October 4, 2017

The Month in Closed-End Funds: September 2017

by Tom Roseen

Despite a rough patch in mid-September, 61% of all CEFs posted NAV-based returns in the black, with 81% of equity CEFs and 45% of fixed income CEFs chalking up returns in the plus column. As a result of strengthening crude oil prices and other select commodities prices during the month, the Natural Resources CEFs classification (+4.95%) jumped to the top of the equity charts for the first month in 41. And for the tenth month in a row domestic taxable bond CEFs (+0.28%) posted a plus-side return on average, with High Yield CEFs (+0.78%) rising to the top of the charts. In this report we highlight September 2017 CEF performance trends, premiums and discounts, and corporate actions and events.


  • For the tenth month in eleven equity closed-end funds (CEFs) witnessed a plus-side return on average, rising 1.27% on a net-asset-value (NAV) basis for September, while for the first month in three their fixed income CEF counterparts posted a return in the red, declining 0.02%.
  • For September 23% of all CEFs traded at a premium to their NAV, with 22% 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—120 basis points (bps) to 3.07%.
  • Natural Resources CEFs (+4.95%) and Core CEFs (+3.19%) posted the strongest returns in the equity universe, propping up the domestic equity CEFs (+1.43%) macro-group.
  • A relatively strong return from Emerging Markets Debt CEFs (+0.71%) helped keep the world bond CEFs macro-group at the head of the class.
  • Breaking their winning streak, all Lipper municipal debt CEF classifications posted returns in the red, with California Municipal Debt CEFs (-0.59%) being the group laggard.

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

Thomson Reuters Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Get In Touch


Related Reports

Within the European fund industry calculation of fund flows is quite common, since market ...

European Fund-Flow Trends, October 2017 October was the tenth consecutive month ...

Review of the European Fund Industry, Year to Date (Q3-2017) Looking at the headline ...

European Fund-Flow Trends, September 2017 September was the ninth consecutive month ...