This is an oddball creature that I find interesting. It is a closed end fund (CEF) which has as its stated strategy buying shares of other CEFs that are believed to be undervalued. Reading management letters, it appears that they stay diversified, but pick their bets to try to buy CEFs holding assets they find attractive and which trade at a wider than usual discount to NAV. Since FOF usually trades at a discount itself, you end up getting two layers of discount (and two layers of fees). I have been thinking about a small position in this thing. Any thoughts?
"To be a man means that you are brave, loyal and true. When you are in the wrong, you own up and take your punishment. You don't take advantage of women. As a husband, you support and protect your wife and children. You are gracious in victory and a good sport in defeat. Your word is your bond. Your handshake is as good as your word... When the ship goes down, you put the women and children into the lifeboats and wave good-bye with a smile." C Murray