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FLC - Why We Are Seeing Distribution Divergence In Preferreds CEFs
Flaherty & Crumrine Total Return Fund Inc
April was a bad month for CEF distributions with over 90 funds declaring cuts. Within this seemingly one-way move, the preferreds sector stood out for its surprisingly divergent behavior with one set of funds cutting distributions and another set increasing. In this article we explore the reasons for this behavior and any lessons to be learned for income investors.
Within the preferreds CEF sector we continue to like the Flaherty & Crumrine Total Return Fund (FLC) for its highest current yield, widest discount and above 100% coverage by our estimates. However, as the