Advent Claymore Convertible Securities and Income Fund Ii (NYSE:AGC) is a diversified close ended fund which invests in convertible securities and income generating non-convertible securities. The fund invests in both investment grade and non-investment grade securities and buys securities issued both by USA and non-USA issuers. Another distinctive feature of this fund is that it leverages its assets to increase the returns for investors. This fund manages assets worth more than $362 million and has a distribution rate of 9.95%. The value of positions in this ETF held by investors from our database increased by $2.5 million to $21 million during the June quarter, while the number of funds remained unchanged at three. AGC is currently trading at a discount of 13% to its NAV which makes it quite cheap for investors. The fund has returned more than 12% over the last year and has generated solid return over the last five years. Though the expense ratio is not cheap at 2%, active management of this leveraged portfolio requires higher expenses than your typical ETF.
Global X MSCI Greece ETF (NYSEARCA:GREK) is an ETF which tracks the performance of the Greek stock market. The ETF holds securities present in the MSCI All Greece Select 25/50 Index. It is the only ETF that provides exposure to the Greek stocks for USA investors. It holds a large diversified basket of large and liquid Greek stocks. Though GREK’s performance has been disastrous over the last five years as can be deduced from the economic turmoil in the country, the silver lining is the extremely cheap valuation of this ETF. Among the funds we track, two funds held shares of GREK at the end of June, compared to one a quarter earlier. However, the aggregate value of these funds’ holdings slid by 30% on the quarter to $1.3 million. Most of the economic, political and social problems that Greece faces is already priced in and any favorable development can result in a large upside for investors. The top two holdings of this fund, Alpha Bank and Hellenic Telecommun Organ, account for 12.8% and 11% of the total fund holdings, respectively. This ETF is quite volatile with a beta in excess of 2.0, but the valuation is extremely cheap with a P/B of just 0.3. The financial sector is the largest component of this ETF with a 35% weightage followed by the industrial and the energy sectors. The total assets under management is around $250 million with an expense ratio of 0.63%.