BJBHX, Aberdeen (Artio) Global High Income Fund Has A Decent 2013.
by Anura Guruge
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BJBHX and I go back a ‘long’ time
— which in this case means about 5 years.
It has sometimes been a stormy relationship. Number of times I have liquidated my holdings — but so far, each and every time, I have gone back with my tail between my legs. And yes, twice they have enforced their ‘you are forbidden from coming back within a month’ edict on me.
They really screwed me last December. I was not a happy camper. I had a number of meaningful conversations with them, into January 2013, and told them in no uncertain terms that they had screwed up. That I bailed out completely in January kind of highlighted my point — and let’s just say that they noticed that I bailed.
But, luckily, I couldn’t stay away for too long. Though I try and try, I have yet to find a decent alternative to BJBHX — and I have probably spent 70 to 80 hours, just this year, researching alternatives and I do so using tons of computing power with spreadsheets galore that work out minutiae that public research just don’t tell you.
PLUS, I have learned this to my cost. Those that publish public research on High Yield investment instruments DO NOT LIVE off the products that they talk about. It is all theory to them. I live off the investments I make. IF I screw up, and I often do (given that I am not really that smart), we suffer and we starve (which is why I have lost so much weight). Evaluating products like BJBHX is not easy. You have to factor in the monthly dividends and the possible year end Capital Gains. So it is never a straight comparison of the NAV going up and down. Plus, you need to correlate the dividend to the NAV price. I crunch the numbers and I then stare at them with incredulity. I have no option but to go back to BJBHX.
So far this year, including the Cap Gains they just paid (like this morning), BJBHX has done ‘OK’ this. Cracks me up. They are doing exactly what I told them that they had to do in January. But, I know that is but a coincidence. Nobody listens to me.
I am kind of procrastinating, BUT I know I need to do another batch of serious number crunching by January 1, 2014. Of course this has been a good year. Thank YOU, Fed. Thank YOU, Ben. But, I can’t be complacent. We might end up having to miss a meal a day. So more staring at spreadsheets need to be done. Though I will do everything I can to resist it I have this horrible feeling that I might throw more money at BJBHX — though I, despite all evidence to the contrary, am not that stupid as to put all my money in one basket.
Anyhow, check BJBHX.
The Lippier Leader ratings, alas, are RIGHT, if you discount the distributions.
BJBHX is NOT for the faint of heart.
Aberdeen Asset Management, which bought Artio ‘last year’,
has ABSOLUTELY NO IDEA, whatsoever, of what BJBHX is doing.
It is scary. That is red flag. They could totally screw up BJBHX.