Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up – highlighting individual fund news and events – as well as the top-down – providing an overview of the broader market. WeCheck out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets.Read our In ...

In this article, we highlight the recently launched CEF Sound Point Meridian Capital (NYSE: SPMC ). The fund is focused on the CLO Equity sector, which we track on our service - an extract from our CEF Tool is shown below.Check out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets.Read our Investor Guides: to CEFs, Preferreds and PIMCO ...

After mostly smooth sailing in the first part of the year, volatility in the CEF market has increased recently. In this article, we take a look at the likely moves in CEF discounts over the medium term, as well as their potentialCheck out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets.Read our Investor Guides: to CEFs, Preferreds and ...

tadamichi In this article, we provide an update on the PIMCO CEF suite. Specifically, we discuss the changes in distribution coverage over July. We also discuss the allocation profile of the Dynamic Income Strategy Fund (PDX) and its apparent strategy to remain less of a credit fund and more of an Energy fund that many investors expected at the time of its strategy shift in late 2023. Coverage Update Based on six-month rolling figures, distribution coverage across the taxable and tax-exempt suites conti ...

Adam Smigielski Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the fourth week of August. Be sure to ...

thad In his 2004 work, The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, author James Surowiecki explores case studies that prove large groups of people are more intelligent than the elite few. Crowds are better at solving complex problems, creating innovation, coming to wise decisions, and predicting the future. The book's brilliance stems from its simplicity. As a trader in markets since the early 1980s, Surowiecki's Wi ...

ridvan_celik Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the second week of August. Be sure to check ...

文章核心观点 - 公司采用多经理人的投资方式,旨在提高投资组合的一致性表现,并利用每位经理人独特的能力、流程和风格 [3][4] - 公司在选择经理人时,会从人员、流程、理念、母公司和业绩等五个方面进行全面评估,并确保经理人之间的风格互补 [4][5] - 公司会持续监控经理人的表现,一旦发现其中一个"手指"不再适合,就会进行更换 [5] - 公司的目标是通过多经理人的方式,为投资者提供稳定的分红收益和资本增值潜力 [6][7] 公司概况 - 公司管理两只封闭式基金:ASG和USA,采用多经理人的投资方式 [3] - ASG是全市值成长型投资组合,有3位经理人分别负责大、中、小市值 [4] - USA是大盘价值型投资组合,有5位经理人,其中2位成长型,3位价值型 [4] - 公司在ASG和USA基金中分别进行过10次和19次经理人更换,但也有2位经理人任职超过20年 [5] 投资策略 - 公司倾向于选择专注于个股选择的boutique型机构投资经理人 [4] - 在构建投资组合时,公司会考虑经理人之间的风格互补,力求实现整体的收益稳定性 [4][5] - 公司会密切关注经理人的投资组合变化,以避免其风格偏离原有的投资理念和流程 [5] 分红政策 - USA基金的分红政策为每季度2.5%,年化10%;ASG基金为每季度2%,年化8% [6] - 多经理人的投资方式有助于支持基金的分红政策,因为它可以平滑投资收益的波动 [6] - 经理人更换通常会导致资本利得的实现,公司会通过分红机制将这些收益分配给股东 [6] 定位与适用人群 - 公司认为这两只基金适合希望获得稳定收益和资本增值的投资者,尤其是退休投资者 [6][7] - 多经理人的投资方式和封闭式基金的特点,使这两只基金在收益、流动性和透明度方面具有优势 [6][7]

文章核心观点 - 封闭式基金(CEF)市场本周表现差异较大,权益类板块下跌而长久期/高质量的债券类板块如市政债券表现较好 [3] - 7月份CEF整体表现较好,涨幅接近3% [3] - 纽约证券交易所(NYSE)向美国证券交易委员会(SEC)提出修改规则的申请,如果获批可能不再要求CEF每年召开股东大会 [4] - 这一变化可能会影响股东对基金董事会成员的年度投票权 [4] - 投资者希望保持基金经理和激进投资者之间的竞争,定期选举董事会成员有利于此 [4] - 投资者对Ackman发起的Pershing Square USA基金IPO缺乏兴趣,最终Ackman撤回了IPO计划 [7][8] 行业总结 - 市政债券CEF在当前市场下跌中表现较好,主要得益于长期利率下降、信用质量较高以及折价较大等因素 [9] - 公司认为一些市政债券CEF如MVF、EIM和NZF仍具有吸引力 [9]

MarsYu CEFA: Welcome to CEF Insights, your source for closed-end fund information and education, brought to you by the Closed-End Fund Association. Today we are joined by David Leggette, Lead Product Strategist and Head of Investor Relations with CBRE Investment Management, a leading investment manager of global real assets. CBRE is sub-advisor to the MainStay CBRE Global Infrastructure Megatrends Fund, ticker NYSE:MEGI, and New York Life Investment Management is the investment manager of the fund. Davi ...