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The Month in Closed-End Funds, July 2019:

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

  • For the second consecutive month, equity closed-end funds (CEFs) on average posted plus-side returns, gaining 0.11% on a net-asset-value (NAV) basis for July, while for the seventh month in a row, fixed income CEFs chalked up returns in the plus column (+0.80%).
  • Only 21% of all CEFs traded at a premium to their NAV, with 23% of equity CEFs and 20% of fixed income CEFs trading in premium territory. The municipal debt CEFs macro-classification witnessed the largest narrowing of discounts for the month among Lipper›s CEF macro-groups—212 basis points (bps) to 4.99%.
  • Convertible Securities CEFs (+1.63%) posted the strongest positive returns of all equity CEF classifications for the month.
  • The Emerging Markets Hard Currency Debt CEFs classification (+1.33%) posted the strongest plus-side returns in the fixed income universe for the month.
  • For the ninth month in a row, the municipal debt CEFs macro-group posted a plus-side return on average (+0.96%), with all classifications in the group witnessing positive returns for July.


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