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DNI - JPS: A High-Yield (Yet Pricey) Closed-End Fund
Dividend and Income Fund
Investment Thesis
Investors may benefit from the high yield provided by Nuveen Preferred & Income Securities Fund (JPS), however, the yield is greatly diminished by an oversized expense ratio, the fund's NAV has decreased over the past five years, and recent price history has gone mostly sideways. As I will highlight below, JPS is not a suitable investment for a long-term, low-cost, passive investment portfolio.
Background
From the fund's website, JPS is a CEF that "seeks primarily to offer high current income consistent with capital preservation. The fund invests at least 80%