HFRO - The Month In Closed-End Funds: April 2022

• For the third month in four, equity CEFs on average witnessed negative returns, sliding 4.86% on a NAV basis for April.
• Meanwhile, for the fourth consecutive month, fixed income CEFs posted returns in the red (-5.53%) - collectively their worst monthly performance since March 2020.
• Only 18% of all CEFs traded at a premium to their NAV at month-end, with 23% of equity CEFs and 14% of fixed income CEFs trading in premium territory.
• Real Estate CEFs (-0.14%) mitigated losses better than the other classifications in the equity CEF universe for the month.
• For the fourth consecutive month, the Loan Participation CEFs (-0.34%) classification outpaced the other classifications in the fixed income CEF universe for April.

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