FMN - YH CEF Weekly Commentary - June 12 2022

• CEF discounts continue to meander without direction for most of the last few months (outside the mid-May one-week swoon).
• In terms of valuations, senior loans are the cheapest, followed by Limited Duration and Global Income. High yield and Investment grade round out the top 5 cheapest sectors.
• BNY Mellon Muni Bond Infra (DMB) has since run up from a more than -8% discount to a +2.1% premium. We rotated out of it.
• We continue to favor/lean towards the 'harder landing' outcome, which means keeping some dry powder and staying higher quality, likely outside the CEF structure whenever possible.

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