每周封闭式基金综述：2019年9月27日

18 out of 31 CEF sectors positive on price and 19 out of 31 sectors positive on NAV this week.

Munis lead while MLPs lag.

Voya slashes distributions on its equity CEFs.

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 CEFInsight or the Closed-End Fund Center. 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 September 27th, 2019.

13 out of 31 sectors were positive on price (down from 18 last week) and the average price return was -0.43% (down from 0.35% last week). The leading gainers were Investment Grade (+1.29%), California Munis (+1.26%) and High Yield Munis (+1.02%), while MLPs (-2.71%) lagged.

(Source: Stanford Chemist, CEFConnect)

11 out of 31 sectors were positive on NAV (down from 19 last week), while the average NAV return was -0.53% (down from 0.13% last week). The top sectors by NAV were U.S. Real Estate (+0.72%), California Munis (+0.41%) and Pennsylvania Munis (+0.39%). The top 2 losing sectors by NAV were U.S. Health/Biotech Equity (-3.54%) and MLPs (-3.52%).

(Source: Stanford Chemist, CEFConnect)

The top 3 sectors by premium were Preferreds (+3.70%), U.S. Utilities (+3.10%) and Multisector Income (+1.62%), while the sector with the highest discount is Asia Equity (-12.54%). The average sector discount is -5.43 % (up from -5.57% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium/discount increase was U.S. Growth & Income (+1.72%), while Global Equity Dividend (-1.61%) showed the largest premium/discount decline. The average change in premium/discount was 0.14% (down from 0.19% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is U.S. Real Estate (+1.57), followed by Investment Grade (+1.45). The lowest z-score was Asia Equity (-0.89), followed by Emerging market Equity (-0.53). The average z-score is +0.58 (down from +0.60 last week).

(Source: Stanford Chemist, CEFConnect)

The sectors with the highest yields are MLPs (11.39%), Global Equity Dividend (10.07%), Global Growth & Income (9.55%), Emerging Market Income (9.31%) and Covered Call (8.64%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is +7.05% (same as 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.

(Source: Stanford Chemist, CEFConnect)

(Source: Stanford Chemist, CEFConnect)

Alpha Gen Capital presents Brookfield's Real Assets Fund Offers A 10.6% Yield But Not Much Else (Sep. 26), What Refinance Activity Means For Mortgage Positions (Sep. 27)

Arbitrage Trader presents Weekly Review: High-Yield CEFs - Positive Performance For The Benchmark After The Rate Cut (Sep. 24), Weekly Review: Municipal Bond CEFs - The Funds Finished The Week In Green Territory (Sep. 26)

Closed End Fund Tracker presents RCG: A Forgotten Closed-End Fund With Hidden Value (Sep. 24)

Dividend Seeker presents PMF: Time To Set Realistic Expectations (Sep. 24), HYT: The Discount Helps Me Recommend This High-Yield CEF (Sep. 27)

Douglas Albo presents Equity CEFs: Voya Slashes Distributions For Its Funds (Sep. 24)

Juan de la Hoz presents DNP: Outstanding Income Fund, Market-Beating Returns, Low Risk And Volatility, Excessive Premium (Sep. 23)

*Nick Ackerman presents FFC: Solid Fund For Income Investors (Sep. 26)

Power Hedge presents FEN: A Good Fund To Play Midstream MLP Growth (Sep. 23), DPG: An Interesting Utilities CEF With A Large Distribution And Trading At A Sizable Discount (Sep. 25)

*Stanford Chemist presents Weekly Closed-End Fund Roundup: Nuveen Fixed Income Cuts (Sep. 23), The Chemist's 'High-High-Low' Closed-End Fund Report: August 2019 (Sep. 25), Explaining JHY's Large Distribution Cut (Sep. 26)

Fear & Greed Trader presents S&P 500 Weekly Update: Reasons To 'Sell' Are Numerous; Reasons To Stay Invested Trump Them All (Sep. 28)

Jeff Miller

presents

Lance Roberts presents A 'Trade Deal' Is Coming As Trump Needs A 'Win' For Election (Sep. 29)

I am/we are long THE PREMIUM 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.