September 6, 2017

The Month in Closed-End Funds: August 2017

by Tom Roseen

  • For the first month in ten equity closed-end funds (CEFs) witnessed a downside return on average, declining 0.53% on a net-asset-value (NAV) basis for August, while for the second consecutive month their fixed income CEF counterparts posted a return in the black, gaining 0.74%.
  • For August 22% of all CEFs traded at a premium to their NAV, with 19% of equity CEFs and 24% of fixed income CEFs trading in premium territory. Thomson Reuters Lipper’s domestic equity CEFs macro-group witnessed the largest narrowing of discounts for the month—19 basis points (bps) to 4.27%.
  • Emerging Markets CEFs (+2.09%) and Emerging Markets Debt CEFs (+1.68%) posted the strongest returns in their respective universes, propping up the world equity CEFs (+0.87%) and world bond CEFs (+1.26%) macro-groups.
  • As a result of a slump in oil prices and crude oil output, Energy MLP CEFs was the laggard of the equity universe (-4.86%).
  • Adding to their winning ways, all of Lipper’s municipal debt CEF classifications posted returns in the black, with New Jersey Municipal Debt CEFs (+1.33%) leading the pack.

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

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