Weekly Closed-End Fund Roundup: June 21, 2020


Author’s note: This article was released to CEF/ETF Income Laboratory members on June 23, 2020.

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 19th, 2020.

Weekly performance roundup

19 out of 23 sectors were positive on price (up from 4 last week) and the average price return was +1.64% (up from -2.95% last week). The lead gainer was MLPs (+12.42%), followed by Sector Equity (+10.31%) and Preferreds (+1.89%), the weakest sector by Price was Real Estate (-1.19%), followed by Senior Loans (-0.33%) and Single-state Munis (-0.07%).

(Source: Stanford Chemist, CEFConnect)

22 out of 23 sectors were positive on NAV (up from 6 last week), while the average NAV return was +2.31% (up from -2.02% last week). The top sectors by NAV were MLPs (+17.04%), Sector Equity (+11.64%) and Senior Loans (+7.55%). The weakest sector by NAV was Commodities (-1.01%) , New York Munis (+0.06%) and National Munis (+0.15%).

(Source: Stanford Chemist, CEFConnect)

There were only three premium sectors this week, the leader was Preferreds (+3.43%), while the sector with the highest discount is MLPs (-18.42%). The average sector discount is -7.66% (down from -7.63% last week).

(Source: Stanford Chemist, CEFConnect)

There were only three negative sectors this week and the sector with the highest premium/discount increase was Commodities (+1.22%), Senior Loans (-4.56%) showed the lowest premium/discount decline. The average change in premium/discount was -0.27% (up from -1.07% last week).

(Source: Stanford Chemist, CEFConnect)

The sector with the highest average 1-year z-score is Commodities (+1.05), followed by Taxable Munis (+0.70). The sector with the lowest average 1-year z-score was MLPs (-1.65), followed by Emerging Market Income (-1.32). The average z-score is -0.55 (up from -0.59 last week).

(Source: Stanford Chemist, CEFConnect)

The sectors with the highest yields are MLPs (18.93%), Global Allocation (11.82%), Senior Loans (11.62%), Real Estate (9.77%) and Limited Duration (9.62%). Discounts and z-scores for the sectors are included for comparison. The average sector yield is +7.98% (down from +8.16%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
OFS Credit Company Inc (OCCI) -23.18% 65.55% -8.08% -1.1 -10.10% 62.83%
Cushing® MLP & Infras Total Return (SRV) -14.86% 46.73% -21.88% -1.8 245.18% 310.91%
Oxford Lane Capital Corp (OXLC) -14.38% 44.02% 26.03% -1.7 -10.24% 127.05%
Cushing® NextGen Infrastructure Income (SZC) -5.02% 8.40% -27.71% -2.5 287.77% 314.88%
Stone Harbor Emerg. Mkts Income Fund (EDF) -4.81% 13.45% 7.85% -2.2 -2.06% 2.32%
Eagle Point Credit Company LLC (ECC) -4.77% 14.04% 5.56% -1.4 -4.34% 52.01%
Cohen & Steers MLP Income and Energy Opp (MIE) -4.69% 7.53% -16.43% -1.8 -3.63% 1.78%
Gabelli Equity (GAB) -4.47% 11.95% 8.42% 0.6 -5.99% -2.11%
PIMCO Global StocksPLUS & Income (PGP) -3.98% 10.12% 9.07% -2.4 -1.56% 2.04%
Gabelli Multimedia (GGT) -3.84% 12.98% 7.96% 0.5 -4.51% -1.10%

(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

Barings Participation Invs

(MPV)

7.90%

6.16%

-0.39%

-0.8

8.25%

0.00%

Flaherty & Crumrine Preferred Income

(PFD)

7.68%

6.00%

5.94%

2.2

8.33%

1.30%

Invesco High Income 2024 Target Term

(IHTA)

7.09%

7.55%

0.41%

0.7

10.42%

2.64%

Eagle Capital Growth

(GRF)

5.75%

8.00%

-15.89%

0.1

4.63%

-4.55%

Columbia Seligman Premium Technology Gr

(STK)

5.61%

7.98%

1.13%

2.9

8.61%

3.19%

Nuveen CA Select Tax Free Income

(NXC)

4.72%

3.26%

2.03%

1.1

5.02%

0.19%

Gabelli Global Utility & Income

(GLU)

4.55%

7.26%

2.61%

2.4

4.55%

-0.06%

Cornerstone Total Return Fund

(CRF)

4.30%

21.42%

11.65%

1.2

2.03%

-3.94%

PIMCO NY Municipal Income III

(PYN)

4.19%

4.70%

2.49%

2.8

4.14%

-0.11%

Aberdeen Income Credit Strategies Fund

(ACP)

4.09%

15.81%

-7.70%

-0.4

4.83%

0.20%

(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 8.40% -27.71% -2.5 43% 6/1/2020 6/12/2020
Kayne Anderson Midstream Energy Fund (KMF) -60.0% 0.225 0.09 7.36% -22.93% -2.0 75% 6/9/2020 6/17/2020
Kayne Anderson MLP/Midstream (KYN) -58.3% 0.36 0.15 10.20% -15.76% -1.2 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% 1.4448 0.7676 46.73% -21.88% -1.8 102% 6/1/2020 6/12/2020
MQ Global Infrastructure Ttl Ret (MGU) -46.4% 0.14 0.075 1.63% -14.79% -1.1 97% 6/2/2020 6/18/2020
Herzfeld Caribbean Basin (CUBA) -45.5% 0.284625 0.15525 15.95% -20.30% -1.6 -4% 6/9/2020 6/18/2020
Delaware Enhanced Global Div and Inc (DEX) -32.1% 0.0714 0.0485 7.15% -14.85% -1.3 56% 6/2/2020 6/18/2020
Delaware Investments Dividend & Income (DDF) -31.5% 0.0743 0.0509 7.14% -1.38% -1.8 36% 6/2/2020 6/18/2020
PIMCO Global StocksPLUS & Income (PGP) -26.5% 0.09394 0.069 10.12% 9.07% -2.4 153% 6/1/2020 6/10/2020
The India Fund Inc (IFN) -26.3% 0.57 0.42 11.17% -12.46% -0.6 2% 6/9/2020 6/18/2020
Center Coast Brookfield MLP & NRG Inf Fd (CEN) -25.0% 0.03 0.0225 25.71% -17.32% -2.8 0% 6/5/2020 6/16/2020
PIMCO High Income (PHK) -21.7% 0.061331 0.048 10.73% 8.92% -1.3 94% 6/1/2020 6/10/2020
Aberdeen Emerging Markets Equity Inc (AEF) -20.9% 0.054 0.0427 2.81% -14.75% -1.4 33% 6/9/2020 6/18/2020
PIMCO Strategic Income Fund (RCS) -16.7% 0.0612 0.051 9.18% 11.91% -1.6 136% 6/1/2020 6/10/2020
Apollo Senior Floating Rate Fund (AFT) -14.3% 0.077 0.066 6.39% -16.73% -1.6 149% 6/4/2020 6/16/2020
Delaware Inv MN Muni Income II (VMM) -13.3% 0.0375 0.0325 3.11% -13.75% -1.2 118% 6/2/2020 6/18/2020
Apollo Tactical Income Fund Inc. (AIF) -11.1% 0.081 0.072 6.97% -15.55% -1.3 142% 6/4/2020 6/16/2020
Delaware Inv CO Municipal Income (VCF) -11.1% 0.045 0.04 3.53% -7.98% -2.7 115% 6/2/2020 6/18/2020
Voya Prime Rate Trust (PPR) -10.3% 0.0165 0.0148 4.36% -13.59% -1.0 149% 6/1/2020 6/9/2020
Royce Value Trust (RVT) -7.1% 0.28 0.26 8.43% -12.43% -0.5 5% 6/1/2020 6/10/2020
Royce Micro-Cap Trust (RMT) -6.3% 0.16 0.15 8.49% -15.53% -1.6 0% 6/1/2020 6/10/2020
Eaton Vance Floating-Rate Income (EFT) -3.4% 0.058 0.056 5.81% -14.18% -1.0 139% 6/1/2020 6/22/2020
EV Floating-Rate Income Plus Fund (EFF) -3.4% 0.059 0.057 4.88% -9.31% 0.1 143% 6/1/2020 6/22/2020
Eaton Vance Float-Rate 2022 Target Term (EFL) -2.7% 0.037 0.036 5.32% -7.20% -1.2 116% 6/1/2020 6/10/2020
Eaton Vance Senior Floating Rate (EFR) -1.5% 0.065 0.064 6.71% -13.65% -0.8 123% 6/1/2020 6/22/2020

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

7.47%

-3.00%

0.9

33%

6/1/2020

6/16/2020

MFS® Intermediate Income

(MIN)

0.5%

0.02807

0.02822

8.86%

-5.21%

0.5

31%

6/1/2020

6/16/2020

MFS® Charter Income

(MCR)

2.0%

0.05474

0.05581

8.22%

-5.89%

0.6

53%

6/1/2020

6/16/2020

MFS Special Value

(MFV)

2.2%

0.04061

0.0415

9.43%

2.52%

-0.7

31%

6/1/2020

6/16/2020

MFS® Intermediate High Income

(CIF)

2.4%

0.01745

0.01787

9.88%

-8.04%

-1.4

63%

6/1/2020

6/16/2020

MFS Multimarket Income

(MMT)

2.6%

0.03793

0.03892

8.18%

-6.70%

0.0

61%

6/1/2020

6/16/2020

MFS® Investment Grade Municipal

(CXH)

2.7%

0.037

0.038

4.82%

-9.46%

0.0

97%

6/1/2020

6/16/2020

MFS® High Yield Municipal

(CMU)

2.8%

0.018

0.0185

5.29%

-7.08%

-0.6

103%

6/1/2020

6/16/2020

Templeton Global Income

(GIM)

3.1%

0.0129

0.0133

3.06%

-16.77%

-1.8

216%

6/2/2020

6/12/2020

BlackRock Municipal Income II

(BLE)

3.4%

0.058

0.06

4.95%

0.62%

0.3

100%

6/1/2020

6/12/2020

BlackRock Muniholdings II

(MUH)

3.5%

0.0565

0.0585

4.90%

-6.53%

-0.5

100%

6/1/2020

6/12/2020

Templeton Emerg Mkts Income

(TEI)

3.7%

0.0454

0.0471

7.28%

-14.16%

-1.2

101%

6/2/2020

6/12/2020

MFS Municipal Income

(MFM)

3.8%

0.026

0.027

5.18%

-10.46%

-1.2

104%

6/1/2020

6/16/2020

BlackRock MuniYield MI Quality

(MIY)

4.1%

0.049

0.051

4.55%

-12.99%

-0.9

104%

6/1/2020

6/12/2020

BlackRock NY Municipal Income

(BNY)

4.2%

0.048

0.05

4.42%

-7.99%

0.1

99%

6/1/2020

6/12/2020

MFS® High Income Municipal

(CXE)

5.0%

0.02

0.021

5.35%

-5.99%

-0.6

103%

6/1/2020

6/16/2020

Eaton Vance CA Muni Inc

(CEV)

5.6%

0.0446

0.0471

4.33%

-9.00%

-0.1

91%

6/1/2020

6/10/2020

BlackRock Municipal Income

(BFK)

5.6%

0.0535

0.0565

5.13%

-5.30%

-0.6

97%

6/1/2020

6/12/2020

Eaton Vance NY Muni Inc

(EVY)

5.8%

0.0433

0.0458

4.28%

-12.48%

-0.5

91%

6/1/2020

6/10/2020

BlackRock Invest Qual Muni

(BKN)

6.8%

0.059

0.063

4.93%

-4.19%

0.4

91%

6/1/2020

6/12/2020

BlackRock MuniHoldings NJ Qty

(MUJ)

7.4%

0.054

0.058

5.28%

-14.15%

-1.2

97%

6/1/2020

6/12/2020

Massachusetts Tax-Exempt Trust

(MHE)

7.5%

0.04

0.043

4.00%

-3.78%

0.4

102%

6/1/2020

6/12/2020

BlackRock MD Municipal Bond

(BZM)

7.6%

0.0395

0.0425

3.74%

-7.90%

-0.7

99%

6/1/2020

6/12/2020

BlackRock Municipal Bond

(BBK)

8.9%

0.056

0.061

4.85%

-6.15%

0.5

100%

6/1/2020

6/12/2020

BlackRock MuniYield NY Quality

(MYN)

9.4%

0.0425

0.0465

4.44%

-11.41%

-0.5

98%

6/1/2020

6/12/2020

BlackRock Munienhanced

(MEN)

10.3%

0.039

0.043

4.72%

-8.22%

-0.2

97%

6/1/2020

6/12/2020

BlackRock NY Municipal Bond

(BQH)

10.4%

0.048

0.053

4.10%

-2.49%

2.0

93%

6/1/2020

6/12/2020

BlackRock MuniHoldings CA Qty

(MUC)

10.9%

0.046

0.051

4.34%

-9.21%

1.3

92%

6/1/2020

6/12/2020

BlackRock MuniYield AZ

(MZA)

10.9%

0.046

0.051

4.50%

-5.76%

0.4

93%

6/1/2020

6/12/2020

BlackRock Muni Inc Inv Qty Tr

(BAF)

11.7%

0.0515

0.0575

4.98%

-7.54%

-0.1

94%

6/1/2020

6/12/2020

Eaton Vance Municipal Income

(EVN)

11.7%

0.0427

0.0477

4.63%

-9.58%

-0.6

93%

6/1/2020

6/10/2020

BlackRock NY Municipal Income II

(BFY)

11.9%

0.0505

0.0565

5.03%

-11.56%

-0.5

84%

6/1/2020

6/12/2020

Eaton Vance NY Municipal Bond

(ENX)

12.8%

0.039

0.044

4.53%

-12.27%

-1.0

87%

6/1/2020

6/22/2020

BlackRock Muniyield Quality

(MQY)

13.2%

0.053

0.06

4.78%

-5.34%

1.1

91%

6/1/2020

6/12/2020

BlackRock MuniHoldings Quality

(MUS)

13.5%

0.0445

0.0505

4.89%

-8.63%

0.6

88%

6/1/2020

6/12/2020

BlackRock Muniyield Quality II

(MQT)

13.6%

0.044

0.05

4.72%

-8.95%

0.3

94%

6/1/2020

6/12/2020

BlackRock Muniyield Inv Qty

(MFT)

14.0%

0.05

0.057

5.15%

-4.12%

0.5

89%

6/1/2020

6/12/2020

BlackRock MuniHoldings Qty II

(MUE)

14.8%

0.044

0.0505

4.89%

-9.57%

0.0

92%

6/1/2020

6/12/2020

BlackRock MuniYield CA Quality

(MCA)

15.2%

0.046

0.053

4.58%

-10.84%

-0.1

91%

6/1/2020

6/12/2020

BlackRock MuniHoldings NY Qty

(MHN)

15.7%

0.0445

0.0515

4.65%

-10.27%

0.2

94%

6/1/2020

6/12/2020

BlackRock Muni Intermediate Duration

(MUI)

18.0%

0.0445

0.0525

4.61%

-11.57%

-0.8

87%

6/1/2020

6/12/2020

Eaton Vance CA Municipal Bond

(EVM)

19.0%

0.0352

0.0419

4.51%

-11.80%

-0.4

87%

6/1/2020

6/22/2020

BlackRock MuniYield PA Quality

(MPA)

19.6%

0.046

0.055

4.86%

-13.00%

-0.5

93%

6/1/2020

6/12/2020

BlackRock NY Muni Inc Qty

(BSE)

19.8%

0.0405

0.0485

4.48%

-12.23%

-0.6

93%

6/1/2020

6/12/2020

Kayne Anderson Midstream Energy Fund

(KMF)

20.0%

0.075

0.09

22.45%

-22.67%

-1.8

75%

6/9/2020

6/17/2020

Kayne Anderson MLP/Midstream

(KYN)

25.0%

0.12

0.15

10.45%

-16.69%

-1.4

77%

6/9/2020

6/17/2020

JHancock Investors

(JHI)

27.8%

0.2956

0.3778

9.72%

-6.04%

0.5

26%

6/1/2020

6/10/2020

JHancock Income Secs

(JHS)

46.3%

0.1401

0.205

5.70%

-8.14%

-1.2

23%

6/1/2020

6/10/2020

CEF analysis from around Seeking Alpha…

ADS presents Why PIMCO Muni CEF Leverage Costs Matter (Jun. 17), PIMCO CEF Coverage Update (Jun. 18), Evaluating Open-End Fund Alternatives To CEFs (Jun. 19)

Bridger Research presents GPM: Equal-Weight Strategy Might Not Perform Well Because Of Coronavirus Crisis (Jun. 16)

Closed-End Fund Association presents CEF Insights Market Update: June Review (Jun. 18)

Dividend Seeker presents PFN: I Have A Cautious Outlook Going Forward (Jun. 14), PCM: Bit Of A Mixed Bag (Jun. 18)

Double Dividend Stocks presents BlackRock Health Sciences: 5.85% Yield, Monthly Payer, Strong Vs. Healthcare Peers (Jun. 19)

Douglas Albo presents Equity CEFs: Oh Hear Me All Robinhood Investors! (Jun. 15)

*Nick Ackerman presents Closed-End Funds: 2 Global Covered Call Funds Worth Considering (Jun. 15)

Rida Morwa presents UTF: A Powerful Income CEF Yields 7.8%, Pays Monthly (Jun. 13)

*Stanford Chemist presents Big Distribution Cuts From GPM And MGU (Jun. 15), Weekly Closed-End Fund Roundup: June 7, 2020 (Jun. 15), 4 Takeaways From The Eagle Point Income Fund Earnings Check-In (Jun. 16)

*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: The ‘Feast’ Or ‘Famine’ Market Rolls On (Jun. 19)

Jeff Miller presents Weighing The Week Ahead: Understanding A Mixed Message (Jun. 21)

Lance Roberts presents MacroView: Retail Sales Bounce, But Consumers Are Tapped Out (Jun. 16)

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Disclosure: I am/we are long MGU, OCCI, 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.





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