But in order to get the Rights to buy one discounted CFP share (at roughly 90% of market price) you have to own three CFP shares, a poor performer. Correct? Or are you saying to buy in initially around the time of the RO when CFP market price is depressed due to dilution?
Here's the two year chart starting in May 2002. Looks like buying CFP two years ago would have been worse than buying an index fund then.
Here's the gist of how the latest Rights Offering works:
NEW YORK, May 1, 2014
"The Fund is issuing to its shareholders non-transferable rights entitling the holders to subscribe for an aggregate of 13,181,638 common shares of beneficial interest. Each shareholder is to be issued one right for each whole share owned on the record date, May 1, 2014.
The rights entitle shareholders to acquire one share for each three rights held. The subscription period will commence on or about Tuesday, May 6, 2014, and will expire at 5:00 p.m., EDT, on Friday, May 30, 2014,(the “Expiration Date”) unless extended. The actual subscription price per share, as determined on the Expiration Date, will be the greater of (i) 107% of the net asset value per share as calculated at the close of trading on the Expiration Date or (ii) 90% of the market price per share at such time."
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