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

• For the second month in a row, equity CEFs on average witnessed negative returns, declining 0.89% on a NAV basis for February.
• While also for the second consecutive month, fixed income CEFs posted returns in the red (-1.23%).
• Only 17% of all CEFs traded at a premium to their NAV at month-end, with 23% of equity CEFs and 11% of fixed income CEFs trading in premium territory.
• Energy MLP CEFs (+5.17%) for the second month running posted the strongest one-month returns of the equity classifications in the CEF universe for February.
• For the second consecutive month, the Loan Participation CEFs (-0.50%) classification outpaced or mitigated losses better than the other classifications in the fixed income CEF universe for February.

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