Interesting idea. Seems like a strategy that should work over time as the FOF buys those disfavored CEFs trading at the steepest discounts to NAV and as the price approaches NAV, rotates that money into more steeply discounted CEF's.
One negative I can see is that their expense ratio is almost 1%, and the underlying funds also have expense fees that may be 1+%.
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (4, 10, and 11).