The price is usually the fund's net asset value on or near the day the buyback is done. Then, Bergan said, each holder is entitled to equal treatment. Alliance runs 14 closed-end funds, Bergan told me, including three that have bought back shares along these general lines. Lately, that's no easy conviction to hold. This high level of real interest rates is driving South Africa into recession.
Crime remains endemic, and the level of social unrest continues to climb.
The big risk is that the stocks in its portfolio will fall anew, lowering the price that the fund ultimately sets for repurchasing shares sometime between Apr. 1 and June 30. And in the market, that's about as common as spotting a double-sawbuck on the sidewalk. The McGraw-Hill Companies Inc. All rights reserved.