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Alliancebernstein Income Fund Message Board

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  • BrainPus BrainPus Nov 16, 1998 6:09 PM Flag

    EMF..

    This was posted on Friday--
    "Nov. 13, 1998,
    ACM Govt. Income Fund Inc., "announced Sept. '98 3
    mos. net invstmt. inome, "$0.20 vs $0.25 and 9 mos.
    net
    "invstmt. income, $0.66 vs $0.72.
    "Net asset value per
    share was $8.76 at Sept. "30, 1998 and $10.94 at Sept.
    30, 1997.

    With a little projection you get
    income for the year between 0.80 and 0.88 per share.
    This is NOT enough to cover a dividend of 0.90 per
    share!

    The NAV of $8.76 gives a premium of 8.5% for the
    current price of $9.50 and a premium of 57% for the
    purported support at $13.73
    A positive premium does not
    make sense when both earnings and NAV are
    decreasing.

    Sorry, fundamental analysis says that this stock must go
    down. This is not an internet stock, but a bond
    fund!

    P.S. I just sold out today.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • I tend to agree with you about the future market
      value of ACG. Actually, the current NAV is
      $8.59.

      It has always been a mystery to me why ACG sells at
      such a premium to GSF when their portfolios are almost
      identical and their income from investments are also close
      to the same. GSF seems like a better investment.
      Periodicly the market values of ACG and GSF come together
      only to spread apart again. Maybe ACG has better
      market performance because of their Value Line listing.
      Other opinions would be appreciated from those who
      follow Alliance Closed End Funds.

      As for their
      $.90 dividend, some Alliance customer service
      representatives have told me that Alliance may have changed their
      dividend policy in their closed end funds and may hold
      dividends steady by combining investment income with return
      of capital. I wouldn't bet the farm on it though!
      After many years of investing in Alliance funds I find
      the credibility of Alliance information to
      shareholders shallow and unreliable. Again the experiences of
      others would be appreciated.

 
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