Special Opportunities · CEF Discount Opportunities
The 85-Cent Dollar
Buys closed-end funds when their shares sell far below what the fund itself is worth, and sells when that gap is back to normal. You choose which trades to take.
The best way to think about it: patient bargain hunting. Setups come in bursts, trades last more than a year, and you choose which ones to take.
94.5%
of finished trades made money
222 of 235, 2017 to 2026
+31.7%
average finished trade, after costs
Median trade: +22.9%
17 months
average time in a trade
Gains cover the whole hold, not a year
−26.3%
worst finished trade
Best finished trade: +330%
Running profit with $1,000 in every trade
January 2017 to August 2026, after 0.8% trading costs each way, with open trades valued at each day’s close
Hover over the chart, or press and hold on a phone, to see any date.
The deepest setback was −$14,017, from 20 Feb to 23 Mar 2020; it was back by 3 Jun 2020. There is no stop-loss, and some trades fell a long way before they recovered. Trades before the first published alert were rebuilt by applying the rules to past prices.
How it works
Three steps, every trade
- Step 01
Find the bargain.
At the end of each month, hundreds of closed-end funds are checked. A fund qualifies when its shares sell at least 12% below what its holdings are worth, and that gap is unusually wide for that fund.
- Step 02
Buy early the next month.
When a fund qualifies, you get an alert. Buy on the second trading day of the new month, before the closing bell.
- Step 03
Sell when the gap is back to normal.
When the discount is back to its usual level, you get an exit alert. If that hasn’t happened within 3 years, you sell anyway.
Year by year
By the year each trade started, after costs. Trades still open are not counted as finished.
| Year started | New trades | Finished | Made money | Average finished trade |
|---|---|---|---|---|
| 2017 | 1 | 1 | 100% | +21.1% |
| 2018 | 50 | 50 | 96% | +19.4% |
| 2019 | 22 | 22 | 91% | +14.0% |
| 2020 | 49 | 49 | 96% | +71.7% |
| 2021 | 2 | 2 | 100% | +52.6% |
| 2022 | 14 | 14 | 64% | +12.0% |
| 2023 | 90 | 89 | 99% | +25.4% |
| 2024 | 9 | 8 | 88% | +11.5% |
| 2025 | 0 | — | — | — |
| 2026 | 5 | 0 (5 open) | — | — |
Current open trades
Members see every fund, and get an alert when a new one qualifies and another when it’s time to sell.
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| Fund | Bought | Held so far | Discount at buy | So far | Latest exit |
|---|---|---|---|---|---|
| Fund hidden | 3 Jan 2024 | 33 months | 12.6% | −8.1% | Dec 2026 |
| Fund hidden | 2 Apr 2026 | 6 months | 13.9% | +1.1% | Mar 2029 |
| Fund hidden | 2 Apr 2026 | 6 months | 13.4% | +0.9% | Mar 2029 |
| Fund hidden | 2 Apr 2026 | 6 months | 28.1% | +4.9% | Mar 2029 |
| Fund hidden | 2 Jun 2026 | 4 months | 12.2% | −4.3% | May 2029 |
| Fund hidden | 2 Jul 2026 | 3 months | 12.3% | +1.8% | Jun 2029 |