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Alliancebernstein Income Fund Message Board

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  • WMLW WMLW Dec 4, 1999 9:14 AM Flag

    Lost 5% Today, Pays 12.7% per Year

    Who knows. This fund has traditionally sold at a
    premium to its NAV but now sells at a discount of 7%.
    Maybe some of the selling yesterday was from people
    wanting to get out of fixed income and into growth
    stocks.

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    • As a long suffering holder of this dog, I think
      there must be something very wrong with the people who
      are alleggedly running this fund. It is time they
      spoke up told us what is going on. How can a bond fund
      fall like this in a rising market. How caan they be so
      consistently wrong. I have done much better than them with
      bonds and I'm an amateur.

      So FUND MANAGERS get
      on this board and tell us what's up

      • 2 Replies to billowes
      • feel alone let me share my feelings as well. As
        you know these funds are managed by Alliance Capital
        and their Wayne Lyski. If you look at gsf which is
        almost identical to acg you will see that it is in even
        worse shape. All or at least most of the closed end
        funds managed by Alliance have performed extremely
        poorly, even when interest rates were falling. You can
        also look at si, awf, awg, etc.

        Like you I am
        suspicious as well. Let me share what I think is possible
        but of course I have no way of proving. Alliance
        manages both open end and closed end funds. Alliance
        sales people hate the closed end funds because they
        make commissions only by selling open funds since
        closed end funds trade like stocks. So the only reason
        Alliance manages closed funds is for the management fees
        that Alliance receives. But here is why I am
        suspicious. Lyski turns these closed end portfolios over 200%
        a year. Who is to say that the profitable bond
        trades are not shuffled from the closed end funds to the
        open end fund portfolios?

        I think an SEC audit
        of these funds would be in order. I agree with you.
        No professional bond fund manager could do this bad
        and still hold his job if there wasn't a good reason,
        and that reason could be that Alliance open end funds
        are benefiting at the expense of the closed end fund
        shareholders.

        Not in defense of them, but many and I mean many
        closed end funds are in terrible shape and sell at steep
        discounts to NAV. Another theory is that so much money is
        being poored into the high flying e-commerce and tech
        stocks that these fixed rate funds are just out of favor
        which will quickly change when the stock bubble bursts.
        People are getting used to earning 20, 30, 40, 50
        percent returns on their investments. These bond funds
        and even the equity funds are dull and as it turns
        out seem to be riskier than the e-commerce stocks
        that are actually losing money and sell at high
        multiples to sales, not earnings.

        Maybe sanity will
        return to the markets soon. Only time will tell. If it
        doesn't happen by second quarter of year 2000 I will have
        missed my guess.

      • This most recent drop in price has to signal a reduction in the dividend. No way it could drop this far if the dividend was secure.

 
ACG
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