市场整体情况 - 本周CEF（封闭式基金）市场表现喜忧参半多数折价扩大但本月初至今多数板块上涨市政基金领涨因长期国债收益率大幅下降[3] - 固定收益板块折价持续比股票板块更紧[4] 各板块CEF情况 - 贷款类CEF继续以非常小的折价交易市政CEF折价在大幅提高分红后有所收紧但平均仍接近两位数有限期限CEF折价也略有收紧且与贷款类CEF脱节[5] - 信用CEF旋涡图显示正逐渐走向左上角缺乏吸引力的估值象限基础信用利差已经很小且折价正走向昂贵[6] 特定基金情况 - Saba和Invesco就两只州立市政CEF（VPV和VTN）达成暂停协议Invesco将以99%的资产净值对25%的普通股进行要约收购10月底开始两只基金折价收紧反弹4 - 5%[7] - 历史上这两只基金较同板块有较大折价但2024年初基本消失Saba仍推动其解决折价问题[8] - 要约收购后情况值得关注若折价再次扩大Saba是否会增持其ETF（CEFS）在两只基金中持仓相对较小[9] 投资相关 - 投资者若想跟随Saba的积极行动有3种投资工具可选SABA CEF ETF（CEFS）以及两只CEF（BRW和SABA）[10] - ETF CEFS是更纯粹的积极型CEF投资组合两只CEF更像传统固定收益/多板块基金在两者中更看好SABA因其折价更大且费用更低[11] - 有人认为BRW收益率14.5%高于SABA的9.1%所以折价不同但预期两者投资组合会随时间变得相似低费用的SABA将有更高净收入是否转化为更高分红有待观察[12][13]

文章核心观点 - 文章主要讨论了封闭式基金（CEF）市场的最新动态，包括市场表现、系统性收入、市场主题和具体基金的新闻和事件 [1][2][3][4][5][6][7][8][9][10][11][12][13][14] 市场行动 - CEF市场本周表现不一，市政债券部门表现优异，因为国债收益率因通胀数据疲软而大幅下降 [3] 系统性收入 - CEF折价继续收紧，目前交易价格接近其长期平均水平 [4][5] - 许多基金经理一直在努力收紧折价，这以及积极的风险情绪在折价强度中发挥了作用 [5] 市场主题 - 代理顾问机构在Saba与BlackRock的争斗中介入 [6] - ISS支持Saba在两个BlackRock CEF（BIGZ和ECAT）的董事会中安装其提名人，同时推荐BlackRock的董事会提名人选 [7] - ISS还指出，BlackRock应继续担任多个基金的顾问，因为这些基金的折价比同行更紧 [8] - Glass Lewis建议重新选举BlackRock为10个CEF的董事会提名人，认为Saba未能证明其改变的合理性 [9] - 无论结果如何，两家公司之间的持续争斗对CEF市场来说是相对健康的 [10] 市场评论 - Blackstone将其贷款CEF BGB的分配提高了9%至$0.101 [11] - 该基金的分配一直不稳定，短期内经历了多次变化 [11] - CEFConnect指出，该基金的月度分配与最近平均月度净收入大致匹配，但净收入的波动性较大 [12] - CLO CEFs（OXLC, ECC, EIC, OCCI, CCIF）在5月份表现良好，所有基金的NAV均上涨 [13] - OXLC和ECC现在以两位数的溢价交易，OCCI和CCIF也转为溢价 [13] - Saba CEF（SABA）宣布进行1:2的反向拆分，将于6月21日收盘后实施 [14] - 反向拆分后，股息将调整为$0.058，原为$0.029 [14] - 由于Franklin Templeton（在Saba接管之前）的管理不善，股价一直低于$4，因此反向拆分是合理的 [14]

For income-seeking investors, closed-end funds (CEFs) offer relatively high distributions and the potential to buy these shares at a discount to the fund's NAV. But these are lesser known fund structures. So many advisors and investors unfamiliar with CEFs may opt to invest in them through a familiar wrapper like ETFs. The universe of ETFs of CEFs is small. But one ETF - the Invesco CEF Income Composite ETF (PCEF) - has significantly more assets and a longer history than the rest. This is a look at PCEF ove ...

文章核心观点 - 过去一年市场大涨后,资产估值已经回到高位,未来市场涨幅可能难以持续[1][2] - 因此需要寻找一些超额收益(alpha)策略来提升投资组合的表现[2] 关键要点总结 区间基金(Interval CEFs) - 区间基金是一种提供定期回购而非二级市场交易的流动性的基金[3][4] - 其中RiverNorth Capital and Income Fund(RSF)和BlackRock Enhanced Government Fund(EGF)是两个公开交易的区间基金[4] - RSF提供季度5%的净值回购,折价率较低,过去5年年化收益5.3%,表现较好[5][6] - RSF的投资组合包括小企业贷款、BDC票据和SPAC,在各种艰难时期NAV表现良好[6] - 目前RSF折价8%,回购策略可以带来额外3-4%的年化收益[7] 定期基金(Term CEFs) - Nuveen Preferred & Income Term Fund(JPI)是一个典型的定期基金,折价已经收窄,未来收益空间有限[8] - Western Asset High Yield Defined Opportunity Fund(HYI)是一个较为有吸引力的定期基金,到期日为2025年9月,折价5%,无杠杆,收益率9.9%[9][10] 投资者流动性 - 浮动利率资产如银行贷款基金由于收益率上升而受到投资者青睐,折价很小[11][12] - 但未来如果利率下降,这些基金的收益很可能大幅下降[12] - 相比之下,持有较短久期债券和贷款的有限久期基金可能表现更好[13] - 两只有吸引力的有限久期基金是BGH和SDHY,折价较大,收益率分别为8.8%和8.5%[14] 相对价值 - 同类基金之间存在估值差异,一般来说费用更低的基金应该有更小的折价[15][16] - 因此Flaherty & Crumrine Preferred Income Opportunity Fund(PFO)较为有吸引力,费率较低且折价较大[16][17] - Saba-managed的BRW和SABA两只基金也存在相对价值机会,SABA的费率更低[18]

PIMCO Muni and Taxable Average Coverage ● PIMCO Muni ● PIMCO Taxable 90% 80% 70% 60% 50% Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Oct-23 Dec-23 Jan-24 Feb-24 Feb-24 Mar-24 Apr-24 That said, much of the coverage uplift was concentrated in PDO, with the remainder of the taxable suite seeing little change. Outside of PDO, average taxable coverage is 63%. The fiscal-year-to-date picture is slightly better, at 73%. Systematic Income CEF Tool PIMCO semi-annual reporting periods end in the months of June and December. N ...

文章核心观点 - 封闭式基金(CEF)市场本周整体表现强劲,除公用事业和MLP板块外,其他板块年初至今均呈现正收益[3] - 股票CEF板块折价已经有所收窄,但与固定收益CEF板块折价仍存在差距[4] - 信用CEF板块的中位数折价已经收窄至历史平均水平,主要是由于贷款等一些昂贵板块的影响[5] - 许多固定收益CEF的分红水平已经远远超过其净收益,这可能会给基金的净值带来压力,并导致分红最终需要下调[9][10][11] 行业概况 - 贷款支持证券(CLO)聚焦的Carlyle Credit Income Fund(CCIF)一季度净投资收益为0.33美元,高于0.315美元的季度分红,表明有进一步提高分红的空间[12][13] - CCIF通过发行新股筹集资金,并进行CLO再融资以延长再投资期限,这可能会对净值产生积极影响[14][15] - 一些CEF基金正在进行合并,如ClearBridge MLP CEFs EMO、CEM和CTR合并入EMO,这可能会影响折价水平[16] 公司动态 - 纽文(Nuveen)等资产管理公司近期大幅提高了旗下多只CEF的分红水平,这可能是为了收窄折价[7][8] - 一些高收益CEF的分红水平已经远超其净收益,这可能会给基金净值带来压力,未来分红可能需要下调[9][10] - 高分红CEF的投资者需要注意资本利得税的影响,因为返还资本(ROC)会降低成本基础[11]

文章核心观点 - 行业整体呈现积极态势 [1][2][7][8][9][10] - 行业估值整体较为合理 [8][9][11][12][13][14] - 行业内部出现分配提升行为 [15][16][18][20][21] 行业整体情况 - 行业整体信用状况良好,评级上调持续超过下调 [7] - 行业整体税收增长保持正面,个人所得税收增长2% [7] - 行业整体收益率较高,税收优惠价值较大 [9][10] - 行业整体抗风险能力较强,在经济下行时表现较好 [11][12][13][14] 分配提升行为 - 行业内多家公司大幅提升分配,但并非源于收益增加 [15][16][18][19] - 分配提升主要为应对行业内激进投资者的压力 [20][21] - 分配提升有望吸引更多投资者关注,推动折价收窄 [21][28]

tumsasedgars Closed-end funds, commonly referred to as CEFs, are popular investments for income-focused investors, especially retirees. There are numerous good reasons for this, which we will go over in this article. However, it is important for investors to be particularly cautious about investing in the closed-end fund space in the current environment. In this article, we will discuss why. Advantages of Investing In Closed-End Funds First, CEFs are well-diversified, typically holding scores if not hundred ...

-Oxford-/E+ via Getty Images Thesis The 6.75% Series 2024 Term Preferred Shares (NASDAQ:OXLCM) are exchange traded term preferred shares from the Oxford Lane Capital Corporation (OXLC) closed end fund. We covered these securities last year here, where we assigned them a 'Buy' rating based on their short tenor, reduced risk and high yield. The securities have delivered a steady stream of income since, outperforming treasury funds. With the term redemption date for the securities shortly coming up at the end ...

Seeking Alpha The fund's performance relative to its peers was not the worst, but it is far from being the best. After all, the best-performing fund in this peer group, the Calamos Convertible Opportunities Fund, delivered an 11.49% gain. In fact, every fund in this peer comparison except for the Virtus Convertible & Income Fund outperformed the Bancroft Fund. This is likely to turn off potential investors in this fund. However, as I pointed out in a recent article: Kameleon007 The Bancroft Fund (NYSE:BCV) ...