The Financial & Risk business of Thomson Reuters is now Refinitiv

All names and marks owned by Thomson Reuters, including "Thomson", "Reuters" and the Kinesis logo are used under license from Thomson Reuters and its affiliated companies.

February 6, 2018

The Month in Closed-End Funds: January 2018

by Tom Roseen.

For the month of January 58% of all closed-end funds (CEFs) posted NAV-based returns in the black, with 78% of equity CEFs and 44% of fixed income CEFs chalking up returns in the plus column. A continued synchronization in global growth and rallies in select commodities helped push related CEF classifications to the top of the charts for January. Emerging Markets CEFs (+7.19%) jumped to the top of the equity charts for the first month in five. For the fourteenth month in a row domestic taxable bond CEFs (+0.73%) posted a plus-side return on average but underperformed their world income CEFs (+1.45%) cohort. Muni CEFs declined 1.40% for the month. In this report we highlight January 2018 CEF performance trends, premiums and discounts, and corporate actions and events.


  • For the fifth month in a row equity CEFs witnessed a plus-side return on average, rising 2.88% on a NAV basis for January, while for the second month in three their fixed income CEF counterparts posted a negative return, losing 0.27% on average for the month.
  • For January only 13% of all CEFs traded at a premium to their NAV, with 16% of equity CEFs and 11% of fixed income CEFs trading in premium territory. World equity CEFs witnessed the only narrowing of discounts for the month among Thomson Reuters Lipper’s macro-groups—34 basis points (bps) to 8.86%.
  • Emerging Markets CEFs (+7.19%) and Energy MLP CEFs (+6.74%) posted the strongest classification returns in the equity universe.
  • For the first month in three world equity CEFs (+5.27%) outpaced their domestic equity CEF (+2.47%) and mixed-asset CEF (+1.20%) macro-group counterparts.
  • None of the municipal debt CEF classifications posted returns in the black for January, with Intermediate Municipal Debt CEFs (-0.96%) and High Yield Municipal Debt CEFs (-0.97%) mitigating losses better than the other classifications in the group.

Download our Closed-End Funds FundMarket Insight Report: The Month in Closed-End Funds: January 2018 here.

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

Get In Touch


Related Reports

  Fixed income funds posted a positive return of 0.38% on average for Q3 2018 ...

For the month only 46% of all closed-end funds (CEFs) posted net asset value (NAV)-based ...

U.S. investors embraced domestic issues on strong corporate profits and economic ...

For the month 80% of all closed-end funds (CEFs) posted net-asset-value (NAV)-based ...