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I have not purchased this CEF, but it is on my watch list. Even though JG is all the rage these days, the fund is extremely pricy, with expense ratios of 2.74% (with leverage) and 1.38% (with no leverage) as detailed in the SEC filing:
Just for reference, Michael Hasenstab -- who also is a bond rock star -- only charges 0.74% for his GIM according to CEFConnect.
Also, there is a question of valuation. At the market close yesterday, DBL traded at a 10% premium to XDBLX (NAV). Now I realize that JG is sitting on a lot of cash, but a 10% premium makes this CEF unattractive.
I really respect JG's talent, but we prefer to be invested in his DBLFX which has a reasonable expense ratio of 0.49%.
on my watch list as well, but no go with a 10% premium. in terms of the place in one's portfolio: i have my buckets, such as equities (all sorts of caps, domestic, foreign, emerging -- includes preferreds and reits); core fixed income (including munis and tips) and credit (high yield, lev loans, non-agency mortgages). this would belong to the latter, which is around15% of the total.
Comments
http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=8298652-1766-1013921&type=sect&tabindex=2
Just for reference, Michael Hasenstab -- who also is a bond rock star -- only charges 0.74% for his GIM according to CEFConnect.
Also, there is a question of valuation. At the market close yesterday, DBL traded at a 10% premium to XDBLX (NAV). Now I realize that JG is sitting on a lot of cash, but a 10% premium makes this CEF unattractive.
I really respect JG's talent, but we prefer to be invested in his DBLFX which has a reasonable expense ratio of 0.49%.
Kevin