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| Top Convertible Securities CEFs |
These best performing convertible securities CEFs may provide opportunity to investors. Convertible bonds offer investor to the opportunity to convert a bond into the company’s stock. These convertible funds carry potential risks and advantages similar to bonds.
Like stock, the closed end fund can be bought from stock market like NYSE, NASDAQ, AMEX, etc. You can choose your brokerage to purchase these closed-end funds.
The YTD top performer convertible securities closed end funds up to July 15, 2012 are
- AGIC Convertible & Income (NCV)
- AGIC Convertible & Income II (NCZ)
- Calamos Convertible & High Income (CHY)
- Gabelli Convertible & Income Securities (GCV)
- Putnam High Income Securities (PCF)
- AGIC Equity & Convertible Income (NIE)
- Advent Claymore Convertible Securities (AVK)
- Ellsworth Fund Ltd (ECF)
1. AGIC Convertible & Income (NCV)
The investment objective of AGIC Convertible & Income fund is to achieve total return through capital growth and high income. It utilizes its assets to purchase a diversified portfolio of U.S. domestic convertible securities and non-convertible high yield bonds. This CEF is managed by Douglas Forsyth and Justin Kass. Its expense ratio is 1.29%. The distribution yield is 11.99%.
More: Top Convertible Mutual Funds of 2012
Morningstar has ranked this closed end fund with 3 star and bronze rating. The year to date return is 15.05%. The annual portfolio turnover rate is 33%. The top 3 holdings are Advanced Micro Devices Convertible 5.75% 15 Aug 2012, Bank of America Preferred 7.25%, and Wireco Worldgroup 9.5% 15 May 2017.
2. AGIC Convertible & Income II (NCZ)
This AGIC Convertible & Income fund is sponsored by Allianz Global Investors Fund Management LLC. The total assets are $737 million. This CEF is trading 13.52% premium to its NAV. The effective leverage is 37.14%. This fund is incepted on July 31, 2003.
This top performer convertible securities fund is ranked with bronze rating as well. It has returned 25.61% over the past 3 year, and 2.41% over the past 5 year. The fund has an average duration of 4.3%. The top 3 countries are USA (43.92%), Bermuda (1.88%), and Canada (1.70%).
3. Calamos Convertible & High Income (CHY)
Calamos Convertible & High Income fund invests mainly in a diversified portfolio of convertible securities and high yield corporate bonds. John P Calamos is the fund manager. The current yield is 8.11%. This dividend is distributed monthly. The expense ratio is 1.21%.
The YTD performance return is 13.38%. The 5 year annualized return is 5.32%. It is ranked with 5 stars and silver rating by Morningstar. The top 5 sector weightings are energy, consumer discretionary, information technology, industrials, and health care.
4. Gabelli Convertible & Income Securities (GCV)
The Gabelli Convertible & Income Securities fund objective is to provide high total return by investing in investment in convertible securities. Mario J Gabelli and A. Hartswell Woodson III are the fund managers. This fund is trading 3.04% discount from its NAV. The distribution rate is 8.86%.
More: Top Performer Municipal Bond CEFs
This top performer fund has a year-to-date return of 10.78%. The top 3 sectors are general equity (59.39%), convertible bonds (20.89%), and U.S. Treasuries (17.89%). This fund has total holdings of 142. The annual holding turnover rate is 41%.
5. Putnam High Income Securities (PCF)
Putnam High Income Securities fund uses its assets to buy a portfolio of junk bonds and convertible securities. It has an annual expense ratio of 0.92%. The average UNII per share is $0.0267. The dividend rate is 6.46%.
One of its worst total returns was occurred in 2008 with -32.98%. This fund has a 5 year annuazlied return of 6.08%. The average coupon is 8.31%. The top 5 sectors in its assets are consumer cyclical, financials, communication services, energy, and technology.
Disclosure: No Position
Fund Performance
| No | Fund Desciption (Ticker) | YTD Return | Lipper Rank | Premium / Discount | Expense Ratio | Yield |
|---|---|---|---|---|---|---|
| 1 | AGIC Conv & Income (NCV) | 15.05% | 10 | 11.51% | 1.28% | 12.63% |
| 2 | AGIC Conv & Income II (NCZ) | 14.27% | 19 | 13.52% | 1.31% | 12.41% |
| 3 | Calamos Conv & High Inc (CHY) | 13.38% | 28 | -1.10% | 1.61% | 8.11% |
| 4 | Gabelli Conv & Inc Secs (GCV) | 10.78% | 37 | -3.04% | 1.69% | 8.73% |
| 5 | Putnam High Income Secs (PCF) | 9.64% | 46 | 0.99% | 0.91% | 6.43% |
| 6 | AGIC Eqty & Conv Income (NIE) | 9.63% | 55 | -9.86% | 1.08% | 6.78% |
| 7 | Advent Clay Conv Secs (AVK) | 8.98% | 64 | -7.17% | 1.58% | 8.79% |
| 8 | Ellsworth Fund Ltd (ECF) | 8.86% | 73 | -13.16% | 1.10% | 3.51% |
| 9 | Advent Clay Gl Conv Secs (AGC) | 7.12% | 82 | -7.78% | 1.99% | 10.92% |
| 10 | Bancroft Fund Ltd (BCV) | 6.94% | 91 | -13.71% | 1.10% | 3.44% |
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