Alpine Global Dynamic Dividend Fund (AGD)

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The Alpine Global Dynamic Dividend Fund is a closed end fund (CEF) that attempts to maximize tax-advantaged income by investing in high yielding global stocks. The fund is currently approximately 75% (March 2008) in international stocks and the balance is in U.S. based company stocks.

The fund also employs a dividend rotation strategy to capture extra dividends during the course of the year. This strategy involves trading in and out of stocks that pay dividends in different months to capture extra dividend payments. The risk of this strategy is that stock prices fall by the amount of the dividend when the stock goes "ex-dividend" so careful timing is required to avoid losing in share price what you are earning in dividend.

Annual expenses of the fund total 1.28% The fund does hedge against foreign currency changes.

The fund is managed by Alpine Woods Capital Investors, LLC based in Westchester County, New York. The management company has been in business since 1997 and currently has approximately $12 billion under management.

As of December 31, 2007 the top 10 holding were as follows (these companies comprised 18.5% of the fund):

  • Reed Elsevier Plc
  • Macquarie Infrastructure Co. LLC
  • FLFmidth & Co. AS
  • Anglo Irish Bank Corp. Plc
  • Nintendo Co.,Ltd.
  • American Movil SAB de C.V.
  • ABB Ltd.
  • Wartsila Oyj.
  • NKT Holding AS
  • Acta Holding AS

Closed End Funds can trade at premiums or discounts to their net asset value (NAV).

Source: Alpine CEF website[1]

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