PURCHASE, NY (October 20, 2008)—The managers of the Alpine Total Dynamic Dividend Fund (NYSE: AOD)
and Alpine Global Premier Properties Fund (NYSE: AWP) have been buying back shares of their respective funds.
From September 18 through October 15, the Alpine Total Dynamic Dividend Fund has bought back over 112,000
shares and the Alpine Global Premier Properties Fund over 279,000 shares.
“Recently, we’ve seen extreme pessimism overtake the markets and our fund became irrationally discounted”,
said Sam Lieber, portfolio manager of AWP. He added that “AWP itself became one of the best opportunities for
investment as we saw a sound strategy steeply discounted in the market. The Fund took advantage of this severe
undervaluation, buying back its own shares.”
Jill K. Evans, co-manager of the Alpine Total Dynamic Dividend Fund said, “we know the Fund’s holdings represent
strong value right now and seeing 20% plus discounts on a strategy using dividend paying stocks and no leverage,
no options, no bonds, and no preferred stock made it clear to us we had to take advantage of this for our
The shares a closed-end fund buys back at a discount are accretive to the fund and its shareholders because the
fund realizes the difference between the net asset value of the recently purchased shares and the discounted
price paid for them as a gain.
Steve Lieber, Alpine’s Chief Investment Officer noted that “whenever irrational extremes create tremendous
value in our closed-ends, the Funds are going to be in the open market buying back shares. On Friday, October
10, for example, AOD and AWP were selling at discounts of over 24% and 29% respectively. History has shown
us this presents an excellent buying opportunity given the composition of the Funds.”
More information about the Alpine Total Dynamic Dividend Fund and Alpine Global Premier Properties Fund is
available at www.alpinecef.com.
Media Contact: Marc Rappaport, Alpine Woods Capital Investors, LLC
914.251.0880 | email@example.com