We bought AOD at 20.12 when the market was booming. It is our largest holding. Although it's in the tank, we never considered selling. We like the holdings in the fund and also like the dividend it pays. We are long term investors and can handle ups and downs of the market. Would I buy now? At today's share price, it is definitely a good buy. My opinion, anyway. Good luck.
Being a closed-end fund, you get the benefit of a diversified portfolio all wrapped up in one: AOD. The Alpine website will help you understand their primary objective, which is high dividend yield, and secondary strategy which is growth. As far as being a good investment, depends when you get in and when you get out. If you bought shares of AOD at its inception a few years back, and held, you would be underwater about 50%. If you bought at its low around March09, and held, you would be up over 200%. Point is, entry/exit is everything. The current 16% annual dividend is a nice bonus.