homework is required to understand how they work and determine whether you are getting a deal. Like many of the more familiar open-end mutual funds, they have actively managed portfolios.
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BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | October 14, 2007
For obvious reasons, receiving a discount is more popular than paying a premium. Closed-end funds, investments that usually can be purchased at a modest discount, have gained attention this year because those discounts have widened. There are more than 650 closed-end funds, with a total market capitalization of $300 billion. Some homework is required to understand how they work and determine whether you are getting a deal. Like many of the more familiar open-end mutual funds, they have actively managed portfolios.
BUSINESS
By CHARLES JAFFE | January 4, 2004
THERE are plenty of terrible mutual funds out there. The best thing you can say for them is "good riddance." And that's precisely what investors should say to the vast majority of the 1,000 or so funds that were liquidated or merged out of existence in 2003. But in the spirit of those year-end retrospectives that included a section on famous people who met their demise during the year, there were noteworthy passings in the past 12 months. Gone and mostly forgotten, retelling their tales from the crypt allows them to pass a legacy - investment lessons - to the investors who survive them.
BUSINESS
By Andrew Leckey | September 2, 1992
Unpredictable foreign countries and risky junk bonds, once considered the ugly ducklings of investments, have provided some beautiful returns in closed-end funds this year.The Chile Fund, for example, is up a handsome 64 percent in total return, one of a number of strong performers that also include First Philippine Fund, up 56 percent.Among high-yield bonds for the most aggressive of investors, the Prospect Street High Income Portfolio is up 46 percent and the New America High Income Fund has gained 34 percent.
BUSINESS
By Julius Westheimer | April 16, 1999
WOULD YOU like more income? "Our income favorite is Duff & Phelps Utilities Income Fund," says Income Digest."This closed-end fund trades on the NYSE for about $11 a share and yields 7.3 percent. It invests in utility stocks and bonds. Duff & Phelps is a safe haven in a volatile market."QUIZ PROGRAM: "Does your broker know basic information about you?" asks "Big Decisions for Small Investors" by Gordon Williamson.Questions brokers should ask: "What are your present holdings? Do you primarily want growth or income?
BUSINESS
By CHARLES JAFFE | April 28, 2002
NORMALLY, mutual funds buy stocks. Ameristock Focused Value is about to turn into one. It's a metamorphosis that will turn heads throughout the financial services world, as this tiny hot-ticket fund tries to become an individual stock. Ameristock's story doesn't yet have broad implications for investors. But as fund firms try to make their offerings look more like stocks - and as entrepreneurs consider ways to raise money in a tight market - Ameristock's novel approach is worth a closer look.
BUSINESS
February 13, 1997
New Age Media Fund Inc.'s shares rose $2 yesterday as the T. Rowe Price Associates Inc. board of directors voted for its reorganization.New Age Media's stock closed at $14.375 a share, spurred by Price's decision to convert it to an open-end fund from a closed-end fund.New Age has $219 million in assets, invested primarily in technology companies. It traded at a 20 percent discount to its net asset value last year, even though T. Rowe Price bought about 400,000 shares in the last 18 months hoping to boost its price, said Steven Norwitz, a spokesman for the Baltimore-based mutual fund company.
BUSINESS
By Andrew Leckey and Andrew Leckey,1987 Tribune Media Services, Inc | May 29, 1991
Investors have plunked $85 billion into something different and they like it.Many closed-end funds have been turning in excellent performances in 1991. The Herzfeld Closed-End Average of 19 closed-end equity funds is up 18 percent, roughly twice the gain of the Dow Jones industrial average this year.Among these investments, single-country, health-care and financial institution funds have done best.Closed-end funds differ from the $1 trillion in open-end mutual funds in their availability for sale as shares on the New York Stock Exchange and other exchanges.
BUSINESS
By Bill Atkinson | April 19, 1998
IN INVESTING, timing is everything.In 1929, Adams Express Co., a well-regarded package and money-order delivery concern, decided to remake itself into an investment company.What a blunder.That month, on Oct. 28 and 29, the Dow Jones industrial average suffered its worst loss ever -- plunging 23 percent.But 68 years later, Adams Express is still going strong. The Baltimore-based company is one of the largest and oldest closed-end mutual funds in the country with $1.6 billion in assets, and a track record that is impressive not only for its longevity, but for its performance.
BUSINESS
By RUSSEL KINNEL and RUSSEL KINNEL,MORNINGSTAR.COM | March 2, 2003
Long-term performance is one of the better gauges of manager skill. Yet, buying from a list of top-10 performers, even over a long period of time, is not a great idea. Many of the funds on the list have minuscule asset bases for much of that performance, so they may have jazzed up returns with initial public offerings, huge bets and other schemes that work only in a tiny fund. I was amazed at the end of the 1990s when a big financial magazine named a tiny fund "Fund of the Decade." The offering was a closed-end fund with just a few million in assets for much of its life before it became an open-end fund.
BUSINESS
By CHARLES JAFFE | June 16, 2002
AMERISTOCK FOUNDER Nicholas Gerber wanted something different for one of the mutual funds he runs. He got it all right, but not quite in the way he expected. In a move suggesting that the fund world's system of independent directors can work for shareholders, Gerber's grand plans for Ameristock Focused Value were derailed by his board late last month. At a time when the financial industry appears rife with conflicts, and when regulators have spent years pushing for stronger guidance from directors, Gerber's story is an encouraging one for investors.
BUSINESS
By CHARLES JAFFE | April 28, 2002
NORMALLY, mutual funds buy stocks. Ameristock Focused Value is about to turn into one. It's a metamorphosis that will turn heads throughout the financial services world, as this tiny hot-ticket fund tries to become an individual stock. Ameristock's story doesn't yet have broad implications for investors. But as fund firms try to make their offerings look more like stocks - and as entrepreneurs consider ways to raise money in a tight market - Ameristock's novel approach is worth a closer look.
BUSINESS
By Julius Westheimer | April 16, 1999
WOULD YOU like more income? "Our income favorite is Duff & Phelps Utilities Income Fund," says Income Digest."This closed-end fund trades on the NYSE for about $11 a share and yields 7.3 percent. It invests in utility stocks and bonds. Duff & Phelps is a safe haven in a volatile market."QUIZ PROGRAM: "Does your broker know basic information about you?" asks "Big Decisions for Small Investors" by Gordon Williamson.Questions brokers should ask: "What are your present holdings? Do you primarily want growth or income?
BUSINESS
By Bill Atkinson | April 19, 1998
IN INVESTING, timing is everything.In 1929, Adams Express Co., a well-regarded package and money-order delivery concern, decided to remake itself into an investment company.What a blunder.That month, on Oct. 28 and 29, the Dow Jones industrial average suffered its worst loss ever -- plunging 23 percent.But 68 years later, Adams Express is still going strong. The Baltimore-based company is one of the largest and oldest closed-end mutual funds in the country with $1.6 billion in assets, and a track record that is impressive not only for its longevity, but for its performance.
BUSINESS
By Julius Westheimer | January 21, 1998
WITH the Dow Jones industrial average standing at 7,873.12, down 35.13 points from New Year's Day and off 386.19 points from its all-time high, but 989.22 points above its level one year ago today, where do you put your money now?"
BUSINESS
By CHARLES JAFFE | June 16, 2002
AMERISTOCK FOUNDER Nicholas Gerber wanted something different for one of the mutual funds he runs. He got it all right, but not quite in the way he expected. In a move suggesting that the fund world's system of independent directors can work for shareholders, Gerber's grand plans for Ameristock Focused Value were derailed by his board late last month. At a time when the financial industry appears rife with conflicts, and when regulators have spent years pushing for stronger guidance from directors, Gerber's story is an encouraging one for investors.
BUSINESS
By CHARLES JAFFE | January 4, 2004
THERE are plenty of terrible mutual funds out there. The best thing you can say for them is "good riddance." And that's precisely what investors should say to the vast majority of the 1,000 or so funds that were liquidated or merged out of existence in 2003. But in the spirit of those year-end retrospectives that included a section on famous people who met their demise during the year, there were noteworthy passings in the past 12 months. Gone and mostly forgotten, retelling their tales from the crypt allows them to pass a legacy - investment lessons - to the investors who survive them.
BUSINESS
February 13, 1997
New Age Media Fund Inc.'s shares rose $2 yesterday as the T. Rowe Price Associates Inc. board of directors voted for its reorganization.New Age Media's stock closed at $14.375 a share, spurred by Price's decision to convert it to an open-end fund from a closed-end fund.New Age has $219 million in assets, invested primarily in technology companies. It traded at a 20 percent discount to its net asset value last year, even though T. Rowe Price bought about 400,000 shares in the last 18 months hoping to boost its price, said Steven Norwitz, a spokesman for the Baltimore-based mutual fund company.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | February 25, 1994
Sometimes different can be better.Investors bored with conventional stock mutual funds and willing to do a little homework can spice up their portfolios with the hybrid known as a closed-end fund.It can emphasize a specific country, region or investment strategy. Last year, the average closed-end fund had a total return of more than 21 percent, boosted mostly by emerging markets. Returns have been a bit choppier this year because of overseas volatility, but the potential remains.Investors are catching on. The number of closed-end funds has grown to more than 500 with assets of nearly $140 billion from 54 with $7 billion in assets in 1985.
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