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Weekly CEF Roundup: Rebound Week And Karpus Targets MSP



  • CEFs rebound with the market.
  • 23 out of 32 sectors were positive by price this week, and 23 of out 32 sectors were positive by NAV.
  • Karpus Investment Management Targets MSP.

The Weekly CEF 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. Most of the information has been sourced from CEFInsight or the Closed-End Fund Center. I will also link to some articles from Seeking Alpha that I have found for useful reading over the past week. The searchable tag for this feature is "cildoc." Data are taken from the close of Friday Feb. 16, 2018.

Weekly performance roundup

CEFs rebounded with the markets this week, with 23 out of 31 sectors being positive (up from 2 last week), and with an average price return of +1.74% (up from -2.93%). In a reversal from last week, all five leaders were equity CEF sectors, led by U.S. tax-advantaged equity (+4.83%), while all five laggards were fixed income sectors, led by New Jersey munis (-0.54%).

(Source: Stanford Chemist, CEFConnect)

NAV performance was similar to price performance. 23 out of 31 sectors were positive on NAV (up from 6 last week), while the average NAV return was +1.64% (down from -3.17%). The leading sector by NAV was emerging market equity (+4.51%) while the chief laggard was national munis (-0.52%).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium is U.S. utilities (-0.32%), while the sector with the highest discount is Latin America equities (-12.16%). The average sector discount is -6.36% (up from -6.44% last week).

(Source: Stanford Chemist, CEFConnect)

U.S. general equity showed the largest premium/discount increase (+1.50%), while U.S. growth & income showed the largest premium/discount decline (-1.09%). The average change in premium/discount was +0.08% (down from +0.25% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the

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Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I am long the portfolio securities.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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