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HPI - Weekly Review Of Preferred Stock CEFs: Statistics Makes It Hard To Find Long Opportunities
John Hancock Preferred Income Fund of Beneficial Interest
Introduction
Over the past week, several closed-end funds announced their regular distributions. This might create a good environment for some good "Buy" candidates. The Z-scores remained high this week as well, and since there is a lack of volatility in the sector, there were not any major changes in the leading positions. Interest rates remained low during the past week which makes us - fixed-income traders - more confident to "Buy" preferred funds.
However, for me, there are still some statistically overvalued funds which might be good "Sell" candidates.