Word: dragone
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Dates: during 2000-2009
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Filed by the Harvard Management Company (HMC), which manages Harvard’s $18 billion endowment, Thursday’s suit challenges fund manager J. Mark Mobius’ handling of the China World and Dragon funds. Harvard holds a combined $115 million in these funds and is the largest minority shareholder in both...
...hatchback led, ready to fend off traffic if there had been any. A few dozen children followed her, carrying trash-bag puppets on poles and boats made out of cardboard with sails of flowered sheets. Eight or ten kids supported a plastic tarpaulin rendition of one of those undulating dragons you see in Chinese New Year’s celebrations. The parade marched by, circled the block and marched by again, the children bouncing their trash-bag puppets and their cardboard boats and waving their Chinese dragon. We clapped and they grinned at us, proud. Seen in the light...
...said the China World Fund and the Dragon Fund are trading at excessively low prices and that Templeton is not doing enough to raise the fund’s value, which have gained 33 and 24 percent over the past year, respectively...
...China and Dragon funds are closed-end mutual funds, meaning that there are only a limited number of shares on the market, in contrast to open-end funds, which trade an unlimited number of shares. Open-end funds are instantly redeemable for a share of the assets, whereas closed-end funds do not guarantee such liquidity...
...past, HMC has proposed various plans to raise share prices, including displacing management and liquidating the fund. Its latest proposal is to merge the China and Dragon funds into an interval fund, in which Templeton would slowly liquidate the fund by gradually buying back shares, preventing share prices from dropping...