Closed-End Fund Analysis
Closed-end funds ("CEFs") continue to chug along seeing some incremental increases in valuations (discount tightening) from already above average levels. While we don't think valuation levels are extreme here, especially given the new dovish Fed, they are not cheap either. We continue to collect the generous income streams afforded by the CEF wrapper.
Most of our portfolio positions are in the "hold" rated camp- with a few even "sell rated". However, even though slightly more funds saw their NAVs fall in the month of October, prices tended to do better closing the