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The Month in Closed-End Funds, August 2019:

The following highlights are drawn from a report by the Head of Research Services for Lipper, and cover activity from August 2019:

  • For the first month in three, equity closed-end funds (CEFs) on average posted negative returns, losing 1.48% on a net-asset-value (NAV) basis for August, while for the eighth month in a row, fixed income CEFs chalked up returns in the plus column (+0.84%).
  • Only 19% of all CEFs traded at a premium to their NAV, with 19% of equity CEFs and 19% of fixed income CEFs trading in premium territory. The single state municipal debt CEFs macro-classification witnessed the smallest widening of discounts for the month among Lipper’s CEF macro-groups—12 basis points (bps) to 8.49%.
  • Utility CEFs (+1.63%) posted the strongest positive returns of all equity CEF classifications for the month.
  • The California Municipal Debt CEFs classification (+2.81%) posted the strongest plus-side returns in the fixed income universe for the month.
  • For the tenth month in a row, the municipal debt CEFs macro-group posted a plus-side return on average (+2.39%), with all classifications in the group witnessing positive returns for August.

Authored by:
Head of Research Services
Lipper from Refinitiv



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