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Nov. 4, 2013, 1:14 PM
- Closed-end bond funds had a good October - up 1.89% on a per-share basis while NAV grew 1.96%. This means, however, the sizable discount to NAV for the group of 6.04% failed to budge from a month earlier.
- "The materially large discounts represents an opportunity for investors to reduce risk," says Stifel's Alexander Reiss and Thomas Boyes. The boost an investor gets when buying a CEF at a discount is what they term the Discount Yield Benefit (DYB), and - among other things - it can make the net cost of owning a CEF cheaper than traditional lower-cost options like passively-managed index funds.
- Current favorites of the team are: ERC, MCR, MMT, and FT, all of which trade at discounts to NAV of about 12%.
- Senior loan funds have remained more popular (possibly a danger, according to this analysis) and trade at an average discount of just 3.61%. The team's favorites are FCT, PPR, and VVR.
MMT vs. ETF Alternatives
The Fund is to seek high current income but may also consider capital appreciation. The portfolio invests primarily in bonds of various credit qualities. This includes AAA rated bonds as well as non-investment grade high-yielding bonds. The portfolio inves
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