Weekly Closed-End Fund Roundup: October 18, 2019

ETFS

Note: This article was released to members Oct. 18

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 useful for reading over the past week. The searchable tag for this feature is “cildoc”. Data is taken from the close of Friday, October 18, 2019.

Weekly performance roundup

20 out of 31 sectors were positive on price (up from 10 last week) and the average price return was 0.15% (up from -0.09% last week). The leading gainers were U.S. Health/Biotech Equity (1.75%), Other Non-U.S. Equity (+1.36%), and Asia Equity (+1.07%), while High Yield Munis (-1.60%) lagged.



(Source: Stanford Chemist, CEFConnect)

17 out of 31 sectors were positive on NAV (up from 10 last week), while the average NAV return was 0.34% (up from -0.03% last week). The top sectors by NAV were Other Non-U.S. Equity (+2.31%), U.S. Health/Biotech Equity (2.25%), and Latin American Equity (+2.18%). The top 2 losing sectors by NAV were U.S. Energy/Resources Equity (-1.12%) and MLPs (-0.81%).



(Source: Stanford Chemist, CEFConnect)

The top 3 sectors by premium were Preferreds (+3.20%), Emerging Market Income (+2.73%), and US Utilities (+2.70%), while the sector with the highest discount is Asia Equity (-12.83%). The average sector discount is -5.54% (down from -5.37% last week).



(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium/discount increase was Multisector Income (+0.63%), while Latin American Equity (-1.13%) showed the largest premium/discount decline. The average change in premium/discount was -0.16% (down from -0.04% last week).



(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is Global Equity Dividend (+3.54), followed by U.S. Energy/Resources Equity (+3.07). The lowest z-score this week was Emerging Market Equity (-0.63), followed by U.S. Health/Biotech Equity (-0.63). The average z-score is +0.89 (down from +1.32 last week).



(Source: Stanford Chemist, CEFConnect)

The sectors with the highest yields are MLPs (12.14%), Global Equity Dividend (9.93%), Global Growth & Income (9.51%), Emerging Market Income (9.08%), and Senior Loan (8.75%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is +7.06% (down from +7.09% 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.

Fund

Ticker

P/D decrease

Yield

P/D

Z-Score

Price change

NAV change

Aberdeen Inc Credit Strategies

(ACP)

-5.43%

12.30%

-6.32%

-0.2

-5.49%

0.00%

Gabelli Multimedia

(GGT)

-4.74%

11.17%

4.27%

0.0

-0.49%

4.04%

Nuveen Municipal Credit Opps F

(NMCO)

-4.45%

%

1.86%

0.0

-4.08%

0.13%

BlackRock Util, Infra & Power

(BUI)

-3.99%

6.46%

6.75%

0.2

-3.44%

0.19%

BlackRock Municipal Income Inv

(BBF)

-3.82%

4.66%

-1.93%

0.4

-4.03%

-0.28%

Gabelli Dividend & Income

(GDV)

-3.77%

6.52%

-11.93%

-3.0

-1.99%

2.23%

MFS High Income Municipal

(CXE)

-3.59%

4.70%

-3.86%

0.3

-4.14%

-0.55%

Guggenheim Taxable Muni Mng Du

(MUTF:XGBAX)

-3.48%

6.22%

6.83%

1.1

-3.43%

-0.26%

RiverNorth Opportunities Fund

(RIV)

-3.36%

12.39%

-2.55%

0.0

-3.01%

0.36%

MFS Special Value Trust

(MFV)

-3.20%

9.14%

10.23%

2.4

-3.00%

-0.18%



(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.

Fund

Ticker

P/D increase

Yield

P/D

z-score

Price change

NAV change

Aberdeen Global Income

(FCO)

5.17%

10.13%

6.28%

1.3

4.57%

-0.51%

Calamos Dynamic Conv & Income

(CCD)

3.87%

9.68%

5.88%

2.7

2.73%

-1.01%

ASA Gold and Precious Metals

(ASA)

3.80%

0.16%

-16.26%

-0.8

1.16%

-3.43%

Miller/Howard High Income Equi

(HIE)

3.72%

12.15%

7.81%

2.2

4.85%

1.24%

Voya Natural Resource Equity

(IRR)

2.76%

15.17%

-10.09%

-2.0

2.68%

-0.47%

Delaware Inv Div & Inc

(DDF)

2.75%

7.73%

30.07%

1.1

2.25%

0.09%

Stone Harbor Emerging Mkts FI

(EDF)

2.62%

16.16%

45.96%

1.6

0.07%

-1.72%

PIMCO CA Municipal Income II

(PCK)

2.59%

4.12%

11.37%

1.6

1.70%

-0.65%

First Trust Energy Inc&Growth

(FEN)

2.41%

10.24%

8.37%

2.9

2.21%

-0.05%

EV National Muni Opps Trust

(EOT)

2.26%

3.99%

5.79%

0.8

1.87%

-0.28%



(Source: Stanford Chemist, CEFConnect)

Distribution changes announced this month

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.

Cutters

Name

Ticker

Change

Previous

Current

Yield

Discount

z-score

Coverage

Announced

Ex-date

JH Preferred Income II

(HPF)

-11.8%

0.14

0.1235

6.55%

5.95%

-0.1

84%

10/1/2019

10/10/2019

JH Preferred Income

(HPI)

-11.8%

0.14

0.1235

6.46%

5.62%

-0.3

83%

10/1/2019

10/10/2019

Invesco CA Value Muni

(VCV)

-10.6%

0.0481

0.043

4.14%

-6.74%

-0.2

111%

10/1/2019

10/15/2019

BlackRock Muni NY Intermed. Du

(MNE)

-10.0%

0.04

0.036

3.00%

-7.38%

0.8

83%

10/1/2019

10/11/2019

JH Preferred Income III

(HPS)

-10.0%

0.1222

0.11

6.88%

1.00%

-0.2

84%

10/1/2019

10/10/2019

EV CA Municipal Bond

(EVM)

-7.3%

0.0395

0.0366

3.88%

-10.10%

1.2

113%

10/1/2019

10/23/2019

EV NY Municipal Bond

(ENX)

-6.0%

0.0415

0.039

3.82%

-9.06%

1

114%

10/1/2019

10/23/2019

Templeton Global Income

(GIM)

-5.8%

0.0276

0.026

6.75%

-8.94%

1.2

135%

10/3/2019

10/11/2019

Voya Prime Rate Trust

(PPR)

-5.8%

0.026

0.0245

6.20%

-11.07%

2.5

102%

10/1/2019

10/9/2019

Invesco Quality Muni Income

(IQI)

-5.6%

0.0516

0.0487

4.69%

-8.04%

0.4

101%

10/1/2019

10/15/2019

Invesco Municipal Trust

(VKQ)

-5.4%

0.0517

0.0489

4.71%

-7.30%

0.7

101%

10/1/2019

10/15/2019

Clough Global Equity

(GLQ)

-2.8%

0.1106

0.1075

11.27%

-7.44%

-0.6

2%

10/11/2019

10/18/2019

Clough Global Div and Inc Fund

(GLV)

-2.5%

0.1026

0.1

11.08%

-9.14%

1

19%

10/11/2019

10/18/2019

EV Float-Rate 2022 Target Term

(EFL)

-2.2%

0.046

0.045

5.81%

-0.53%

1.7

93%

10/1/2019

10/10/2019

MFS Intermediate Income

(MIN)

-0.6%

0.02893

0.02876

9.20%

-6.95%

0.2

30%

10/1/2019

10/15/2019

MFS Government Markets Income

(MGF)

-0.5%

0.02927

0.02912

7.58%

-3.35%

1.8

33%

10/1/2019

10/15/2019

Clough Global Opportunities

(GLO)

-0.1%

0.0874

0.0873

11.72%

-11.04%

-0.1

0%

10/11/2019

10/18/2019



(Source: Stanford Chemist, CEFConnect)

Boosters

Name

Ticker

Change

Previous

Current

Yield

Discount

z-score

Coverage

Announced

Ex-date

Delaware Enhanced Gbl Div&Inc

(DEX)

0.1%

0.0914

0.0915

11.27%

-10.72%

0.5

40%

10/1/2019

10/17/2019

MFS Charter Income

(MCR)

0.3%

0.06019

0.06038

8.75%

-7.69%

1.3

48%

10/1/2019

10/15/2019

MFS Multi-Market Income

(MMT)

0.3%

0.04251

0.04265

8.66%

-6.93%

1.3

53%

10/1/2019

10/15/2019

Delaware Inv Div & Inc

(DDF)

0.6%

0.0903

0.0908

7.73%

30.07%

1.1

37%

10/1/2019

10/17/2019

MFS Intermediate High Income

(CIF)

0.7%

0.02024

0.02038

9.44%

1.17%

0.8

57%

10/1/2019

10/15/2019

MFS Special Value Trust

(MFV)

1.2%

0.0462

0.04677

9.14%

10.23%

2.4

29%

10/1/2019

10/15/2019

Templeton Emerging Mkts Income

(TEI)

1.9%

0.0568

0.0579

7.71%

-8.90%

0.1

107%

10/3/2019

10/11/2019

BlackRock NY Municipal Income

(BNY)

3.4%

0.0445

0.046

3.95%

-7.61%

1.1

100%

10/1/2019

10/11/2019

EV Floating-Rate Inc Plus Fund

(EFF)

3.7%

0.082

0.085

6.33%

-8.15%

3.6

97%

10/1/2019

10/23/2019

BlackRock Debt Strategies Fund

(DSU)

3.8%

0.0685

0.0711

8.02%

-11.70%

0.5

91%

10/1/2019

10/11/2019

Invesco Senior Income

(VVR)

4.3%

0.023

0.024

6.92%

-10.34%

1.2

85%

10/1/2019

10/15/2019

Nuveen OH Quality Muni Income

(NUO)

5.3%

0.0418

0.044

3.38%

-9.09%

1.4

102%

10/2/2019

10/14/2019

BlackRock Multi-Sector Income

(BIT)

6.0%

0.1167

0.1237

8.67%

-5.98%

1.4

75%

10/1/2019

10/11/2019

BlackRock Corp High Yield

(HYT)

8.2%

0.072

0.0779

8.69%

-8.43%

1.6

82%

10/1/2019

10/11/2019

EV Senior Income Trust

(EVF)

8.6%

0.035

0.038

7.40%

-10.98%

1.6

86%

10/1/2019

10/10/2019

EV Senior Floating Rate

(EFR)

9.1%

0.077

0.084

6.96%

-11.49%

0.3

88%

10/1/2019

10/23/2019

EV Floating Rate Income

(EFT)

9.1%

0.077

0.084

6.75%

-11.50%

0.5

89%

10/1/2019

10/23/2019

BlackRock Core Bond

(BHK)

12.7%

0.06

0.0676

5.65%

-6.57%

0.6

81%

10/1/2019

10/11/2019

BlackRock Float Rate Strat

(FRA)

13.4%

0.0695

0.0788

7.52%

-12.27%

0.1

88%

10/1/2019

10/11/2019

BlackRock Floating Rate Inc Tr

(BGT)

14.4%

0.0668

0.0764

7.45%

-11.51%

0.7

86%

10/1/2019

10/11/2019

Invesco VK Dynamic Cred Opps

(VTA)

15.4%

0.065

0.075

8.17%

-10.19%

1.9

65%

10/1/2019

10/15/2019

BlackRock Limited Duration Inc

(BLW)

23.4%

0.0795

0.0981

7.56%

-7.97%

1.9

82%

10/1/2019

10/11/2019

BlackRock Credit Alloc Income

(BTZ)

25.2%

0.067

0.0839

7.45%

-8.84%

1.3

79%

10/1/2019

10/11/2019



(Source: Stanford Chemist, CEFConnect)

CEF analysis from around Seeking Alpha…

Alpha Gen Capital presents Saba Loses Initial Bid For Change At 9%+ Yielding NHS: Assessing What’s Next (Oct. 15), PIMCO Monthly Update September – Specials Are Looking Highly Likely (Oct. 16)

Arbitrage Trader presents Weekly Review: High-Yield CEFs – The Benchmark Increased Its Price (Oct. 15), Weekly Review: Municipal Bond CEFs – Slight Decrease For The Sector After The Optimism For A Partial Trade Deal (Oct. 16)

BOOX Research presents GAMCO Global Gold, Natural Resources & Income Trust: Golden In 2019, But Poor Long-Term History (Oct. 16)

Closed End Fund Tracker presents Saba’s Latest Proxy Battles: What Investors Need To Know (Oct. 14)

David Van Knapp presents Let’s Learn About CEFs: Don’t Be Dumb Money – Develop Standards Of CEF Quality (Oct. 16)

Dividend Seeker presents PHK: Looking At The Pros And Cons (Oct. 17)

Matt Franz presents Pershing Square Is A 75-Cent Dollar Primed To Grow (Oct. 17)

*Nick Ackerman presents JRI: Attractive Discount With Defensive Cash Flow Holdings (Oct. 11), ETW: Discount Opportunity For A 9% Distribution Yield (Oct. 16), RNP: Continues Its Ascent Ever Higher (Oct. 18)

Power Hedge presents KYN: A Way To Get Income And Growth But A Second Drawer Choice (Oct. 11), STK: Overpriced And Underperforming Technology Fund (Oct. 14)

*Stanford Chemist presents Weekly Closed-End Fund Roundup: September 27, 2019 (Oct. 16)

*To subscribers: these link to the public version of the article, which you will already have seen in the members’ section.

Macro/market section

Fear & Greed Trader presents S&P 500 Weekly Update: Despite The Pervasive Negativity, A Resilient Market Nears New Highs (Oct. 18)

Jeff Miller presents Weighing The Week Ahead: Earnings Season Opportunities (Oct. 20)

Lance Roberts presents For The Bulls, It’s Now Or Never (Oct. 21)

Not sure what to do about Aberdeen Income Credit Strategies Fund’s (ACP) ongoing rights offering?

Closed-end funds news and recommendations are now exclusive to members of CEF/ETF Income Laboratory. We also manage market-beating closed-end fund (CEF) and exchange-traded fund (ETF) portfolios targeting safe and reliable ~8% yields to make income investing easy for you. Check out what our members have to say about our service.

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Disclosure: 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.

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