Weekly CEF Roundup: A Rights, A Tender, A Merger
Summary
- CEFs reversed course this week with only 2 sectors positive by price and NAV.
- SZC rights offer, CXH tender offer and Advent/Claymore merger are discussed.
- RQI, GGT, ASG and FPL gained 2% premium this week and are short-term sell candidates.
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, Mar. 16, 2018.
Weekly performance roundup
CEFs reversed course again this week, and only 2 out of 31 sectors were positive on price (down from 26 last week), with an average price return of -0.89% (down from 1.21%). The leaders were U.S. real state (+0.59%), Asia equities (+0.33%) and then followed by three fixed income sectors. The laggards were all equity sectors, led by MLPs (-3.52%) on the downside.
(Source: Stanford Chemist, CEFConnect)
Similarly, 2 out of 31 sectors were positive on NAV (down from 24 last week), while the average NAV return was -0.67% (down from 1.19%). U.S. real estate led with +0.44% NAV return, while MLPs lagged with -3.27% return.
(Source: Stanford Chemist, CEFConnect)
The sector with the highest premium is multi-sector income (-0.43%), while the sector with the highest discount is Latin American equity (-12.03%). The average sector discount is -6.64% (down from -6.43% last week).
(Source: Stanford Chemist, CEFConnect)
Preferreds showed the largest premium/discount increase (+0.30%), while tax-advantaged equities showed the largest premium/discount decline (-0.89%). The average change in premium/discount was -0.21% (down from 0.01% last week).
(Source: Stanford Chemist, CEFConnect)
The sector with the highest yield is MLPs (10.88%), followed by global growth & income (9.24%), multi-sector income (8.80%), global equity dividend (8.79%), and U.S. real estate (8.57%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is 6.67% (down from 6.76% last week).
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.
Ticker | P/D decrease | Yield | P/D | z-score | Price change | NAV change |
(HTY) | -3.95% | 10.14% | 5.21% | 0.3 | -4.19% | -0.60% |
(JSD) | -3.47% | 7.67% | -6.27% | -1.8 | -4.17% | -0.62% |
(GER) | -3.26% | 10.63% | 0.50% | 0.9 | -5.05% | -1.96% |
(PYN) | -3.02% | 5.82% | -2.35% | -3.2 | -2.90% | 0.11% |
(EXD) | -3.01% | 11.95% | -9.17% | -0.4 | -2.02% | 1.23% |
(GGM) | -2.92% | 10.06% | -0.60% | -1.2 | -3.87% | -1.05% |
(CGO) | -2.62% | 7.99% | 10.21% | 1.5 | -2.47% | -0.15% |
(QQQX) | -2.53% | 6.61% | 6.76% | 1.7 | -4.83% | -2.58% |
(MPV) | -2.52% | 7.48% | 3.81% | -0.2 | -2.37% | 0.00% |
(IAF) | -2.35% | 10.27% | -4.30% | 1.3 | -4.45% | -2.11% |
(Source: Stanford Chemist, CEFConnect)
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.
Ticker | P/D increase | Yield | P/D | z-score | Price change | NAV change |
(ACV) | 3.28% | 8.73% | -2.84% | 1.0 | 3.15% | -0.34% |
(RQI) | 2.91% | 7.87% | -0.89% | 3.4 | 4.81% | 1.74% |
(GGT) | 2.50% | 9.03% | 3.83% | 1.9 | -1.32% | -3.69% |
(TTP) | 2.49% | 9.64% | -2.31% | 2.5 | 0.36% | -2.20% |
(LGI) | 2.44% | 7.20% | -4.84% | 4.0 | 1.48% | -1.12% |
(ASG) | 2.27% | 7.67% | 7.01% | 2.4 | 1.13% | -1.02% |
(FPL) | 2.27% | 11.54% | 8.12% | 2.3 | -2.59% | -4.63% |
(DBL) | 2.25% | 9.03% | 7.71% | 0.1 | 1.65% | -0.48% |
(DSE) | 2.16% | 16.27% | 3.44% | 0.2 | -1.99% | -4.04% |
(GBAB) | 2.11% | 6.94% | -4.57% | -0.9 | 2.36% | 0.09% |
(Source: Stanford Chemist, CEFConnect)
Recent corporate actions
These are from the last month and are quoted from Closed-End Fund Center, Morningstar, or CEFInsight (email alerts); any new news in the past week has a bolded date:
None.
Upcoming corporate actions
These are from the last month and are quoted from Closed-End Fund Center, Morningstar, or CEFInsight (email alerts); any new news in the past week has a bolded date:
March 16, 2018 | BlackRock Debt Strategies Fund, Inc. (the "Fund") (DSU) announced that it has today commenced a tender offer (the "Tender Offer"). As previously announced, the Fund will purchase for cash up to 10% of its outstanding shares of common stock, at a price equal to 98% of the net asset value ("NAV") per share, determined on the first business day after the Tender Offer expires. The Tender Offer will expire on April 17, 2018 at 5:00 p.m. Eastern time, unless otherwise extended. The terms and conditions of the Tender Offer are set forth in the Issuer Tender Offer Statement and related Letter of Transmittal that have been filed with the Securities and Exchange Commission (the "SEC").
March 14, 2018 | Advent Claymore Convertible Securities and Income Fund (AVK), Advent Claymore Convertible Securities and Income Fund II (AGC), and Advent/Claymore Enhanced Growth & Income Fund (LCM), each a closed-end fund (together, the “Funds”) announced today that each Fund’s Board of Trustees has approved the mergers outlined below [AGC and LCM acquired by AVK]. The mergers are intended to provide potential benefits to common shareholders, including lower operating expenses and greater secondary market liquidity, among other things. The Funds have similar (but not identical) investment policies. Following completion of the mergers, AVK will continue to pursue its investment objective to provide total return through a combination of capital appreciation and current income by investing at least 80% of its managed assets in a diversified portfolio of convertible and non-convertible income-producing securities.
March 12, 2018 | MFS Investment Grade Municipal Trust (the "fund") (CXH) announced today that it will conduct a cash tender offer to purchase up to 7.5 percent of the fund's outstanding common shares (the “shares”) at a price per share equal to 98 percent of the fund's net asset value (NAV) per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the date the tender offer expires. The tender offer is expected to begin on April 3, 2018 and terminate at 5:00 PM Eastern Standard Time on May 2, 2018, unless extended. The pricing date will also be May 2, 2018, unless the tender offer is extended.
March 2, 2018 | The Board of Trustees of Nuveen Build America Bond Fund (NYSE: NBB) and Nuveen Build America Bond Opportunity Fund (NYSE: NBD) have approved a proposal to merge NBD into NBB (the “Merger”). As part of the proposal, the Board also approved the elimination of NBB’s contingent term policy. Both of these changes require shareholder approval. If each fund obtains the necessary shareholder approvals at its annual shareholder meeting to be held later this year, shareholders of the combined fund who do not wish to maintain their investment in the combined fund will be given an opportunity following completion of the Merger to sell a portion of their investment in the combined fund at net asset value, less a small repurchase fee. In addition, the Board approved the expansion of NBB’s investment policy of investing at least 80% of its Managed Assets in Build America Bonds (“BABs”) to investing at least 80% of its Managed Assets in all types of taxable municipal securities, including BABs. NBB would at the same time change its name to Nuveen Taxable Municipal Income Fund. The proposal is intended to benefit shareholders in a number of ways, including continued ownership through the combined fund of scarce Build America Bonds with above-market purchase yields, the potential for meaningfully higher common net earnings and avoidance of sizeable capital gain distributions that would result upon termination of the funds.
March 1, 2018 | BlackRock Debt Strategies Fund, Inc. (DSU) announced on March 1 that the fund's average daily discount to NAV during the "First Measurement Period" was 8.5%, which is wider than the 7.5% threshold for the period from December 1, 2017 through February 28, 2018. Thus, the fund has determined to execute the repurchase required by the previously announced terms of the First Measurement Period of the fund's Discount Management Program by conducting a tender offer for up to 10% of its outstanding common shares at a price equal to 98% of NAV per share (at the close of the regular trading session at the NYSE on the day after the tender offer expires). The fund expects to commence the tender offer on, or about, March 16, 2018, with expiration on April 17, 2018. As the release explained, additional terms and conditions will be set forth in offering materials. If more than 10% of the Fund's outstanding common shares are tendered, the fund will purchase its shares from tendering shareholders on a pro rata basis.
February 8, 2018 | The Cushing Renaissance Fund (SZC) announced on Feb. 8 a transferable rights offering for holders of the fund's common shares as of the record date of February 16, 2018. Holders will receive one Right for each common share held, and can purchase one new common share for every three Rights held (1 for 3). Any record date shareholder who owns fewer than three common shares as of the record date will be entitled to subscribe for one common share. Fractional common shares will not be issued. The release noted that the subscription price will be determined on the expiration date, and will equal 90% of the average of the last reported sales price of a common share of the fund on the NYSE on the expiration date and each of the four preceding trading days. If, however, that average price is less than 78% of the fund's NAV per share at the close of trading on the NYSE on the expiration date, the subscription price will be 78% of the fund's NAV per share as of that day's close of trading on the NYSE. The subscription period will commence on the record date, and is expected to expire on March 22, 2018, unless extended. The Rights are expected trade on the NYSE under the symbol "SZC RT" during the offer. For more details on this offering, see the fund's press release, and related shelf registration statement and prospectus.
Recent activist or other CEF news
These are from the last month and are quoted from Closed-End Fund Center or CEFInsight (email alerts); any new news in the past week has a bolded date:
March 2, 2018 | Western Asset Income Fund (the “Fund”) (NYSE:PAI) announced today that the Board of Directors of the Fund has approved a change to the Fund’s name. Effective March 29, 2018, the Fund’s name will be Western Asset Investment Grade Income Fund Inc. The Fund’s shares of common stock will continue to trade under its existing New York Stock Exchange symbol “PAI”. The Fund’s CUSIP, 95766T100, will not change. In addition, also effective March 29, 2018, the Fund will invest at least 80% of its net assets in fixed income securities that are rated in the Baa or BBB categories or above at the time of purchase by one or more Nationally Recognized Statistical Rating Organizations (“NRSROs”) or unrated securities of comparable quality at the time of purchase (as determined by the adviser).
February 21, 2018 | Highland Capital Management Fund Advisors, L.P. and NexPoint Advisors, L.P. announce today that the Texas Court of Appeals confirmed an aggregate $351 million award in favor of the Highland Floating Rate Opportunities Fund (NYSE: HFRO) ("HFRO") and the NexPoint Credit Strategies Fund (NYSE: NHF) ("NHF", and together with HFRO, the "Funds"). Of this aggregate award, HFRO would receive a total of $289 million ($236.5 million in damages together with an additional $52.5 million in post-judgment interest) and NHF would receive a total of $62.3 million ($51 million in damages together with an additional $11.3 million in post-judgment interest). Each of these amounts remains subject to deduction for applicable attorneys' fees and other litigation related expenses. The judgment will continue to accrue at 9% simple interest per year until this matter is finally resolved.
Distribution changes announced this month
These are sorted in ascending order of distribution change percentage. Funds with ex-dates in the current and in the next month are included. Note that changes of less than 5% are not listed as those are considered to be minor. Any distribution declarations made this week are in bold. In this week's edition I've also added monthly/quarterly information as well as yield, coverage (after the boost/cut), discount and 1-year z-score information for newly added funds. However, note the yield, coverage, discount and z-score information will not be updated every week. I've separated the funds into two sub-categories, cutters and boosters, arranged in descending order of distribution change magnitude.
I'm making another change to the section this month. I'm only going to be including the distribution changes announced this month as I believe that this is what investors would be most interested in, if they are wont to keep track of the distribution changes of their portfolio. Any changes announced in the week are shown in bold.
Cutters
| Fund | Ticker | Change | Previous | Current | Yield | Discount | z-score | Coverage | Announced | Ex-Date |
| Tri-Continental Corporation | (TY) | -25.6% | 0.3094 | 0.2301 | 3.86% | -11.10% | 0.5 | 35% | 3/13/2018 | 3/21/2018 |
| Fid/Claymore MLP Opportunity | (FMO) | -25.0% | 0.4308 | 0.3231 | 11.24% | 0.09% | -0.3 | 0% | 3/2/2018 | 5/14/2018 |
| BlackRock NY Municipal Bond | (BQH) | -22.0% | 0.059 | 0.046 | 4.18% | -14.32% | -2.7 | 110% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniHoldings Inv Qty | (MFL) | -21.0% | 0.0715 | 0.0565 | 5.16% | -7.66% | -3.4 | 107% | 3/1/2018 | 3/14/2018 |
| JH Income Securities | (JHS) | -20.4% | 0.2181 | 0.1737 | 4.95% | -4.88% | 0.2 | 35% | 3/1/2018 | 3/9/2018 |
| BlackRock NY Municipal Inc II | (BFY) | -19.7% | 0.061 | 0.049 | 4.49% | -12.85% | -3.4 | 111% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniYield NJ | (MYJ) | -19.3% | 0.075 | 0.0605 | 5.11% | -8.62% | -2.7 | 107% | 3/1/2018 | 3/14/2018 |
| Royce Value Trust | (RVT) | -17.1% | 0.35 | 0.29 | 7.28% | -9.80% | 0.1 | 5% | 3/2/2018 | 3/9/2018 |
| Massachusetts Tax-Exempt Trust | (MHE) | -17.0% | 0.053 | 0.044 | 3.85% | 2.24% | 1.2 | 108% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniYield CA | (MYC) | -16.1% | 0.062 | 0.052 | 4.61% | -10.03% | -3.1 | 109% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniYield Arizona | (MZA) | -16.1% | 0.062 | 0.052 | 3.86% | 14.86% | 1.3 | 108% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniHoldings Qty II | (MUE) | -15.6% | 0.064 | 0.054 | 5.24% | -9.32% | -2.7 | 110% | 3/1/2018 | 3/14/2018 |
| JH Investors Trust | (JHI) | -14.4% | 0.356 | 0.3048 | 7.28% | -5.95% | -0.7 | 34% | 3/1/2018 | 3/9/2018 |
| Nuveen Credit Strat. Income | (JQC) | -13.7% | 0.0475 | 0.041 | 6.18% | -12.04% | -2.1 | 93% | 3/1/2018 | 3/14/2018 |
| BlackRock Muni Inc Qty Trust | (BYM) | -13.3% | 0.06 | 0.052 | 4.76% | -10.81% | -2.2 | 111% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniVest Fund II | (MVT) | -13.0% | 0.073 | 0.0635 | 5.06% | 1.48% | -0.4 | 107% | 3/1/2018 | 3/14/2018 |
| Templeton Emerging Mkts Income | (TEI) | -12.8% | 0.2953 | 0.2574 | 8.84% | -8.34% | 2.5 | 28% | 3/14/2018 | 3/27/2018 |
| BlackRock Strategic Muni | (BSD) | -12.3% | 0.065 | 0.057 | 5.43% | -10.45% | -2.4 | 105% | 3/1/2018 | 3/14/2018 |
| Nuveen MO Quality Muni Income | (NOM) | -12.3% | 0.053 | 0.0465 | 4.10% | 1.22% | -1.6 | 102% | 3/1/2018 | 3/14/2018 |
| Nuveen Floating Rate Inc Opps | (JRO) | -12.1% | 0.0705 | 0.062 | 6.73% | -2.98% | -1.2 | 89% | 3/1/2018 | 3/14/2018 |
| Delaware MN Muni Income II | (VMM) | -11.8% | 0.0425 | 0.0375 | 3.51% | -9.91% | -1.7 | 115% | 3/1/2018 | 3/15/2018 |
| Nuveen NC Quality Muni Income | (NNC) | -11.4% | 0.044 | 0.039 | 3.81% | -14.72% | -2.4 | 105% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniYield CA Quality | (MCA) | -11.1% | 0.0585 | 0.052 | 4.66% | -12.15% | -2.7 | 110% | 3/1/2018 | 3/14/2018 |
| Nuveen AZ Quality Muni Income | (NAZ) | -11.1% | 0.0495 | 0.044 | 3.80% | -1.38% | -0.4 | 107% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniYield PA Quality | (MPA) | -10.9% | 0.0623 | 0.0555 | 4.94% | -11.37% | -2.6 | 110% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniVest | (MVF) | -10.9% | 0.046 | 0.041 | 5.53% | -5.32% | -4.2 | 106% | 3/1/2018 | 3/14/2018 |
| Nuveen NY Quality Muni Income | (NAN) | -10.3% | 0.0535 | 0.048 | 4.52% | -12.75% | -2.9 | 106% | 3/1/2018 | 3/14/2018 |
| BlackRock Muni NY Intermed. Du | (MNE) | -10.1% | 0.0445 | 0.04 | 3.77% | -14.85% | -2.9 | 110% | 3/1/2018 | 3/14/2018 |
| BlackRock Muni Inter Duration | (MUI) | -10.1% | 0.0495 | 0.0445 | 4.09% | -13.17% | -3.2 | 110% | 3/1/2018 | 3/14/2018 |
| Royce Micro Cap Trust | (RMT) | -10.0% | 0.2 | 0.18 | 7.50% | -10.20% | 1 | 4% | 3/2/2018 | 3/9/2018 |
| BlackRock Municipal Income | (BFK) | -10.0% | 0.065 | 0.0585 | 5.39% | -7.46% | -2.9 | 103% | 3/1/2018 | 3/14/2018 |
| Nuveen CA AMTFree Qlty Muni In | (NKX) | -9.7% | 0.062 | 0.056 | 4.92% | -10.30% | -2.8 | 103% | 3/1/2018 | 3/14/2018 |
| Nuveen High Income Dec 2019 Ta | (JHD) | -9.6% | 0.0415 | 0.0375 | 4.57% | -2.28% | -1.1 | 106% | 3/1/2018 | 3/14/2018 |
| Nuveen Multi-Market Income | (JMM) | -9.1% | 0.033 | 0.03 | 4.92% | -8.84% | -1.2 | 101% | 3/1/2018 | 3/14/2018 |
| Credit Suisse High Yield Bond | (DHY) | -9.1% | 0.022 | 0.02 | 9.06% | -2.21% | -2.1 | 94% | 3/1/2018 | 3/15/2018 |
| BlackRock MuniYield | (MYD) | -9.0% | 0.067 | 0.061 | 5.48% | -7.67% | -2.3 | 107% | 3/1/2018 | 3/14/2018 |
| Nuveen TX Quality Muni Income | (NTX) | -8.5% | 0.053 | 0.0485 | 4.42% | -11.79% | -2.9 | 98% | 3/1/2018 | 3/14/2018 |
| Nuveen Floating Rate Income | (JFR) | -8.1% | 0.0675 | 0.062 | 6.83% | -5.13% | -1.6 | 90% | 3/1/2018 | 3/14/2018 |
| BlackRock Invst. Quality Muni | (BKN) | -8.1% | 0.062 | 0.057 | 5.02% | -11.10% | -2.2 | 109% | 3/1/2018 | 3/14/2018 |
| Nuveen Real Estate Income | (JRS) | -8.0% | 0.25 | 0.23 | 9.45% | -4.70% | -2.1 | 18% | 3/1/2018 | 3/14/2018 |
| Nuveen High Income Dec 2018 Ta | (JHA) | -7.7% | 0.0325 | 0.03 | 3.67% | -1.60% | -1.1 | 105% | 3/1/2018 | 3/14/2018 |
| Nuveen Muni High Inc Opp | (NMZ) | -7.7% | 0.065 | 0.06 | 5.74% | -4.85% | -4.4 | 107% | 3/1/2018 | 3/14/2018 |
| Nuveen MI Quality Muni Income | (NUM) | -7.3% | 0.048 | 0.0445 | 4.19% | -14.74% | -1.9 | 108% | 3/1/2018 | 3/14/2018 |
| Nuveen High Inc Nov 2021 targe | (JHB) | -7.0% | 0.05 | 0.0465 | 5.78% | -3.50% | -1.8 | 113% | 3/1/2018 | 3/14/2018 |
| Nuveen Inter Dur Quality Muni | (NIQ) | -6.8% | 0.037 | 0.0345 | 3.31% | -7.68% | -1.3 | 106% | 3/1/2018 | 3/14/2018 |
| Nuveen OH Quality Muni Income | (NUO) | -6.7% | 0.052 | 0.0485 | 4.23% | -14.70% | -3 | 107% | 3/1/2018 | 3/14/2018 |
| Nuveen High Income 2020 Target | (JHY) | -6.4% | 0.047 | 0.044 | 5.38% | 0.00% | -1.3 | 105% | 3/1/2018 | 3/14/2018 |
| Nuveen Senior Income | (NSL) | -6.3% | 0.0395 | 0.037 | 6.87% | -5.42% | -1.2 | 88% | 3/1/2018 | 3/14/2018 |
| Nuveen GA Quality Muni Income | (NKG) | -6.2% | 0.0405 | 0.038 | 3.93% | -12.31% | -2.8 | 111% | 3/1/2018 | 3/14/2018 |
| BlackRock MuniHoldings Fund | (MHD) | -6.0% | 0.0745 | 0.07 | 5.49% | -7.38% | -2 | 104% | 3/1/2018 | 3/14/2018 |
| Nuveen Intermediate Dur Muni | (NID) | -6.0% | 0.05 | 0.047 | 4.56% | -8.02% | -2.1 | 102% | 3/1/2018 | 3/14/2018 |
| Nuveen Muni 2021 Target Term | (NHA) | -5.7% | 0.0175 | 0.0165 | 2.11% | -2.59% | -1.4 | 110% | 3/1/2018 | 3/14/2018 |
| Invesco Muni Invst. Grade T | (VGM) | -5.5% | 0.0636 | 0.0601 | 5.89% | -9.76% | -2.5 | 112% | 3/1/2018 | 3/14/2018 |
| Nuveen PA Municipal Value Fund | (NPN) | -5.5% | 0.0455 | 0.043 | 3.52% | -0.68% | -1 | 102% | 3/1/2018 | 3/14/2018 |
| Invesco Adv Muni Inc II | (VKI) | -5.5% | 0.0547 | 0.0517 | 5.82% | -9.43% | -2.4 | 113% | 3/1/2018 | 3/14/2018 |
| Nuveen CA Select Tax-Free | (NXC) | -5.4% | 0.0465 | 0.044 | 3.78% | -6.62% | -2.8 | 104% | 3/1/2018 | 3/14/2018 |
| Nuveen NY AMTFree Qlty Muni In | (NRK) | -5.3% | 0.0475 | 0.045 | 4.43% | -12.88% | -2.7 | 107% | 3/1/2018 | 3/14/2018 |
| Nuveen CA Muni Value | (NCA) | -5.0% | 0.03 | 0.0285 | 3.64% | -7.93% | -2.8 | 105% | 3/1/2018 | 3/14/2018 |
| Invesco Municipal Trust | (VKQ) | -4.7% | 0.0591 | 0.0563 | 5.82% | -11.37% | -2.6 | 117% | 3/1/2018 | 3/14/2018 |
| Invesco CA Value Muni | (VCV) | -4.7% | 0.0535 | 0.051 | 5.21% | -9.48% | -2.2 | 96% | 3/1/2018 | 3/14/2018 |
| Clough Global Div and Inc Fund | (GLV) | -4.3% | 0.1225 | 0.1172 | 10.94% | -8.67% | -1.3 | 1% | 3/9/2018 | 3/16/2018 |
| Putnam Master Intermediate Inc | (PIM) | -3.8% | 0.026 | 0.025 | 6.28% | -5.53% | 0.1 | 90% | 3/16/2018 | 4/23/2018 |
| Clough Global Equity | (GLQ) | -3.5% | 0.127 | 0.1226 | 10.60% | -9.81% | -1.5 | -4% | 3/9/2018 | 3/16/2018 |
| Templeton Global Income | (GIM) | -3.3% | 0.018 | 0.0174 | 4.30% | -12.41% | -1.1 | 175% | 3/1/2018 | 3/14/2018 |
| Clough Global Opportunities | (GLO) | -3.2% | 0.1046 | 0.1013 | 10.87% | -11.06% | -1.4 | -4% | 3/9/2018 | 3/16/2018 |
| MFS Intermediate High Income | (CIF) | -2.7% | 0.02198 | 0.02139 | 8.91% | 8.68% | 1.9 | 60% | 3/1/2018 | 3/13/2018 |
| MFS Special Value Trust | (MFV) | -2.6% | 0.05052 | 0.04919 | 9.68% | 4.63% | 0 | 28% | 3/1/2018 | 3/13/2018 |
| MFS Multi-Market Income | (MMT) | -2.1% | 0.04387 | 0.04295 | 8.95% | -9.43% | -1.4 | 54% | 3/1/2018 | 3/13/2018 |
| MFS Government Markets Income | (MGF) | -1.9% | 0.03032 | 0.02973 | 7.77% | -5.94% | -1.2 | 38% | 3/1/2018 | 3/13/2018 |
| MFS Charter Income | (MCR) | -1.9% | 0.06136 | 0.06022 | 8.86% | -8.62% | -0.6 | 51% | 3/1/2018 | 3/13/2018 |
| Franklin Limited Duration Inco | (FTF) | -1.8% | 0.103 | 0.1011 | 10.77% | -6.17% | 0.1 | 32% | 3/15/2018 | 3/28/2018 |
| MFS Intermediate Income | (MIN) | -1.5% | 0.03083 | 0.03036 | 9.37% | -8.04% | -2.2 | 25% | 3/1/2018 | 3/13/2018 |
| Fund | Ticker | Change | Previous | Current | Yield | Discount | z-score | Coverage | Announced | Ex-Date |
| Advent Claymore Conv & Income | (AVK) | 0.2% | 0.117 | 0.1172 | 8.95% | -10.59% | -1.3 | 49% | 3/1/2018 | 3/14/2018 |
| EV Float-Rate 2022 Target Term | (EFL) | 2.4% | 0.041 | 0.042 | 5.41% | -4.71% | 0 | 77% | 3/1/2018 | 3/9/2018 |
| Nuveen S&P 500 B-W Income | (BXMX) | 7.2% | 0.2285 | 0.245 | 7.28% | -3.37% | -1.2 | 6% | 3/1/2018 | 3/14/2018 |
| Nuveen Tax-Adv Div Growth | (JTD) | 8.1% | 0.31 | 0.335 | 7.91% | -4.40% | 0.5 | 11% | 3/1/2018 | 3/14/2018 |
| Nuveen Tax-Adv Total Return | (JTA) | 8.9% | 0.248 | 0.27 | 8.06% | -5.96% | -0.3 | 11% | 3/1/2018 | 3/14/2018 |
| Nuveen S&P Dynamic Overwrite | (SPXX) | 10.9% | 0.2525 | 0.28 | 6.47% | 5.10% | 1.2 | 6% | 3/1/2018 | 3/14/2018 |
| Nuveen Dow 30 Dynamic Overwrit | (DIAX) | 12.7% | 0.275 | 0.31 | 6.92% | -4.22% | 0.5 | 7% | 3/1/2018 | 3/14/2018 |
| Nuveen NASDAQ 100 Dynamic Over | (QQQX) | 13.5% | 0.37 | 0.42 | 6.61% | 6.76% | 1.7 | 1% | 3/1/2018 | 3/14/2018 |
| Mexico Fund | (MXF) | 15.4% | 0.13 | 0.15 | 3.72% | -13.74% | -1.1 | 14% | 3/7/2018 | 4/18/2018 |
| TCW Strategic Income | (TSI) | 15.7% | 0.0575 | 0.0665 | 4.30% | -7.09% | -0.5 | 33% | 3/16/2018 | 3/28/2018 |
| Sprott Focus Trust | (FUND) | 29.0% | 0.1 | 0.129 | 6.42% | -8.43% | 2.2 | 6% | 3/5/2018 | 3/14/2018 |
| Delaware Enhanced Gbl Div&Inc | (DEX) | 109.1% | 0.0525 | 0.1098 | 10.85% | -4.33% | 3.4 | 24% | 3/1/2018 | 3/15/2018 |
| Delaware Inv Div & Inc | (DDF) | 148.8% | 0.04 | 0.0995 | 11.11% | -7.49% | 3.3 | 26% | 3/1/2018 | 3/15/2018 |
CEF analysis from around Seeking Alpha...
Arbitrage Trader presents Closed-End Funds: 5.61% Tax-Exempt Yield, Significant Discount (Mar. 16), Weekly Review: High-Yield CEFs (Mar. 16) and Weekly Review Of Municipal Bond CEFs (Mar. 14)
Maks F.S. presents CEE: Sanctions? Big Whoop... Here Is A 12% Discount! (Mar. 19), DHG - Scratch It Off Of The List (Mar. 18) and BWG: A 'Fixer Upper' At A Great Price (Mar. 16)
*Stanford Chemist presents Sell Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (Mar. 18) and Weekly CEF Roundup: Cuts, Cuts And Boosts (Mar. 16)
*To subscribers: these link to the public version of the article, which you will already have seen in the 'members' section.
Macro/market section
Fear & Greed Trader presents S&P 500 Weekly Update: A Pause In The Secular Bull Market As Investor Worries Are Everywhere (Mar. 17)
Jeff Miller presents Weighing The Week Ahead: A New Direction For The Fed? (Mar. 18)
Lance Roberts presents Investors Jump Back In (Mar. 18)
Cambridge Income Laboratory members only
Here, we provide exclusive commentary and actionable takeaways on specific funds. In this issue, we discussed opportunities arising from MFS Investment Grade Municipal Trust's tender offer, Cushing Renaissance Fund's rights offering and the merger of Advent Claymore Convertible Securities and Income Fund II and Advent/Claymore Enhanced Growth & Income Fund into Advent Claymore Convertible Securities and Income Fund. We also suggested four CEFs as possible sell candidates based on their rising premium/discount values this week.
This article was written by
Stanford Chemist is a scientific researcher by training. For the past decade he has been providing analysis and evidence-based ways of generating profitable investments with CEFs and ETFs. He leads the investing group Learn more.
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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Long BSL, BGB, BGX!
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