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We review CEF market valuation and performance through the second week of August and highlight recent market action. CEFs had another strong week as the recovery in income assets accelerated. We discuss the yield pick-up in CEFs versus open-end funds using HY Munis as a case study...
A possible recession is top of mind for income investors given the dip in leading indicators and the Fed that looks set to drive activity lower to cool off inflation. Even if there is a measure of consensus that macroeconomic activity is likely to slow down sharply over the coming mon...
In the last Equity CEF Performance update, I called the prior week a "good" week. This week, I will upgrade that to a "VERY good" week, particularly for leveraged CEFs. With the S&P 500 gaining +4.3% on the week and the NASDAQ-100 +4.5%, those strong moves actually paled in compar...
Leading macro-economic indicators have been decelerating and household sentiment has been souring as the Fed continues to tighten financial conditions to further slow inflation. Asset prices have also adjusted in anticipation of an upcoming recession. We take a look at different r...
Today, the US economy can be characterized by late cycle (perhaps even end cycle) with a stagflationary regime. A stagflationary regime is one where there is high and rising inflation combined with low or negative growth. Investing during this regime can be difficult. Eventually, ...
CEF NAVs took a big hit in June and continue to show downward trends as they have for most of this year. That trend is driven by wider spreads. Discounts have tightened a bit in recent weeks and are basically saying that a recession is not imminent. If a recession comes, much wider di...
How the market environment will develop in the medium term is highly uncertain due to an unusual post-pandemic recovery, an unusually high level of inflation, and Fed's hiking path. We revisit our All-Weather Income Portfolio, focusing on a fund version for investors who are less comf...
The worst half to a year in a half-century is over, with the S&P 500 down -20.0% through June 30. What's in store for the second half? Well, that depends on whose advice you trust, and frankly, there's something for everyone, from bullish recoveries to end-of-the-world type scenar...
We review CEF market valuation and performance through the fourth week of June and highlight recent market action. CEFs had a good week on the back of a drop in Treasury yields and a rally in risky assets. A lot of CEF fee commentary doesn't provide the right kind of context for i...
0 out of 23 CEF sectors positive on price and 0 out of 23 sectors positive on NAV last week. Commodities lead while MLPs lag. MLPs are the most discounted CEF sector. For further details see: Weekly Closed-End Fund Roundup: June 19, 2022
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2024-06-25 05:00:43 ET Some of our favorite high-yield dividends just did something stunning: They sent their investors’ payouts soaring—in some cases by more than 30% overnight. All of these high-paying dividend growers are municipal bond funds , a corner of the m...
2024-06-19 05:00:33 ET Only here at Contrarian Outlook can we banter for an hour-plus about closed-end funds, utilities and oil dividends! This site is our sanctuary, my income friends. I’m talking about our Contrarian Outlook 2024 Q2 VIP Webcast. Every quarter we fire up GoT...
2024-05-28 05:00:42 ET This market rally could roll right through the summer (so much for “Sell in May and go away!”), and we’ve got two sweet bond buys to play it. That’s right, I said bonds because there are more bargains in bond land than in stocks rig...