DLY - CEF Report January 2021: Will We See A January Effect?

• December was another good month for CEFs with some discount tightening and NAV growth. The Core Portfolio was up over 1% with the NAV up 1.8%.
• The January Effect could bring discounts to an expensive level if the recent trends continue. At that point we would want to start reducing CEF exposure in favor of OEFs.
• Some of our recent portfolio adds like DLY have done spectacularly well realizing good annual returns in just 45 days.
• We continue to shift our exposures depending on the rapid changes to the macro picture including lightening up duration in taxables while buying munis.
• We list our best buy options.

For further details see: