August 3, 2017

The Month in Closed-End Funds: July 2017

by Tom Roseen

  • For the ninth month in a row equity closed-end funds (CEFs) witnessed a plus-side return on average, rising 2.14% on a net-asset-value (NAV) basis for July, while for the seventh month in eight their fixed income CEF cohorts posted a return in the black, gaining 0.94%.
  • For July 25% of all CEFs traded at a premium to their NAV, with 22% of equity CEFs and 28% of fixed income CEFs trading in premium territory. Thomson Reuters Lipper’s single-state municipal debt CEFs macro-group witnessed the largest narrowing of discounts for the month—181 basis points (bps) to 4.55%.
  • Emerging Markets CEFs (+4.34%) and Natural Resources CEFs (+3.56%) posted the strongest returns in the equity universe, propping up both the world equity CEFs (+3.12%) and domestic equity CEFs (+1.98%) macro-groups.
  • As a result of a late-month slump in tech stocks, Growth CEFs was the relative laggard of the equity universe (+0.60%).
  • Returning to their winning ways, all of Lipper’s municipal debt CEF classifications posted returns in the black, with New Jersey Municipal Debt CEFs (+0.90%) leading the pack.

Download our Closed-End Funds FundMarket Insight Report: The Month in Closed-End Funds: July 2017 here.

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