cemagraphics
Author’s note: This article was released to CEF/ETF Income Laboratory members on November 15, 2022. Please check latest data before investing.
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 Friday, November 11th, 2022.
Weekly performance roundup
Global equity markets soared on weaker-than-expected U.S. CPI (inflation) numbers. 22 out of 23 sectors were positive on price (up from 12 last week), and the average price return was +3.56% (up from +0.45% last week). The lead gainer was Real Estate (+7.58%) while MLPs lagged (-0.42%).
Income Lab
22 out of 23 sectors were positive on NAV (up from 6 last week), while the average NAV return was +3.59% (up from -0.52% last week). The top sector by NAV was Commodities (+9.56%) while the weakest sector by NAV was Senior Loans (+0.64%).
Income Lab
The sector with the highest premium was Taxable Munis (+3.60%), while the sector with the widest discount is Asia Equity (-15.96%). The average sector discount is -5.88% (up from -6.06% last week).
Income Lab
The sector with the highest premium/discount increase was Taxable Munis (+1.92%), while Emerging Market Income (-1.13%) showed the lowest premium/discount decline. The average change in premium/discount was +0.19% (down from +0.60% last week).
Income Lab
The sector with the highest average 1-year z-score is Taxable Munis (+1.54), while the sector with the lowest average 1-year z-score is Asia Equity (-1.44). The average z-score is -0.33 (up from -0.34 last week).
Income Lab
The sectors with the highest yields are Asia Equity (15.35%), Global Equity (12.00%), and U.S. Equity (11.76%). Discounts are included for comparison. The average sector yield is 8.81% (down from 9.06% last week).
Income Lab
Individual CEFs that have undergone a significant decrease in premium/discount value over the past week, coupled optionally with an increasing NAV trend, a negative z-score, and/or are trading at a discount, are potential buy candidates.
| Fund | Ticker | P/D decrease | Yield | P/D | z-score | Price change | NAV change |
| PIMCO Municipal Income | (PMF) | -8.53% | 6.73% | 5.81% | -0.5 | -4.84% | 3.05% |
| Virtus Stone Harbor Emerging Markets Inc | (XEDFX) | -6.07% | 19.94% | -7.67% | -2.6 | -2.43% | 3.99% |
| New Germany | (GF) | -5.60% | 17.87% | -15.26% | -2.6 | 8.41% | 13.03% |
| NXG NextGen Infrastructure Inc | (NXG) | -5.05% | 6.09% | -22.41% | -0.9 | -0.68% | 5.83% |
| The Central and Eastern Europe Fund | (XCEEX) | -4.56% | 13.24% | 8.96% | -0.5 | 2.13% | 7.89% |
| Aberdeen Global Income Fund, Inc. | (FCO) | -4.34% | 18.58% | 9.44% | -1.9 | -0.44% | 3.51% |
| DNP Select Income | (DNP) | -3.91% | 7.07% | 23.26% | 1.8 | -0.27% | 2.90% |
| GAMCO Global Gold Natural Resources&Inc | (GGN) | -3.87% | 10.11% | -7.05% | -2.2 | 2.89% | 10.69% |
| Gabelli Utility Trust | (GUT) | -3.70% | 8.81% | 85.05% | -0.1 | 1.34% | 3.37% |
| Sprott Physical Platinum & Palladium Tr | (SPPP) | -3.67% | N/A | -4.34% | -0.4 | 5.86% | 10.48% |
Income Lab
Conversely, individual CEFs that have undergone a significant increase in premium/discount value in the past week, coupled optionally with a decreasing 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 |
| Eagle Point Income Co Inc | (EIC) | 13.83% | 10.43% | 25.71% | 2.8 | 9.59% | -1.98% |
| Eagle Point Credit Company LLC | (ECC) | 8.88% | 15.34% | 14.42% | 1.4 | 3.01% | -5.08% |
| RENN Fund ord | (RCG) | 7.11% | % | -1.86% | -0.1 | -5.28% | -8.12% |
| Cornerstone Total Return Fund | (CRF) | 6.15% | 24.57% | 29.49% | -0.4 | 5.48% | 0.00% |
| PIMCO Dynamic Income Opportunities Fund | (PDO) | 6.08% | 10.72% | -0.28% | 1.1 | 6.71% | 0.21% |
| Delaware Investments Dividend & Income | (DDF) | 5.70% | 7.79% | -5.47% | -0.8 | 9.64% | 3.04% |
| Clough Global Opportunities | (GLO) | 5.54% | 18.34% | -2.06% | -0.4 | 10.18% | 3.96% |
| PCM Fund | (PCM) | 5.34% | 10.92% | 23.11% | 0.7 | 3.66% | -0.83% |
| Flaherty & Crumrine Preferred Income Opp | (PFO) | 5.09% | 7.18% | -0.11% | 0.4 | 9.36% | 3.80% |
| Cornerstone Strategic Value | (CLM) | 5.01% | 24.60% | 28.38% | -0.5 | 5.13% | 0.00% |
Income Lab
Recent corporate actions
These are from the past month. Any new news in the past week has a bolded date:
November 7, 2022 | Tortoise Announces Final Results of Tender Offers for its Closed-End Funds.
November 3, 2022 | Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II Announce Final Results of ARPS Tender Offers.
October 14, 2022 | BlackRock Corporate High Yield Fund, Inc. Announces Results of Its Rights Offering.
Upcoming corporate actions
These are from the past month. Any new news in the past week has a bolded date:
November 9, 2022 | Eaton Vance Closed-End Funds Announce Proposed Merger.
October 4, 2022 | RiverNorth Opportunities Fund, Inc. Announces Transferable Rights Offering.
October 3, 2022 | Tortoise Announces Tender Offers for its Closed-End Funds.
September 20, 2022 | First Trust/Aberdeen Emerging Opportunity Fund Announces Approval of Liquidation.
August 11, 2022 | Aberdeen’s U.S. Closed-End Funds Announce Special Shareholder Meetings Relating to Proposed Acquisition of Assets of Four Delaware Management Company-Advised Closed-End Funds.
Recent activist or other CEF news
These are from the past month. Any new news in the past week has a bolded date:
October 21, 2022 | The Cushing® NextGen Infrastructure Income Fund Announces Name Change.
October 5, 2022 | BlackRock Closed-End Fund Share Repurchase Program Update.
October 3, 2022 | Virtus Convertible & Income Fund II Postpones Monthly Distribution on Common Shares.
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Distribution changes announced this month
These are sorted in ascending order of distribution change percentage. Funds with distribution changes announced this month are included. Any distribution declarations made this week are in bold. I’ve also added monthly/quarterly information as well as yield, coverage (after the boost/cut), discount and 1-year z-score information. I’ve separated the funds into two sub-categories, cutters and boosters.
Cutters
Income Lab
Boosters
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