NIE - NIE: Multi-Asset CEF Pays Attractive Distribution Yield And Provides Some Downside Protection

2024-06-26 06:08:31 ET

Summary

• Virtus Equity & Convertible Income Fund invests in equities and convertible securities, with varying allocations between the two.
• The fund uses a covered call option strategy on 70% of the equity portion to enhance distributions and reduce portfolio risk.
• NIE has a high correlation with SPY due to its high exposure to infotech equities.
• The fund has been paying out a steady quarterly distribution of $0.50.

( Data below is sourced from the Virtus fund website unless otherwise stated.)

The Virtus Equity & Convertible Income Fund ( NIE ) is a multi-asset balanced closed-end fund that normally invests at least 80% of the portfolio assets in a combination of equities and income producing convertible securities. There is also some market timing used by the portfolio managers to vary the allocation between equities and convertibles....

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