CUBA-ticker fund soars after Fidel Castro’s passing
By Tomi Kilgore
Published: Nov 28, 2016 8:34 a.m. ET
Shares of the Herzfeld Caribbean Basin Fund Inc. CUBA, +12.07% soared
18% toward an eight-month high in active premarket trade Monday, in the
aftermath of Fidel Castro’s death over the weekend. Volume of about
167,000 shares ahead of the open was already six times the full-day
average. The fund (CUBA) invests in issuers likely to benefit from
economic and political progress in the Caribbean Basin, including Cuba.
“At such time as it becomes legally permissible for U.S. entities to
invest directly in Cuba, the fund will consider such investments,”
according to the fund’s prospectus. The fund’s holding as of June 30
included shares of Mastec Inc. MTZ, +0.00% Royal Caribbean Cruises Ltd.
RCL, +0.52% Carnival Corp. CCL, -0.80% Nextera Energy Inc. NEE, +1.18%
Norwegian Cruise Line Holdings Ltd. NCLH, +1.50% and Copa Holdings S.A.
CPA, +0.07% CUBA has lost 3.6% year to date through Friday, while the
S&P 500 SPX, +0.39% has gained 8.3%.
Source: CUBA-ticker fund soars after Fidel Castro’s passing –