Notes
Financial Closed-end Funds (CEFs). Expense ratio cutoff: 2%.* 100% Financial Sector, and expense ratio.
Financial Trends Fund (DHFT),1.1%. May short up to 30% of its assets.
J Hancock Bank & Thrift (BTO), 1.3%
First Opportunity Fund (FF), 1.9%
Preferred stock funds often hold a lot of financials, simply because the majority of the preferred stock market consists of financial companies.
* Income- and preferred-stock CEFs with a lot of financials, followed by the expense ratio.
Cohen & Steers REIT & Preferred Income Fund (RNP) 1.5%
Flaherty & Crumrine/Claymore Preferred Securities Income Fund (FFC) 1.5%
Nuveen Quality Preferred Income Fund 2 (JPS) 1.6%
Nuveen Quality Preferred Income Fund 3 (JHP) 1.6%
Blackrock Preferred and Equity Trust (BTZ) 1.7%
Nuveen Quality Preferred Income Fund (JTP) 1.7%
Flaherty & Crumrine/Claymore Total Return Fund (FLC) 1.9%
BlackRock Preferred Income Strategies Fund, Inc. (PSY) 1.9%
Flaherty & Crumrine Preferred Income (PFD) 2%
BlackRock Preferred Opportunity Trust (BPP) 2%
* Some preferred stock ETFs. These have expenses around 0.5%
iShares U.S. Preferred Stock (PFF)
PowerShares Preferred Portfolio (PGX)
PowerShares Financial Preferred Portfolio (PGF). 100% financials.
Article from Nov. 2008:
http://www.marketwatch.com/news/story/preferred-shares-offer-tempting-yields/story.aspx?guid=%7B563DDAAD%2D1204%2D48D0%2D8796%2D62398CD9C28C%7D&siteid=yhoof
30DEC08
* Financials that Morningstar likes, and buy-price:American Express (AXP). $40
BB&T (BBT) $30
HSBC (HBC) $42
Trustmark (TRMK) $18
US Bancorp (USB) $25
http://news.morningstar.com/articlenet/article.aspx?id=268385 (article date: 24DEC08)
1FEB09
Closed-end funds mentioned, listed previously, now trading at a discount to NAV of more than 5%.CEF, Discount
* Cohen & Steers REIT & Preferred Income Fund (RNP), 22%
* First Opportunity Fund (FF), 20%
* Financial Trends Fund (DHFT), 18%
* J Hancock Bank & Thrift (BTO), 15%
* Blackrock Preferred and Equity Trust (BTZ), 10%
* Flaherty & Crumrine/Claymore Total Return Fund (FLC), 6%
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