CUBA-ticker Fund Soars After Fidel Castro's Passing

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of the Herzfeld Caribbean Basin Fund Inc. 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. , Royal Caribbean Cruises Ltd. , Carnival Corp. , Nextera Energy Inc. , Norwegian Cruise Line Holdings Ltd. and Copa Holdings S.A. . CUBA has lost 3.6% year to date through Friday, while the S&P 500 has gained 8.3%.

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