Alpine Global Dynamic Dividend Fund appears to be a great CEF that pays an outstanding dividend and is minded by competent and watchful management. I generally do not purchase or recommend CEFs that trade at a premium to asset value. However, given the yield and management track record attracting $12b in assets through their successful wealth management program, I think investors should consider this income machine for their portfolio.
They operate without any auction rate securities or long term leverage of any kind. The fund has distributed high current income monthly without the use of leverage like auction rate securities." Although management would not release their daily holdings, the most recent published portfolio is a stew of interesting securities that I have not found in other funds.
AGD issues dividends monthly and capital gains in December using tax managed techniques. The approximate balance of this fund is 20% US-80% non-US. Currency is hedged to a degree. There do not seem to be any securities worth mentioning that give one pause (overweighted financials, mortgage-based securities,etc.) to question the quality of the high income distribution. The decline in the funds price has stopped and stabilized over the past month, which indicates that the current portfolio quality is not an issue. AGD continues to distribute exceptional monthly income returns to the investor.
