Couple Big Doughnuts Today - OAKBX, PRWCX

hank

OAKBX and PRWCX were off today by 7.92% and 6.78% respectively. No doubt some of that was daily market fluctuation. Still, those distributions appear very large.

Other news - Didn’t want to start a new thread. But learned recently that Oppenheimer is killing its Global Multi-Strategies Fund OARAX, effective March, 2018. Another one of their expensive poorly performing funds. If it’s already been reported here, I stand remiss.

”The Board of Trustees has approved a plan to liquidate the Fund, to take place on or about March 16, 2018 (the “Liquidation Date”). Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed. Subject to certain exceptions, redemptions made beginning January 12, 2018 through the Liquidation Date will not be subject to any contingent deferred sales charges. Shareholders should consult their tax advisors for information about the tax consequences of the liquidation. In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the Liquidation Date, the Fund may deviate from its investment objectives and strategies as the Liquidation date approaches.“

bee

@hank,
Notice this as well.
Firstly, @TheShadow does an awesome job and provides a great service to us with the "Capital Gains Thread", but I'd like a website dedicated to searching individual ticker symbols for gain gains/ dividends information.

Does a website exist that allows the user to enter a mutual fund ticker symbol and reveal distribution information...monthly, quarterly, semi-annually, annually?

I have always wished YahooFinance (a website I use to get daily updates on NAV) would at least place a small "d" next to the %change (d).




Oh well...hang in there and make mine a Boston Creme.

Crash

...And I note that TRP Value TRVLX coughed up $2.69 per share.

TheShadow

I wanted to thank everyone that contributed to the capital gains posts.

Only CapGains Valet is the only other centralized location for capital gains information.

TheShadow

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rforno

Yup - I added my another of my annual slugs of PRWCX when it traded ex-div the other day. I mean, why not?

Roy

Just finished reading 'The Wizard of Lies' aka Bernie Madoff, and got to wondering if PRWCX could be a.....nah? Or could it.....nah.

slick

@bee: Although it does not post estimated annual cap gains until they actual happen, Morningstar does show dividends and cap gains over the past two years by date and amount under quote section if you input the symbol

hank

Roy said:

Just finished reading 'The Wizard of Lies' aka Bernie Madoff, and got to wondering if PRWCX could be a.....nah? Or could it.....nah.

It’s a small niche mostly mid-cap fund that morphed into a bloated large-cap mostly blue chip fund than transformed itself into a pseudo hedge-fund trading options on its equity positions for defensive purposes. Some call it balanced. Price says it’s closed - but otherwise isn’t saying exactly what it is.

Who was Madoff? Did money beat a path to his door?
—


Appendix: I struggled to uncover the options trading in which PRWCX engaged at one point. Geez - had to go way back to their December 31, 2011 Annual Report to locate it.

FWIW - “Before we review the portfolio, we want to briefly discuss the Capital Appreciation Fund’s covered call overwriting strategy, which we have employed for more than three years. Covered call overwriting involves buying a stock and then selling a call option—a contract whereby we agree at a future date to sell the stock at a predetermined (strike) price if the stock is above the predetermined (strike) price. In return for selling this call option, we are paid a premium (typically 3% to 6% per annum) that provides extra income to the fund and its investors. While this strategy caps our upside in an individual stock (usually 10% or higher), it provides incremental income that can enhance total returns and lower our downside risk. Over the last three years, this strategy (return combination of underlying stocks, call income, and dividend income) has generated a stronger return than the fund itself and has done so with materially lower risk. As of December 31, 2011, a little more than 20% of our equity holdings have calls written against them. Given the excellent returns and even more excellent risk/reward profile of this strategy, we believe it will continue to play a meaningful role in your fund.”

Roy

"Who was Madoff? Did money beat a path to his door?"

@hank,

Just in case your question was serious, Madoff perpetrated the largest ponzi scheme in U.S. history of around $65 billion which came crashing down during December of 2008 amidst large redemption requests by his investors. He was also instrumental in the founding of the Nasdaq.

hank

Thanks@Roy

I’m afraid not much I said there was serious. And I didn’t take you seriously.
I do get a bit “crazy” when any fund, even one as good as PRWCX, becomes the most beloved girl on the block. That’s all.

Regards

PBKCM

hank said:

Appendix: I struggled to uncover the options trading in which PRWCX engaged at one point. Geez - had to go way back to their December 31, 2011 Annual Report to locate it.

FWIW - “Before we review the portfolio, we want to briefly discuss the Capital Appreciation Fund’s covered call overwriting strategy, which we have employed for more than three years. Covered call overwriting involves buying a stock and then selling a call option—a contract whereby we agree at a future date to sell the stock at a predetermined (strike) price if the stock is above the predetermined (strike) price. In return for selling this call option, we are paid a premium (typically 3% to 6% per annum) that provides extra income to the fund and its investors. While this strategy caps our upside in an individual stock (usually 10% or higher), it provides incremental income that can enhance total returns and lower our downside risk. Over the last three years, this strategy (return combination of underlying stocks, call income, and dividend income) has generated a stronger return than the fund itself and has done so with materially lower risk. As of December 31, 2011, a little more than 20% of our equity holdings have calls written against them. Given the excellent returns and even more excellent risk/reward profile of this strategy, we believe it will continue to play a meaningful role in your fund.”

Good find @Hank!!

Crash

Wow.... Does this help to explain at all the fact that, after yesterday's big rally, PRWCX was up by only a nickel?