CEF Directors Seek Opportunities in the Downturn

DIRECTOR MOVES August 8-12: Director dealings suggest the recent downturn may have created investment opportunities in the CEF space

Szymon Idzikowski 15 August, 2011 | 1:09PM
Facebook Twitter LinkedIn

We note with interest the number of CEF directors who have buying shares over the past week, amid the volatility in the markets. Although the average discount on the Morningstar Investment Trust All ex VCT Index widened a little over the week, by around 50 basis points, to 11.7%, opportunities arose at an individual fund level and in particular those with some exposure to European countries, as these were punished particularly hard.The generalist funds also saw some of the non-executive directors picking up shares as they sought to take advantage of the opportunities presented.

Director Moves
Aisi Realty Public (AISI): The international direct property company has announced the appointment of Lambros Anagnostopoulos as CEO of the company. Antonios Kaffas, Ian Domaille and Robert Sinclair have been also appointed as non-executive directors. Both Domaille and Sinclair sit on boards of other listed companies. Conversely, Roland Philippe de Hauke Peeters has resigned after only a month as a non-executive director. Due to these changes, the board numbers two executive directors and six non-executive ones, with an average tenure of less than two years.

Edinburgh Investment (EDIN): Max Ward has been appointed as a non-executive director of the UK Growth and Income fund. His appointment has increased the number of board members to seven.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Facebook Twitter LinkedIn

About Author

Szymon Idzikowski

Szymon Idzikowski  is a closed-end fund analyst with Morningstar.