Closed-end funds have bounced back, but have further to go, says Roseen

NAVigator podcast hosted by Chuck Jaffe

On August 7, 2020, Chuck Jaffe and Tom Roseen talked about closed-end fund trends for July on the Money Life Show. Tom Roseen, Head of Research Services at Refinitiv Lipper, says that closed-end fund discounts currently stand at an average of 8.7%, significantly wider than the 5.65% of the past but improved from February and March as closed-end funds were hammered during the pre-pandemic market downturn in his NAVigator interview. Roseen notes that convertible-securities funds have been exceptionally strong during the bounce back—up 25% over the last three months—but that energy MLP funds remain down more than 58% and that natural resources funds are down 34% year to date as they struggle to regain footing; he expects those trends to continue as the economy and the closed-end space slowly recover.