Posts for Ticker ‘TRF’

Emerging Market Funds/ETFs Starting To Look Cheap (CHN, EWM, LDF, MSF, RAF, TAO, TRF, IF, EZA, CH)

Every day we cover many stocks at the end of the day which are hitting new 52-week lows.  Very rarely do we include ETF’s or closed-end mutual funds in the coverage on that list.  But what is becoming amazing is the daily reckoning we are witnessing where the 52-week low list is dominated by emerging market instruments that trade on the NYSE or AMEX as ETF’s and as closed-end funds.  The list is becoming so staggering that you wonder just were the money really is going.  The US dollar is getting some strength finally, but the markets in emerging markets are getting pounded daily in these instruments. 

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Posted on: August 18, 2008 – 5:16 am in ADR, China, ETF, Emerging Markets, Mutual Funds, , , , , , , , , ,

Russian ADR’s, ETF’s, Funds Hit On Military Actions (TRF, CEE, RSX, MBT, MTL, ROS, VIP, WBD)

Russian shares in ETF’s, closed-end funds, and ADR’s are taking a little beating this morning after Russian forces have rolled in with tanks, troops, and air raids into Georgia’s breakaway South Ossetia region.  Deciding who is responsible is up to you, particularly as Russia and its former Soviet Union states are known for information not coming out at all or not coming out in a timely and accurate manner.  Here is a list of the reactions we are seeing in these stocks, funds, and ETF’s.

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Posted on: August 8, 2008 – 10:56 am in ADR, Politics, , , , , , , ,

Cramer Tours Kremlin & Politburo (MTL, WBD, CTCM, SEDC, CETV, TRF, RSX)

This week on CNBC’s MAD MONEY, Jim Cramer highlighted how Russia has many very promising prospects for emerging markets investors.  He gave many ways to play the country with ADR’s of public Russian companies that trade in the U.S.  We only wanted to run a single summary since this was his fixed series going all week. Here were his picks this week for Russia:

  • Cramer’s Russian pick from Monday was in metals and mining pick of Mechel (NYSE: MTL) for steel demand being driven in Russia, China, and the Middle East.
  • On Tuesday, Cramer picked Russian food producing giant Wimm-Bill-DANN (NYSE: WBD) with more than 30%of Russian dairy and as the number 2 and number 3 producer of baby foods and juice products.
  • Cramer’s pick on Wednesday, he gave his top pick that night as CTC Media (NASDAQ: CTCM), the fourth largest television broadcaster in Russia with 42 television stations and 30% longterm growth.
  • On Thursday, Cramer picked Central European Distribution (NASDAQ: CEDC) as a vodka and liquor distributor in Russia and Eastern Europe.
  • Friday’s Cramer pick from Russia was Central European Media Enterprises Ltd. (NASDAQ: CETV), which invests in, develops, and operates national commercial television channels and stations in Central and Eastern Europe.

As far as going abroad, you’ve always heard 247WallSt.com talk about ETF’s and Closed-End funds as trading vehicles that offer significant upside without as much individual portfolio risk due to a single company.  The longest running fund we used for investing in Russia is the Templeton Russia and East European Fund Inc. (NYSE: TRF) and the Market Vectors Russia ETF (NYSE: RSX).

If you have followed Cramer, he’s given many similar country category picks over the course of a week, particularly in BRIC countries.  As far as another BRIC series Cramer has run for Brazil, Russia, India, and China:

You can join our open email distribution list to hear about special financings, secondary offerings, IPO’s, M&A, and more previews for other special situations in various stages.

Jon C. Ogg
April 11, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.

Posted on: April 11, 2008 – 6:07 pm in ADR, Cramer, Mutual Funds, , , , , , ,

Russia/Eurasia Fund IPO Withdrawn, After More Than 10 Years (BEN, TRF, TDF)

Late Friday there was an interesting form "RW" filed with the SEC for a "withdrawn securities registration."  There was an original filing to bring Templeton Russia/Eurasia Fund public via an initial public offering in what was probably a closed-end mutual fund.

What is odd is not the withdrawal of a closed-end fund.  It is the date: originally filed with the Commission on October 6, 1997.  As per the filing:

  • The Registrant believes that withdrawal of the Registration Statement would be consistent with the public interest and the protection of investors  because: 1) the filing was prepared in connection with a proposed initial public offering of the  Registrant’s shares which is no longer  contemplated;  2) no securities were sold in connection  with the  offering;  and 3) the  filing did not become effective.

Before this was filed, Templeton had already brought its Templeton Russia and East European Fund Inc. (NYSE: TRF) public in 1995 and that may have been the first investment vehicle that gave liquid trading possibilities for U.S. investors to invest in Russia (and Eastern Europe).  It had also brought its Templeton Dragon Fund Inc. (NYSE: TDF) public in 1994 as one of the first vehicles that allowed U.S. investors a chance to invest in Chinese companies. 

All of these closed-end funds are run by Franklin Resources, Inc. (NYSE: BEN), which now operates as Franklin Templeton Investments.  These funds also fall under the umbrella of Mark Mobius, who is considered one of the modern fathers of emerging market investing and who was given credit for saying, "invest when there is blood in the streets."

This other fund looks like it was probably filed on the heels of the successful launch of these other two investment vehicles.  There may have been worries that there would be too much overlap in the structure or allocation of these funds.  Or it could have been the other classic reasoning: the paperwork got lost or forgotten about.

You can join our open email distribution list to hear about other mergers, private equity, secondaries, IPO’s and more.

Jon C. Ogg
April 6, 2008

Jon Ogg produces the Special Situation Investing Newsletter and he can be reached via email at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: April 6, 2008 – 6:44 am in China, IPOs, Mutual Funds, , ,

The Week of Stock Buybacks (DELL, KDE, IBM, ACL, WU, IAAC, HBIO, PMRY, EDGW, KNXA, TRF, MT, CLDN, HGRD, FUL, PNSN)

This was an active week in share repurchases, and many key stocks announced new buyback plans or gave updates to their buyback plans.  Below are the key buybacks 247WallSt.com reviewed:

  • Kenexa (Nasdaq: KNXA) announced on November 8, 2007 that it authorized the repurchase of up to 2 million shares of the company’s common stock, and it has already completed the repurchase of over 1 million shares since the approval of the repurchase program.  It only has about 25.5 million shares outstanding.
  • Edgewater Technology, Inc. (NASDAQ: EDGW) announced that its Board of Directors authorized the purchase of up to $5.0 million of the Company’s common stock; approximate market cap is $87 million.
  • Harvard Bioscience, Inc. (NASDAQ: HBIO) has authorized the repurchase of up to $10 million of its common stock over the next 24 months; shares rose 5% Friday and its market cap is $130 million.
  • Pomeroy IT Solutions, Inc. (NASDAQ:PMRY) authorized a somewhat unusual program to repurchase up to $5 millionof its outstanding common stock.  In addition, the Board adopted awritten trading plan under Rule 10b5-1 of the Act to facilitate therepurchase of its common stock. Rule 10b5-1 allows the Company topurchase its shares at times when the Company would not ordinarily bein the market because of the Company’s trading policies or thepossession of material non-public information. Pomeroy’s market cap is$86 million.
  • Alcon, Inc. (NYSE:ACL) approved a new share repurchase program that allows for the purchase of up to $1.1 billionof shares of outstanding common stock targeted over a twelve monthperiod.  The $1.1 billion share repurchase program provides for a purchase of shares from the company’s majority shareholder,Nestle, S.A. Specifically at a rate of three shares fromNestle for every share acquired by the company in the market. This new program is in addition to thecompany’s existing repurchase program, under which, as of December 5,2007, the company has remaining authorization to repurchase up to 2.8million shares. It is anticipated that the new repurchase program willcommence in the first quarter of 2008.
  • The Western Union Company (NYSE: WU) authorized an additional $1 billionfor purchases of its common stock through 2009, and this is in additionto the approximately $300 million remaining under previous sharerepurchase authorization. With a $1.3 Billion total plan, it has $17Billion market cap.
  • International Assets Holding Corp. (NASDAQ:IAAC) renewed the Company’sshare repurchase authorization for an increased amount of $5,000,000 in shares of common stock.  The renewal will be effective January 1, 2008. IAAC’s market cap is $226 million.
  • 4Kids Entertainment (NYSE:KDE) saw its shares rise on a 1 million share buyback of around $11 million; market cap is $157 million.  FULL REVIEW with value investor synopsis.
  • Dell (NASDAQ:DELL) was the biggy of the week, but you wouldn’t haveknown it if you saw the stock trades.  It is reinstating its sharerepurchase plan and will spend up to $10 Billion in share buyback.  Its market cap is $55.8 Billion.  FULL COVERAGE.

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Posted on: December 7, 2007 – 1:54 pm in Stock Buybacks, The Week, , , , , , , , , , , , , , , ,