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Alpine Total Dynamic Dividend F Message Board

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  • Hello Mike— Thankful for the thorough analysis of AOD's six-month report. Shocked that they stopped buying back shares and that they are using a variation of their Dividend Capture scheme. Not good. Nor do we know why they are using ROC to help pay for the monthly div. Interesting that their sister fund (AGD) is not using ROC and is sailing along with surplus earnings each month building up their UNII. You might want to take a look at AGD's report and compare. My abilities for interpreting reports is nowhere yours.

  • do these managers receive a bonus based on turnover? Are they selling the one time stocks after capturing that dividend and still making money on it? Timing is very important on those types of deals

    Sentiment: Hold

  • The BAD - continued :
    AOD fund manager's are continuing their ' Dividend Capture ' tactic by buying companies that have been paying large one-time dividends ...then selling ex-dividend ...This seems to have worked over the previous six months ...earning enough to pay the dividend without an issue ...but ...I worry that such a tactic is more opportunistic and short lived ...What if special dividends dry up ? as they always seem to do in difficult markets.

    The UGLY -
    AOD management indicated that they are BORROWING money ( using leverage ) to execute these special dividend captures ...whoa ...leveraged funds don't just get hammered in bad markets ...they get CRUCIFIED ...upside down no less. The use of leverage ADDS a new dimension of risk to the fund.

    What the heck happened to the 10% share re-purchase plan ...?? they executed about 1.7% of the authorized amount ...then stopped completely. That does NOT sound or feel right ...My guess is that without 192% portfolio turnover ..they are running short of cash proceeds from the SELL transactions to be doing much for share buy-backs.

    Summary - AOD is now a leveraged / special dividend capture fund with core blue chip holdings in APPLE , Vodafone, Comcast,Qualcomm, Roche, Nestle, Novartis, Covidien and McKesson. Does that sound good to you ?

    Its a BULL MARKET fund ...ONLY. Switching to HOLD and Reinvest dividends ...Don't try and ride this one thru a difficult market they can't possibly meet the monthly dividend requirement in that circumstance ... and will be forced to slash the dividend distribution ( yet again ) ...the resulting sell off from furious investors will destroy the market price ...just like 2009 ...all over again.

    I wrote on another site that AOD was like a RECOVERING ALCOHOLIC ...could they stay away from Dividend capture as an investment methodology ? The answer is NO ...wait HELL NO ..they are borrowing now money to do it ..#$%$ ?

    The new portfolio managers ...seemed unenthusiastic -

  • Just took a few minutes to review the fiscal six month report from AOD ...and came away with some mixed feelings is the data :

    The Good -
    Thru July 25, 2014 - AOD has managed a + 11.41% Total return to investors compared to a + 9.09% Total return for the S&P 500 index...
    Thru 7/25 the Discount to NAV is approximately -13.01% making the valuation of the current market price very attractive. ( especially with general market indices bouncing off all time highs )
    The audited report shows the NAV of the fund increasing by + 5.45% thru the six month period ending 4/30/14. ( good sign that the dividend distributions are not materially subtracting from the NAV )
    The fund is actively using some of their accumulated capital loss carryforwards to offset any capital gains that could be passed thru to investors for 2014 - they used up $33 million and have an incredible $3 BILLION or so to use up by 2019 ...( we wont be seeing any capital gains taxation from AOD before then that's a positive )
    Net Investment Income per share for the six months ending 4/30/14 was +0.46 ...and the six month dividend distribution was around $0.33 per share - so ...They EARNED their dividend distribution and $0.13 per share more than paid out ..that's very important and reflects favorably on the financial health of AOD.
    Portfolio Turnover is at 56% for six months ...annualized at 112% ...still the lowest since the inception of the fund.
    The Bad -
    In fiscal 2013 - AOD retired 1,772,415 shares under the terms of the repurchase program ...Since Oct 31, 2013, they have retired EXACTLY ZERO shares under this program despite the massive discount to NAV that would make such a share retirement very profitable and attractive on the balance sheet.
    Net assets under management increased a very puny +$15,126,731 to total $1,082,298,147 ...That's surprisingly WEAK and cause for some concern.
    More on the next post ...( out of space )

  • Reply to


    by alpine_rappr Jul 1, 2014 2:24 PM

    That could be because of their managed distribution policy which requires they pay the dividend, unless an announced cut is made, in equal monthly payments.
    They raised the dividend 4.63% in Jan 2014 but also announced a 10% share buy-back ...

    My guess is that the fund's investment operation YTD has NOT produced sufficient realized capital gain and investment income to support the dividend distribution and they must make up the shortfall with ROC as any change in dividend payout, at this point, would lead to a huge sell off ....

    The fund managed to INCREASE its NAV + 17.60% in fiscal 2013 and its a bit better YTD 2014 as well any ROC is not a serious issue least at this point.

    AOD earned $0.71 per share in fiscal 2013 ...more than enough to pay out the large dividend ...we should see the progress, or lack there of, in the semi-annual report which seems well overdue at this writing ....

    It should prove to be interesting reading ....share buy-back, Income YTD , portfolio turnover are all major topics for review ...

  • Reply to


    by alpine_rappr Jul 1, 2014 2:24 PM

    I think AOD's numbers are promising; one reason market price keeps rising. But I wonder why they are using ROC to round out their monthly payments.

  • Reply to


    by alpine_rappr Jul 1, 2014 2:24 PM

    Good morning alpine_rappr ...

    First ...let me respond that all mathematical data comes from either Dividend Channel or Y-charts nobody wants bad or incorrect performance data to influence their investment decisions. If the numbers were BAD ...I would still report them ...they are just the facts we all need to help make a judgment on the fund.

    Second ... I try not to be a booster of anybody's fund ....let alone Alpine ...who has no special love for me and my nagging questions to them.

    Third - I do try and "bottom fish" for investments with good potential from time to time believing that things tend to get over-sold , especially in the closed end fund world. AOD happens to be one of them.

    Mostly ...I read their annual reports and e-mail questions ...( I do skip or ignore the overall market commentary from Samuel Lieber as its mostly garbage and feel good metaphors ) The new portfolio managers in AOD caught my attention with their blunt commentary and determination to make a series of much needed changes to the fund ...( raising the dividend / share buy back plan / 1:2 reverse split / elimination of the discredited dividend capture scheme / improving the NAV significantly ...all within their first 12 months on the job ) Given their relative youth and tenure in the securities industry ...this was a ' GUTS ' move a mutual fund with quite possibility the very WORST reputation in the industry ...

    Lastly ...I post here and on a few other boards to swap information and perspectives ...I found out about Dividend Channel from another contributor here on the AOD board that absolutely despises the fund ...and the subsequent back and forth proved instructional least for me.

    I think, as investors, we need to understand how the fund is ( or is not ) making money ....and if I can't explain or defend what the heck they are doing ...then its time to SELL the fund ...

    Please don't confuse that with " boosting" or shilling for Alpine ....

  • $9.00 = $4.50 IPO $20.00, or $40.00 under the New Math. Losses of $15.50/share, or $31.00 under New Math.

    Mike is a big booster and seems to have some semi-accurate figures. He got in at the bottom (of a real bottom!). The Markets are obviously on a roll, or Bubble as it was called a mere few years ago. Even the slime-ba-lls at Alpine can ride the wave. It's what will happen when the wave hits the beach. I hope you all have your Stop Loss orders in.

    My points are related below in my various posts, but I'll re-info: The LIEbers are total skumm. They have LOST BILLIONS and BILLIONS of Shareholder Dollars in all their various skam funds over the last seven years. I say Shareholder Dollars; a guess is that most of those 'lost' dollars are parked offshore in LIEber controlled accounts. The LIEbers and their crew are human filth--remember Madoff. Anything Alpine is a skam.

    So run with it if you will. It'll be interesting to see the true ROC figures at the end of the year/tax time. Again, there's 3Billion$ in 'losses' just in AOD on the books. Do you REALLY think an outfit with the history of Alpine has a real way to make the % return they claim!!!???...........! Imitation is the Sincerest form of Flattery. Where's all the imitators if Alpine has such a cool way to make tons of return.......????? There aren't any because it is not possible, honestly anyway.

    Get those Stop Loss orders in!!!

    (Missssspellingz are intentjinol 2 evade Yahoooo sensors!)

    Sentiment: Strong Sell

  • Its 30 June so lets follow up on performance tracking on a YTD basis ...

    First - raw data including reinvested dividends = YTD return is +11.33% / annualized at +23.63%

    S&P 500 index including reinvested dividends = YTD return is +8.04% / annualized at +16.77%

    AOD is ( today anyway ) delivering a +329 basis point advantage over the S&P 500 index ytd ....and projecting this thru year end ...that would be a very robust 686 basis points ahead of the index.

    After the very rocky start in January and with the highly unpopular 1:2 Reverse stock split ...AOD has caught up and surpassed the benchmark index by a significant percentage.

    The long suffering holders of this fund are finally seeing some statistical improvement and positive movement in the market price.

    The thesis to own and hold the fund is simple:

    1. New management or portfolio managers have been on the job about 18 months thus far ...they have improved the NAV dramatically ...
    2. The fund is trading at a significant discount to NAV making it a compelling valuation in the present day market.
    3.The fund is implementing an aggressive share buy-back plan ...we should see the actual number of shares purchased in the June mid-year report guess is that its significant.

    AOD remains a fund with a sordid history ...a "Scarlett A" so to speak ...but I really like the new management and their aggressive efforts to rehabilitate the performance and reputation of the fund.

    So far in 2014 ...we are being rewarded for holding shares of the fund ...

    Hope this proves helpful ....

    Sentiment: Buy

  • Reply to


    by luis92805 Jun 15, 2014 3:18 PM

    monthly. end of every month.

  • Does this company pays dividends on a quater basis?

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