Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up - highlighting individual fund news and events - as well as the top- down - providing an overview of the broader market. We also try to provide Check out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bon ...

Group 1 - The article discusses the closed-end fund (CEF) market activity, providing insights from both individual fund news and broader market trends [1] - It highlights the importance of yield and risk management in investment portfolios, specifically mentioning the Income Portfolios offered by Systematic Income [1] - The article encourages the use of Interactive Investor Tools for navigating various financial markets, including BDC, CEF, OEF, preferred, and baby bond markets [1] Group 2 - A projected revenue backlog for American Shared is presented, showing a significant increase from $106 million on December 31, 2022, to a projected $250 million by May 10, 2024 [2] - The chart includes projected revenues for the next ten years for retail centers and lease agreements until their expiration dates, indicating a positive outlook for revenue growth [2]

In this article, we highlight the recently launched CEF Sound Point Meridian Capital (NYSE: SPMC ). The fund is focused on the CLO Equity sector, which we track on our service - an extract from our CEF Tool is shown below. Check out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets. Read our Investor Guides: to CEFs, Preferreds and PIMCO ...

After mostly smooth sailing in the first part of the year, volatility in the CEF market has increased recently. In this article, we take a look at the likely moves in CEF discounts over the medium term, as well as their potential Check out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets. Read our Investor Guides: to CEFs, Preferreds an ...

Core Insights - The article provides an update on the PIMCO CEF suite, focusing on distribution coverage changes and the allocation profile of the Dynamic Income Strategy Fund (PDX) [1] Distribution Coverage Update - Distribution coverage across taxable and tax-exempt suites has continued to grow, with PDO being the only taxable PIMCO CEF with coverage above 100% at 116%, while the average for the rest is 73% [2] - Municipal fund coverage levels have risen to an average of 113%, with all PIMCO Muni CEFs exceeding 100% coverage, despite stable short-term rates and fixed asset coupons [4][5] - The increase in Muni coverage may be attributed to falling Muni yields, rotation into higher-coupon Municipal bonds, and a buyback of expensive auction-rate preferreds [5][6] PDX Fund Allocation - PDX has shifted its strategy from being energy-focused to a more diversified approach, now allocating only 2.7% to the energy sector, while maintaining a significant allocation to equities and MLPs [8][10] - The fund's current allocation aligns with its strategy guidelines, and it is not expected to shift significantly in the near term [11] - PDX's discount has stalled around a double-digit level, contrasting with a double-digit average premium in the rest of the PIMCO taxable suite [11] Performance and Valuation - Taxable PIMCO funds with strong year-to-date returns include PAXS and PDO, with PDX outperforming due to the strength of the MLP sector [12] - The average premium of taxable PIMCO CEFs is around 18% above the rest of the taxable CEF market, indicating a relatively high valuation compared to historical levels [14] - NAVs of taxable funds have fallen significantly since 2022, making them more attractive to some investors due to increased distribution rates [18] Market Environment - The performance of CEFs is influenced by broader market conditions, with current valuations indicating a potentially expensive environment for new capital [20] - The article suggests that better entry points for CEFs may be available in the medium term as discounts widen and nominal interest rates rise [20]

0.000 Adam Smigielski Welcome to another installment of our CEF Market Weekly Review, where we diseuss closed-end fund ("CTF") market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the fourth week of August. Be sure ...

thad In his 2004 work, The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, author James Surowiecki explores case studies that prove large groups of people are more intelligent than the elite few. Crowds are better at solving complex problems, creating innovation, coming to wise decisions, and predicting the future. The book's brilliance stems from its simplicity. As a trader in markets since the early 1980s, Surowiecki's Wi ...

shih-wei Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up – highlighting individual fund news and events – as well as the top-down – providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the third week of August. Be sure to check out o ...

ridvan_celik Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the second week of August. Be sure to check ...

Core Insights - The Liberty All-Star Funds utilize a multi-manager approach to enhance performance consistency and leverage the unique strengths of each manager [2][3][6] - The All-Star Growth Fund (ASG) focuses on an all-cap growth portfolio, while the All-Star Equity Fund (USA) emphasizes large-cap investments, blending growth and value strategies [3][6] - The funds have specific distribution policies, with USA targeting a 10% annual distribution and ASG aiming for 8% annually, supported by their multi-manager structure [5][6] Fund Structure and Strategy - The multi-manager approach is designed to blend different investment styles, which helps in navigating various market cycles and supports the overall investment philosophy [3][4] - The selection process for portfolio managers is based on the "five Ps": people, process, philosophy, parent organization, and performance, ensuring a complementary fit among managers [4][5] - The funds have experienced a total of 10 manager changes for ASG since 1995 and 19 for USA since 1986, indicating a careful and systematic approach to manager evaluation and replacement [5] Current Portfolio Positioning - ASG is currently overweight in financials and healthcare while underweight in technology, reflecting a strategic allocation based on market conditions [6] - USA is also overweight in financials and underweight in technology, with a diversified portfolio that differs from the S&P 500, showcasing a lower capitalization [6][7] Investor Considerations - The closed-end fund structure of USA and ASG offers equity-like returns along with a steady income stream, making them suitable for investors seeking both growth and income [6][7] - The unique multi-manager structure is highlighted as a competitive advantage, particularly for retirement portfolios, as it provides liquidity, transparency, and growth potential [6][7] - Consistency in performance is emphasized as crucial for supporting distribution policies and enhancing investor satisfaction, particularly in light of behavioral tendencies among retail investors [7]