sankai CEFA: Welcome to CEF Insights, your source for closed-end fund information and education, brought to you by the Closed-End Fund Association. Today we are joined by Robert Milas, Director of Research with SS&C ALPS Advisors. ALPS Advisors is the investment manager of the Liberty All-Star Growth Fund, ticker NYSE:ASG, and the Liberty All-Star Equity Fund, ticker NYSE:USA. Rob, we are happy to have you with us today. Robert Milas: Oh, it's very good to join you. Looking forward to speaking. CEFA: Rob, t ...

Michael Blann/DigitalVision via Getty Images 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 first we ...

Background stock market and finance economic MarsYu CEFA: Welcome to CEF Insights, your source for closed-end fund information and education, brought to you by the Closed-End Fund Association. Today we are joined by David Leggette, Lead Product Strategist and Head of Investor Relations with CBRE Investment Management, a leading investment manager of global real assets. CBRE is sub-advisor to the MainStay CBRE Global Infrastructure Megatrends Fund, ticker NYSE:MEGI, and New York Life Investment Management is ...

Jacobs Stock Photography Ltd 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 fourth week of July. Be ...

Systematic Income On a weekly basis, it was less unusual. TOTAL CEF WEEKLY VOLUME (Ms shares) 1000 800 600 400 200 7016 2018 7020 2022 702A date Systematic Income MUNICIPAL CEF SECTOR NAV TREND 100 l 8 ද 90 85 80 75 2022.01 2022-11 Q date Systematic Income CEFs which are particularly susceptible to forced deleveraging are those with leverage limits (above and beyond the regulatory ones) as well as those with very high-beta such as MLPs, CLO Equity funds and others. that the NAVs significantly lag the bounce ...

peepo/E+ via Getty Images Income assets and the broader financial market have zoomed higher over the last while. Across the income sectors we track, only local EM debt is in the red year-to-date, a YTD RTN 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% Systematic Income Because we follow a countercyclical value-based approach to our allocation (we reduce risk exposure when compensation for taking risk is low, such as now and vice versa), we have had to cull some high-flyers in our Income Portfolios. This includes ...

the program 0 t H 11 H 1 T F 日报 Seeking Alpha As shown, shareholders of the Bexil Investment Trust have realized a 93.90% total return over the past ten years. This is still nowhere near as good as the total return of the S&P 500 Index, but it is much better than the loss that was implied by the price performance alone. In other words, investors who reinvested all the distributions paid by this fund over the period would have roughly doubled their money. The fact that the fund's total return has been so muc ...

Fixed-income CEF sector discounts are now firmly on the expensive side, in aggregate, while equity CEF sector discounts are still somewhat cheap. MEDIAN SECTOR DISCOUNTS 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Systematic Income Anticipated Tender Offer Dates for the Funds While BlackRock's nominees for BIGZ have the following, lower, vote tallies. Systematic Income CEF Tool Market Action Systematic Income BlackRock's message was that Saba's pr ...

getty Gabelli Dividend & Income Trust (GDV) Notice that many of these stocks don't come close to meeting our yield requirements. But GDV comes a lot closer, delivering a nearly 6% yield currently—and it pays us monthly, too! MainStay CBRE Global Infrastructure Megatrends Term Fund (MEGI) Another term fund with a wildly different aim is the BlackRock Health Sciences Trust II (BMEZ). Unlike some of the other CEFs mentioned here, BMEZ's sky-high yield doesn't come from leverage—it comes from the fund's ability ...

Core Viewpoint - The closed-end fund (CEF) market is experiencing mixed performance, with discounts generally widening, but most sectors showing positive returns month-to-date, particularly municipal funds due to a significant drop in long-term Treasury yields [15]. Market Action - Fixed-income sector discounts are trading tighter than equity counterparts, indicating a shift in investor preference towards fixed-income assets [4]. - The credit CEF swirlogram suggests that valuations are inching towards the unattractive quadrant, with tight underlying credit spreads and increasing discounts [7]. - The funds have seen a bounce of 4-5% as discounts tightened, with historical data showing that certain funds traded at significant discounts which have mostly disappeared at the start of 2024 [8]. Sector Discounts - Loan CEFs are trading at very tight discounts, while municipal CEF discounts have tightened slightly but remain near double-digit levels on average [18]. - Limited duration CEF discounts have also tightened slightly, indicating a disconnect from loan CEFs, which have historically moved in sync [18]. Investment Vehicles - Investors interested in Saba's activism have three investment vehicles available: the SABA CEF ETF (CEFS) and two CEFs (BRW and SABA) [10]. - The SABA CEF ETF is characterized as a more pure-play activist CEF portfolio, while the two CEFs resemble traditional fixed-income/multi-sector funds [12]. Recent Developments - Saba and Invesco have entered into a standstill agreement regarding two state municipal CEFs (VPV and VTN), with Invesco planning a tender offer for 25% of the funds' common shares at 99% of NAV, set to go live at the end of October [21]. - Following the tender offer, it will be observed whether Saba will increase its share purchases if discounts widen again [22].