August 11, 2020

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

by Tom 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.

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