This is by nature a volatile fund. It is highly leveraged. Yet management has been steady. In five years, it has sold for as little as $12 a share and as much as $20 per share. Yet it has never had a cut in dividend. This would suggest that it is a classic fund to buy on the dips like today if one is a divy hunter, unless one is truly faint of heart.
I bought--a little too early today at 12.37. Should have put in a lower limit order, but oh well.
I agree with your comments on the history. I'm in from $13.08 to $12.08. I confirmed your div history when I did my DD on NCV. As you mentioned the price moves around and presents good buying opps on the dips and the financials and div history are solid. I swapped out of Calamos CHY at 14.50 to take slightly higher dividend for a buck and half less SP and expanded my share accumulation. For me this is a great place to store cash.
Do you think the issues with the bond insurers affected the price today? Being new to this fund, I'm not to sure about that. Moody's had positive news on ABK and MBI today, but downgraded FGIC.
This fund is volatile. I bought in 2 lots, one at $12.50 and the other at $12. It's amazing how long this fund held steady at about $15 per share and then dropped like a rock last summer during the subprime crisis. Ever since then it has been extremely volatile.