Link below to an interesting article about Herzfeld's new fund, previously mentioned in the Snowball Three-Fund discussion. One thing you can be sure of with Thomas Herzfeld is that he knows the value of the shareholder's dollar: take a look at the ER for his fund-of-funds! Subscriptions to his CEF service are also very pricey. Very good points about CEFs in the article with references to the right people at M* for further info. I held RNCOX for a time and sold it, principally because of its high ER.