- Price performance was +1.9% while NAV advanced 1.3%.
- CEFs were up 2.9% in price / 2.1% NAV while Hedges were down -3.4%.
- CFP continues to be a controversial inclusion and is for aggressive investors only.
Last week I published a portfolio of CEFs and am updating with results and reweightings. The portfolio of both CEFs and Hedges gained 1.9%. The S&P advanced 1.3% and the bond market advanced 0.4%. The CEF-only portion of the portfolio was up 2.9% while the Hedges-only were down 3.4%.
The biggest winner in the portfolio was Tortoise Energy (NYSE:TYG), which was up 6.0% on the back of the Kinder Morgan consolidation. Other big winners were Brookfield Global (NYSE:INF) and Nuveen Real Asset (NYSE:JRI), which were up 4.2% and 5.4%, respectively.
|Fund||Weight||1wk Price||1wk NAV|
For the coming week, the portfolio has been rebalanced to reflect price/NAV performances and the resulting changes in premium/discount. Notable changes include: Switching TYG for SMM in the Energy MLP space, MGU and IIF comes in for TTF and MXE.
The one controversial portfolio inclusion is CFP. This name is for aggressive investors that realize that the dividend is unsustainable and will probably be cut in November.
|SMM - Salient Midstream||10.0%||-8.6%||4.9%||Replaces TYG|
|DNP - Duff&Phelps Select||8.0%||+4.4%||7.5%|
|INF - Brookfield Global||5.9%||-10.7%||5.7%||Took profits|
|NHF - NexPoint Credit||9.6%||-11.5%||6.3%||ex-div 08.20|
|JRS - Nuveen Real Estate||10.0%||-5.2%||8.3%|
|DDF - Delaware Dividend||8.0%||-9.8%||6.3%|
|CFP - Cornerstone Prog||9.4%||+7.8%||20.3%|
|JRI - Nuveen Real Asset||5.8%||-5.5%||8.0%||Took profits|
|MGU - Macquarie Global||8.4%||-11.3%||5.5%||New|
|IIF - MS India||5.5%||-11.9%||none||New|
|BME - BlackRock Health||1.2%||-3.0%||4.7%||Reduced|
|Cash / Hedges||16.2%|
Source: Morningstar.com, Dividend.com
As always, I would appreciate a critique on the portfolio.