For the month, 35% of all CEFs posted NAV-based returns in the black, with only 7% of equity CEFs and 56% of fixed income CEFs chalking up returns in the plus column. The Pacific ex-Japan CEFs classification (-0.80%) mitigated losses better than all the other equity classifications, followed by Emerging Markets CEFs (-2.22%) and Real Estate CEFs (-2.99%). For the third consecutive month, domestic taxable bond CEFs posted a loss on average (-2.13%), bettered by world income CEFs (-0.36%) and municipal bond CEFs (+1.32%). Two of the domestic taxable fixed income CEF classifications posted plus-side returns for the month: U.S. Mortgage CEFs (+0.90%) and Corporate Debt BBB-Rated CEFs (+0.85%). Loan Participation CEFs (-3.35%) and High Yield CEFs (Leveraged) (-2.85%) were the macro-group’s laggards. In this report, we highlight December 2018 CEF performance trends, premiums and discounts, and corporate actions and events.
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