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CUBA ETF Management Responds To The Death Of Fidel Castro

Fidel Castro, Cuba's revolutionary dictator, passed away November 25. Shares of Herzfeld Caribbean Basin Fund, Inc (NASDAQ: CUBA), a fund that seeks to invest in companies that benefit from economic development in Caribbean countries including Cuba, rose more than 10 percent in pre-market trading Monday, November 28.

Shares of CUBA soon changed course, however, following the statement of President-elect Donald Trump, who threatened via a tweet to terminate U.S.-Cuba relations if Cuba refused to make Cubans and the United States "a better deal." CUBA fell 1.8 percent following the tweet, with the negative sentiment carrying over into the next day's trading.

Benzinga asked Herzfeld chairman and CUBA ETF portfolio manager Thomas Herzfeld how the company received the news of Castro's death. Below is his response:

CUBA shares closing Tuesday at $6.72, down nearly 4 percent for the day.

Image Credit: Fidel Castro speaking in Havana, 1978. By Marcelo Montecino - http://www.flickr.com/photos/marcelo_montecino/9609361/, CC BY-SA 2.0, Wikimedia Commons

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