- The Macro Picture in the last week was primarily focused on stronger hard economic data and the rise in interest rates.
- Rising rates when it happens quickly tends to frighten investors - both in the bond and stock side.
- We made several trades in the last week to sell overpriced CEFs and rotate into cheaper CEFs.
- Outside of munis and individual preferreds, the best option I see out there is KKR Income Opps at a -7.4% discount and nicely rising NAV.
- The BlackRock muni mergers are not risk free. The last time they did this the gain was not realized.
For further details see:
Weekly Closed-End Fund Analysis: BlackRock Muni Mergers Not Risk Free