How To Use CEF Discounts To NAV The Right Way [Forbes]
Gabelli Utility Trust (The) (GUT)
US:NYSE Investor Relations:
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Source: Forbes
At my CEF Insider service, a fund's discount to net asset value (NAV, or the value of its underlying portfolio) is one of the first things we look at when deciding whether to issue a buy call. That's because it can tip us off to a bargain-priced CEF , just like price-to-earnings (P/E) ratios do for regular stocks. But as with P/E ratios, the discount to NAV is not the be-all and end-all when it comes to making a buy decision. The Discount to NAV Is Just the First Step in Our Research … It's easy to see why some investors put too much weight on the discount to NAV, though. Doing so seems like a no-brainer: If a CEF is trading at a bigger discount to its NAV than it has historically, it's a bargain, right? Conversely, if it's trading at a ridiculous premium, you're best to steer clear. But relying on just this one indicator can leave you scratching your head when that “bargain” fund continues to lag the market. To see this in action, let's look at the PIMCO California Municip
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