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JPT - Preferreds Fund Lessons From The Financial Crisis
Nuveen Preferred and Income 2022 Term Fund of Beneficial Interest
This article uses market data as of Wednesday close.
The last few weeks have seen enormous moves across the preferred stock sector - a stark reminder of the financial-crisis era drawdown. In this article, we take a look at how the current episode compares to what we saw over a decade ago and whether there are any lessons we can learn from that time.
Our main takeaway is that we are cautious on sector CEFs for two reasons. First, the sector is trading at a 2% premium which seems expensive to us given how early