Monthly Archives: July 2014

Eaton Vance Tax-Managed Global Diversified Equity Income Fund July 2014 Distribution

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BOSTON, July 31, 2014 /PRNewswire/ — Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) today announced important information concerning its distribution declared in July 2014.  This press release is issued as required by the Fund’s managed distribution plan (Plan) and an exemptive order received from the U.S. Securities and Exchange Commission.  The Board of Trustees has approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the July distribution.  It is not determinative of the tax character of the Fund’s distributions for the 2014 calendar year. Shareholders should note that the Fund’s total regular distribution amount is subject to change as a result of market conditions or other factors.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.  The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Distribution Period:  July 2014
Distribution Amount per Common Share:  $0.0813

The following table sets forth an estimate of the sources of the Fund’s July distribution and its cumulative distributions paid this fiscal year to date.  Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

Source

Current Distribution

% of Current Distribution

Cumulative Distributions for the Fiscal Year-to-Date1

% of the Cumulative Distributions for the Fiscal Year-to-Date1

Net Investment Income

$0.0813

100.0%

$0.7317

100.0%

Net Realized Short-Term Capital Gains

$0.0000

0.0%

$0.0000

0.0%

Net Realized Long-Term Capital Gains

$0.0000

0.0%

$0.0000

0.0%

Return of Capital or Other Capital Source(s)

$0.0000

0.0%

$0.0000

0.0%

Total per common share

$0.0813

100.0%

$0.7317

100.0%

1     The Fund’s fiscal year is November 1, 2013 to October 31, 2014

IMPORTANT DISCLOSURE:  You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan.  The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’  The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes.  The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the table below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.   

Average annual total return at NAV for the 5-year period ended on June 30, 20141

12.09%

Annualized current distribution rate expressed as a percentage of NAV as of June 30, 20142

8.80%

Cumulative total return at NAV for the fiscal year through June 30, 20143

9.26%

Cumulative fiscal year to date distribution rate as a percentage of NAV as of June 30, 20144

5.86%

1 Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on June 30, 2014. 
2 The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of June 30, 2014.
3 Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to June 30, 2014 including distributions paid and assuming reinvestment of those distributions.
4 Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to June 30, 2014 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of June 30, 2014.

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Xinyuan: A Cheap Housing Stock

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Year-To-Date Winners: We Have Found The Market And It's Apple

Summary

  • China’s real estate market has not gone bust yet.
  • Several new projects began pre-sales during Q2.
  • XIN is a dirt cheap stock with a P/E of 3.

By Ivan Y.

Dirt-cheap residential home builder Xinyuan Real Estate (NYSE:XIN) has had a rough year so far. Though the company has continued to grow both revenues and earnings, the stock has dropped almost 30% this year. It even dropped below its 200 dma, even though the 200 dma had held as support throughout all of 2012 and 2013 (see chart below). The technical breakdown is part of the explanation for XIN’s struggles, but there are more factors that should be considered. For one thing, Chinese stocks in general have struggled. The Shanghai Composite Index is down 2.6% for the year as I write this. On top of that, many pundits like Puru Saxena continue to predict a bursting of China’s real estate market, but so far they have been wrong. Though real estate prices have been on the decline recently, it has been very mild.

“The average prices of new homes in 70 major cities fell 0.5% in June from the previous month, accelerating from May’s 0.2% monthly drop, according to Reuters calculations based on data issued by the National Bureau of Statistics…” NY Times

Housing prices will probably continue to drop slightly, but a 2007-2008 American real estate collapse is unlikely due to the fact that home buyers in China today pay more cash and borrow less than Americans did several years ago. Also supporting housing prices is the fact that China’s economy continues to grow at over 7% annualized.

A final factor that may be affecting XIN negatively is the likely fraud occurring at NQ Mobile (NYSE:NQ), which I believe is casting a shadow to some degree on all Chinese ADRs. XIN was trading at around $7 last October when Muddy Waters publicized its accusation of NQ, and now it is around $4.

Earnings Preview

Historically, XIN doesn’t report Q2 earnings until the second week of August, but it’s not too early to give a preview. Here are some things that I will be looking at:

  1. Will the book value increase? Despite reporting another solid earnings report in Q1, one of the negatives in last quarter’s report was the unexpected decline in book value. Book value was reported to be $941.3 million, which was a $5.6 million decline from the previous quarter. This was the first decline in book value that XIN has experienced since I started following the stock in 2010. Regaining positive growth in book value is something important for the company to show.
  2. Did anyone notice the really poor sales at two of the company’s projects in Q1? Sales at the Xuzhou Colorful City and Kunshan Royal Palace projects were almost non-existent in Q1 (only 11,000 sq meters combined). As of March 31st, only 25% of Xuzhou Colorful City and 15% of Kunshan Royal Palace had been sold. This leaves a large amount of inventory to be holding onto. Reducing the unsold inventory in these projects is also something important that the company needs to show in Q2.
  3. Four new projects should’ve begun pre-sales during Q2: Zhengzhou Xindo Park, Suzhou Lake Royal Palace, Xingyang Splendid, and Brooklyn, NY. XIN has successfully completed and sold previous projects in Zhengzhou and Suzhou, and Xingyang is right next to Zhengzhou, but Brooklyn is a new territory for them. In terms of floor space, the Brooklyn project is puny compared to the China projects (about 1/8 the size of Zhengzhou Xindo Park), but it’s significant because of the U.S. exposure.
  4. The company finally did hire a new CFO in June. I was just getting comfortable with Helen Zhang as the interim CFO, so I did not really interpret this as good news. XIN is down almost 10% since the hiring announcement, so obviously the market doesn’t think so either. I have no idea about this guy’s ability to speak English and how much he will be a part of the conference call. In his profile, it looks like he has worked in Canada. My hunch is that Helen will continue to do most of the speaking at the conference call.

Source: xyre.com

Bottom Fishing

From both a fundamental and technical perspective the stock looks good, but investors should be warned that dirt-cheap Chinese stocks can get even cheaper. Fundamentally, the valuations are a joke. For example, the p/book is about 0.3 and the p/e based on the last four quarters is roughly 3. Technically, the stock has found strong support in the $3.75 to $4 range a few times before. However, one piece of news that investors should be aware of is the bond default of a Chinese construction company that is likely to occur this week. This default has nothing to do with XIN, but it could create some negative market sentiment for Chinese construction stocks and trigger a final sell-off.

(click to enlarge)

Source: stockcharts.com

Final Thoughts

Finally, it appears that XIN has taken a small step forward in improving communication with overseas investors by redesigning and updating the English version of their web page. In February of this year, I had pointed out that their homepage hadn’t been updated since 2012. Well, finally, it looks like something has been done about it. It still looks like a work in progress cause little information is provided about the projects, but at least they have updated their list of projects to be current. Hopefully, they will make an effort to provide some details beyond a picture and some very basic facts for each project.

Disclosure: The author is long XIN. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article. (More…)






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