IHTA - The Month In Closed-End Funds: January 2024
2024-02-08 23:02:28 ET
Summary
- For the first month in three, equity CEFs (-0.59% on a NAV basis) suffered losses while their fixed-income CEF (+0.49%) counterparts on average posted plus-side returns.
- At month-end, 11% of all CEFs traded at a premium to their NAV, with 12% of equity CEFs and 10% of fixed-income CEFs trading in premium territory.
- Income & Preferred Stock CEFs (+1.44%), for the first month in four, outpaced the other classifications in the equity CEF universe for January.
- U.S. mortgage CEFs (+2.47%), for the first month in 19, outperformed the other classifications in the domestic taxable bond CEF macro-group.
- The domestic taxable bond CEFs macro-group (+0.83%) outperformed its world income (+0.76%) and municipal debt (-0.16%) CEF counterparts for the first month in four.
For the month, 60% of all closed-end funds (CEFs) posted net-asset-value ((NAV)) based returns in the black, with 47% of equity CEFs and 69% of fixed income CEFs chalking up returns in the plus column. The average equity and fixed income CEF posted a NAV-based loss and gain of -0.59% and +0.49%, respectively, for January....
The Month In Closed-End Funds: January 2024