BJBHX, Aberdeen (Artio) Global High Income Fund: A Very Depressing Update On A Depressed Fund.
by Anura Guruge
1/ BJBHX: sticking it out till 2015 — Nov. 18, 2014.
2/ BJBHX has decent December 2013 — Dec. 23, 2013.
3/ Uncontrollable Infatuation With BJBHX — Mar. 9, 2013.
4/ Artio Global High Income Mutual Fund (BJBHX):
>>I Bailed With Regret – Jan. 3, 2013.
++++ Search ‘BJBHX‘ for other related posts >>>>
BJBHX and, as I have mentioned before,
go back a ‘long’ time
— which I think is getting close to 6 years by now.
Yes, during those years BJBHX has driven me to distraction and back a number of times, but I have always gone back. Up until ‘recently’ it always found a way to reward those that stuck with them.
But the last month, since my last update, has been the month from hell. The NAV has been on a steady downward drift. There hasn’t been a single up day in weeks. It is sad and scary. What makes it even worse is that over the last few months Aberdeen has been trying to aggressively push BJBHX has a great high income option in the new Janet Yellen, no-QE but low interest rates climate. See this page and their propaganda. I feel bad for anybody who took the bait in the last month or so. It would have been nothing short of a very bloody bloodbath. Yes, yes, yes. Much of it has to do with the precipitous decline in oil prices and with the hammering taken by junk bonds issued by all the oil companies. But Greg Hopper, the Fund Manager, in his November fund commentary, after blaming the poor performance in October on oil bonds said he had a handle on it. Well his grip must have slipped because the NAV sure is slipping like it hit an oil slick.
I called up Aberdeen 4 times on Thurday. Yes, 4 times. The first call was to make sure that Greg Hopper still had a pulse. They weren’t exactly forthcoming but tried to assure me that Hopper was trying to manage the crisis. Maybe this is all too much for him. Time for a change? His recent performance has been abysmal.
I then discovered that they had posted the ACTUAL year end distribution for BJBHX — the one that will be paid on December 23.
We have since discovered that what they posted was last year’s, i.e., for 2013, not 2014!
Well it can get WORSE. That was my second phone call. Hopper MIGHT have to cut back on the distribution in the next week; ex-div is on December 19, Friday week.
So be warned. Actual distribution might be less than estimated. They might even cancel the entire 2014 distribution — given that they do have the right to do that. Remember, Remember, December 2012. This could be another sorry repetition of that. Same story. Fund lost money so no distribution — SORRY, though Hopper walked away with a nice, fat bonus.
The next two phone calls had to do with the SUPPOSED income dividend, ex-date Dec. 29, to be paid December 31. I fear that this will not happen either. Remember, Remember, December 2012. In 2012 there was just one measly $0.03 distribution in December WITHOUT any warning or explanation.
Well, of course, they won’t comment.
Well this year I am giving you a heads up though I sometimes worry that BJBHX no longer has that many customers.
Well I am sorry to be the bearer of such bad news. But at least forewarned is forearmed. I think it is going to become a fairly simple choice come 2015. Either Hopper goes or I go. There is much easier and less painful ways to fritter away your money than entrusting it to BJBHX.
Happy Holidays Hopper. Thanks for nothing.