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Aberdeen Asia-Pacific Income Fu Message Board

  • axzl axzl Apr 23, 1999 8:39 AM Flag

    Move upward in FAX

    market value should resume today. AORD has
    reached a four year high and the AUD is also showing
    strength.

    Does anybody on this board follow KHI? If
    you do, what do you think the market value will do
    over the next year? I'm hoping the dividend will hold
    and that the fund will return to trading at a premium
    to NAV like it has done for so long.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Last Fall FAX was 96% in Australia with a problem
      of loads of old bonds maturing in the next 5 years.
      Since that time due to new policy changes that
      portfolio certainly has a different flavor. With yields in
      the 5% area in Australia it not easy paying out over
      10% on assets after expenses. Hence the Fund's
      decision to invest elsewhere.

      Here's a few trends .
      Presently the funds Australia assets represents 78% of the
      portfolio, down from 80.2% from March and from 82.2% in Feb.


      It also appears the fund took some profits in South
      Korea in March as that countries % dropped from 11.2%
      to 9.6% in April. Why I don't know with all these
      Aussie bonds maturing. The South Korean portion is only
      1.6% in local currency too.

      As a % of the
      whole, which might not truly represent underlining money
      flows but might be of interest.....Thailand's % is
      slowly increasing, China dropping, New Zealand slightly
      up,korea leveling in at roughly 10%. Of course all these
      are small factions of the portfolio. The overall
      trend seems to be working towards the 33% in other then
      Aussie bonds.

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      straight.

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      I won't even post it because you would not believe
      it. Check the site out, sign up for the free trial,
      and then if you don't like it you can say that I'm
      full of it, but until then you'll have no idea if I'm
      right or not.



      http://www.investyourself.com/shop/newspix.htm
      Enjoy!

    • I bought the rights and oversubscribed for
      addtional shares at the $8.30 too. The deal was not fully
      subscribed so all those that over-subsribed will get filled
      100%. The stock will be under some pressure for the
      next week or so I'd say because of the full
      allotment.

      Everen (the new name for old Kemper)came out with a buy
      yesterday. KHI is a typical high yield fund that has only
      been allowed to leverage only 10% of their assets
      verses most that lever 33%. THis has changed and they
      will now leverage 25% of the assets to "stabilize" the
      dividend. Of course it will have the opposite effect on the
      price.

      The dilution will be appx. 3% of the present NAV
      which will put this fund at a 2-3% discount. A low for
      this fund.

      The yield is just OK but I feel is
      more secure then most of these funds as many, like
      FAX, push for the highest that is
      reasonable.

      My plan as usual is monitor is closely over the next
      month. If within a month I don't see this fund north of
      $8.50 I'll sell it. My expectations for it are KHI in
      the high $8's within 1-2 months. So I'd give a shot.
      With commissions so low, if you wrong just get rid of
      it is my feeling.

      Cheers.

      • 1 Reply to flipper_58
      • I oversubscribed as well to KHI and feel about
        the same about the same way you do. I sold two thirds
        of my position at 10 3/16 and oversubscribed by
        enough to re-establish my original
        position.

        Anyway, I think we may have gotten lucky with FAX. I took
        my position at 5 9/16 late last year and am
        optimistic that the NAV of FAX will continue to rise for a
        long time which will drag the market value with it. I
        wouldn't be surprised to see a special dividend or two
        from strong capital gains in addition to the regular
        dividend or maybe an increase in the regular dividend as
        the market value increases to keep the yield up.


        Thanks for the comments.

 
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