Via SeekingAlpha.com

Author’s note: this article was released to members of CEF/ETF Income Laboratory on June 15, 2020. Please check latest data before investing.

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, June 12th, 2020.

Weekly performance roundup

4 out of 23 sectors were positive on price (down from 20 last week) and the average price return was -2.95% (down from +4.15% last week). The lead gainer was Taxable Munis (+1.62%), followed by Commodities (+0.99%) and National Munis (+0.33%), while weakest sector by Price was MLPs (-12.85%), followed by U.S. Equity (-5.81%) and Global Allocation (-5.61%).

(Source: Stanford Chemist, CEFConnect)

6 out of 23 sectors were positive on NAV (down from 23 last week), while the average NAV return was -2.02% (down from +4.30% last week). The top sectors by NAV were Taxable Munis (+1.96%), National Munis (+0.90%) and New York Munis (+0.64%). The weakest sector by NAV were MLPs (-10.44%) , Global Allocation (-5.22%) and Global Equity (-5.02%).

(Source: Stanford Chemist, CEFConnect)

There were only three premium sectors this week, the leader was Preferreds (+2.39%), while the sector with the highest discount is MLPs (-16.50%). The average sector discount is -7.63% (up from -6.85% last week).

(Source: Stanford Chemist, CEFConnect)

There were only three negative sectors this week and the sector with the highest premium/discount increase was Sector Equity (+0.76%), Senior Loans (-6.53%) showed the lowest premium/discount decline. The average change in premium/discount was -1.07% (down from +0.40% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is Taxable Munis (+0.73), followed by Investment Grade (+0.41). The sector with the lowest average 1-year z-score was Emerging Market Income (-1.39), followed by MLPs (-1.36). The average z-score is -0.59 (down from -0.38 last week).

(Source: Stanford Chemist, CEFConnect)

The sectors with the highest yields are MLPs (19.54%), Senior Loans (12.50%), Global Allocation (12.21%), Limited Duration (9.71%) and Real Estate (9.67%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is +8.16% (up from +7.98%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
Oxford Lane Capital Corp (OXLC) -13.99% 39.51% -11.99% -1.6 -2.38% 7.35%
Eagle Point Income Co Inc (EIC) -7.88% 7.25% 2.71% 0.0 -1.27% -33.06%
Western Asset Mortgage Defined Opp (DMO) -7.38% 11.95% -0.21% -1.2 -1.88% 5.39%
Stone Harbor Emerg. Mkts Income Fund (EDF) -6.81% 13.17% 12.67% -2.0 -8.53% -3.00%
DoubleLine Yield Opportunities Fund (DLY) -6.58% % -1.74% 0.0 -5.89% 0.44%
Tortoise Power and Energy Infrastructure (TPZ) -6.10% 15.79% -21.81% -1.7 -11.55% -4.63%
ClearBridge MLP and Midstream TR (CTR) -5.64% 11.19% -21.43% -1.7 -14.88% -8.77%
PCM Fund (PCM) -5.62% 10.14% 12.34% 0.2 -5.11% -0.35%
Special Opportunities (SPE) -5.58% 10.38% -13.73% -2.2 -3.63% 2.61%
Cohen & Steers Qual Inc Realty (RQI) -5.52% 8.63% -9.15% -1.0 -7.18% -1.53%
READ ALSO  CIIE opens application process for professional visitors

(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

Gabelli Utility Trust

(GUT)

20.48%

7.93%

89.72%

2.9

4.99%

-6.34%

Gabelli Go Anywhere Trust

(GGO)

11.04%

2.00%

5.94%

0.7

4.17%

-8.10%

DNP Select Income

(DNP)

5.88%

7.01%

26.61%

1.7

-1.85%

-6.40%

Invesco High Income 2023 Target Term

(IHIT)

5.72%

7.47%

6.92%

2.8

6.50%

0.81%

Western Asset Income

(PAI)

4.88%

4.06%

1.13%

0.5

4.94%

-0.07%

Calamos L/S Equity & Dynamic Inc Trust

(CPZ)

4.17%

8.01%

-11.45%

0.0

-4.02%

-3.53%

Duff & Phelps Sel Enrg MLP Midstrm Enrg

(DSE)

4.14%

99.40%

-1.05%

0.0

-18.62%

-10.29%

Duff & Phelps Utility and Infra Fund Inc

(DPG)

3.63%

12.51%

-6.28%

0.6

-6.83%

-10.43%

Cushing® MLP & Infras Total Return

(SRV)

3.57%

40.33%

-7.00%

2.8

-6.39%

-9.97%

Cohen & Steers Total Return

(RFI)

3.46%

7.04%

5.03%

0.8

5.33%

-4.26%

(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
Cushing® NextGen Infrastructure Income (SZC) -61.0% 0.5468 0.2132 32.59% -22.66% -1.6 43% 6/1/2020 6/12/2020
Kayne Anderson Midstream Energy Fund (KMF) -60.0% 0.225 0.09 22.78% -22.93% -2.0 75% 6/9/2020 6/17/2020
Kayne Anderson MLP/Midstream (KYN) -58.3% 0.36 0.15 31.41% -17.08% -1.6 77% 6/9/2020 6/17/2020
Guggenheim Enhanced Equity Income Fund (GPM) -50.0% 0.24 0.12 9.04% -10.00% -2.5 1% 6/1/2020 6/12/2020
Cushing® MLP & Infras Total Return (SRV) -46.9% 0.3612 0.1919 40.33% -7.00% 0.0 102% 6/1/2020 6/12/2020
MQ Global Infrastructure Ttl Ret (MGU) -46.4% 0.14 0.075 1.65% -15.20% -1.3 97% 6/2/2020 6/18/2020
Herzfeld Caribbean Basin (CUBA) -45.5% 0.284625 0.15525 16.09% -20.68% -1.8 -4% 6/9/2020 6/18/2020
Delaware Enhanced Global Div and Inc (DEX) -32.1% 0.0714 0.0485 7.19% -14.66% -1.3 56% 6/2/2020 6/18/2020
Delaware Investments Dividend & Income (DDF) -31.5% 0.0743 0.0509 7.09% -0.69% -1.9 36% 6/2/2020 6/18/2020
The India Fund Inc (IFN) -26.3% 0.57 0.42 10.78% -10.87% 0.2 2% 6/9/2020 6/18/2020
Aberdeen Emerging Markets Equity Inc (AEF) -20.9% 0.054 0.0427 2.79% -13.78% -0.8 33% 6/9/2020 6/18/2020
Apollo Senior Floating Rate Fund (AFT) -14.3% 0.077 0.066 6.40% -17.06% -1.8 149% 6/4/2020 6/16/2020
Delaware Inv MN Muni Income II (VMM) -13.3% 0.0375 0.0325 3.12% -13.95% -1.4 118% 6/2/2020 6/18/2020
Apollo Tactical Income Fund Inc. (AIF) -11.1% 0.081 0.072 7.01% -15.94% -1.5 142% 6/4/2020 6/16/2020
Delaware Inv CO Municipal Income (VCF) -11.1% 0.045 0.04 3.50% -7.37% -2.6 115% 6/2/2020 6/18/2020
Voya Prime Rate Trust (PPR) -10.3% 0.0165 0.0148 4.32% -12.77% -0.7 149% 6/1/2020 6/9/2020
Royce Value Trust (RVT) -7.1% 0.28 0.26 8.61% -12.53% -0.6 5% 6/1/2020 6/10/2020
Royce Micro-Cap Trust (RMT) -6.3% 0.16 0.15 8.63% -15.14% -1.5 0% 6/1/2020 6/10/2020
Eaton Vance Floating-Rate Income (EFT) -3.4% 0.058 0.056 5.87% -14.81% -1.3 139% 6/1/2020 6/22/2020
EV Floating-Rate Income Plus Fund (EFF) -3.4% 0.059 0.057 4.83% -8.53% 0.4 143% 6/1/2020 6/22/2020
Eaton Vance Float-Rate 2022 Target Term (EFL) -2.7% 0.037 0.036 5.30% -6.54% -1.1 116% 6/1/2020 6/10/2020
Eaton Vance Senior Floating Rate (EFR) -1.5% 0.065 0.064 6.63% -12.40% -0.4 123% 6/1/2020 6/22/2020
READ ALSO  House To Consider Authorizing 'Mother Of All Bombs' Sale To Israel 

Boosters

Name Ticker Change Previous Current Yield Discount z-score Coverage Announced Ex-date
MFS® Government Markets Inc (MGF) 0.1% 0.0292 0.02923 7.43% -2.88% 1.0 33% 6/1/2020 6/16/2020
MFS® Intermediate Income (MIN) 0.5% 0.02807 0.02822 8.73% -3.96% 1.4 31% 6/1/2020 6/16/2020
MFS® Charter Income (MCR) 2.0% 0.05474 0.05581 8.18% -5.43% 0.8 53% 6/1/2020 6/16/2020
MFS Special Value (MFV) 2.2% 0.04061 0.0415 9.29% 4.08% -0.5 31% 6/1/2020 6/16/2020
MFS® Intermediate High Income (CIF) 2.4% 0.01745 0.01787 9.84% -7.63% -1.4 63% 6/1/2020 6/16/2020
MFS Multimarket Income (MMT) 2.6% 0.03793 0.03892 8.25% -7.36% -0.2 61% 6/1/2020 6/16/2020
MFS® Investment Grade Municipal (CXH) 2.7% 0.037 0.038 4.82% -9.64% -0.1 97% 6/1/2020 6/16/2020
MFS® High Yield Municipal (CMU) 2.8% 0.018 0.0185 5.32% -7.63% -0.8 103% 6/1/2020 6/16/2020
Templeton Global Income (GIM) 3.1% 0.0129 0.0133 3.06% -16.37% -1.7 216% 6/2/2020 6/12/2020
BlackRock Municipal Income II (BLE) 3.4% 0.058 0.06 5.05% -1.18% -0.2 100% 6/1/2020 6/12/2020
BlackRock Muniholdings II (MUH) 3.5% 0.0565 0.0585 4.93% -6.87% -0.7 100% 6/1/2020 6/12/2020
Templeton Emerg Mkts Income (TEI) 3.7% 0.0454 0.0471 7.42% -14.77% -1.4 101% 6/2/2020 6/12/2020
MFS Municipal Income (MFM) 3.8% 0.026 0.027 5.18% -10.19% -1.1 104% 6/1/2020 6/16/2020
BlackRock MuniYield MI Quality (MIY) 4.1% 0.049 0.051 4.58% -13.58% -1.2 104% 6/1/2020 6/12/2020
BlackRock NY Municipal Income (BNY) 4.2% 0.048 0.05 4.54% -10.37% -1.0 99% 6/1/2020 6/12/2020
MFS® High Income Municipal (CXE) 5.0% 0.02 0.021 5.38% -6.59% -0.7 103% 6/1/2020 6/16/2020
Eaton Vance CA Muni Inc (CEV) 5.6% 0.0446 0.0471 4.45% -11.12% -0.9 91% 6/1/2020 6/10/2020
BlackRock Municipal Income (BFK) 5.6% 0.0535 0.0565 5.13% -5.17% -0.5 97% 6/1/2020 6/12/2020
Eaton Vance NY Muni Inc (EVY) 5.8% 0.0433 0.0458 4.35% -13.86% -1.2 91% 6/1/2020 6/10/2020
BlackRock Invest Qual Muni (BKN) 6.8% 0.059 0.063 4.92% -3.82% 0.6 91% 6/1/2020 6/12/2020
BlackRock MuniHoldings NJ Qty (MUJ) 7.4% 0.054 0.058 5.33% -14.63% -1.5 97% 6/1/2020 6/12/2020
Massachusetts Tax-Exempt Trust (MHE) 7.5% 0.04 0.043 3.94% -2.82% 0.9 102% 6/1/2020 6/12/2020
BlackRock MD Municipal Bond (BZM) 7.6% 0.0395 0.0425 3.72% -7.43% -0.6 99% 6/1/2020 6/12/2020
BlackRock Municipal Bond (BBK) 8.9% 0.056 0.061 4.83% -5.78% 0.7 100% 6/1/2020 6/12/2020
BlackRock MuniYield NY Quality (MYN) 9.4% 0.0425 0.0465 4.48% -12.19% -1.0 98% 6/1/2020 6/12/2020
BlackRock Munienhanced (MEN) 10.3% 0.039 0.043 4.77% -9.24% -0.7 97% 6/1/2020 6/12/2020
BlackRock NY Municipal Bond (BQH) 10.4% 0.048 0.053 4.17% -4.27% 1.3 93% 6/1/2020 6/12/2020
BlackRock MuniHoldings CA Qty (MUC) 10.9% 0.046 0.051 4.39% -10.18% 0.6 92% 6/1/2020 6/12/2020
BlackRock MuniYield AZ (MZA) 10.9% 0.046 0.051 4.60% -7.57% -0.4 93% 6/1/2020 6/12/2020
BlackRock Muni Inc Inv Qty Tr (BAF) 11.7% 0.0515 0.0575 4.91% -6.15% 0.6 94% 6/1/2020 6/12/2020
Eaton Vance Municipal Income (EVN) 11.7% 0.0427 0.0477 4.64% -9.60% -0.6 93% 6/1/2020 6/10/2020
BlackRock NY Municipal Income II (BFY) 11.9% 0.0505 0.0565 5.09% -12.72% -1.0 84% 6/1/2020 6/12/2020
Eaton Vance NY Municipal Bond (ENX) 12.8% 0.039 0.044 4.58% -13.04% -1.5 87% 6/1/2020 6/22/2020
Eaton Vance Tx-Mgd Glbl Buy-Write Opp (ETW) 13.1% 0.0643 0.0727 10.44% -8.23% -0.8 6% 6/1/2020 6/22/2020
BlackRock Muniyield Quality (MQY) 13.2% 0.053 0.06 4.72% -4.03% 1.8 91% 6/1/2020 6/12/2020
BlackRock MuniHoldings Quality (MUS) 13.5% 0.0445 0.0505 4.93% -9.30% 0.2 88% 6/1/2020 6/12/2020
BlackRock Muniyield Quality II (MQT) 13.6% 0.044 0.05 4.72% -8.82% 0.4 94% 6/1/2020 6/12/2020
BlackRock Muniyield Inv Qty (MFT) 14.0% 0.05 0.057 5.30% -6.71% -0.4 89% 6/1/2020 6/12/2020
BlackRock MuniHoldings Qty II (MUE) 14.8% 0.044 0.0505 4.88% -9.21% 0.3 92% 6/1/2020 6/12/2020
BlackRock MuniYield CA Quality (MCA) 15.2% 0.046 0.053 4.60% -11.18% -0.4 91% 6/1/2020 6/12/2020
BlackRock MuniHoldings NY Qty (MHN) 15.7% 0.0445 0.0515 4.71% -11.17% -0.3 94% 6/1/2020 6/12/2020
BlackRock Muni Intermediate Duration (MUI) 18.0% 0.0445 0.0525 4.63% -11.97% -1.1 87% 6/1/2020 6/12/2020
Eaton Vance CA Municipal Bond (EVM) 19.0% 0.0352 0.0419 4.55% -12.51% -0.8 87% 6/1/2020 6/22/2020
BlackRock MuniYield PA Quality (MPA) 19.6% 0.046 0.055 4.86% -12.85% -0.4 93% 6/1/2020 6/12/2020
BlackRock NY Muni Inc Qty (BSE) 19.8% 0.0405 0.0485 4.52% -12.79% -0.9 93% 6/1/2020 6/12/2020
JHancock Investors (JHI) 27.8% 0.2956 0.3778 9.97% -7.23% 0.0 26% 6/1/2020 6/10/2020
JHancock Income Secs (JHS) 46.3% 0.1401 0.205 5.77% -8.27% -1.3 23% 6/1/2020 6/10/2020
READ ALSO  Tech chief executives to defend key law in front of U.S. Senate panel on Wednesday

CEF analysis from around Seeking Alpha…

ADS Analytics presents PIMCO CEF Leverage Update (Jun. 9), CEF Market Distribution Update (Jun. 11), PKO: Allocation, Valuation And Earnings Tailwinds (Jun. 12)

Alpha Gen Capital presents Fund Spotlight: AllianzGI Artificial Intelligence & Technology Opportunities Fund (Jun. 8), What’s Happening In The Muni CEF Space? (Jun. 9), Nothing To Worry About With PIMCO Taxable CEFs (Jun. 10), Fund Spotlight: ETJ – A Fund That Has Performed Well Through The Crisis (Jun. 12)

Dividend Seeker presents BUI: Strong Short-Term Return, Lowering Outlook From Here (Jun. 7)

Double Dividend Stocks presents BlackRock Science And Technology Trust: High Yield Tech Monthly Payer, 12% Dividend Growth (Jun. 6), BlackRock Science And Technology Trust II: High-Yield Mid/Small Cap Tech, 12% Discount, Pays Monthly (Jun. 12)

George Spritzer presents FINS Is An Attractive Niche Community Bank Closed-End Bond Fund Which May Benefit From The CARES Act (Jun. 7)

Jussi Askola presents Why You Shouldn’t Buy RQI (Jun. 9)

*Nick Ackerman presents Income Lab Ideas: Closed-End Fund Sector Performance YTD (Jun. 7), RA: Important Post-Merger Update On Portfolio Changes (Jun. 9), Closed-End Funds: 2 REIT Funds Worth A Look (Jun. 10), GDV: Looking Like A Buy (Jun. 12)

Power Hedge presents GGN: Some Inflation Protection And Income (Jun. 12)

Retired Investor presents EHT Provides High Yield Bond Exposure That Ends In 2021 (Jun. 9)

*Stanford Chemist presents Weekly Closed-End Fund Roundup: VAM To Merge Into FINS, EGIF To Liquidate (May 31, 2020) (Jun. 8)

*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: For Some, It’s More Fear, For Others, It’s More Opportunity (Jun. 13)

Jeff Miller presents Weighing The Week Ahead: Can Investors Depend On The Rebound Trend?: (Jun. 14)

Lance Roberts presents MacroView: The Great Divide Between Stocks And The Economy (Jun. 13)

Profitable CEF and ETF income and arbitrage ideas

Closed-end funds news and recommendations are now exclusive to members of CEF/ETF Income Laboratory. We also manage market-beating closed-end fund (CEF) and exchange-traded fund (ETF) portfolios targeting safe and reliable ~8% yields to make income investing easy for you. Check out what our members have to say about our service.

To see all that our exclusive membership has to offer, sign up for a free trial by clicking on the button below!


Disclosure: I am/we are long EIC, OXLC. 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.