Jacobs Stock Photography Ltd 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 July. ...

文章核心观点 - 本周CEF市场出现下跌,但整体月度涨幅仍为正[3] - CEF折价有所扩大,暂停了之前的收窄趋势[5][6] - 本周CEF交易量较高,但从周度来看并不异常[9][11] 行业和公司研究 关于NAV下跌 - NAV下跌并非一定是负面信号,需要具体分析原因[14][17][20][21] - 如果是由于利率上升等系统性因素导致,不必过于担心[17][18] - 但如果是由于强制去杠杆等原因导致,可能会对未来收益产生影响[24][25][26][28][29] 关于CEF终止收益 - 有些CEF设有条件性回购条款,可以为投资者带来额外收益[38][39] - 例如Eaton Vance Muni CEF(EIM)就有这样的条款,值得关注[38][39] 其他行业动态 - CLO类CEF近期NAV有所下跌,但仍普遍溢价交易[37] - 其中ECC和OXLC溢价较高,EIC相对较便宜[37]

peepo/E+ via Getty Images Income assets and the broader financial market have zoomed higher over the last while. Across the income sectors we track, only local EM debt is in the red year-to-date, and that's only because of dollar strength. Systematic Income Because we follow a countercyclical value-based approach to our allocation (we reduce risk exposure when compensation for taking risk is low, such as now and vice versa), we have had to cull some high-flyers in our Income Portfolios. This includes ...

xyom The Bexil Investment Trust (OTCPK:BXSY) is a closed-end fund, or CEF, that income-focused investors can employ as a method of achieving their goals. This is not an especially well-known fund, despite being created back in 1998. This may partly be due to the fund’s somewhat poor performance history, as its share price has declined by 19.82% over the past ten years: Seeking Alpha This was a period of time in which the S&P 500 Index (SP500) and most other assets experienced tremendous appreciation. ...

Michael Blann/DigitalVision via Getty Images 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 firs ...

文章核心观点 - 在市场估值高企的情况下，投资者可以关注一些被忽视的封闭式基金（CEFs），这些基金提供高股息率和资产净值折扣，为投资者提供潜在的价值和收益机会[1] 封闭式基金概述 - 封闭式基金（CEFs）通常被华尔街忽视，但这些基金提供高达14%的股息率和10%至15%的资产净值折扣，意味着投资者可以以85至90美分的价格购买价值1美元的资产[2] 具体基金分析 Gabelli Dividend & Income Trust (GDV) - GDV是一个高评级的封闭式基金，由传奇价值投资者Mario Gabelli管理，其投资组合主要为股票收入，使用12%的杠杆，包括Microsoft、Nvidia和Alphabet等成长型股票，当前提供近6%的收益率，每月支付[3][4][5] Kayne Anderson Energy Infrastructure Fund (KYN) - KYN是一个专注于能源基础设施的封闭式基金，提供8.3%的分配率，资产净值折扣为10.6%，投资于北美能源基础设施股票，主要为中游运营商，提供简单的税务处理和上升的MLP分配[6][7][8][9][10][11] MainStay CBRE Global Infrastructure Megatrends Term Fund (MEGI) - MEGI是一个全球基础设施封闭式基金，提供11.7%的分配率，资产净值折扣为10.4%，投资于全球基础设施股票，重点关注去碳化、数字化转型和资产现代化，包括清洁能源、通信基础设施等，但由于其广泛的使命和小规模，不推荐作为单一主题投资[12][13][14][15][16][17][18][19] BlackRock Health Sciences Term Trust (BMEZ) - BMEZ是一个专注于医疗保健的封闭式基金，提供14.0%的分配率，资产净值折扣为13.2%，投资于生物技术和医疗科学公司，通过出售保护性看涨期权来产生收入，但由于其策略未能捕捉到市场的上行空间，其吸引力有限[20][21][22][23][24][25] BlackRock MuniYield Quality Fund III (MYI) - MYI是一个专注于高投资级市政债券的封闭式基金，提供5.8%的分配率，资产净值折扣为9.9%，投资于近300个长期市政债券，大部分评级为A或更高，提供免税收入，尽管杠杆率较高（37%），但提供稳定的月度收益[26][27][28][29]

Wasan Tita 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 third week of June. Be sure to check out o ...

Masisyan/iStock via Getty Images 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 June. ...

Torsten Asmus For income-seeking investors, closed-end funds (CEFs) offer relatively high distributions and the potential to buy these shares at a discount to the fund's NAV. But these are lesser known fund structures. So many advisors and investors unfamiliar with CEFs may opt to invest in them through a familiar wrapper like ETFs. The universe of ETFs of CEFs is small. But one ETF - the Invesco CEF Income Composite ETF (PCEF) - has significantly more assets and a longer history than the rest. This is a lo ...

文章核心观点 - 过去一年市场大涨后,资产估值已经回到高位,未来市场涨幅可能难以持续[1][2] - 因此需要寻找一些超额收益(alpha)策略来提升投资组合的表现[2] 关键要点总结 区间基金(Interval CEFs) - 区间基金是一种提供定期回购而非二级市场交易的流动性的基金[3][4] - 其中RiverNorth Capital and Income Fund(RSF)和BlackRock Enhanced Government Fund(EGF)是两个公开交易的区间基金[4] - RSF提供季度5%的净值回购,折价率较低,过去5年年化收益5.3%,表现较好[5][6] - RSF的投资组合包括小企业贷款、BDC票据和SPAC,在各种艰难时期NAV表现良好[6] - 目前RSF折价8%,回购策略可以带来额外3-4%的年化收益[7] 定期基金(Term CEFs) - Nuveen Preferred & Income Term Fund(JPI)是一个典型的定期基金,折价已经收窄,未来收益空间有限[8] - Western Asset High Yield Defined Opportunity Fund(HYI)是一个较为有吸引力的定期基金,到期日为2025年9月,折价5%,无杠杆,收益率9.9%[9][10] 投资者流动性 - 浮动利率资产如银行贷款基金由于收益率上升而受到投资者青睐,折价很小[11][12] - 但未来如果利率下降,这些基金的收益很可能大幅下降[12] - 相比之下,持有较短久期债券和贷款的有限久期基金可能表现更好[13] - 两只有吸引力的有限久期基金是BGH和SDHY,折价较大,收益率分别为8.8%和8.5%[14] 相对价值 - 同类基金之间存在估值差异,一般来说费用更低的基金应该有更小的折价[15][16] - 因此Flaherty & Crumrine Preferred Income Opportunity Fund(PFO)较为有吸引力,费率较低且折价较大[16][17] - Saba-managed的BRW和SABA两只基金也存在相对价值机会,SABA的费率更低[18]