Weekly Closed-End Fund Roundup: August 2, 2019

15 out of 31 CEF sectors positive on price and 10 out of 31 sectors positive on NAV this week.

Munis lead while MLPs lag.

Lots of overvalued funds to swap out of, a short note will be separately published soon.

The

Weekly Closed-End Fund Roundup

will be put out at the start of each week to summarize recent price movements in closed-end fund [CEF] sectors in the last week, as well as to highlight recently concluded or upcoming corporate actions on CEFs, such as tender offers. Most of the information has been sourced from

or the

. I will also link to some articles from Seeking Alpha that I have found for useful reading over the past week. The searchable tag for this feature is "cildoc". Data is taken from the close of

Friday, August 2nd, 2019

.

15 out of 31 sectors were positive on price (down from 18 last week) and the average price return was -0.49% (down from +0.12% last week). The leading sectors were all muni funds, led by New Jersey Munis (+2.08%), while MLPs (-3.86%), Asia Equity (-3.38%) and Latin America Equity (-3.24%) lagged.

(Source: Stanford Chemist, CEFConnect)

10 out of 31 sectors were positive on NAV (down from 24 last week), while the average NAV return was -1.09% (down from +0.12% last week). The top sector by NAV was U.S. Real Estate (+1.04%), while MLPs (-3.61%) lagged.

(Source: Stanford Chemist, CEFConnect)

The top sectors by premium valuation were Preferreds (+3.76%), US Utilities (+3.47%) and Multisector Income (+2.57%), while the sector with the highest discount is Latin American Equity (-11.96%). The average sector discount is -4.95% (up from -5.54% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium/discount increase was covered call (+1.54%), while U.S. Real Estate (-0.49%) showed the largest premium/discount decline. The average change in premium/discount was +0.60% (up from +0.01% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is Pennsylvania Munis (+2.25), while Asia equity had the lowest average 1-year z-score (-0.02). The average z-score is +0.97 (up from +0.74 last week).

(Source: Stanford Chemist, CEFConnect)

The sectors with the highest yields are MLPs (11.77%), global equity dividend (9.98%), Global Growth & Income (9.54%), Emerging Market Income (8.88%) and Covered Call (8.53%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is +7.02% (up from +6.96% last week).

(Source: Stanford Chemist, CEFConnect)

Individual CEFs that have undergone a significant decrease in premium/discount value over the past week, coupled optionally with an increasing NAV trend, a negative z-score, and/or are trading at a discount, are potential buy candidates.

(Source: Stanford Chemist, CEFConnect)

Conversely, individual CEFs that have undergone a significant increase in premium/discount value in the past week, coupled optionally with a decreasing NAV trend, a positive z-score, and/or are trading at a premium, are potential sell candidates.

(Source: Stanford Chemist, CEFConnect)

These are sorted in ascending order of distribution change percentage. Funds with distribution changes announced this month are included. Any distribution declarations made this week are in

bold.

I've also added monthly/quarterly information as well as yield, coverage (after the boost/cut), discount and 1-year z-score information. I've separated the funds into two sub-categories, cutters and boosters.

*Note: the database has not yet been updated for August distribution announcements.

Recommended reads are in

bold

.

Alpha Male presents The Sale On HPI Has Come And Gone (Aug. 2)

Arbitrage Trader presents Weekly Review: High-Yield CEFs - FSD Increased Its Dividend For August (Aug. 1), Weekly Review: Municipal Bond CEFs - The Focus Is On The Decision Of Fed (Aug. 1)

BOOX Research presents Invesco CEF Income Composite Portfolio ETF: Mid-Year Performance Review (Aug. 1)

Douglas Albo presents Equity CEFs: 40%+ Swap Idea (Aug. 1), Equity CEFs: There's Only One Voya Fund To Buy - IGA (Jul. 29)

Michael Foster Financial Services presents EDF Is The Worst Emerging Market CEF To Buy Now (Aug. 2), Why QQQX's Premium Disappeared (Aug. 1),

Maks F. S. presents BlackRock Resources & Commodity Trust: Here Is Your Opportunity (Aug. 2), Wells Fargo Multi Sector Income Fund: Participated In The Rally, Still Not A Fan (Jul. 28)

Nairu Capital presents Defensive Alpha With The BlackRock Enhanced Equity Dividend Fund (Aug. 1)

Nick Ackerman presents RIV Or FOF: Both Closed-End Funds Provide Diversification To Investors With A 'Fund Of Funds' Approach (Jul. 29), RQI: Solid Fund To Manage Your REITs Exposure (Jul. 29)

Power Hedge presents CEN: An Interesting, Leveraged Bet On Midstream (Jul. 26)

RockieK presents Cautionary Comments On Calamos Convertible Opportunities & Income Fund (Aug. 1)

*Stanford Chemist presents Weekly Closed-End Fund Roundup: Get Ready For An ECC Pullback (Jul. 30)

Fear & Greed Trader presents S&P 500 Weekly Update: Tariff Tantrums And A Flight To Safety - Relax And Be Patient (Aug. 3)

Jeff Miller presents Weighing The Week Ahead: Did The Facts Change Your Mind? (Aug. 4)

Lance Roberts presents Fed Rate Cut - Too Little, Too Late, As Trump Hikes Tariffs (Aug. 4)

I am/we are long THE PORTFOLIOS.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

This article was first released to CEF/ETF Income Laboratory subscribers 2 weeks ago, so data may be out of date. Please check latest data before making investment decisions.