VPV - Muni CEFs Look Better (And Buyable) But Not Great

• Muni CEFs have taken quite the beating this year and discounts have widened out - though not nearly as much as I would have expected.
• NAVs have stabilized as rates have started to come back down from cycle highs. The 10-yr hit 3.2% in early May and now sits at 2.74%.
• Muni CEF valuations are all over the place so investors can benefit from using the Sheets and being tactical, selling overvalued while buying undervalued.
• Leverage costs are still on the rise and many more distribution cuts are coming, so we are not out of the woods. That is simply something we will have to live with for the rest of this year.
• Top picks: MVF, NZF, DMB, and VPV. MYI is close. Sells: BTA, NMCO, PMZ, and EVN (MMD is close).

For further details see: