Our Privacy Statment & Cookie Policy
All LSEG websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.
For the month, 80% of all closed-end funds (CEFs) posted net-asset-value (NAV)-based returns in the black, with 84% of equity CEFs and 78% of fixed income CEFs chalking up returns in the plus column. For the third consecutive month, Lipper’s domestic equity CEFs macro-group (+3.75%) outpaced its two equity-based brethren: world equity CEFs (+1.73%) and mixed-assets CEFs (+0.76%). The Utility CEFs classification (+8.33%, February’s laggard) for the first month in 15 outperformed all other equity classifications, followed by Energy MLP CEFs (+7.47%) and Natural Resources CEFs (+4.99%).
For the second month in three, the municipal bond CEFs macro-group jumped to the top of the charts, posting a 1.00% return on average, followed by domestic taxable fixed income CEFs (+0.23%) and world income CEFs (-0.87%). Fixed income investors were in search of yield, continuing to rotate out of some of the quality issues. They pushed High Yield CEFs (+0.67%) to the top of the domestic taxable fixed income leaderboard for the first month in five, followed by High Yield CEFs (Leveraged) (+0.49%) and Loan Participation CEFs (+0.32%).
For March, the median discount of all CEFs narrowed 97 bps to 4.63%—narrower than the 12-month moving average median discount (8.03%). In this report, we highlight March 2021 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: March 2021 here.
Refinitiv Lipper delivers data on more than 330,000 collective investments in 113 countries. Find out more.