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, 29% of all closed-end funds (CEFs) posted net-asset-value (NAV)-based returns in the black, with 21% of equity CEFs and 36% of fixed income CEFs chalking up returns in the plus column. For the second month in three, Lipper’s mixed-assets CEFs (-1.49%) macro-group outpaced or mitigated losses better than its two equity-based brethren: domestic equity CEFs (-1.97%) and world equity CEFs (-3.69%). Despite a decline in oil prices and concerns of a global recession, for the second month in a row, the Energy MLP CEFs classification (+1.89%) remained at the top of the equity leaderboard, followed by Natural Resources CEFs (+1.24%) and Convertible Securities CEFs (-1.03%).
For the first month in five, the world income CEFs macro-group outpaced or mitigated losses better than the other macro-groups in the fixed income universe, posting a 0.33% gain on average, followed by domestic taxable bond CEFs (-0.03%) and municipal debt CEFs (-3.71%). Fixed income investors appeared to be more internationally risk seeking during the month, shunning higher quality domestic and tax-exempt issues. For the first month in four, investors pushed Loan Participation CEFs (+1.35%) to the top of the domestic taxable fixed income leaderboard, followed by General Bond CEFs (+0.62%) and U.S. Mortgage CEFs (-0.23%).
For August, the median discount of all CEFs widened 40 basis points (bps) to 6.72%—wider than the 12-month moving average median discount (5.17%). In this report, we highlight August 2022 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: August 2022 here.
Refinitiv Lipper delivers data on more than 330,000 collective investments in 113 countries. Find out more.