- FEN is one of the more popular midstream closed-end funds on the market.
- The fund is reasonably well-diversified, although it does appear to be betting pretty heavily on a recovery in the demand for refined products.
- The long-term fundamentals for midstream companies are reasonably positive despite the Biden Administration's hostility towards them.
- The fund appears to be overdistributing as its NAV declined in both 2020 and 2019, one of which was a good year for the industry.
- The fund appears to be overvalued at the present price.
For further details see:
FEN: Not A Good Value Today