NOIEX, ‘Northern Income Equity Fund’: A Bit Light On The Income Front In 2015.

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by Anura Guruge

Related posts:
1/ Puny Jan. 2015 distribution.
2/ NOIEX: flat after Dec. distribution.
3/ NOIEX: post huge distribution.

a/ Sticking with BJBHX till 2015.

++++ Search ‘BJBHX’, ‘IPO’, ‘stock’ etc. for other related posts >>>>

Following January’s miniscule 0.005 dividend NOIEX in February 2015 distributed a 0.019 dividend. It took me by surprise because I was expecting something close to the 0.03 mark. So on Monday morning when I had a few minutes I went and had a look — on . I am glad I did. Appears that after a BIG December dividend, the 2014’s massive $3.987 the largest ever (by a long chalk), NOIEX is rather frugal in January and February; in some years not doing a dividend at all.

Given that I had the numbers on a spreadsheet I decided to plot it to give us all a better visual representation. But, I ran into a problem. The December 2014 distribution was SO LARGE that it ‘went off the scale’ — when it was included the other months basically ‘flatlined’. So what I did was take out ALL of the December distributions to give some height to the histogram bars. So here is what it looks like. Interesting. I am glad I plotted it.

Click to ENLARGE. Data from Yahoo Finance (link above).

We kind of got used to the greater than 0.03 distributions since June of last year — and July 2014 was another BIGGIE (at 0.241).

March 2014 was 0.021. The prior year was 0.015. So I am not keeping any fingers crossed for March 2015.

That said NOIEX has done quite well since the December 18, 2014 distribution. Ex-div the NAV was $12.57. It closed at $13.09 on March 2, 2015. That is a 4.14% rise since the distribution. 4.14% in 74 days (2 months 1 week). I can take that. According to MarketWatch NOIEX has done 4.5% YTD compared to 3.20% by the S&P 500. I can take that too. But it is down on the S&P for the last year, 3 years and 5 years. Again I can buy that because of the income emphasis.

This is what I find sobering. I have had NOIEX paired with YACKX (Yacktman) for years — YACKX pure growth with NOIEX adding the income component. YTD YACKX is down 0.40% — though for the last week they both had an identical 0.68% rise. I have owned YACKX for a longtime. I like it. It is a funny old boutique fund. But, I am going to cash out some of my shares one of these days and go into some individual stocks.