Convertible Bond Closed End Funds
Convertible bond closed end funds utilizes its assets to purchase portfolio of bonds that can be converted into stocks at a set price. These bonds typically have lower credit quality or unrated. The main risk of investing in this fund is liquidity risk due to low demand. It also has a high yield for income. You can invest in regular investment account, retirement account, 401(k) account, etc.These best performing closed end funds are sorted based on its 1 year total return up to July, 1 2013. You may find other fund review information: expense ratio, fund’s NAV, management, objective, yield, top holdings, etc.
The top performer convertible securities closed end funds July 2013 are:
- Gabelli Convertible & Income Securities (GCV)
- AllianzGI Convertible & Income II (NCZ)
- AllianzGI Convertible & Income (NCV)
- Advent Claymore Convertible & Income Securities (AVK)
- AllianzGI Equity & Convertible Inc (NIE)
- Advent Claymore Convertible Securities & Income (AGC)
- Ellsworth Fund Ltd (ECF)
- Bancroft Fund Ltd (BCV)
- Calamos Convertible Opportunities & Income (CHI)
- Calamos Convertible & High Income (CHY)
- Putnam High Income Securities (PCF)
Gabelli Convertible & Income Securities (GCV)
This top performing Convertible Securities CEF has total net assets of $106.1 million. This closed end fund is currently traded at 0.83% premium from its NAV. The annual expense ratio is 1.88%. Gabelli Convertible & Income Securities Fund objective is to seek high total return of current income and capital appreciation through investment in convertible bonds. It has an effective leverage of 23.88%. The annualized total return since inception is 6.45%. It is currently managed by Mario J. Gabelli.
As of March 2013, the top 6 holdings of this fund are Rolls-Royce Holdings plc, SanDisk Corp Cv, Griffon Corp Cv, GenCorp Inc, The Coca-Cola Co and Wells Fargo & Co. The top sectors are Financial Services (15.5%) and Energy & Utilities (11.8%).
AllianzGI Convertible & Income (NCV)
This AllianzGI Convertible & Income fund was introduced to investors in March 2003. The fund managers are Douglas Forsyth and Justin Kass. The fund’s CUSIP is 018825109. The expense ratio is 1.28% per year. It invests mainly in convertible and non-convertible income producing securities.This top performing convertible securities fund is currently traded at 0.35% premium from its net asset value. It has distribution rate of 12.93%. The yield is distributed on monthly basis. The YTD return in June 2013 is 6.57%. The fund has 10-year annualized total return of 8.00%.
The top 4 convertible holdings as of May 2013 are Swift Mand COmm Exch Sec (1.66%), Felcor Lodging Trust Inc (1.58%), General Motors Co (1.50%) and Bank of America Corp (1.46%). It has average duration of 2.6 years and average coupon of 7.6%. The top convertible sector is Financials (26.94%).
Advent Claymore Convertible & Income Securities (AVK)
Managed by Tracy V. Maitland and Paul L. Latronica, Advent Claymore Convertible & Income Securities fund invests in convertible and non-convertible debts. The objective of this fund is to seek total return from current income and capital appreciation. It has a yield of 6.65%. The fund’s annual expense ratio is 1.37%.The total net assets are $689.3 million. This convertible bonds fund has returned 5.25% since its inception. It also has returned 27.18% in year 2010 and 17.45% in year 2012. The portfolio turnover rate is 218%.
The top holdings as of May 2013 are Hologic Inc (3.63%), SL Green Operation (2.46%), Sprint Nextel (2.44%), Hengan International (1.97%) and CIT Group Inc (1.82%). The top sector concentrations are Healthcare (18.48%), Financials (15.15%) and Technology (14.46%).
AllianzGI Equity & Convertible Income Fund (NIE)
This AllianzGI Equity & Convertible Income Fund also seeks for total return with capital appreciation and high current income. It invests in convertible equity and income producing securities. This balanced fund is currently traded at 12.53% discount from its NAV. The fund has total net assets of $452.1 million. It also has annual expense ratio of 1.08%. The YTD return as of June 2013 is 9.85%. It has 5-year annualized total return of 5.67%.The top convertible holdings as of May 2013 are Bank of America Corp (1.06%), Bunge Ltd (0.85%), Continental Fin Trust II (0.84%), Gencorp Inc (0.78%), Swift Mand Comm Exch Sec (0.76%) and Healthsouth Corp (0.76%). Financials (27.39%) is the top convertible sectors of this NIE fund.
Fund Information
| No | Fund Description (Ticker) | 1 Year Return % | Premium/ Discount | Expense Ratio | Yield |
|---|---|---|---|---|---|
| 1 | Gabelli Conv & Inc Secs (GCV) | 27.76% | 3.16% | 1.94% | 7.73% |
| 2 | AllianzGI Conv&Income II (NCZ) | 21.07% | 6.67% | 1.31% | 11.50% |
| 3 | AllianzGI Conv & Income (NCV) | 18.39% | 4.10% | 1.28% | 11.27% |
| 4 | Advent Clay Conv Secs (AVK) | 17.89% | -9.02% | 1.72% | 6.28% |
| 5 | AllianzGI Eq & Conv Inc (NIE) | 17.49% | -11.98% | 1.09% | 5.87% |
| 6 | Advent Clay Conv Secs&In (AGC) | 17.13% | -11.26% | 2.35% | 7.83% |
| 7 | Ellsworth Fund Ltd (ECF) | 12.85% | -16.44% | 1.10% | 3.35% |
| 8 | Bancroft Fund Ltd (BCV) | 12.12% | -16.34% | 1.10% | 3.21% |
| 9 | Calamos Conv Opp Inc (CHI) | 12.11% | -1.12% | 1.57% | 8.96% |
| 10 | Calamos Conv & High Inc (CHY) | 9.25% | -6.33% | 1.60% | 7.91% |
| 11 | Putnam High Income Secs (PCF) | 2.64% | -11.19% | 0.45% | 6.18% |
No comments:
Post a Comment