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The Quality Closed-End Fund Report, July 2022



  • Only funds with coverage >100% are considered.
  • Top lists of discount, yield, DxY and DxYxZ are given.
  • Top DxYxZ funds are HFRO, ARDC, and SRV.
  • 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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Alistair Berg

Author’s note: This article was released to CEF/ETF Income Laboratory members on July 22, 2022. Please check latest data before investing.

Quantitative screens help to rapidly narrow down attractive candidates from the database of 500-plus closed-end funds for further due

In the members section, we provide specific commentary on the top ranked funds and discuss whether they deserve a place in your income portfolio.https://static.seekingalpha.com/uploads/2019/5/2/27546953-15567808556447084.png At the CEF/ETF Income Laboratory, we manage closed-end fund (CEF) and exchange-traded fund (ETF) portfolios targeting safe and reliable ~8% yields to make income investing easy for you. Check out what our members have to say about our service.

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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/we have a beneficial long position in the shares of ARDC 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.

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 (18)

7865671 profile picture
Anybody have insight why HFRO's discount is so wide? I looked at this fund last year when the discount was in the high teens and passed over concerns regarding some litigation against Highland, but never connected this to HFRO specifically. In any case, a perennial discount of >20% should be a warning sign, but I'm just not sure of what.
Stanford Chemist profile picture
@7865671 Good question and you are right to be skeptical. Besides the ongoing litigation, there are management concerns and also a complex portfolio with possible cross-ownership and conflicts of interest, see
@Stanford Chemist Wow after reading your article from a year ago, I am now concerned about my HFRO position. Since they are still a CEF, they were probably unsuccessful in transitioning to a holding company. Maybe I should drop HFRO now as I am not one for Drama and I don't like shady management.
Stanford Chemist profile picture
@Max 2.0 Thank you for reading, good luck!
Pearsonpc profile picture
Thank you Gentlemen. I will begin a review of CEF's based upon your information. I am very grateful for your expertise. Jim
congie66 profile picture
Would it make sense to add KIO to a CEF-diversified tax-sheltered portfolio that already holds a CHY position? Thank you
Stanford Chemist profile picture
@congie66 Hi there! KIO and CHY are substantially different - with CHY holding a significant amount of convertibles which are equity-like. So it's fine to own both, in my opinion. CHY is actually quite expensive at the moment at a +10.88% premium, we have been recommending our members to switch to something like ECF at a -11.52% discount.
congie66 profile picture
@Stanford Chemist Great answer! Thanks ... looking at the swap now...
congie66 profile picture
@Stanford Chemist again, thanks for the idea but I cannot find the correct symbol for Gabelli Series E Preferred ["ECF" brings up EAton Vance]
Advisor757 profile picture
I have positions in OXLC and still winning with it. I also have JGH but it seems it has lost some of its luster. Don't see it listed after performing well a few months back.
I look forward to this report each week. I got ARDC, HFRO and OXLC on your lists. I purchased all last week. My thinking its important to have at least 100% coverage on credit funds in this environment.
@Max 2.0 It's a good weekly article I agree!
Stanford Chemist profile picture
@Max 2.0 Thank you! Don't forget that these (monthly) screens are just the first step in conducting further due diligence before each purchase. Good luck!
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