Closed Funds Weekly Summary: September 4, 2022 – Seeking Alpha | Jewelry Dukan

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Author’s note: This article was published on September 7, 2022 for members of the CEF/ETF Income Laboratory. Please check the latest data before investing.

That Weekly summary of closed funds are published in summary form at the beginning of each week recent price movements for closed-end funds [CEF] sectors over the past week, as well as recently completed or upcoming corporate actions on CEFs, such as B. takeover bids. The data is taken from the end of the Friday, 09/02/2022.

Weekly performance summary

0 out of 23 sectors were price positive (vs. 1 last week) and the average price return was -2.25% (vs. -2.26% last week). The top performer was Multisector Income (-1.21%), while US equities lagged (-3.80%).

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0 out of 23 sectors were NAV positive (vs. 1 last week), while the average NAV return was -2.84% (vs. -1.50% last week). The best performing sector by NAV was Senior Loans (-1.05%) while the worst performing sector by NAV was US Equities (-5.58%).

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income laboratory

The sector with the highest premium was Limited Duration (+1.77%), while the sector with the largest discount was MLPs (-13.81%). The average industry discount is -3.96% (vs. -4.07% last week).

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income laboratory

The sector with the highest premium/discount increase was real estate (+1.56%), while emerging market income (-1.15%) showed the smallest premium/discount decrease. The average premium/discount change was +0.30% (vs. -0.70% last week).

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income laboratory

The sector with the highest 1-year average Z-score is Real Estate (+1.22), while the sector with the lowest 1-year average Z-score is Senior Loans (-0.92). The average z-score is +0.06 (up from -0.05 last week).

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income laboratory

The sectors with the highest returns are Asia Equity (13.93%), Global Equity (11.97%) and Emerging Market Income (10.53%). Discounts are included for comparison. Average sector return is +8.26% (vs +7.92% last week).

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income laboratory

Potential buyers are individual CEFs that have suffered a significant drop in premium/discount value over the past week, optionally coupled with an increasing NAV trend, a negative Z-Score and/or are trading at a discount.

fund ticker P/D acceptance yield p/d z score price change NAV change
Putnam Muni Opportunities (PMO) -7.42% 5.65% 0.63% 0.3 -8.60% -1.84%
Virtus Stone Harbor Emerging Markets Inc (EDF) -5.95% 16.67% 6.14% -0.6 -8.67% -3.55%
River North Opp Muni Income Fund Inc (RMI) -5.61% 7.36% -4.13% 0.0 -7.42% -1.55%
Neuberger Berman Municipal (NBH) -4.48% 5.49% -9.33% -1.3 -6.87% -2.26%
Community income from Eaton Vance (EVN) -4.09% 5.27% -6.06% -0.5 -5.65% -1.53%
Barings corporate investors (MCI) -4.06% 7.15% -16.89% -1.4 -1.90% 0.00%
Oxford Lane Capital Corp (OXLC) -3.89% 15.33% -5.37% -1.8 -2.17% 0.00%
River North Specialty Finance (RSF) -3.65% 11.22% -0.78% 0.3 -3.95% -0.39%
Invesco Municipal Inc Opp I (OIA) -3.62% 5.30% -0.61% -0.1 -4.99% -1.51%
Eagle Point Credit Company LLC (ECC) -3.36% 15.00% 4.67% -0.1 -2.78% 0.00%

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income laboratory

Conversely, individual CEFs that have seen a significant increase in premium/discount value over the past week, optionally coupled with a bearish NAV trend, a positive Z-Score and/or are trading at a premium are potential sell candidates.

fund ticker P/D increase yield p/d z score price change NAV change
Forkli Multimedia (GGT) 13.64% 12.04% 53.25% 2.1 0.83% -10.00%
Gabelli Equity (GAVE) 6.73% 9.65% 22.20% 1.1 -0.96% -7.29%
Gabelli Utility Trust (COLON) 6.68% 7.64% 99.24% 1.2 0.90% -2.48%
Cushing® MLP & Infra’s Total Return (SRV) 6.60% 15.35% -16.71% 0.7 4.11% -4.09%
Calamos Global Total Return (CGO) 6.47% 10.35% 14.75% 2.9 2.02% -3.72%
Nuveen VA Quality Muni Inc (present value) 6.38% 4.28% 12.97% 2.0 3.39% -2.44%
RENN Global Entrepreneurs Fund (RCG) 5.99% % -0.44% 0.2 0.88% -2.58%
Eaton Vance Tax-Mgd Glb Divrs Equity Inc (EXG) 4.86% 9.64% 6.72% 2.7 -1.04% -5.96%
Nuveen MO Quality Muni Inc (NOM) 4.37% 3.69% 11.68% 1.3 1.96% -2.02%
First Trust Energy income and growth (FEN) 4.15% 7.78% -1.15% -0.5 1.11% -3.11%

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income laboratory

Recent Corporate Actions

These are from last month. All new messages from the past week are marked with a bold date:

August 1, 2022 | Angel Oak Capital Advisors announces the completion of the reorganization of Angel Oak Dynamic Financial Strategies Income Term Trust into Angel Oak Financial Strategies Income Term Trust.

Pending Corporate Actions

These are from last month. All new messages from the past week are marked with a bold date:

September 1, 2022 | SALIENT MIDSTREAM & MLP FUND ANNOUNCES SHAREHOLDER APPROVAL OF REORGANIZATION WITH SALIENT MLP & ENERGY INFRASTRUCTURE FUND.

August 11, 2022 | Abrdn US Closed-End Funds Announce Special Meetings of Shareholders in Relation to Proposed Acquisition of Assets from Four Closed-End Funds Recommended by Delaware Management Company.

August 11, 2022 | RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Transferable Rights Offering.

August 10, 2022 | Tortoise announces takeover bids for its closed-end funds

August 4, 2022 | Saba Capital Reaches Agreement on Salient Midstream & MLP Fund.

August 1, 2022 | Virtus Total Return Fund Inc. Rights Offering Executed.

Latest activist or other CEF news

These are from last month. All new messages from the past week have a date in bold:

August 4, 2022 | Saba Capital Reaches Agreement on Salient Midstream & MLP Fund.

strategy statement

Our goal at the CEF/ETF Income Laboratory is provide consistent income with improved total returns. We achieve this by:

  • (1) Identifying the most profitable CEF and ETF opportunities.
  • (2) Avoid mismanaged or overpriced funds that can wipe out your portfolio.
  • (3) Using our unique CEF rotation strategy double connection your income.

It is the combination of these factors that made it possible for us income generator Portfolio to massively outperform our Fund of CEFs benchmark ETF (YYY) while delivering growing returns (~10% CAGR).

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income laboratory

Remember, it’s really easy to put together a profitable CEF portfolio, but doing it profitably is another matter!

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