The 2012 Annual Report is on the SEC web site. It has not been posted to the AOD web site as of tonight. In the second half of their financial year AOD posted net investment income of $68,266,879 ($151 million for the year minus $85 million for the first six months) which is equal to .051476 per share. That NII is below their current dividend of .055 per share. So you can probably look for a reduction in the dividend from .055 to .05 starting in February. In order to generate the $68 million in net investment income using dividend capture, AOD took a loss of - $56,455,505 in realized transactions. For the year their net assets declined - $114,907,603 to $1,019,133,402. 2012 Net asset value declined from $5.52 to $4.61. Based on the last six months financials, the deficit of Net Investment income to monthly dividend, the continuing net realized losses which are the result of buying and selling equities for dividend capture and the continuing decline in net asset value, one can only conclude that AOD will continue to lose net asset value and reduce its dividend until the net asset value reaches $0 or until Alpine merges AOD into another fund as a way to hide the bad results. I intend to sell any remaining position when the market price rallies. AOD continues to be a disaster.
I want to unload my AOD losses too, any idea what to sell at, what can one hope for in terms of any improvement in the next 3 - 5 months? I know it's hard to say, but any approximate idication would be of interest. I've lost a lot of money lately!!
I sold out all my AOD positions at $4.19. I wanted to sell out before 1/22 which is the x date and usually the date thta AOD announced future dividends. Based on the annual report I expect that AOD will cut its dividend to .05 or .045. If the new dividend is .045 then it is possible the share price could drop to close to $4.00. However when all is said and done these are all guesses. The time you will sell is when you get fed up with all the disappointing news. AOD is like Chineese water torture - slow but consistent.
XAODX is the daily representation of NAV for AOD. Look at the chart of NAV for AOD on the Yahoo chart (2 year timeline) accompanying the XAODX symbol. XAODX shows a NAV value of $4.81 at the close of the last trading day, (Dec. 30), of 2011. Therefore AOD began trading in 2012 at that NAV of $4.81.
Where are you coming up with a NAV of $5.52, when the NAV representation of XAODX is the much lower value of $4.81 at year end 2011/year beginning 2012?
this is the part i liked, alot of funds didn't beat their benchmarks in 2012 but not many made less than 6%. AOD came in with a whopping 4%.
In the fiscal year ended October 31, 2012, the Alpine Total Dynamic
Dividend Fund (AOD) provided a total return of 4.01% on the Fund’s
net asset value (NAV) and a -0.32% return on the market price of AOD
including dividend distributions. This compares with the 15.21% total
return for the S&P 500 Index and a 10.23% return for the MSCI All
Country World (Ex-Japan) Index in U.S. dollar terms.