- 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.
For further details see:
YH CEF Weekly Commentary - June 12, 2022