Investment Q&A

ZWU is down 10% YTD, close to the utilities sector's 9.6% decline. Higher interest rates do hurt the sector, but we think we are much closer to the rate peak now. It becomes a question of timing. On ZWU we would not be too worried about the dividend or a major collapse from this point and think it is worth holding. DFN has once again cancelled its dividend, as NAV has fallen. It still owns its stock holdings, of course, and we would not be too concerned about 'survivability' here. But, its five-year annualized return is now negative 4.1%, so with no dividend now we don't find it attractive at all. But note, in a market rebound, assuming its holdings rise enough to re-start the dividend, the stock has very high leverage, and could do very well under the right conditions. BIR we think is one of the best gas stocks available today. It is in solid financial shape and the dividend is attractive.