Tag Archives: JAHYX

I Suffer My Uncontrollable Infatuation With BJBHX As It Like ALL Bond Funds Take A Thrashing.

Dec2013x125

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by
Anura Guruge


Related posts:
1/ Uncontrollable Infatuation With BJBHX — Mar. 9, 2013.
2/
Artio Global High Income Mutual Fund (BJBHX):
>>
I Bailed With Regret — Jan. 3, 2013.


Of course I knew it was coming, though despite what the market and my portfolio is telling me, I KNOW that it hasn’t come yet! C’est la vie. The market, by definition, is always right even when it is dead wrong (as it is now). Yes, of course, interests rates will go up. That is a given. But, the current beating that bond funds are taking is too premature. But, that is OK. I always knew, going in, that this period of pain will come. So I am kind of sanguine. I have weathered worse — though I know that I am in for at least another month of pain.


bondfundsJune42013II


bondfundsJune42013I


I am going to stand firm with BJBHX and see how they navigate through this. Their monthly yield, so far, has remained ‘good’. This is why we pay them the BIG bucks. They knew, just like I did, that this day would come. Over the years, and by that I mean since the 2007 meltdown, I have also flirted with Janus’ JAHYX. While JAHYX is not as fecund as BJBHX, it, this always the other side of this risk/reward coin, is more resilient — until now. JAHYX is taking an even bigger beating that BJBHX. That could be good for BJBHX.


Click to ENLARGE. From MarketWatch. JAHYX in red. BJBHX in green. Also note that SOME of that very steep drop in BJBHX represented ex-dividend.

Click to ENLARGE. From MarketWatch. JAHYX in red. BJBHX in green. Also note that SOME of that very steep drop in BJBHX represented ex-dividend.

Again from MarketWatch. A 1 year look. BJBHX vs. JAHYX.

Again from MarketWatch. A 1 year look. BJBHX vs. JAHYX.


In my old age I do not panic as much as I used to when it comes to investing. This was a storm I knew was coming. So I am going to weather it out — hopefully BJBHX will not totally sink me.

Artio Global High Income Mutual Fund (BJBHX): I Bailed With Regret.

Anura Guruge, laughing, picture November 16, 2011.

….

..by Anura Guruge


Last investment related post:
>> The 2012 Special Dividends: Selling Short … — Dec. 3, 2012.


I got back in in March 2013 and have stuck with
it through thick and thin.

See posts one & two.


Artio


Artio Global High Income Fund (BJBHX) is what has kept me afloat, with my head just above water, for the last 3.5 years. I adored it, sang its praises and recommended it, all the time. It WAS a great fund. Of non-institutional mutual funds (not counting the semi-cannibalistic closed end funds (CEFs) that distribute some of their capital as distributions) it had the highest monthly dividend I could find (relative to NAV), with a 0.02 variation between months. There were also period of genuine growth.

60% of my meager, severely depleted savings were in BJBHX and until last Friday (December 28, 2012), I never gave it much though. BJBHX had been ‘a keeper’. Come December I start scouring the Artio Website for their year end distributions. Yes, I found this year’s, and as ever it was a range. The minimum was 0.03 per share. Last week I called them twice trying to see if they can get me a better idea. They wouldn’t.

They paid the December 2012 dividend on the night of December 27. It was 0.03! For 12 hours I consoled myself thinking that this was just a special year end distribution and that they would do their normal monthly distribution on December 28, the 28th their usual target date for distributions. I was wrong. 0.03 was it for December.

The November distribution had been 0.07. ‘Marketwatch‘ had 0.07 as their ‘Income Dividend’. They had never been below 0.05 in all of 2012. They had never done just a 0.03 in years.

I felt raped. If they had given us a head’s up, I would not have felt so bad. I called them twice last Friday. Their telephone support isn’t in the same class as Fidelity.

I called them again yesterday and asked whether I could speak directly to a Fund representative. To their credit they said they would try and that they will try and get somebody to call me.

But, prior to the 4pm market close, I placed an order to sell all my shares in BJBHX.

The phone rang at 4:20. It was somebody from BJBHX. He was very nice. He understood my issue. It appears that due to foreign currency fluctuations BJBHX had a trading loss for the year. So rather than distributing capital gains, they had loses. The 0.03 was a reflection of that. He claimed that dividend would go back to ‘normal’ in 2013. To late. I had already sold and BJBHX has a very strict re-investment policy to protect holders against churn. So if you sell, you typically can’t get back for 30 days. It is in the prospectus. But, emotionally I am done with BJBHX, though I know that you can’t let emotions influence your investing.

I could be wrong, but as far as I can see, I cannot find another non-instutional, non 5% up-front load, ‘open’ (as opposed to ‘closed’) mutual offering monthly distributions of 0.07 per share on a $10 NAV — and I check each month on Yahoo finance, because the ‘summary’ rate quoted on sites like ‘Marketwatch‘ can be way out-of-date.

The nearest I can find is Janus High Yield, JAHYX. JAHYX is my backup. They maintain a fairly steady NAV. FHYTX and TGINX are close.

I don’t trust CEFs. Too many games for non-insiders, so to speak. So I stay away. Yes, I get tempted, but I refrain. I have good will power. Looking at some MoPay stocks. Interesting. But, bottom line, BJBHX and I have parted company.