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Cohen & Steers Quality Income R Message Board

  • geempee geempee Jul 17, 2008 4:07 PM Flag

    nice gain

    I've been holding and reinvesting the dividends for a few years. I don't care if it's $20 or $10 as long as it keeps pumping out the 10%+. The cheaper the price the more shares for me. With a book value around $14 it's a long term hold.

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    • GLQ 10.6 PVX13.8 PGH 15.5

      PVX 13.8 PGH 15.5 FDG 11.3 EXG 13.8 GLQ 10.6. Just to name a few. And lots of them are going up in value. Good luck

    • "BOOK VALUE" for a mutual fund is not same as "BOOK VALUE" for equity(s) that fund holds.

      Really not the correct term to use, eventhough its sometimes reported that way.

      Lets create a hypothetical scenario to show why you shouldn't feel comfortable because you think there is a $14 book value on this fund.

      ClosedEndFundCompany has a closed-end fund which holds just 1 share of 1 company. It holds 1 share of Avalon Bay Reality which has a share price of $97.85 and a book value of $39.00. Thus the fund has a NAV of 97.85.

      The fund itself at a given point in time trades for $107.00, a 10% premium to its NAV. However in yahoo's statistics its "Book Value" will just use the NAV as book value and it will thus show that the fund has a book value of $97.85. But all the fund holds is 1 share of equity with Book Value of $39. So now an investor that thinks they're paying $107 for $98 of book value, really gets $39 of book value..... Granted that the $39 book value that the equity reports might be understating its value... but much more lately in the last year we find many companies have grossly OVERSTATED their book values. So what if Avalon Bay takes some type of charge in the next year marking down their book value. Now the investor overpaid by an even larger amount.

      NEVER NEVER use "Book Value" when buying closed-end funds. Always recognize that as NAV and understand that NAV is what the constituent equities are trading at for that given point in time, not necessarily representative of book value !!!!!!

    • Agree, just let it DRIP. They do the driving... although, it has been a winding road.

    • Agree. It is a beautiful thing, isn't it?

13.6501-0.0999(-0.73%)10:06 AMEDT