CEF Weekly Review: The Benefits Of An Open-Ended Fund Merger

Mar. 30, 2024 8:10 AM ETHTY, JPI1 Comment

Summary

  • We review CEF market valuation and performance through the fourth week of March and highlight recent market action.
  • The CEF market saw a solid rally, with equity-linked sectors leading the way.
  • John Hancock Equity CEF HTY is proposing a merger with its mutual fund - this CEF to OEF merger carries a number of benefits for the manager.
  • CEF activist Saba is running a proxy against a Nuveen preferred CEF, advocating for a full termination of the fund rather than it carrying on as a smaller perpetual fund.
  • Looking for a helping hand in the market? Members of Systematic Income get exclusive ideas and guidance to navigate any climate. Learn More »

Signing Agreement

simarik

Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund [CEF] market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide

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This article was written by

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ADS Analytics is a team of analysts with experience in research and trading departments at several industry-leading global investment banks. They focus on generating income ideas from a range of security types including: CEFs, ETFs and mutual funds, BDCs as well as individual preferred stocks and baby bonds.

ADS Analytics runs the investing group Systematic Income which features 3 different portfolios for a range of yield targets as well interactive tools for investors, daily updates and a vibrant community.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of JPI 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. I have no business relationship with any company whose stock is mentioned in this article.

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SymbolLast Price% Chg
HTY--
John Hancock Investments - John Hancock Tax-Advantaged Global Shareholder Yield Fund
JPI--
Nuveen Preferred Securities & Income Opportunities Fund

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