DMO News and Press, Western Asset Mortgage Defined Opportunity Fund Inc From 12/09/22

Summary We review closed-end fund market valuation and performance through the first week of December and highlight recent market action. CEFs had a strong week, with all sectors seeing positive total NAV returns. We highlight the drivers of higher yields this year across many CEFs....

Western Asset Mortgage Opportunity Fund Inc. (NYSE: DMO) today announced the financial position of the Fund as of September 30, 2022. Footnotes: (a) The difference between total assets and total net assets is due primarily to the Fund’s use of borrowings; total net assets...

Legg Mason Partners Fund Advisor, LLC announced today that certain closed end funds have declared their distributions for the months of December 2022, January and February 2023. The following dates apply to the distribution schedule below: This press release is not for tax repor...

Summary The broader income market remains weak as the Fed continues to tighten policy while leading macro indicators deteriorate. We highlight securities that have made new year-to-date lows and look attractive for new capital allocations. Waiting to add at new lows creates di...

The following Funds announced today their share repurchase activity during the third quarter of 2022. Share Repurchases seek to enhance shareholder value by purchasing the Fund’s shares when trading at a discount to the Fund’s net asset value (“NAV”) per ...

Summary In 2021, in order to hold securities with double-digit yields, investors had to either dumpster dive or get their own capital back as ROC on inflated distributions. Yields have risen sharply this year across the broader income space and stand well above what was on offer i...

Summary We review CEF market valuation and performance through the last week of September and highlight recent market action. September was the worst month for CEFs since March of 2020, with a double-digit drop for the broader CEF space. We discuss the income dynamics of the F...

Summary The market environment of high volatility and rising short-term rates has lowered the income-generating capacity of most CEFs. In this article, we highlight the five types of CEFs whose incomes have either been unaffected or have actually improved this year. We also hi...

Summary The price action in the CEF market has been brutal over the month of September. We highlight some of the broader CEF market indicators to place the current drawdown in context. We remain cautious on equity CEF sectors and longer-duration credit sectors, particularly th...

Summary We review CEF market valuation and performance through the third week of September and highlight recent market action. CEFs had a tough week due to an upside surprise in inflation which pushed nearly all assets lower. We discuss why rising CEF leverage costs cannot exp...