My goal is to maximize total return: income and capital gains. Ability to survive the inevitable tough times is paramount. My horizon is very long.
Several things stand out about ASG... which is a very odd bird. It's a tiny - yet old -- fund with assets of $160 Million. It holds over 120 stocks and a (costly) turnover ratio of 100%. 1/3 of its holdings are in low yielding Information technology. Fund fees are moderate compared with similar funds.
ASG has done very well lately because its traditionally discounted shares have swung to a rare premium to NAV. Sometimes it trades at a discount.
ASG now follows a managed distribution policy. Hence the fat payout from a low yielding portfolio. ASG is gimmicky, but not nearly so much as CLM which I consider an abomination of financial engineering and obfuscation.
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