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Aberdeen Asia-Pacific Income Fu Message Board

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  • flipper_58 flipper_58 Apr 22, 1999 3:00 PM Flag

    FAX is worth...

    A few year ago I became involved with a fund
    selling at a 18-19% discount and a battle with management
    on what they were doing about the discount(Salomon
    fund). I just happen to own it and was not for it
    opening the fund. BUt I found out some interesting things
    in the process. When a closed end fund buys it's own
    shares back at a discount and retires them the
    difference between the purchase price and the NAV is ADDED
    as a profit back to the fund.

    So certainly it
    makes a hell of a lot of sense for funds like KBA to
    buy some it's own shares back, praticually with boat
    load sof bonds maturing...but what will they do, buy
    more bonds instead 5% of make the shareholders 18% by
    buying in open market shares. Tsk, Tsk.

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