- Stocks finished the week up nicely with the S&P 500 up nearly 1% and the Nasdaq up just over 1%, for all new record highs.
- The biggest worry lately in the markets (outside of Covid) has been valuations. But in the last 9 months, the market has actually become cheaper.
- Taxable bond CEFs hit fresh valuation highs for the year with an average premium of +2.04% on our data and +1.84% on Rivernorth's website.
- There remains no sector with a negative z-score (a relative valuation metric comparing current values to historical averages).
- The PIMCO funds performed well last week with nearly all funds gaining premium. PCM Fund was the best, up 6.2%.
For further details see:
YH Weekly Commentary Peak