Weekly Closed-End Fund Roundup: June 5, 2022

Jun. 13, 2022 7:29 AM ETASA, BFK, BIGZ, BTA, CEE, CLM, CRF, EDF, EDI, ETX, FLC, GGT, GLU, GLU.PA, GRF, HIX, HPS, JPS, NHS, NZF, OCCI, OXLC, PTY, RLTY, RMI2 Comments

Summary

  • 7 out of 23 CEF sectors positive on price and 11 out of 23 sectors positive on NAV last week.
  • CLM/CRF rights offerings expiring this week.
  • NEV/NZF have merged.
  • BTO increases its quarterly distribution.
  • Looking for a helping hand in the market? Members of CEF/ETF Income Laboratory get exclusive ideas and guidance to navigate any climate. Learn More »

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Author's note: This article was released to CEF/ETF Income Laboratory members on June 7th, 2022. 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. Data is taken from the close of Friday, June 3rd, 2022.

Weekly performance roundup

7 out of 23 sectors were positive on price (down from 22 last week) and the average price return was -0.20% (down from +4.47% last week). The lead gainer was Asia Equity (+1.46%) while Preferreds lagged (-2.15%).

Weekly Closed-End Fund Roundup: June 5, 2022 - Sector Top 5 gainers and losers (Price)

Income Lab

11 out of 23 sectors were positive on NAV (down from 22 last week), while the average NAV return was +0.20% (up from +0.56% last week). The top sector by NAV was MLPs (+1.95%) while the weakest sector by NAV was Taxable Munis (-4.22%).

Weekly Closed-End Fund Roundup: June 5, 2022 - Top 5 gainers and losers - NAV

Income Lab

The sector with the highest premium was Taxable Munis (+2.13%), while the sector with the widest discount is MLPs (-16.19%). The average sector discount is -5.5% (down from -5.45% last week).

Weekly Closed-End Fund Roundup - Sector top 5 premia and discount changes

Income Lab

The sector with the highest premium/discount increase was Preferreds (-2.11%), while California Munis (+1.43%) showed the lowest premium/discount decline. The average change in premium/discount was +0.13% (down from +0.74% last week).

Weekly Closed-End Fund Roundup - Sector top 5 premia and discount changes

Income Lab

The sector with the highest average 1-year z-score is Taxable Munis (+0.65), while the sector with the lowest average 1-year z-score is Senior Loans (-1.65). The average z-score is -0.73 (up from 0.74 last week).

Weekly Closed-End Fund Roundup - Sector top 5 highest and lowest z-scores

Income Lab

The sectors with the highest yields are Asia Equity (14.87%), Global Equity (10.94%), and Limited Duration (10.45%). Discounts are included for comparison. The average sector yield is +7.99% (down from +8.29% last week).

Weekly Closed-End Fund Roundup - sector top 5 yields

Income Lab

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.

Fund Ticker P/D decrease Yield P/D z-score Price change NAV change
Cornerstone Strategic Value (CLM) -14.56% 20.66% 31.58% -0.2 -5.49% 5.84%
Cornerstone Total Return Fund (CRF) -10.68% 20.48% 32.29% -0.2 -3.33% 5.79%
EV Municipal Income 2028 Term Trust (ETX) -8.52% 4.20% 2.64% -0.1 -7.45% 0.25%
Eagle Capital Growth (GRF) -5.75% 10.33% -8.12% 0.8 3.03% 4.93%
Cohen & Steers Real Estate Opp & Inc Fd (RLTY) -5.30% 7.18% -7.75% 0.0 -3.71% 1.89%
Flah&Crum Total Return Fund (FLC) -5.00% 7.83% -1.16% -0.9 -4.84% 0.00%
BlackRock Long-Term Muni Advantage (BTA) -4.45% 5.66% 1.94% 0.2 -3.43% 0.80%
BlackRock Municipal Income (BFK) -4.14% 4.49% 0.57% -0.2 -3.34% 0.65%
JHancock Preferred Income III (HPS) -4.04% 7.90% 3.34% -0.5 -4.08% -0.31%
Nuveen Pref & Income Securities (JPS) -3.56% 7.56% -9.92% -2.0 -3.46% 0.36%

Weekly Closed-End Fund Roundup - largest premium/discount decrease

Income Lab

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.

Fund Ticker P/D increase Yield P/D z-score Price change NAV change
OFS Credit Company Inc (OCCI) 9.42% 19.21% -8.60% -1.0 8.53% 0.00%
Virtus Stone Harbor Emg Mkts Total Inc (EDI) 6.17% 13.29% 5.33% -0.1 5.51% -0.66%
Virtus Stone Harbor Emerging Markets Inc (EDF) 6.17% 12.54% 13.21% 0.4 4.94% -0.78%
The Central Europe & Russia Fund (CEE) 6.11% 8.59% 53.31% 2.2 5.90% 1.69%
Gabelli Multimedia (GGT) 5.20% 10.85% 35.85% 2.4 1.76% -2.13%
Oxford Lane Capital Corp (OXLC) 5.03% 13.33% 6.83% -0.9 0.90% 0.00%
BlackRock Innovation & Growth Tr (BIGZ) 3.89% 9.46% -14.29% -1.1 1.37% 2.88%
PIMCO Corporate & Income Opportunity Fd (PTY) 3.76% 9.52% 20.73% -0.4 3.46% 0.24%
ASA Gold and Precious Metals Limited (ASA) 3.49% 0.11% -8.87% 2.9 -0.05% -1.79%
RiverNorth Opp Muni Income Fund Inc (RMI) 3.30% 6.92% -4.35% 0.0 4.16% 0.96%

Weekly Closed-End Fund Roundup - largest premium/discount increase

Income Lab

Recent corporate actions

These are from the past month. Any new news in the past week has a bolded date:

June 6, 2022 | Nuveen Municipal Closed-End Funds Announce Completion of Reorganization.

May 24, 2022 | NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND ANNOUNCES FINAL RESULTS OF RIGHTS OFFERING.

May 13, 2022 | Western Asset High Income Fund II Inc. Announces Final Results of Transferable Rights Offering.

Upcoming corporate actions

These are from the past month. Any new news in the past week has a bolded date:

May 23, 2022 | Cornerstone Strategic Value Fund, Inc. Announces the Resumption of its Rights Offering and Change in June 2022 Distribution Record Date.

May 23, 2022 | Cornerstone Total Return Fund, Inc. Announces the Resumption of Its Rights Offering and Change in June 2022 Distribution Record Date.

May 16, 2022 | Cornerstone Strategic Value Fund, Inc. Announces the Suspension of its Rights Offering.

May 16, 2022 | Cornerstone Total Return Fund, Inc. Announces the Suspension of its Rights Offering.

May 2, 2022 | Gabelli Global Utility & Income Trust Announces Rights Offering for Common Shares Record Date and Summary of Terms.

Recent activist or other CEF news

These are from the past month. Any new news in the past week has a bolded date:

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Distribution changes this month

These are sorted in ascending order of distribution change percentage. Funds with distribution changes this month are included. Any distribution declarations made this week are in bold. I've also added monthly/quarterly information as well as yield, coverage (after the boost/cut), discount and 1-year z-score information. I've separated the funds into two sub-categories, cutters and boosters.

Cutters

Weekly Closed-End Fund Roundup - Distribution cuts

Income Lab

Boosters

Weekly Closed-End Fund Roundup - distribution boosters

Income Lab

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Disclosure: I/we have a beneficial long position in the shares of OCCI, CLM, CRF either through stock ownership, options, or other derivatives. 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.

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