Weekly CEF Roundup: CEFs Tank With Market

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Includes: AVK, BFK, BFY, BKN, BQH, BSD, BTO, BXMX, BYM, CGO, CIF, CLM, CRF, CXH, DBL, DDF, DEX, DHY, DIAX, DSU, EDF, EFL, ETB, ETO, FMO, FTF, FUND, GCV, GIM, GLO, GLQ, GLV, GUT, IAF, IHD, JFR, JHA, JHB, JHD, JHI, JHS, JHY, JMM, JQC, JRO, JRS, JTA, JTD, MCA, MCR, MFL, MFV, MGF, MHD, MHE, MIN, MMT, MNE, MPA, MUE, MUI, MVF, MVT, MXF, MYC, MYD, MYJ, MZA, NAN, NAV, NAZ, NBB, NBD, NCA, NHA, NID, NIQ, NKG, NKX, NMZ, NNC, NOM, NPN, NRK, NSL, NTX, NUM, NUO, NXC, PAI, PCN, PGP, PIM, QQQX, RMT, RVT, SPE, SPXX, SZC, TEI, TSI, TY, TYG, UTG, VCV, VGM, VKI, VKQ, VMM, WEA
by: Stanford Chemist
Summary

CEFs tank with the market, and 0 out of 31 sectors were positive by price.

A look at how the portfolios performed.

Quick analysis of SZC's rights offering results.

Author's note: This article was published for members of the Cambridge Income Laboratory on March 26.

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. 23, 2018.

Weekly performance roundup

CEFs had a very difficult week, mirroring the broader markets. 0 out of 31 sectors were positive (down from 2 last week) and the average price return was -2.32% (down from -0.89%). The top 5 sectors were all fixed income CEF sectors, with price returns ranging from -0.35% to -.80%. On the downside, health/biotech equities dropped -6.11%, MLPs slid -4.94% and U.S. real estate declined by -4.35%.

(Source: Stanford Chemist, CEFConnect)

The performance was similar on a NAV basis. 5 out of 31 sectors were positive on NAV (up from 2 last week), while the average NAV return was -2.18% (down from -0.67%). The top 5 sectors were all muni funds, and they squeezed out NAV gains of between 0.01% to 0.15%. Health/biotech was the largest lower at -6.38% NAV return, followed by MLPs at -6.12% and tax-advantaged equity at -4.99%.

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium is multi-sector income (-0.49%), while the sector with the highest discount is New Jersey munis (-12.83%). The average sector discount is -6.76% (down from -6.64% last week).

(Source: Stanford Chemist, CEFConnect)

U.S. tax-advantage equities showed the largest premium/discount increase (+1.56%), while emerging market income showed the largest premium/discount decline (-1.03%). The average change in premium/discount was -0.11% (up from -0.21% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is MLPs (+0.81) while the sector with the lowest z-score is high-yield (-2.73). The average z-score is -0.70 (down from -0.66 last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest yield is MLPs (11.47%), followed by global growth & income (9.60%), non-U.S. global equity dividend (9.07%), U.S. real estate (8.96%), and multi-sector income (8.95%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is 6.94% (up from 6.67% last week).

(Source: Stanford Chemist, CEFConnect)

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

(PCN)

-4.95%

8.33%

7.43%

-2.0

-4.92%

-0.53%

(DBL)

-4.57%

9.38%

3.14%

-1.1

-3.78%

0.49%

(CRF)

-4.46%

18.51%

14.95%

-0.5

-3.74%

0.00%

(BTO)

-4.13%

3.98%

-1.33%

-1.4

-7.88%

-4.03%

(MVT)

-4.11%

5.27%

-2.63%

-3.0

-4.05%

0.00%

(CLM)

-3.82%

18.86%

12.82%

-0.5

-3.28%

0.00%

(SPE)

-3.49%

9.18%

-14.36%

-3.1

-3.80%

0.12%

(EDF)

-3.47%

13.94%

8.78%

-0.3

-3.97%

-0.90%

(MZA)

-3.44%

3.98%

11.42%

0.6

-2.93%

0.07%

(GUT)

-3.28%

9.22%

38.81%

1.4

-5.92%

-3.70%

(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

(GCV)

7.52%

8.19%

7.52%

1.7

2.63%

-4.55%

(SPXX)

5.64%

6.50%

10.74%

2.5

-0.46%

-5.53%

(ETO)

4.06%

8.58%

7.29%

3.8

-2.08%

-5.78%

(IHD)

3.73%

7.71%

0.00%

3.0

0.63%

-3.13%

(TYG)

3.71%

10.56%

7.83%

0.1

-4.65%

-7.93%

(IAF)

3.65%

10.53%

-0.65%

1.7

-2.41%

-5.99%

(CGO)

3.47%

8.11%

13.68%

2.3

-1.47%

-4.48%

(MFV)

3.29%

9.63%

7.92%

0.7

0.49%

-2.57%

(PGP)

3.16%

10.70%

28.48%

-1.1

-0.65%

-3.10%

(ETB)

3.16%

8.24%

3.97%

1.5

-3.14%

-6.09%

(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:

March 22, 2018 | The Cushing® Renaissance Fund (NYSE: SZC) (the "Fund") announced the results of its transferable rights offering (the "Offer"). The Offer commenced on February 16, 2018 and expired on March 22, 2018 (the "Expiration Date"). The Offer entitled rights holders to subscribe for up to an aggregate of 1,951,286 of the Fund's common shares of beneficial interest, par value $0.001 per share ("Common Shares"). The subscription price was $14.88 per Common Share and was determined based upon a formula equal to 78% of the Fund's net asset value ("NAV") per Common Share at the close of trading on the New York Stock Exchange ("NYSE") on the Expiration Date. The Offer was over-subscribed. Common Shares will be issued promptly after completion and receipt of all shareholder payments and the pro-rata allocation of Common Shares in respect of the over-subscription privilege. Gross proceeds of the Offer are expected to be approximately $29.3 million. The Fund intends to invest the net proceeds of the Offer in accordance with its investment objective and policies.

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. (NYSE: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.

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).

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 4.07% -11.25% 0.4 35% 3/13/2018 3/21/2018
Fid/Claymore MLP Opportunity (FMO) -25.0% 0.4308 0.3231 12.10% -0.65% -0.7 0% 3/2/2018 5/14/2018
BlackRock NY Municipal Bond (BQH) -22.0% 0.059 0.046 4.20% -14.76% -2.7 110% 3/1/2018 3/14/2018
BlackRock MuniHoldings Inv Qty (MFL) -21.0% 0.0715 0.0565 5.22% -8.66% -3.5 107% 3/1/2018 3/14/2018
JH Income Securities (JHS) -20.4% 0.2181 0.1737 4.97% -5.10% 0 35% 3/1/2018 3/9/2018
BlackRock NY Municipal Inc II (BFY) -19.7% 0.061 0.049 4.53% -13.58% -3.3 111% 3/1/2018 3/14/2018
BlackRock MuniYield NJ (MYJ) -19.3% 0.075 0.0605 5.19% -10.15% -2.9 107% 3/1/2018 3/14/2018
Royce Value Trust (RVT) -17.1% 0.35 0.29 7.55% -9.21% 0.4 5% 3/2/2018 3/9/2018
Massachusetts Tax-Exempt Trust (MHE) -17.0% 0.053 0.044 3.89% 1.16% 0.5 108% 3/1/2018 3/14/2018
BlackRock MuniYield CA (MYC) -16.1% 0.062 0.052 4.71% -11.89% -3.5 109% 3/1/2018 3/14/2018
BlackRock MuniYield Arizona (MZA) -16.1% 0.062 0.052 3.98% 11.42% 0.6 108% 3/1/2018 3/14/2018
BlackRock MuniHoldings Qty II (MUE) -15.6% 0.064 0.054 5.29% -10.06% -2.8 110% 3/1/2018 3/14/2018
JH Investors Trust (JHI) -14.4% 0.356 0.3048 7.37% -6.50% -1 34% 3/1/2018 3/9/2018
Nuveen Credit Strat. Income (JQC) -13.7% 0.0475 0.041 6.21% -12.00% -2 93% 3/1/2018 3/14/2018
BlackRock Muni Inc Qty Trust (BYM) -13.3% 0.06 0.052 4.80% -11.68% -2.4 111% 3/1/2018 3/14/2018
BlackRock MuniVest Fund II (MVT) -13.0% 0.073 0.0635 5.27% -2.63% -3 107% 3/1/2018 3/14/2018
Templeton Emerging Mkts Income (TEI) -12.8% 0.2953 0.2574 8.85% -7.84% 2.6 28% 3/14/2018 3/27/2018
BlackRock Strategic Muni (BSD) -12.3% 0.065 0.057 5.47% -11.15% -2.4 105% 3/1/2018 3/14/2018
Nuveen MO Quality Muni Income (NOM) -12.3% 0.053 0.0465 4.12% 0.67% -1.6 102% 3/1/2018 3/14/2018
Nuveen Floating Rate Inc Opps (JRO) -12.1% 0.0705 0.062 6.88% -4.67% -2 89% 3/1/2018 3/14/2018
Delaware MN Muni Income II (VMM) -11.8% 0.0425 0.0375 3.55% -10.88% -1.8 115% 3/1/2018 3/15/2018
Nuveen NC Quality Muni Income (NNC) -11.4% 0.044 0.039 3.83% -15.20% -2.6 105% 3/1/2018 3/14/2018
BlackRock MuniYield CA Quality (MCA) -11.1% 0.0585 0.052 4.72% -13.25% -2.8 110% 3/1/2018 3/14/2018
Nuveen AZ Quality Muni Income (NAZ) -11.1% 0.0495 0.044 3.90% -3.84% -1.8 107% 3/1/2018 3/14/2018
BlackRock MuniYield PA Quality (MPA) -10.9% 0.0623 0.0555 4.97% -12.02% -3 110% 3/1/2018 3/14/2018
BlackRock MuniVest (MVF) -10.9% 0.046 0.041 5.60% -6.59% -4.3 106% 3/1/2018 3/14/2018
Nuveen NY Quality Muni Income (NAN) -10.3% 0.0535 0.048 4.55% -13.36% -2.9 106% 3/1/2018 3/14/2018
BlackRock Muni NY Intermed. Du (MNE) -10.1% 0.0445 0.04 3.76% -14.52% -2.5 110% 3/1/2018 3/14/2018
BlackRock Muni Inter Duration (MUI) -10.1% 0.0495 0.0445 4.10% -13.24% -2.9 110% 3/1/2018 3/14/2018
Royce Micro Cap Trust (RMT) -10.0% 0.2 0.18 7.71% -9.41% 1.8 4% 3/2/2018 3/9/2018
BlackRock Municipal Income (BFK) -10.0% 0.065 0.0585 5.50% -9.30% -3.5 103% 3/1/2018 3/14/2018
Nuveen CA AMTFree Qlty Muni In (NKX) -9.7% 0.062 0.056 4.99% -11.66% -3 103% 3/1/2018 3/14/2018
Nuveen High Income Dec 2019 Ta (JHD) -9.6% 0.0415 0.0375 4.57% -1.99% -0.7 106% 3/1/2018 3/14/2018
Nuveen Multi-Market Income (JMM) -9.1% 0.033 0.03 5.01% -10.35% -2.8 101% 3/1/2018 3/14/2018
Credit Suisse High Yield Bond (DHY) -9.1% 0.022 0.02 9.02% -1.48% -1.6 94% 3/1/2018 3/15/2018
BlackRock MuniYield (MYD) -9.0% 0.067 0.061 5.50% -8.08% -2.3 107% 3/1/2018 3/14/2018
Nuveen TX Quality Muni Income (NTX) -8.5% 0.053 0.0485 4.43% -11.98% -2.8 98% 3/1/2018 3/14/2018
Nuveen Floating Rate Income (JFR) -8.1% 0.0675 0.062 6.90% -5.77% -1.8 90% 3/1/2018 3/14/2018
BlackRock Invst. Quality Muni (BKN) -8.1% 0.062 0.057 5.05% -11.79% -2.4 109% 3/1/2018 3/14/2018
Nuveen Real Estate Income (JRS) -8.0% 0.25 0.23 9.69% -3.06% -0.9 18% 3/1/2018 3/14/2018
Nuveen High Income Dec 2018 Ta (JHA) -7.7% 0.0325 0.03 3.66% -1.30% -0.6 105% 3/1/2018 3/14/2018
Nuveen Muni High Inc Opp (NMZ) -7.7% 0.065 0.06 5.79% -5.76% -4.2 107% 3/1/2018 3/14/2018
Nuveen MI Quality Muni Income (NUM) -7.3% 0.048 0.0445 4.24% -15.73% -2.4 108% 3/1/2018 3/14/2018
Nuveen High Inc Nov 2021 Target (JHB) -7.0% 0.05 0.0465 5.79% -3.31% -1.6 113% 3/1/2018 3/14/2018
Nuveen Inter Dur Quality Muni (NIQ) -6.8% 0.037 0.0345 3.32% -8.04% -1.7 106% 3/1/2018 3/14/2018
Nuveen OH Quality Muni Income (NUO) -6.7% 0.052 0.0485 4.25% -15.07% -2.9 107% 3/1/2018 3/14/2018
Nuveen High Income 2020 Target (JHY) -6.4% 0.047 0.044 5.39% 0.00% -1.3 105% 3/1/2018 3/14/2018
Nuveen Senior Income (NSL) -6.3% 0.0395 0.037 6.87% -5.00% -0.9 88% 3/1/2018 3/14/2018
Nuveen GA Quality Muni Income (NKG) -6.2% 0.0405 0.038 3.95% -12.97% -2.8 111% 3/1/2018 3/14/2018
BlackRock MuniHoldings Fund (MHD) -6.0% 0.0745 0.07 5.55% -8.52% -2.2 104% 3/1/2018 3/14/2018
Nuveen Intermediate Dur Muni (NID) -6.0% 0.05 0.047 4.57% -8.25% -2.1 102% 3/1/2018 3/14/2018
Nuveen Muni 2021 Target Term (NHA) -5.7% 0.0175 0.0165 2.09% -1.97% -1.1 110% 3/1/2018 3/14/2018
Invesco Muni Invst. Grade T (VGM) -5.5% 0.0636 0.0601 5.94% -10.60% -2.8 112% 3/1/2018 3/14/2018
Nuveen PA Municipal Value Fund (NPN) -5.5% 0.0455 0.043 3.55% -1.49% -1.4 102% 3/1/2018 3/14/2018
Invesco Adv Muni Inc II (VKI) -5.5% 0.0547 0.0517 5.88% -10.37% -2.9 113% 3/1/2018 3/14/2018
Nuveen CA Select Tax-Free (NXC) -5.4% 0.0465 0.044 3.82% -7.71% -2.9 104% 3/1/2018 3/14/2018
Nuveen NY AMTFree Qlty Muni In (NRK) -5.3% 0.0475 0.045 4.47% -13.59% -3 107% 3/1/2018 3/14/2018
Nuveen CA Muni Value (NCA) -5.0% 0.03 0.0285 3.67% -8.89% -2.9 105% 3/1/2018 3/14/2018
Invesco Municipal Trust (VKQ) -4.7% 0.0591 0.0563 5.84% -11.82% -2.7 117% 3/1/2018 3/14/2018
Invesco CA Value Muni (VCV) -4.7% 0.0535 0.051 5.30% -11.09% -2.9 96% 3/1/2018 3/14/2018
Clough Global Div and Inc Fund (GLV) -4.3% 0.1225 0.1172 11.20% -7.99% -0.9 1% 3/9/2018 3/16/2018
Putnam Master Intermediate Inc (PIM) -3.8% 0.026 0.025 6.37% -5.99% -0.4 90% 3/16/2018 4/23/2018
Clough Global Equity (GLQ) -3.5% 0.127 0.1226 10.99% -8.22% -0.5 -4% 3/9/2018 3/16/2018
Templeton Global Income (GIM) -3.3% 0.018 0.0174 4.28% -11.77% -0.5 175% 3/1/2018 3/14/2018
Clough Global Opportunities (GLO) -3.2% 0.1046 0.1013 11.37% -10.99% -1.3 -4% 3/9/2018 3/16/2018
MFS Intermediate High Income (CIF) -2.7% 0.02198 0.02139 9.23% 5.70% 1.2 60% 3/1/2018 3/13/2018
MFS Special Value Trust (MFV) -2.6% 0.05052 0.04919 9.63% 7.92% 0.7 28% 3/1/2018 3/13/2018
MFS Multi-Market Income (MMT) -2.1% 0.04387 0.04295 9.06% -10.25% -2.2 54% 3/1/2018 3/13/2018
MFS Government Markets Income (MGF) -1.9% 0.03032 0.02973 7.77% -5.94% -1.1 38% 3/1/2018 3/13/2018
MFS Charter Income (MCR) -1.9% 0.06136 0.06022 8.97% -9.54% -1.9 51% 3/1/2018 3/13/2018
Franklin Limited Duration Inco (FTF) -1.8% 0.103 0.1011 10.82% -6.43% -0.2 32% 3/15/2018 3/28/2018
MFS Intermediate Income (MIN) -1.5% 0.03083 0.03036 9.29% -7.33% -1.4 25% 3/1/2018 3/13/2018

Fund Ticker Change Previous Current Yield Discount z-score Coverage Announced Ex-Date
Western Asset Premier Bond (WEA) 0.0% 0.065 0.065 6.11% -7.94% -1.8 99% 3/5/2018 3/22/2018
Advent Claymore Conv & Income (AVK) 0.2% 0.117 0.1172 9.34% -10.84% -1.4 49% 3/1/2018 3/14/2018
EV Float-Rate 2022 Target Term (EFL) 2.4% 0.041 0.042 5.44% -5.22% 0 77% 3/1/2018 3/9/2018
Reaves Utility Income (UTG) 6.3% 0.16 0.17 7.45% -8.61% -1 57% 3/15/2018 4/19/2018
Nuveen S&P 500 B-W Income (BXMX) 7.2% 0.2285 0.245 7.53% -2.18% -0.3 6% 3/1/2018 3/14/2018
Nuveen Tax-Adv Div Growth (JTD) 8.1% 0.31 0.335 8.31% -3.76% 0.9 11% 3/1/2018 3/14/2018
Nuveen Tax-Adv Total Return (JTA) 8.9% 0.248 0.27 8.34% -4.22% 0.9 11% 3/1/2018 3/14/2018
Nuveen S&P Dynamic Overwrite (SPXX) 10.9% 0.2525 0.28 6.50% 10.74% 2.5 6% 3/1/2018 3/14/2018
Nuveen Dow 30 Dynamic Overwrit (DIAX) 12.7% 0.275 0.31 7.17% -2.59% 1.5 7% 3/1/2018 3/14/2018
Nuveen NASDAQ 100 Dynamic Over (QQQX) 13.5% 0.37 0.42 6.96% 8.79% 2.3 1% 3/1/2018 3/14/2018
Mexico Fund (MXF) 15.4% 0.13 0.15 3.78% -14.89% -1.3 14% 3/7/2018 4/18/2018
Sprott Focus Trust (FUND) 29.0% 0.1 0.129 6.58% -7.64% 2.6 6% 3/5/2018 3/14/2018
TCW Strategic Income (TSI) 82.0% 0.0575 0.10467 4.98% -6.76% -0.3 21% 3/16/2018 3/27/2018
Delaware Enhanced Gbl Div&Inc (DEX) 109.1% 0.0525 0.1098 11.45% -6.19% 2 24% 3/1/2018 3/15/2018
Delaware Inv Div & Inc (DDF) 148.8% 0.04 0.0995 11.48% -6.56% 4.1 26% 3/1/2018 3/15/2018

CEF analysis from around Seeking Alpha...

Arbitrage Trader presents Weekly Review: Municipal Bonds CEFs (Mar. 22) and Weekly Review: High Yield CEFs (Mar. 22)

Douglas Albo presents Equity CEFs: Gabelli Announces Rights Offering For GUT (Mar. 20) and Equity CEF: Show Me The Smart Money (Mar. 22)

Maks F.S. presents DHG - Scratch It Off Of The List (Mar. 18), CEE: Sanctions? Big Whoop... Here Is A 12% Discount! (Mar. 19), and NQP - America '15% Off' Sale (Mar. 24)

*Stanford Chemist presents Why CEF Distribution Stability Is Overvalued (Mar. 25), Tekla Healthcare Investors Cuts Distributions By 8%, But Don't Panic And Here's What To Do (Mar. 22), Quick Analysis On Cushing Renaissance Fund Right's Offering (Mar. 21), The Chemist's 'High-High-Low' CEF Report - February 2018 (Mar. 21) and Sell Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (Mar. 18)

Steven Bavaria presents High Yield For Granny: The Savvy 'Widow & Orphans' Income Factory (Mar. 20)

*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 'Bottoming' Process For Stocks Or A Deeper 'Correction' Looming? (Mar. 24)

Jeff Miller presents Weighing The Week Ahead: Can A Trade War Be Avoided? (Mar. 25)

Lance Roberts presents The Market Breaks, Has The Bull Market Ended? (Mar. 25)

Cambridge Income Laboratory members only

Here, we provide exclusive commentary and actionable takeaways on specific funds. In this issue, we discussed the performance of our portfolios in the difficult week (excerpt reproduced below, for those that may be interested in what our premium service offers), the impact of Cushing Renaissance Fund (SZC)'s recently completed rights offering on NAV, and a number of possible overvalued CEFs to sell or replace.

So markets had a very difficult week last week, with the S&P 500 falling by -5.95%, the Dow by -5.67% and NASDAQ by -7.29%. CEFs were not immune and we saw all 31 sectors decline by price, although 5 sectors (mainly muni funds) did manage to eke out a nominal NAV gain.

Chart

^SPX data by YCharts

Taking a quick look at the performance of the portfolios last week, we saw that they provided pretty good downside protected compared to SPY. Despite holding leveraged CEFs and ETNs, the portfolios still fell significantly less than the SPY primarily due to their diversification into fixed income instruments.

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.

Additional disclosure: I am long the portfolio securities.