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FCT - 'Slip Slidin Away' - What Happens To Funds That Over-Distribute Their Earnings
First Trust Senior Floating Rate Income Fund II of Beneficial Interest
If you give away more money than you make, eventually you'll be broke.
The same applies to closed-end funds, but fund managers and investors have powerful reasons to want to both pay and receive distributions that exceed the fund's ability to pay.
Fortunately there are easy ways to spot it when this is happening, for investors willing to look for the right signs.
We identify some "serial eroders": funds that consistently pay out more than they earn, thus eroding the fund's asset value and their shareholders' investments.