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

• For the second month in three, equity CEFs on average witnessed negative returns, declining 2.40% on a NAV basis for January.
• While for the first month three, fixed income CEFs posted returns in the red (-2.04%).
• The national municipal debt CEFs macro-classification witnessed the largest widening of discounts for the month among Lipper’s CEF macro-groups—a whopping 419 basis points (bps) to a 5.48% median discount.
• Energy MLP CEFs (+7.63%) for the first month in three posted the strongest one-month returns of the equity classifications in the CEF universe for January.
• For the first month in four, the Loan Participation CEFs (+0.38%) classification posted the only plus-side returns in the fixed income CEF universe for January.

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