Castro No, CUBA Sí

A closed-end fund gets a boost from word that the dictator has resigned as president.

It's not common for a closed-end fund to be among the market's leading gainers (or losers, for that matter). But that is exactly what's been happening on February 19 to the shares of Herzfeld Caribbean Basin, a small closed-end fund designed to benefit from the opening of the Cuban economy once Fidel Castro disappears from the scene.

Castro, Cuba's supreme leader since 1959, finally appears ready to go. He announced early in the day that he has resigned as president and that he will not aspire to regain the post or accept it if it is offered to him. As a result, shares of Herzfeld Caribbean Basin (symbol CUBA) jumped $1.26, or 17%, to finish at $8.70 February 19.

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Manuel Schiffres
Executive Editor, Kiplinger's Personal Finance