May 26th 2022
Assessment of FCRIX, GRIFX, and CRDIX
FCRIX
https://fsinvestments.com/investments/all-investments/fcrix/
Closed end interval fund https://www.youtube.com/watch?v=oaxAxxP9HC0
High fees: 2.3% expense ratio
Holds: Corp Bonds (payable in $s) Loans US and EUR CLOs ( https://www.investopedia.com/terms/c/clo.asp ) https://www.morningstar.com/cefs/xnas/fcrix/portfolio
These are all paying higher interest … that is what the fund is after. The loans they hold might be good, but I am not big on being owed $s because of inflation.
Can you sell this without any penalty? https://www.investopedia.com/articles/investing/120516/what-interval-fund.asp https://www.youtube.com/watch?v=e2_eE6bOPws
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GRIFX
https://www.griffincapital.com/news/griffin-institutional-access-real-estate-fund-announces-first-quarter-2022-distribution-2/ another interval fund https://www.morningstar.com/cefs/xnas/grifx/portfolio
Ratios:
Price/Earnings is 50 (15 is nice, less than 10 is cheap)
Price/Book is 2.13 (2 is nice, less than 1 is cheap)
Price/Sales is 9 (2 is nice, less than 1 is cheap)
Dividend Yield is 3%
Alternatives:
BLDG ( https://www.etf.com/BLDG#overview ) ( https://etfdb.com/etf/BLDG/#holdings )
Expense ratio .59, P/E 14.7, P/B 1.17, Dist. Yield 12.3%, Dividend Yield 4% (60% of Buildings are in US)
WTRE ( https://www.etf.com/WTRE#overview ) ( https://etfdb.com/etf/WTRE/#holdings )
Exp .58, PE 8, PB .86, 4.5% ( all over, highest in Hong Kong, mostly financial buildings)
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CRDIX
Government, Corp BBB and BB rated Bonds (yuck)
https://www.morningstar.com/cefs/xnas/crdix/portfolio
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I don’t recommend holding any Bonds, since they are payable in USD$ that are losing value. I would recommend ETFs instead of Interval Funds for tax reasons and liquidity.
Hot Stock Tips of the Week:
RGT ( https://www.morningstar.com/cefs/xnys/rgt/ownership )
PSLV ( https://www.morningstar.com/cefs/arcx/pslv/portfolio ) Silver held in Canadian Mint
SGDJ ( https://www.morningstar.com/etfs/arcx/sgdj/portfolio ) Junior Gold Miners https://sprott.com/
FSM ( https://finance.yahoo.com/quote/FSM my favorite Silver Mine I can actually buy )