No. of Recommendations: 1
Granted TMF's hostility to mutual funds, I think they're throwing out the baby with the bath water when it comes to closed-end funds.

Reason: They trade at a discount. Sometimes they open end, thereby causing the discount to go bye-bye with a nice profit. Often they specialize in areas of the world or industries for which the average Joe is clueless but senses long-term growth possibilities. Being closed-end, they don't have to maintain cash reserves to guard against redemptions.

Example: Scudder New Asia (SAF), trading at a 20%+ discount with a recent insider buy.

Example: Invesco Global Health Sciences (GHS) which will probably soon open-end (though it recently made some bad calls and had a management change).

Screening criteria:

Minimum 20% discount.
Management track record, or committee run.
Tracks or beats the relevant average minus the management fee.
Insider buys.
Management fee X percent less than the open end industry standard for the fund class.
Better than even money risk to reward ratio. (High reward for above average risk would be a pass.)

It would also be nice were TMF to add a discount/premium number to the quotes service for closed ended funds.

Long GHS from when it had an 18% discount
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