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For the month, only 35% of all closed-end funds (CEFs) posted net asset value (NAV)-based returns in the black, with a scant 17% of equity CEFs and 47% of fixed income CEFs chalking up returns in the plus column. For the first month in six, Lipper’s mixed-assets CEFs macro-group (-1.19%) mitigated losses better than its two equity-based brethren: world equity CEFs (-1.80%) and domestic equity CEFs (-3.21%). The Real Estate CEFs classification (-0.46%), for the first month in six, outperformed all other equity classifications, followed by Income & Preferred Stock CEFs (-0.97%) and Developed Markets CEFs (-1.24%). Energy MLP CEFs (-11.80%) posted the worst returns in the equity universe.
For the second month in a row, domestic taxable fixed income CEFs remained at the top of the charts, posting a 0.30% return on average, followed by municipal bond CEFs (-0.16%) and world income CEFs (-0.93%). For the second month in a row, domestic taxable fixed income CEFs remained at the top of the charts, posting a 0.30% return on average, followed by municipal bond CEFs (-0.16%) and world income CEFs (-0.93%).
For September, the median discount of all CEFs widened 80 bps to 9.36%—wider than the 12-month moving average median discount (7.97%). In this report, we highlight September 2020 CEF performance trends, premiums and discounts, and corporate actions and events.
Highlights
Download our Closed-End Funds FundMarket Insight Report: The Month in Closed-End Funds: September 2020 here.
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