Barron's: Thomas J. Herzfeld & Co
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Date updated:07-07-2007
From Barron's 7-9-07:
"Based in Miami, Thomas J. Herzfeld founded Thomas J. Herzfeld & Co., a brokerage specializing in closed-ends, in 1981, and launched a similarly focused money-management arm, Thomas J. Herzfeld Advisors, in 1984. The firm oversees about $100 million in assets. The Managed Portfolio I, a separate-account program created by the advisory firm in 1987, invests in bond and stock closed-end funds. It has a cumulative total return since inception of 509%, net of fees, versus nearly 400% for the S&P 500.
"After a brief stay in his family's textile business, Thomas J. Herzfeld discovered his true calling in the late 1960s at an unlikely venue: a New York brokerage firm's training program. A session on closed-end funds fascinated him because "they offered investors the opportunity to buy assets at a discount." Now 62, Herzfeld has been pursuing that opportunity for 40 years, becoming one of the nation's foremost experts on the subject."
"...Herzfeld also runs the novel Herzfeld Caribbean Basin Fund (ticker: CUBA), which invests in companies with direct and indirect ties to Cuba and has gained more attention in the past year as Fidel Castro's health has deteriorated.
How many holdings does CUBA have?
About 75. We are broadly diversified but we have really a two-pronged investment strategy. When we formed the fund, we realized that it would be impossible to predict when the embargo with Cuba would be lifted. It is still unpredictable even 14 years later. So we sought to identify companies with operations in the Caribbean that we believed would do well, even if there were no change with U.S. trade with Cuba. We also sought companies that we believe would get significant increases in business once the embargo was lifted. That was the first phase and we are still in that phase now.
Here are some top picks and pans of Herzfeld.
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CVF
18.84 - $13.92
- 0.00
- $13.92
From Barron's 7-9-07: "We own one of the convertible-bond funds, Castle Convertible [CVF]. That was one of the first funds I ever bought. Castle has been trading at a persistent discount for a very long time, and the management really is long overdue to take some type of measure to narrow it."
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RYJ
Claymore/raja Eq - $15.24
- -0.78%
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From Barron's 7-9-07: "We also own Claymore/Raymond James SB-1 Equity [RYJ], which is interesting because it has a provision that if it trades at over a 10% discount starting at the end of this year for 75 consecutive trading days, it converts to an open-end fund."
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ADX
Adams Express Co - $9.83
- -0.20%
- $9.77
From Barron's 7-9-07: "Adams Express [ADX] is another older fund that doesn't have a high-payout policy.
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TDF
Templeton Dragon - $27.04
- -0.59%
- $27.00
From Barron's 7-9-07: "We're looking at some foreign equity funds. The discounts have widened on a few of them. We recently bought some Templeton Dragon Fund [TDF], which is at about a 15% discount to its NAV."
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CET
Central Secs - $17.03
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- $17.03
No Analysis added
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ESD
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- $17.14
No Analysis added
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EDF
Citigroup Fdg - $10.70
- +0.47%
- $10.56
No Analysis added
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SCD
Lmp Capital And I - $9.77
- -0.51%
- $9.72
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