The Month In Closed-End Funds: August 2021

Summary

• For the tenth month running, equity CEFs on average posted positive returns, rising 1.43% on an NAV basis for August.
• While, for the sixth consecutive month, fixed income CEFs posted plus-side returns (+0.29%).
• Thirty-seven percent of all CEFs traded at a premium to their NAV, with 32% of equity CEFs and 41% of fixed income CEFs trading in premium territory.
• Developed Markets CEFs (+2.85%) for the first month in 22 posted the strongest one-month returns of the equity classifications in the CEF universe for August.
• For the first month in six, the High Yield CEFs (Leveraged) (+0.89%) classification posted the strongest plus-side returns in the domestic taxable fixed income CEF macro-group for August.

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For the month, 70% of all closed-end funds (CEFs) posted net-asset-value (NAV) based returns in the black, with 86% of equity CEFs and 59% of fixed income CEFs chalking up returns in the plus column. For the first month in eight, Lipper’s world equity CEFs (+2.03%) macro-group

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.