Pgiam/iStock via Getty Images In this article, we provide an update on the PIMCO CEF suite. Specifically, we discuss the changes in distribution coverage over April. We also discuss allocation changes in the last shareholder report. Within the taxable suite, we continue to favor the Dynamic Income Strategy Fund (PDX) as well as the Global StocksPLUS & Income Fund (PGP). Coverage Update Based on the April six-month rolling figures, average taxable coverage rebounded while average tax-exempt coverage continue ...

文章核心观点 - 封闭式基金(CEF)市场本周整体表现强劲,除公用事业和MLP板块外,其他板块年初至今均呈现正收益[3] - 股票CEF板块折价已经有所收窄,但与固定收益CEF板块折价仍存在差距[4] - 信用CEF板块的中位数折价已经收窄至历史平均水平,主要是由于贷款等一些昂贵板块的影响[5] - 许多固定收益CEF的分红水平已经远远超过其净收益,这可能会给基金的净值带来压力,并导致分红最终需要下调[9][10][11] 行业概况 - 贷款支持证券(CLO)聚焦的Carlyle Credit Income Fund(CCIF)一季度净投资收益为0.33美元,高于0.315美元的季度分红,表明有进一步提高分红的空间[12][13] - CCIF通过发行新股筹集资金,并进行CLO再融资以延长再投资期限,这可能会对净值产生积极影响[14][15] - 一些CEF基金正在进行合并,如ClearBridge MLP CEFs EMO、CEM和CTR合并入EMO,这可能会影响折价水平[16] 公司动态 - 纽文(Nuveen)等资产管理公司近期大幅提高了旗下多只CEF的分红水平,这可能是为了收窄折价[7][8] - 一些高收益CEF的分红水平已经远超其净收益,这可能会给基金净值带来压力,未来分红可能需要下调[9][10] - 高分红CEF的投资者需要注意资本利得税的影响,因为返还资本(ROC)会降低成本基础[11]

文章核心观点 - 行业整体呈现积极态势 [1][2][7][8][9][10] - 行业估值整体较为合理 [8][9][11][12][13][14] - 行业内部出现分配提升行为 [15][16][18][20][21] 行业整体情况 - 行业整体信用状况良好,评级上调持续超过下调 [7] - 行业整体税收增长保持正面,个人所得税收增长2% [7] - 行业整体收益率较高,税收优惠价值较大 [9][10] - 行业整体抗风险能力较强,在经济下行时表现较好 [11][12][13][14] 分配提升行为 - 行业内多家公司大幅提升分配,但并非源于收益增加 [15][16][18][19] - 分配提升主要为应对行业内激进投资者的压力 [20][21] - 分配提升有望吸引更多投资者关注,推动折价收窄 [21][28]

tumsasedgars Closed-end funds, commonly referred to as CEFs, are popular investments for income-focused investors, especially retirees. There are numerous good reasons for this, which we will go over in this article. However, it is important for investors to be particularly cautious about investing in the closed-end fund space in the current environment. In this article, we will discuss why. Advantages of Investing In Closed-End Funds First, CEFs are well-diversified, typically holding scores if not hundred ...

-Oxford-/E+ via Getty Images Thesis The 6.75% Series 2024 Term Preferred Shares (NASDAQ:OXLCM) are exchange traded term preferred shares from the Oxford Lane Capital Corporation (OXLC) closed end fund. We covered these securities last year here, where we assigned them a 'Buy' rating based on their short tenor, reduced risk and high yield. The securities have delivered a steady stream of income since, outperforming treasury funds. With the term redemption date for the securities shortly coming up at the end ...

Kameleon007 The Bancroft Fund (NYSE:BCV) is a little-known closed-end fund aka CEF that provides an option for income-focused investors to achieve their goals. The fund manages to do fairly well at this task, as it currently boasts an 8.17% yield. This is a much higher yield than that offered by most indices, although it is not especially high when compared to other closed-end funds that use a similar investment strategy: Fund Name Morningstar Classification Current Yield Bancroft Fund Fixed Income-Taxable- ...

Image Source/DigitalVision via Getty Images The Liberty All-Star Equity Fund (NYSE:USA) is truly an “all star” investment. As one of the oldest closed end funds trading today, USA has an extraordinary track record for investors. USA has been a focal point of our coverage for several years. In that initial coverage we outlined the fund’s structure, asset allocation, and management approach. The article served as an initiation for covering USA with a broad overview including the distribution history and total ...

AdShooter The Voya Infrastructure Industrials and Materials Fund (NYSE:IDE) is a little-known closed-end fund, or CEF, that investors can employ as a means of generating income from the assets in their portfolio. There are many closed-end funds that can be used for this purpose, and indeed since most closed-end funds tend to have the highest yields available in the market, they tend to be very popular with income-hungry investors. This one has an advantage over many of the other closed-end funds in the mark ...

Monty Rakusen The Weekly Closed-End Fund Roundup will be put out at the start of each week to summarize recent price movements in closed-end fund [CEF] sectors in the last week, as well as to highlight recently concluded or upcoming corporate actions on CEFs, such as tender offers. Data is taken from the close of May 10th, 2024. JPMorgan releases a nice Weekly Market Recap every week. These are the key index levels this week: JPMorgan Weekly performance roundup For CEFs, 16 out of 22 sectors were positive o ...

PM 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 May. Be sure to check out ou ...