Alpine, anything Alpine, is a RipOff as is evidenced by the current cut (and all the past cuts), let alone the (unaudited) 'Report'. (I pity the people in Alpine's Coverdale plans!) They loose Million$$$ just on currency swaps!
Yet Alpine 'Managers' make Million$$$, and have taken possibly Billion$$$ in fees, say an average 1.5% of 'assets' of $5B currently "under management" "for high [formerly!] networth individuals". At tanked NAVs even now = $75M (let alone at IPO NAVs!); plus 5.5% upfront for many of the mutuals...no doubt a payoff--oops, 'commission'--to unscrupulous 'financial advisors'. And all for the absolute worst management of any group of funds EVER (see Morningstar, etc).
You all can see my previous posts--I lost A LOT buying into their dog and pony show. And I have to warn any of you off.
A BIG Question: Where is/was the supposed Board on this debacle? Is there such a thing as Fiduciary Responsibility anymore? Can an 80% + LOSS since IPOs be legal, let alone moral? (Of course there is the thing of being East Coast Liberal/'Leftist' Democrat$s--making 'contributions', ie payoffs...and, whoa, duh, NO bothersome SEC investigations! It's called FASCISM.)
And Special THANKS to Rlaimbeer and BlueBuick for their continuing succinct, real commentary! (Obviously Alpine employees can post here as well, and no doubt do--can you find them!? Funny how all the #$%$' stuff stopped suddenly; musta got the memo.)
THERE'S A FIRST AMENDMENT FOR A REASON, and then there's THE SECOND...
one of the things that bothers me about alpine is they often claim that they 'earned' the dividend that they paid out. they make that claim because they do often collect more dividend income than they payout. however, when you add in the capital losses on their stocks trades, they don't really earn the dividend (hence, all the cuts). it is strange because you'll see that type of comment on one page of their financial report and then you go a few pages more and see some data where the fund's total gain for the year is less than the dividend amount. here is a piece from the oct 2010 report.
Since inception on January 26, 2007, AOD has paid a total of $7.01 per share in earned dividend income.
if i was managing the fund, i would delete the word 'earned' from that sentence. yes, you paid out 7.01 but you didn't get close to earning the 7.01.
You've been here a long time, always complaining. You seem intelligent enough to understand how this stinking fund works. There are many articulate well-reasoned posts bashing this fund. There are links to articles in Seeking Alpha bashing it too. AOD has a 5 year record of failure. I and others actually predicted the dividend cut to happen before now.
I don't own any Alpine funds. If I inherited some shares, I'd sell. Mister Wild Bill Hickock, is there some reason a macho guy like you didn't simply sell?