For November 48% of all CEFs posted NAV-based returns in the black, with 71% of equity CEFs and only 30% of fixed income CEFs chalking up returns in the plus column. Perhaps as a result of a more subdued view for 2018 interest rate hikes after the release of the FOMC’s October/November meeting minutes, interest rate-sensitive securities got a little bump in November, with the Utility CEFs classification (+2.50%) jumping to the top of the equity charts for the first month in nine. For the twelfth month in a row domestic taxable bond CEFs (+0.06%) posted a plus-side return on average, outpacing municipal bond CEFs (-0.45%) but underperforming world income CEFs (+0.17%). The Emerging Markets Debt CEFs (+0.24%) and Global Income CEFs (+0.14%) classifications helped propel the world income macro-group to the top of the podium. In this report we highlight November 2017 CEF performance trends, premiums and discounts, and corporate actions and events.
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