MISMANAGEMENT?!! Not so fast. Look at Citi, Merrill, Lehman, Wachovia, Freddie, Fannie, GM, Ford. If you want to talk about mismanagement, we can examine these pillars of the US economy. These will be costing us taxpayers over a trillion in the coming years.
In these times of financial upheaval, I'm not sure what Management is all about--except for excessive compensation and bonuses. Every financial institution is in some sort of trouble. DVM just holds a basket of the stocks of those and REITS (another area of disaster right now.) Considering some of the big names mentioned above, DVM isn't doing super bad.
Due diligence on our part would have told us that the div could not hold. The basket of holdings couldn't support it.
Like others, I sorta hoped DVM managers might do a better job of navigating the troubled waters. Didn't happen!
And, like many others, I was holding DVM for generous monthly distributions--I'm retired. SO, with the hefty cut and change to quarterly distributions, I shall probably be looking for an opportunity to lighten up considerably on DVM. That said, the discount to NAV really is very large, but may stay that way for a long time.
Finding unleveraged funds with good monthly distributions is going to become a tough endeavor for a while. Bummer!
Amen, Amen -- anyway, for all of us income investors we must move on -- C&S certainly dissappointing. I have had good luck with monthly payments from AGD, COY, EOI, HPI, GDF, PGF, GDV -- qtr payments from QQQX, GCV, GDL, GLQ, and now UTF and DVM. Good luck to all!!