Weekly Closed-End Fund Roundup: September 20, 2019

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Note: this article was released to members of CEF/ETF Income Laboratory 2 weeks ago.

The Weekly Closed-End Fund Roundup will be put out at the start of each week to summarize recent price movements in closed-end fund [CEF] sectors in the last week, as well as to highlight recently concluded or upcoming corporate actions on CEFs, such as tender offers. Most of the information has been sourced from CEFInsight or the Closed-End Fund Center. I will also link to some articles from Seeking Alpha that I have found for useful reading over the past week. The searchable tag for this feature is “cildoc.” Data is taken from the close of Friday, September 20, 2019.

Weekly performance roundup

18 out of 31 sectors were positive on price (up from 17 last week) and the average price return was 0.35% (up from 0.00% last week). The leading gainers were New Jersey Munis (+1.95%), National Munis (+1.94%) and High Yield Munis (+1.87%), while Latin American Equity (-1.05%) lagged.

(Source: Stanford Chemist, CEFConnect)

19 out of 31 sectors were positive on NAV (up from 15 last week), while the average NAV return was 0.13% (up from -0.04% last week). The top sectors by NAV were MLPs (+1.87%), U.S. Energy/Resources Equity (+1.55%) and U.S. Real Estate (+1.52%). The top losing sector by NAV was Other Non-U.S. Equity (-1.26%).

(Source: Stanford Chemist, CEFConnect)

The top 3 sectors by premium were Preferreds (+3.19%), US Utilities (+2.34%) and Multisector Income (+1.43%), while the sector with the highest discount is Asia Equity (-12.12%). The average sector discount is -5.57 % (up from -5.74% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest premium/discount increase was High Yield Munis (+1.73%), while MLPs (-1.35%) showed the largest premium/discount decline. The average change in premium/discount was 0.19% (up from 0.06% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is U.S. Real Estate (+2.06), followed by Preferreds (+1.09). The lowest z-score was Other MLPs (-0.28), followed by Asia Equity (-0.21). The average z-score is +0.60 (up from +0.52 last week).

(Source: Stanford Chemist, CEFConnect)

The sectors with the highest yields are MLPs (12.09%), global equity dividend (9.89%), Global Growth & Income (9.43%), Emerging Market Income (9.23%) and Covered Call (8.58%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is +7.05% (same as last week).

(Source: Stanford Chemist, CEFConnect)

Individual CEFs that have undergone a significant decrease in premium/discount value over the past week, coupled optionally with an increasing NAV trend, a negative z-score, and/or are trading at a discount, are potential buy candidates.

Fund

Ticker

P/D decrease

Yield

P/D

Z-Score

Price change

NAV change

Guggenheim Strategic Opp Fund

(GOF)

-5.63%

11.77%

6.30%

-0.9

-4.72%

0.34%

Nuveen Energy MLP Total Return

(JMF)

-4.21%

11.44%

-6.12%

0.9

-0.23%

4.26%

RENN Glb. Entrepreneurs Fund

(RCG)

-3.81%

%

-18.32%

-0.4

-5.45%

-1.04%

Eagle Point Credit Company LLC

(ECC)

-3.73%

15.38%

19.36%

0.4

-3.05%

0.00%

Stone Harbor Emg Mkts Total In

(EDI)

-3.22%

15.46%

12.90%

0.7

-2.13%

0.68%

Western Asset Mortgage Def Opp

(DMO)

-3.09%

8.39%

8.06%

0.3

-3.29%

-0.50%

Cushing Renaissance Fund

(SZC)

-2.93%

12.19%

-13.22%

-0.9

-1.75%

1.57%

Cushing MLP & Infras TR

(SRV)

-2.71%

10.84%

-11.97%

0.2

-0.99%

2.07%

Nuveen Multi-Market Income

(JMM)

-2.65%

4.98%

-9.56%

0.6

-2.49%

0.38%

Voya Natural Resource Equity

(IRR)

-2.62%

15.38%

-3.13%

-1.3

-1.53%

1.13%

(Source: Stanford Chemist, CEFConnect)

Conversely, individual CEFs that have undergone a significant increase in premium/discount value in the past week, coupled optionally with a decreasing NAV trend, a positive z-score, and/or are trading at a premium, are potential sell candidates.

Fund

Ticker

P/D increase

Yield

P/D

z-score

Price change

NAV change

PIMCO Municipal Income III

(PMX)

5.87%

4.82%

10.90%

0.3

6.23%

0.62%

BlackRock MuniAssets Fund

(MUA)

5.50%

4.02%

8.90%

1.2

5.60%

0.28%

Neuberger Berman Inter Muni

(NBH)

4.96%

4.84%

0.58%

1.7

5.45%

0.26%

MS India Investment

(IIF)

4.87%

16.00%

-10.42%

1.1

2.01%

-3.51%

PIMCO NY Municipal Income III

(PYN)

4.74%

4.45%

2.57%

-0.9

5.51%

0.65%

Sprott Physical Silver Trust

(PSLV)

4.44%

%

-0.90%

1.5

2.82%

-1.78%

ASA Gold and Precious Metals

(ASA)

4.11%

0.16%

-14.96%

-0.1

6.05%

0.94%

BlackRock Muniyield Inv Qty

(MFT)

3.73%

4.42%

-5.10%

0.2

4.38%

0.28%

BlackRock Invst. Quality Muni

(BKN)

3.66%

4.37%

-4.11%

1.8

4.27%

0.31%

Dreyfus Municipal Income

(DMF)

3.50%

4.67%

-3.50%

1.7

3.98%

0.22%

(Source: Stanford Chemist, CEFConnect)

Distribution changes announced this month

These are sorted in ascending order of distribution change percentage. Funds with distribution changes announced this month are included. Any distribution declarations made this week are in bold. I’ve also added monthly/quarterly information as well as yield, coverage (after the boost/cut), discount and 1-year z-score information. I’ve separated the funds into two sub-categories, cutters and boosters.

Cutters

Name

Ticker

Change

Previous

Current

Yield

Discount

z-score

Coverage

Announced

Ex-date

Nuveen High Income 2020 Target

(JHY)

-24.9%

0.035

0.0263

3.20%

1.19%

-0.6

129%

9/3/2019

9/12/2019

Nuveen AMT-Free Muni Value

(NUW)

-16.1%

0.056

0.047

3.39%

-1.36%

0.2

96%

9/3/2019

9/12/2019

Nuveen NY Municipal Value 2

(NYV)

-15.3%

0.0425

0.036

3.01%

-9.99%

-0.1

97%

9/3/2019

9/12/2019

Delaware Invest National Muni

(VFL)

-15.0%

0.05

0.0425

3.84%

-10.69%

0.4

114%

9/3/2019

9/19/2019

Templeton Global Income

(GIM)

-13.8%

0.032

0.0276

6.75%

-8.75%

1.5

127%

9/3/2019

9/13/2019

Templeton Emerging Mkts Income

(TEI)

-13.3%

0.0655

0.0568

7.51%

-8.66%

0.2

109%

9/3/2019

9/13/2019

Delaware Invest CO Muni Income

(VCF)

-10.0%

0.05

0.045

3.60%

-1.38%

1.2

106%

9/3/2019

9/19/2019

Invesco PA Value Muni

(VPV)

-9.7%

0.0535

0.0483

4.42%

-6.62%

1.2

103%

9/3/2019

9/17/2019

Nuveen CA Municipal Value 2

(NCB)

-9.6%

0.047

0.0425

3.12%

-0.37%

-0.3

108%

9/3/2019

9/12/2019

Nuveen NJ Municipal Value Fund

(NJV)

-8.9%

0.045

0.041

3.61%

-11.84%

0.5

98%

9/3/2019

9/12/2019

First Trust Inter Dur Pref & I

(FPF)

-7.0%

0.1425

0.1325

6.79%

-2.42%

1

104%

9/19/2019

10/1/2019

Nuveen Shrt Duration Cred Opps

(JSD)

-6.8%

0.1035

0.0965

8.27%

-10.59%

-1

99%

9/3/2019

9/12/2019

Herzfeld Caribbean Basin

(CUBA)

-6.7%

0.305

0.28463

9.26%

-15.86%

1.4

-2%

9/12/2019

9/19/2019

Nuveen CA Quality Muni Inc

(NAC)

-6.3%

0.0555

0.052

4.25%

-8.31%

0.9

102%

9/3/2019

9/12/2019

Nuveen PA Municipal Value Fund

(NPN)

-6.2%

0.0405

0.038

3.26%

-8.14%

0.3

103%

9/3/2019

9/12/2019

Nuveen Taxable Muni Income

(NBB)

-5.3%

0.103

0.0975

5.13%

-2.01%

1.1

99%

9/3/2019

9/12/2019

Clough Global Equity

(GLQ)

-4.0%

0.1152

0.1106

11.31%

-9.56%

-1

2%

9/10/2019

9/19/2019

Royce Value Trust

(RVT)

-3.6%

0.28

0.27

7.71%

-10.54%

0.5

6%

9/3/2019

9/12/2019

Nuveen Senior Income

(NSL)

-3.5%

0.0375

0.0362

7.61%

-12.69%

-1.1

99%

9/3/2019

9/12/2019

Clough Global Opportunities

(GLO)

-3.2%

0.0903

0.0874

11.18%

-10.92%

-0.2

0%

9/10/2019

9/19/2019

Nuveen Floating Rate Inc Opps

(JRO)

-3.2%

0.0625

0.0605

7.58%

-11.79%

-0.5

99%

9/3/2019

9/12/2019

Tri-Continental Corporation

(TY)

-1.8%

0.265

0.2602

3.73%

-9.58%

1.6

32%

9/9/2019

9/17/2019

India Fund Inc

(IFN)

-1.7%

0.59

0.58

11.54%

-10.46%

0.3

-1%

9/11/2019

9/20/2019

MFS Special Value Trust

(MFV)

-1.2%

0.04676

0.0462

9.29%

6.23%

1.9

29%

9/3/2019

9/17/2019

Clough Global Div and Inc Fund

(GLV)

-0.9%

0.1035

0.1026

11.35%

-9.66%

0.6

19%

9/10/2019

9/19/2019

Franklin Limited Duration Inco

(FTF)

-0.7%

0.0858

0.0852

10.80%

-7.07%

0.8

51%

9/20/2019

9/27/2019

Delaware Inv Div & Inc

(DDF)

-0.6%

0.0908

0.0903

7.82%

25.91%

0.8

37%

9/3/2019

9/19/2019

MFS Intermediate High Income

(CIF)

-0.5%

0.02035

0.02024

9.10%

3.89%

1.4

57%

9/3/2019

9/17/2019

Delaware Enhanced Gbl Div&Inc

(DEX)

-0.2%

0.0916

0.0914

11.15%

-10.87%

0.2

40%

9/3/2019

9/19/2019

(Source: Stanford Chemist, CEFConnect)

Boosters

Name

Ticker

Change

Previous

Current

Yield

Discount

z-score

Coverage

Announced

Ex-date

MFS Multi-Market Income

(MMT)

0.2%

0.04242

0.04251

8.57%

-6.74%

1.6

54%

9/3/2019

9/17/2019

Vivaldi Opportunities Fund

(VAM)

0.3%

0.11767

0.118

9.54%

-3.32%

-1.8

-10%

9/20/2019

10/2/2019

New Ireland Fund

(IRL)

0.5%

0.111

0.1115

5.19%

-17.48%

-0.7

2%

9/10/2019

9/19/2019

MFS Intermediate Income

(MIN)

0.6%

0.02876

0.02893

9.11%

-5.69%

1.5

30%

9/3/2019

9/17/2019

MFS Charter Income

(MCR)

0.6%

0.05983

0.06019

8.65%

-7.53%

1.7

49%

9/3/2019

9/17/2019

Angel Oak Financial Strats Inc

(FINS)

0.9%

0.1171

0.1181

%

0.60%

0

0%

9/3/2019

9/13/2019

EV Senior Floating Rate

(EFR)

1.3%

0.076

0.077

6.82%

-11.68%

-0.1

96%

9/3/2019

9/20/2019

EV Floating Rate Income

(EFT)

1.3%

0.076

0.077

6.63%

-12.28%

-0.5

97%

9/3/2019

9/20/2019

MFS Government Markets Income

(MGF)

1.4%

0.02887

0.02927

7.75%

-5.43%

-0.1

33%

9/3/2019

9/17/2019

TCW Strategic Income

(TSI)

1.5%

0.0825

0.0837

5.51%

-1.02%

1.9

31%

9/16/2019

9/27/2019

EV Senior Income Trust

(EVF)

2.9%

0.034

0.035

6.84%

-12.41%

0.3

93%

9/3/2019

9/12/2019

JH Income Securities

(JHS)

3.1%

0.1504

0.155

4.35%

-7.58%

-0.3

33%

9/3/2019

9/12/2019

JH Investors Trust

(JHI)

4.3%

0.3111

0.3246

7.58%

-6.13%

1.9

31%

9/3/2019

9/12/2019

First Trust Senior FR Inc II

(FCT)

12.2%

0.0735

0.0825

8.30%

-12.92%

-0.1

76%

9/19/2019

10/1/2019

Aberdeen Emerg Mkt Equity Inc

(AEF)

12.5%

0.04

0.045

1.76%

-11.49%

0

53%

9/11/2019

9/20/2019

(Source: Stanford Chemist, CEFConnect)

CEF analysis from around Seeking Alpha…

ADS Analytics presents UTG: Questioning The Reasons For Holding The Fund (Sep. 18)

Alpha Gen Capital presents Assessing What Funds Have Performed Well Since The FOMC Meeting (Sep. 18)

*Alpha Male presents XFLT Continues To Impress (Sep. 16)

Arbitrage Trader presents Weekly Review: Municipal Bond CEFs – The Market Participants Were Not Very Interested In The Safer Assets (Sep. 14), Weekly Review: High-Yield CEFs – Another Slight Increase For The Sector (Sep. 18), Weekly Review: Municipal Bond CEFs – The Worst Week Since November 2016 (Sep. 19)

The Balance of Trade presents DoubleLine Income Solutions Features High Sector Diversification As It Hunts For High-Income Assets (Sep. 17), DSL Drawdowns, Run-Ups, And Premium/Discount Swings (Sep. 17)

Closed End Fund Tracker presents Aberdeen Emerging Markets Income: An Intriguing Contrarian Investment (Sep. 16)

David Van Knapp presents Let’s Learn About CEFs: How They Generate All That Distributable Cash (Sep. 13)

Dividend Seeker presents PCN: I Can’t Get Past The Premium (Sep. 16)

George Spritzer presents DNI Trades At A Large Discount But Corporate Governance Is Questionable (Sep. 16)

*Nick Ackerman presents Closed-End Funds: These 5 Names Never Cut Distributions With Inception Pre-2008 (Sep. 19)

Power Hedge presents ETJ: Hedge Yourself Against Economic Volatility With This CEF (Sep. 20)

*Stanford Chemist presents Weekly Closed-End Fund Roundup: ECC And OXLC Lose Air (Sep. 16), The Chemist’s Quality Closed-End Fund Report: August 2019 (Sep. 18), Revisiting ARDC’s CLO Exposure (Sep. 19)

*To subscribers: these link to the public version of the article, which you will already have seen in the members section.

Macro/market section

Fear & Greed Trader presents S&P 500 Weekly Update: Instead Of What Could Go Wrong, It’s Best To Look At What Could Go Right (Sep. 21)

Jeff Miller presents Weighing The Week Ahead: A Bigger Wall Now Under Construction (Sep. 22)

Lance Roberts presents The Moment You Know You Know, You Know! (Sep. 22)

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Disclosure: I am/we are long THE PREMIUM PORTFOLIOS. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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