Around the world, governments have increased spending in a bid to counter the recession. These efforts are now starting to show results. Global economic growth is resuming, and top-quality foreign stocks have rebounded.
Here are four closed-end funds that trade on the New York exchange at discounts to their net asset values. All four funds have risen lately, but we still see them as buys.
SWISS HELVETIA FUND $11.09 (New York symbol SWZ; Shares outstanding: 32.5 million; Market cap: $360.4 million; CWA Rating: Conservative) mainly invests in large-capitalization Swiss stocks. Hottinger Group, which dates back to 1786, manages the fund.
The Swiss government moved quickly to restore confidence in the country’s banking system. It’s also keeping interest rates low to ease credit and devalue the Swiss franc. The Swiss economy is heavily reliant on exports, so a rise in world trade will greatly benefit the country’s industries.
The $401.7-million Swiss Helvetia Fund’s top holdings are: Nestle SA (food and beverages), 19.4%; Roche Holdings (pharmaceuticals), 12.7%; Novartis (health care and pharmaceuticals), 7.7%; UBS AG (banking), 4.0%; Basilea Pharmaceutica (biopharmaceuticals), 3.9%; Holcim Ltd. (cement), 3.7%; Credit Suisse (financial services), 3.6%; Alpiq Holding (electric power), 3.4%; Addex Pharmaceuticals, 3.3%; and Adecco (personnel staffing), 3.3%.
The fund holds stocks in the following major industries: pharmaceuticals, 25.0%; food and beverages, 21.0%; biotech, 10.9%; utility suppliers, 7.4% construction and materials, 3.0%; industrial goods and services, 2.6%; chemicals, 2.1%; technology, 1.9%; and retailers, 1.4%.
Swiss Helvetia Fund is up 43.1% since its March 2009 low of $7.75. The fund sells for a 14.3% discount to the value of its assets. Its MER is 1.10%.
Swiss Helvetia Fund is a buy.
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