Like many long time shareholders, I have been through the wringer. AOD has been a disaster since its IPO. However things may finally be turning the corner. For the last twelve months NII has exceeded the dividend. From May 2011 to October 2011 NII was .056736. From November 2011 through April 2012 NII was .062510 with a dividend of .055. UNII has increased for the last two reporting periods and now stands at .097104 per share. NAV has been consistently strong for the past six months. Given all this data, I have been a cautious buyer of some AOD shares. It appears that Alpine Woods (at least for now) is doing a reasonable job managing the funds assets. However given past performance that can change at any time.
ohthe: NAV has been strong for three months not six. My error. But again my comments about AOD are as an income investment not as an investment for capital appreciation. AOD does not use any significant leverage. I deal in financial facts. When the AOD financial facts were bad I was critical of AOD. The financial facts are turning for AOD as an income vehicle which is not of importance to you. For those who might want to buy a small position for income, AOD has much less risk today than in the last four years.
Was not talking about the market price which lags NAV. I was presenting NII versus dividend paid and increasing UNII. The last twelve months of financials do demonstrate a change. Can they change in direction be maintained? Given what has happend I think they will be able to maintain the current dividend for a while. I am not stating the AOD has been a great investment for capital appreciation.