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Weekly Closed-End Fund Roundup: February 28, 2021



  • 2 out of 23 CEF sectors positive on price and 2 out of 23 sectors positive on NAV last week.
  • MLPs lead, while Asia equity lags.
  • Some Nuveen funds increase distributions due to adoption of a level distribution policy.
  • I do much more than just articles at CEF/ETF Income Laboratory: Members get access to model portfolios, regular updates, a chat room, and more. Learn More »

Author's note: This article was released to CEF/ETF Income Laboratory members on March 2, 2021. Please check latest data before investing.

The Weekly Closed-End Fund 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 is taken from the close of Friday, February 26th, 2021.

Weekly performance roundup

2 out of 23 sectors were positive on price (down from 7 last week) and the average price return was -1.50% (down from -0.60% last week). The lead gainer was MLPs (+0.89%), followed by New York Munis (+0.14%) and Senior Loans (-0.03%), while the weakest sectors by Price were Asia Equity (-4.59%), followed by Convertibles (-3.41%) and Emerging Market Income (-3.31%).

(Source: Stanford Chemist, CEFConnect)

2 out of 23 sectors were positive on NAV (same as last week), while the average NAV return was -1.49% (down from -0.55% last week). The top sectors by NAV were Commodities (+0.29%), Senior Loans (+0.09%) and MLPs (-0.33%). The weakest sectors by NAV were Asia Equity (-3.57%), Convertibles (-3.21%) and Sector Equity (-2.73%).

(Source: Stanford Chemist, CEFConnect)

There were only three premium sectors this week, the leader was Multisector Income (+3.08%), while the sector with the highest discount is MLPs (-15.47%). The average sector discount is -4.89% (up from -4.98% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium/discount increase was New York Munis (+2.11%), Taxable Munis (-2.52%) showed the lowest

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This article was written by

Stanford Chemist profile picture

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 CEF/ETF Income Laboratory.

Features of the service include: managed income portfolios (targeting safe and reliable ~8% yields) making use of high-yield opportunities in the CEF and ETF fund space. These are geared toward both active and passive investors of all experience levels. The vast majority of {CEF/ETF Income Laboratory} holdings are also monthly-payers, for faster compounding and steady income streams. Other features include 24/7 chat, and trade alerts.

Analyst’s Disclosure: I am/we are long ECC, XFLT. 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.

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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Comments (20)

Good data and commentary, thanks.
SleepyInSeattle profile picture
NSL seems to have cut its dividend. Am I wrong?
DeeringBanjo profile picture
pretty varied list this time.
Is the yield on RA correct? Both SA and I calculate it to just over 11%.
Stanford Chemist profile picture
@JGBlake Well spotted, there must have been an error when the data was sourced. My apologies!
While DPG trades at a small premium its underlying assets are sound, has a 10% yield and will flourish when the government passes an infrastructure bill.
The charts labeled with "significant premium/discount increase" (or decrease) are confusing when combined in the same chart. They go in different directions.
An increase in premium is clear (it gets more positive). An increase in the discount to me is clear (it gets more negative). To combine both in the same chart when they are going in different directions becomes unclear. I'm still not sure how to interpret the combined data. A separate chart for each premium and discount and their respective movement up or down would clear up any confusion or the need to interpret at all. Just some constructive feedback from an avid (but confused) reader.
Stanford Chemist profile picture
@Tradar7 Hi there! Sorry for the confusion. An increase in premium/discount here would mean either a small premium getting larger or a wide discount getting narrower. In both cases the fund is getting more expensive. So you can think of the two tables as "getting more expensive" and "getting cheaper". Would that make more sense?
@Stanford Chemist I see what you are saying but the a possible confusion comes in on the discount side. A wide discount getting narrower (discount decreasing) which is contained in a chart labeled an "increase in the P/D" becomes like a double-negative on the D side. A discount increasing can be interpreted as becoming a larger negative value as opposed to a smaller negative value when dealing with negatives if you see where I am coming from in my comment. As a matter of fact that is why I always pause when I read the updates to flip the double-negative on the discount side.

Just some feedback to try to simplify/clarify something that can be read in two totally opposite ways depending on the reader. Thank you much for your response.
Stanford Chemist profile picture
@Tradar7 Thanks! Let me think about how to word is better. Maybe I just need to say that it is more expensive on one graph, and cheaper on the other.
RichAbe profile picture
NCA did not cut it's dividend. Due to a merger it declared 2 dividends payable the same date which equaled the old dividend.
Stanford Chemist profile picture
@RichAbe Thank you for the eagle eye! I did delete it from the Excel screenshot but forgot to do it for the HTML table... will submit an edit!
Thanks for the update. Pretty nasty tech wreck and I am overweight tech, :(. Now HQH, TDF and precious metals are joining in the downslide, so profits for the year are evaporating rapidly. Only the DOW and BDCs seems to be doing well, but my diversified stuff also has a lot of tech, so although holding up better, still not helping much. Been buying the dip, may hold fire with reserve ammo soon as nasty head and shoulders patterns are breaking the right shoulders, and wait for at least a flattening or better yet a resumption of the uptrend. Also discounts to NAV seem to be narrowing or are even at premiums so even less motivation to buy the dip.
Stanford Chemist profile picture
@fujilomi Thank you for sharing! I can't say you would be too unhappy being overweight tech over the entire last year considered!
@Stanford Chemist Yes, and today is very nice. Hope it continues lol. It was just too many down days that made me glum.
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