CEF Weekly Review: Bull Market In CLO Equity CEFs

2025-05-03 21:08:30 ET

Summary

• We review the CEF market valuation and performance through the fourth week of April and highlight recent market action.
• CEFs experienced a strong week, with all sectors rallying and trimming losses to around 2% in April, double that of March.
• Herzfeld Advisors' CEF CUBA shifts to CLO Equity strategy, with a 1.25% fee and 10% incentive on a 9% hurdle.
• BNY Mellon Municipal Bond Infrastructure Fund hiked its distribution by 27%, aligning it with net investment income and potentially prompting similar hikes in its other funds.
• First Trust Specialty Finance and Financial Opportunities Fund adjourned its special meeting for reorganization into an ETF, aiming to eliminate leverage and monetize the discount.

Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up – highlighting individual fund news and events – as well as the top-down – providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of....

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