They buy Mid Cap Utilites. That is unique.
No large caps.
Managed distribution since 1.1.2000 or twelve years
I ran 4 SEC funds and above statements on
the vagaries of M* ratings is well known
They now even have an Analyst Pick section that
ignores past rating and shows what analysts like!
Bill Sharpe Sharpe Ratio is a key factor in ratings.
Bill won Nobel Prize. But Ratio is not perfect.
I like Alpha.
It is a loser. Also vs MDY. It is mid cap GROWTH!!!!!!!!
Morningstar dropped to 3 Stars.
O"Nell should fire manager, but probably can not
It does hold a lot of cash if you look under
MS Structured Asset SATURNS 2003-01, 7.25% Sears Roebuck Acceptance Deb
Ticker Symbol: SSRAP CUSIP: 80411A201 Exchange: OTOTC
Security Type: Third Party Trust Preferred
QUANTUMONLINE.COM SECURITY DESCRIPTION: MS Structured Asset Corp., SATURNS (Structured Asset Trust Unit Repackagings), Sears Roebuck Acceptance Corp. Debenture Backed, Series 2003-01, 7.25% Callable Units, issued in $25 denominations. Underlying securities are the 7.00% Debentures due 6/01/2032 issued by Sears Roebuck Acceptance Corp., a wholly-owned subsidiary of Sears Roebuck and Co. (NYSE: S). The SATURNS are redeemable anytime at the issuer's option on at least 30 days notice at $25 per unit plus accrued and unpaid interest. If redeemed prior to 1/29/2008 the holders may receive an additional amount of up to $2.50. Distributions are paid semi-annually on 6/1 & 12/1 to holders of record on 5/15 & 11/15 respectively. To be issued the units must be assigned a rating of at least A- by S&P and Baa1 by Moody's. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. MS Structured Asset Corp. is a subsidiary of Morgan Stanley (NYSE: MS). See the IPO prospectus for further information on the SATURNS by clicking on the ‘Link to IPO Prospectus’ provided below.
Go to Quontomonline.com for description. It is free
and used by all back office.
I think this may be a buy as it is a bond and
more secure than stock,
A&P went Chapter 11, but they are much smaller
than this firm.
A "Saturb" is a trade mark like Elks and Pride
Do long term graph of JNK vs 500,
I used to run some mutual funds and asked a bond
colleague about junk. He had no interest. He said
they are stock equivalets. He was a magna cum laude
Chicago MBA and tended to know.
Mike Milken and I were in same class at Wharton. He
invented this asset class. Failure rates are not
that high AND if you are in big fund like JNK, so
what if one fails.
This fund is now too small and its sister Long Fund
I would say any losses in defaults on Junk are made
up by yield. JNK has gotten so much money its yield
is not down to 8% as it buys lower yield junk bonds.
Schwab, Td Ameritrade all reflect changes
Look at GABUX where the yield went from 14% to 1%
as Morningstar cut monthly dividend from 7 cents to 1
cent as 6 cents was ROC.
Also a pink sheet stock
This is a 1960's area with drug dealing etc.
Cops and security guards hired.
All in Wall Street Journal Thursday the 8.
"A Failure in Urban Renewal."
I love SF but they must be hurting here.