CTL down over 22% on divy cut. UTG owned over 30 million shares of CTL at last reporting. The bad news in CTL also whacking Windstream and Frontier ... where UTG also parked. My quick, back of the envelope, indicates a loss of 31 cents NAV for UTG today on these 3 stocks alone.
Not to worry, the UTG fund managers will still collect their big bonuses for being idiots by owning this 2nd and 3rd tier telco junk.
Divy cut at CTL didn't hardly put a dent in this great co UTF. I bought more on the dip. I'm a happy camper. I traded this etf for years. Always made money on price bt and sold and divy and dist also. Win, win, win.
Boom. 25% of your annual yield lost in 2 days as the result of your fund managers reaching for yield in POS 2nd and 3rd tier Telcos. Reminds me of when they bought massive amounts of GE, just before it got whacked by over 50%. Then, they sold at the bottom. The guys running this fund never suffer from their poor investments. Never. Big bonuses, all around, no matter how well/poor they perform.