Weekly Closed-End Fund Roundup: Aug 7, 2022



  • 19 out of 23 CEF sectors positive on price and 17 out of 23 sectors positive on NAV last week.
  • SMM will pay a "Saba special distribution", funded by management.
  • ZTR rights offering is now live.
  • 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 August 9th, 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, August 5th, 2022.

Weekly performance roundup

19 out of 23 sectors were positive on price (down from 21 last week) and the average price return was 0.95% (down from 1.89% last week). The lead gainer was Limited Duration (+2.80%) while MLPs lagged (-3.48%).


Income Lab

17 out of 23 sectors were positive on NAV (down from 21 last week), while the average NAV return was +0.36% (down from +2.09% last week). The top sector by NAV was Convertibles (+2.18%) while the weakest sector by NAV was MLPs (-3.94%).


Income Lab

The sector with the highest premium was Limited Duration (+3.10%), while the sector with the widest discount is MLPs (-14.23%). The average sector discount is -3.59% (up from -5.02% last week).


Income Lab

The sector with the highest premium/discount increase was Limited Duration (+1.97%), while Convertibles (-1.13%) showed the lowest premium/discount decline. The average change in premium/discount was +0.68% (up from -0.19% last week).


Income Lab

The sector with the highest average 1-year z-score is Covered Call (+0.97), while the sector with the lowest average 1-year z-score is Senior Loans (-0.49). The average z-score is -0.19 (up from -0.30 last week).


Income Lab

The sectors with the highest yields are Asia Equity (15.18%), Global Equity (11.12%), and Emerging Market Income (10.05%). Discounts are included for comparison. The average sector yield is +8.00% (down from +8.36% last week).


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
Calamos Convertible Opp Inc (CHI) -6.29% 9.08% 9.98% 2.4 -3.38% 2.15%
The Central Europe and Russia Fund (CEE) -4.75% 9.88% 46.30% 1.2 -3.50% 0.15%
PIMCO Access Income (PAXS) -4.05% 8.43% -7.77% 0.0 -3.43% 0.84%
Calamos Convertible & High Income Fund (CHY) -3.51% 9.14% 9.14% 3.0 -0.98% 2.21%
Eaton Vance National Municipal Opprs Tr (EOT) -2.83% 4.03% -3.53% -0.4 -2.62% 0.26%
BlackRock Credit Allocation Income Trust (BTZ) -2.76% 8.75% -7.11% -0.6 -1.46% 1.48%
Nuveen NY Municipal Value (NNY) -2.45% 3.36% -5.91% -1.1 -2.23% 0.32%
Cohen & Steers Ltd Duration Pref & Inc (LDP) -2.40% 7.63% -4.24% -0.6 -1.44% 1.05%
Delaware Enhanced Global Div and Inc (DEX) -2.39% 8.21% -15.12% -1.8 -2.53% 0.22%
Eaton Vance Tax-Managed Buy-Write Income (ETB) -2.27% 7.97% 14.03% 2.0 -1.69% 0.28%


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
Eagle Point Income Co Inc (EIC) 13.39% 8.68% 27.74% 4.4 10.69% 0.00%
BlackRock MuniYield Quality II (MQT) 5.70% 5.11% 2.76% 1.6 6.11% 0.24%
Abrdn Income Credit Strategies Fund (ACP) 5.58% 14.07% 11.65% 2.6 6.36% 1.06%
Cornerstone Strategic Value (CLM) 5.53% 21.00% 26.75% -0.6 4.55% 0.00%
Virtus Total Return Fund Inc (ZTR) 5.46% 10.49% 8.28% 2.8 5.05% -0.24%
BNY Mellon Muni Bond Infrastructure Fund (DMB) 5.33% 4.67% 6.73% 1.2 5.58% 0.31%
John Hancock Hedged Equity & Income Fund (HEQ) 5.31% 9.13% 5.05% 1.8 4.87% -0.41%
PIMCO Strategic Income Fund (RCS) 5.23% 10.91% 17.61% 1.1 4.86% 0.21%
Putnam Managed Muni Income (PMM) 4.98% 5.30% 2.69% 0.9 5.53% 0.43%
Cornerstone Total Return Fund (CRF) 4.90% 21.15% 26.48% -0.7 4.02% 0.00%


Income Lab

Recent corporate actions

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

June 30, 2022 | Gabelli Global Utility & Income Trust Rights Offering Concludes Raising $9.4 Million.

Upcoming corporate actions

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

August 4, 2022 | Saba Capital Reaches Agreement Regarding Salient Midstream & MLP Fund.

August 1, 2022 | Virtus Total Return Fund Inc. Rights Offering Declared Effective. Virtus Total Return Fund Inc.

July 22, 2022 | Delaware Investments National Municipal Income Fund Announces Self-Tender Offer for up to Fifty Percent of Its Shares.

Recent activist or other CEF news

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

July 8, 2022 | Virtus Convertible & Income Fund II Announces Payment of Previously Declared Monthly Common Share Distribution; Reconfirms August 1 Distribution.

July 1, 2022 | Virtus Convertible & Income Fund II Postpones Monthly Distribution on Common Shares.


Distribution changes announced this month

These are sorted in ascending order of distribution change percentage. Funds with distribution changes announced 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.


Name Ticker Change Previous Current Yield Discount z-score Coverage Announced Ex Date
Dreyfus Municipal Income (DMF) -17.2% 0.029 0.024 4.06% -10.37% -0.8 127% 8/1/2022 8/15/2022
Invesco PA Value (VPV) -8.6% 0.0465 0.0425 4.59% -10.75% -0.6 112% 8/1/2022 8/12/2022
First Trust HY Opportunities 2027 Term (FTHY) -5.6% 0.1344 0.1269 9.61% -6.54% -0.4 82% 7/20/2022 8/1/2022
Delaware Investments Dividend & Income (DDF) -4.6% 0.061 0.0582 7.38% 0.60% -0.2 34% 8/4/2022 8/18/2022
Delaware Enhanced Global Div and Inc (DEX) -4.5% 0.0551 0.0526 8.21% -15.12% -1.8 49% 8/4/2022 8/18/2022
Ivy High Income Opportunities Fund (IVH) -4.1% 0.073 0.07 7.43% -9.66% -0.3 110% 8/1/2022 8/16/2022
Wells Fargo Multi-Sec Inc (ERC) -2.0% 0.09095 0.08909 10.38% 0.98% 0.2 71% 7/29/2022 8/11/2022
MFS Multimarket Income (MMT) -1.9% 0.03364 0.03301 8.08% -4.83% -0.6 63% 8/1/2022 8/16/2022
Allspring Inc Opp (EAD) -1.7% 0.05892 0.05792 9.57% -5.35% -0.1 71% 7/29/2022 8/11/2022
MFS Intermediate High Income (CIF) -1.4% 0.01502 0.01481 8.42% 6.57% -0.9 67% 8/1/2022 8/16/2022
MFS Charter Income (MCR) -1.3% 0.04686 0.04623 8.05% -4.17% -0.3 57% 8/1/2022 8/16/2022
Saba Capital Income & Opportunities Fund (BRW) -1.1% 0.09 0.089 12.59% -7.12% 0.1 9% 8/1/2022 8/8/2022
MFS Special Value (MFV) -0.7% 0.03846 0.03818 9.67% -0.63% -2.5 26% 8/1/2022 8/16/2022
Allspring Util & High In (ERH) -0.2% 0.07615 0.07597 7.18% -4.01% -1.3 49% 7/29/2022 8/11/2022


Name Ticker Change Previous Current Yield Discount z-score Coverage Announced Ex Date
MFS Government Markets Inc (MGF) 0.6% 0.02261 0.02274 7.42% -3.41% 0.2 19% 8/1/2022 8/16/2022
Eaton Vance Short Duration Divers Inc (EVG) 0.9% 0.0913 0.0921 9.82% 0.99% 0.8 42% 8/1/2022 8/23/2022
ClearBridge MLP and Midstream (CEM) 1.7% 0.6 0.61 7.67% -16.64% -0.2 -21% 8/2/2022 8/23/2022
ClearBridge MLP and Midstream TR (CTR) 1.9% 0.52 0.53 7.52% -17.84% 0.5 -9% 8/2/2022 8/23/2022
ClearBridge Energy Midstream Opportunity (EMO) 2.0% 0.5 0.51 7.61% -17.70% 1.8 -25% 8/2/2022 8/23/2022
Eaton Vance Senior Income (EVF) 2.7% 0.037 0.038 7.89% -7.37% -0.7 83% 8/1/2022 8/10/2022
Eaton Vance Float-Rate 2022 Target Term (EFL) 3.4% 0.029 0.03 4.19% -0.98% -0.6 105% 8/1/2022 8/10/2022
Pioneer Municipal High Income Opp Fund (MIO) 5.0% 0.06 0.063 5.84% -10.08% 0% 8/4/2022 8/17/2022
Pioneer Municipal High Income Advantage (MAV) 10.0% 0.04 0.044 5.72% -10.48% -1.1 93% 8/4/2022 8/17/2022
Pioneer Municipal High Income (MHI) 20.0% 0.04 0.048 5.81% -11.03% -0.7 95% 8/4/2022 8/17/2022

Strategy statement

Our goal at the CEF/ETF Income Laboratory is to provide consistent income with enhanced total returns. We achieve this by:

  • (1) Identifying the most profitable CEF and ETF opportunities.
  • (2) Avoiding mismanaged or overpriced funds that can sink your portfolio.
  • (3) Employing our unique CEF rotation strategy to "double compound" your income.

It's the combination of these factors that has allowed our Income Generator portfolio to massively outperform our fund-of-CEFs benchmark ETF (YYY) whilst providing growing income, too (approx. 10% CAGR).


Income Lab

Remember, it's really easy to put together a high-yielding CEF portfolio, but to do so profitably is another matter!

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This article was written by

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4) Dividend Seeker: Dividend Seeker began investing, as well as his career in Financial Services, in 2008, at the height of the market crash. This experience gave him a lot of perspective in a short period of time, and has helped shape his investment strategy today. He follows the markets passionately, investing mostly in sector ETFs, fixed-income CEFs, gold, and municipal bonds. He has worked in the Insurance industry in Funds Management, helping to direct conservative investments for claims reserves. After a few years, he moved in to the Banking industry, where he worked as a junior equity and currency analyst. Most recently, he took on an Audit role, supervising BSA/AML Compliance teams for one of the largest banks in the world. He has both a Bachelors and MBA in Finance. He is the "Macro Expert" of the CEF/ETF Income Laboratory.

Disclosure: I/we have a beneficial long position in the shares of EIC, MAV, SMM 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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