yield, page-2

CIF's a funny one ... fairly tightly held. Problem is transparency to the performance of the underlying assets and how much debt they have plus the drag CGF is as manager (i.e. MQG style).

I have been accum for the following reasons.

* 25% of valuation is held in cash at present
* Able to pay a nice divvy from what they say is asset performance / cashflow - i.e. not the cash above.
* Mostly regulated income at asset level
* No ones interested in it at present (always a good sign)

I'm not in it for the divvy, that the worst case - would suggest that it will be taken private and broken up.