The NAV of BTO is virtually the same now as it was 3 years ago at this time. The 6.5% of NAV distribution, frozen at $.2961 per quarter, is no longer 6.5%, #$%$07 per share has been lopped off during the last 3 quarters. Has the management team of this fund forgotten that we pay them to increase shareholder value ? Is this the best they can do ?
Well, they did turn a "closed end" fund into a mutual fund where the guidance on investment options is widened and increases risk/reward status. The closed end fund formula statement in the past was investing in regional banks into larger banks, "guess what?", regional bubble banks into larger bubble banks = larger pop. Original investment in BTO is dismal, think "me" here. Maybe upside here if you like the new stocks they are buying for you. You can look it up under their, "holdings".