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FYI: RiverNorth Capital Management announced the launch of its closed end RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) Wednesday, for which it serves as advisor and DoubleLine Capital serves as sub-advisor.
@Sven, I agree. Right now in the FI space, I like Ivascyn (PIMIX, PDIIX, PDI), Gundlach (DBLFX, ADLIX) and WHAIX (available at TDAmeritrade for no minimum in retirement accounts with TF). Nothing else.
@kevindow, Right now in this low interest rate environment, the only thing that is predictable is the management fee/expense ratio. I like VCIT and VCLT, and OSTIX. The rest I let Wellington and PRCWX's to make the bond allocation.
Sven, I'm not sure where you heard there's a 2% "load" for, well, any cef; they trade like stocks, with a simple commission (e.g., $8 a trade with Fidelity). A comment on M* referred to a haircut of about that size at the initial public offering (no idea here why such a haircut would exist), so possibly that's the source of the confusion, but there are no loads like those for A, C, etc. shares of open-end funds associated with any closed-end fund.
That ~ 3% E.R. is apparently the result of the double-fee structure of this fund-o'-funds.
Carl Kaufman will be doing a 3rd qtr. teleconference tomorrow.
If either of you have a chance to listen to it and report, I and I'm sure others would appreciate it. OSTIX has popped back up on the radar lately for me, too, but I can't do that time tomorrow. I think I need to diversify my credit FI exposure; it's almost all with Pimco at this point.
@Sven The e-mail notice I received is for the OSTIX teleconference on the 11th as well as for the OSTFX and OSTVX webinar on the 26th--- "Replays will be available approximately a week after the discussions," it states. @AndyJ I may be able to tune in for awhile. The fund is back up to 22.6% cash (fact sheet has been updated), so they are expecting something to happen fairly soon; however, those guys keep their cards pretty close to the vest, so-to-speak, so I'm not anticipating any great revelations about strategy from Carl K. in tomorrow's tele.
@AndyJ, I got the load info from the RiverNorth prospectus, p.37.
From the language - "as a percentage of offering price" - that's for the ipo. After the ipo, a buyer buys shares from other investors, through the middleman of an exchange, just like a stock with the normal commission, with the price set by investor demand, not by the offering price. There's no mechanism for collecting a load and sending it to the fund sponsors after the ipo. Here's the M* thread where this is discussed. It's a bit confusing the way expenses are reported in the prospectus.
Comments
http://www.rivernorth.com/closed-end-funds/opp
Kevin
https://secure.confertel.net/tsRegister.asp?course=6191432
That ~ 3% E.R. is apparently the result of the double-fee structure of this fund-o'-funds.
@AndyJ I may be able to tune in for awhile. The fund is back up to 22.6% cash (fact sheet has been updated), so they are expecting something to happen fairly soon; however, those guys keep their cards pretty close to the vest, so-to-speak, so I'm not anticipating any great revelations about strategy from Carl K. in tomorrow's tele.