PHK - CEF Weekly Market Review: October Mostly Erases September Losses
- We review CEF market valuation and performance over the last week of October and highlight recent market events.
- In aggregate, October was a near mirror-image of the price action in September as the market delivered decent NAV gains as well as strong discount action.
- Taper tantrum 2.0 has been much more benign than its previous version with higher-quality fixed-income sectors performing much better this time around.
- We discuss how investors should think about CEF durations in the broader context of different market regimes.
- We don't expect the bond volatility of 2013 and highlight a couple of municipal CEFs worth checking up on: EVN and MYI.
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CEF Weekly Market Review: October Mostly Erases September Losses