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One curious feature that investors discover when they encounter closed-end funds for the first time is the discount or the, often substantial, differential between the fund's price and its net asset value. However, while investors know to prefer wider discounts all else equal, there is little guide to any fair-value level.
In this article, we try to quantify fair-value levels of CEF discounts based on a cash flow approach which takes into account fund fees, leverage and funding costs. We use the preferreds CEF sector as a case study and highlight the Flaherty & Crumrine