Multi-asset income funds cast a wide net for yield, and take very different approaches. Here's a look a five of them that have achieved solid returns.
Barron's: A Return Visit To Earlier Stories: More Trouble At
Jul 6 at 00:07
By Andrew Bary
(FROM BARRON'S 7/8/13)
Shares of Linn Energy (ticker: LINE) fell 29% last week, to $23.45, as
Wall Street reacted to the company's disclosure that the Securities and Exchange
Commission has launched an inquiry into the oil and natural-gas producer's
The focus on the SEC's inquiry, Linn said, was its use of non-GAAP
financial measures and its hedging strategy, plus its proposed merger with Berry
Petroleum (BRY). The SEC appears to be focused on the issues Barron's has
highlighted in three critical articles beginning with "Drilling into the
Numbers" (Feb. 18). It's unclear when the SEC will conclude its inquiry and what
it may decide.
The inquiry and the sharp drop in shares of Linn units could imperil the
Berry deal, which bulls have counted on to bolster Linn's energy production and
financial results. Linn said it was committed to the transaction. Berry hasn't
said anything publicly since the SEC inquiry was announced.
Kevin Kaiser, an analyst at Hedgeye Risk Management, wrote last week that
the SEC inquiry puts the Berry merger "at serious risk." He has been bearish on
Our view has been that Linn units are worth no more than book value, or
about $17 a share, 28% below their current quote.
Jul 6 at 00:09
Profile hits: NONE
-- The Bank of Japan is widely expected to hold interest rates steady, but
concern about China's ability to achieve a soft landing is likely to top the
-- Treasury issues June budget numbers.
-- Yum! Brands posts before the open.
-- Alnylam Pharmaceuticals hosts a research-and-development day.
-- JPMorgan Chase andWells Fargo post second-quarter results.
-- The preliminary July Reuters/University of Michigan consumer-sentiment
report is likely to be up, as consumers "generally feel better" about housing
and employment conditions, says Price.
-- Eli Lilly posts before the market opens.
-- St. Louis Fed's James Bullard and Philadelphia Fed's Charles Plosser
speak about monetary policy and the economic outlook at the Rocky Mountain
Economic Summit in Wyoming, hosted by the Global Interdependence Center.
-- Cantel Medical splits, 3-for-2.
Day Quarter Consensus Year Ticker
Bank of the Ozarks 2Q $0.57 $0.55 OZRK
WD-40 3Q 0.56 0.57 WDFC
iGATE 2Q 0.34 0.28 IGTE
Alcoa 2Q 0.06 0.06 AA
Mercury Systems 4Q -0.07 0.10 MRCY
Hi-Tech Pharm 4Q 0.65 0.73 HITK
Helen of Troy 1Q 0.71 0.74 HELE
Wolverine World Wide 2Q 0.34 0.41 WWW
MSC Industrl Direct 3Q 0.97 1.10 MSM
Yum! Brands 2Q 0.54 0.67 YUM
Cleco Hldg 2Q 0.66 0.64 CNL
VOXX Int'l 1Q 0.04 0.15 VOXX
Adtran 2Q 0.16 0.30 ADTN
Family Dollar Stores 3Q 1.03 1.06 FDO
Fastenal 2Q 0.41 0.38 FAST
Texas Ind 4Q 0.19 0.08 TXI
Independent Bank MA 2Q 0.59 0.54 INDB
Commerce Bancshares 2Q 0.71 0.76 CBSH
JPMorgan Chase & Co 2Q 1.43 1.09 JPM
Webster Fin'l 2Q 0.47 0.44 WBS
Wells Fargo 2Q 0.92 0.82 WFC
(Earnings are diluted and report dates are tentative. All forecasts and
historical numbers exclude extraordinary items by accounting definitions.)
Source: Thomson First Call
Consesus Est Last Period
M 3:00 May Consumer Credit $13.0 bil $11.06 bil
W 10:00 May Wholesale Inventories 0.3% 0.2%
Th 8:30 June Import Prices 0.0% -0.6%
F 8:30 June PPI 0.5% 0.5%
9:55 July Michigan Sentiment (p) 84.8 84.1