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CEFA Featured Content Library
High-Yield and Bank Loan Outlook
Be wary of eroding investor protections. Now more than ever, investors should take a company-by-company approach to credit selection, and avoid making general decisions based on industry preferences.
Tax-Management Season and the January Effect
The January effect is a stock market phenomenon wherein stocks tend to deliver abnormally strong returns during the month of January. It is often attributed to year-end tax-loss harvesting activity and the subsequent redeployment of assets back into the market.
Tortoise Talk: Q1 2017
Quarter Closed-End Fund Market Commentary
Nuveen provides their CEF insight with a review of the third quarter.
Infrastructure & Energy Outlook: Reflecting on Harvey & Puerto Rico
A panel of energy and infrastructure experts discussed their respective market segments at large, touching on what’s followed the recent string of storms in our homeland and the neighboring Caribbean.
Closed-End Funds | Premiums & Discounts
Wells Fargo Advisors shares their analysis of the CEF space, sharing what investors need to know about market premiums and discounts.
The Case For Listed Infrastructure
Cohen & Steers examines the asset class’s historical investment characteristics and the secular themes driving significant capital formation in infrastructure globally.
What to Tell Clients About Closed-End Funds in a Rising Rate Environment
Here are several points that advisors can share with clients about fixed-income closed-end funds.
At a Glance: The Global Market Outlook
Western Asset’s Mark Lindbloom and Aberdeen’s Rennie McConnochie weigh in on the global market space for the remainder of 2017 and provide their outlooks for 2018.
Q2 2017: CEF Market Overview
Nuveen’s quarterly review highlights how CEFs continued to perform strongly, with positive average share price and NAV total returns in 42 of the 45 segments.
Tortoise Talk: Q2 2017
Tortoise Capital believes that with a favorable commodity price outlook, along with solid company fundamentals, the energy sector has several tailwinds heading into the second half of the year.
US Energy and MLP Market Update
On Thursday, July 20, Kyri Loupis and Ganesh Jois, CFA, discussed the recent market environment as well as the long term outlook for investing in US energy and energy infrastructure.
CEF REITs: The Growing and Global Appeal of Real Estate
CBRE Clarion Securities’ Steve Burton shares perspective on the real estate market and potential opportunities for closed-end fund investors.
Themes, Trends and Opportunities in Emerging Markets
Rennie McConnochie of Aberdeen Asset Management shares insights on the many changes taking place in the emerging markets, and potential opportunities for closed-end fund investors.
5 Things to Know about Convertible Securities in 2017
John Calamos, Sr. and Eli Pars provide a comprehensive overview on convertible securities’ structure and their role in an asset allocation as well as insight on the global convertible market.
Portfolio Strategy Research: The Core Conundrum
The fact that nearly 70% of the Bloomberg Barclays U.S. Aggregate Bond Index is comprised of low-yielding government-related securities presents a conundrum: How can core fixed-income investors meet their total return objectives without taking on undue credit or duration risk?
How do CEFs Compare to Mutual Funds and ETFs?
Test your knowledge about key characteristics of a closed-end fund, mutual fund and exchange-traded fund.
A Growing CEF Opportunity in Real Assets and Alternatives?
A conversation with Larry Antonatos of Brookfield Asset Management about his thoughts on real assets and alternative investing, and potential opportunities for closed-end fund investors.
REITS in a Rising Rate Environment
In an environment where interest rates are increasing as a result of improving economic vitality, listed REIT fundamentals may improve due to an increase in demand for commercial real estate.
The Month in Closed-End Funds: April 2017
FundMarket Insight Report — Thomson Reuters Lipper Research Series
Preferred Securities: A Tax-Advantaged Alternative to Muni Bonds
In the search for tax-efficient income, preferred securities are an often-overlooked option.
Opportunities in Fixed Income CEFs
A conversation with Chris Kilpatrick of Western Asset about their investment approach in a rising rate environment, areas of opportunity for CEF investors, using leverage to generate additional income and trends in CEF discounts and premiums.
Fixed-Income Outlook: A Time for Caution in Complacent Markets
With credit spreads at or near their peaks, our second quarter 2017 report focuses on economic fundamentals and evolving monetary and fiscal policy.
First quarter performance within the energy sector was mixed. While commodity price volatility is expected throughout 2017, Tortoise Capital’s outlook for energy sector fundamentals remains strong over the near and long term, with potentially compelling investment opportunities in MLPS and across the energy value chain.
The Effects of Rising Interest Rates
After the long-standing period of extremely low interest rates, which began with the financial crisis in 2008, the Federal Reserve has begun to gradually raise rates. This has meaningful implications for consumers and investors who have benefited from seven years of near-zero interest rates.
Energy MLPs: Looking Beyond the Headlines
A discussion on investing in energy Master Limited Partnerships (MLPs), the outlook and trends in the energy market, and the Trump presidency and other factors influencing the MLP space.
Dispelling Common Closed-End Fund Myths
A great deal of misunderstanding remains over how CEFs are structured, traded and incorporated into an investment portfolio.
A Review of the Convertible Securities Market
The unique convertible structure offers much of the best of both the fixed income and equity worlds, although the opportunity is often overlooked by investors.
Fixed Income Investing After the Fed Rate Increase
CEFA speaks with John Bellows about the fixed income markets and the economic outlook after the Fed rate increase.
The ABCs of ABS
Asset-backed securities (ABS) finance pools of familiar asset types, such as auto loans, aircraft leases, credit card receivables, mortgages, and business loans. In one way or another, these asset types represent contractual obligations to pay.
Will the Small-Cap Rally Continue?
Q&A discussion about why small-caps took off after the election, active and passive management, and the closed-end fund structure.
MLPs can persevere in a rising interest rate environment
While MLPs typically fare better than other yield-oriented securities such as real estate investment trusts (REITs) and utilities during a rising interest rate environment, it is important to remember that they are not immune.
Understanding Closed-End Funds
Income is one of investors’ most common goals — but one not easily achieved, especially in today’s low-yielding environment. That’s why investors should consider looking beyond traditional investments in their quest for income.
How Closed-End Funds and International Diversification Can Enhance Your Portfolio
The benefits of investing internationally have been well documented, and yet investors have continued to invest a disproportionate amount in stocks listed on their home market.
Tortoise Talk: Q4 2016
Crude oil prices hit their lowest point since 2003 in February of 2016, and the subsequent recovery drove positive performance across the broad energy sector. This piece provides a perspective and outlook on the energy market, including post-election policy expectations.
10 Macro Themes for 2017
This collection of charts presents 10 of the global macroeconomic trends we believe are most likely to shape the investment environment in 2017.
Time to Consider Year-End Portfolio Strategies
Less Tax-Loss Selling in Closed-End Funds Anticipated this Year.
Fixed-Income Outlook: Risk and Relative Value in a Time of Change
In this fourth quarter 2016 report, investment team leaders discuss market conditions heading into a new administration and likely Fed rate hikes.
Tax Loss Selling Strategies for CEF Investors
BlackRock believes that an important consideration for investors during the tax season should be identifying underperforming investments for potential liquidation to help reduce current year tax liabilities.
High-Yield and Bank Loan Outlook
Despite the recent rise in prices and tightening of spreads, interest expense coverage ratios for non-commodity high-yield issuers are relatively low, and the domestic economy is resilient.
GICS Goes to 11: A Look at REIT Allocations Post GICS Expansion
In the run-up to real estate’s premiere as the 11th GICS sector, REITs have seen increasing interest from new investors, including generalist fund managers who have long been underweight.
Closed-End Fund Usage Reaches New High
Nuveen’s 2016 Closed-End Fund Usage Study reveals majority of advisors surveyed now use CEFs in client portfolios, and interest in CEFs has increased as investors and advisors search for yield.
Five Ways to Implement Closed-End Funds in Your Portfolio
CEFs offer investors a unique way of accessing the potential for income and capital growth. Read about five ways investors can seek to implement CEF investments in their portfolios.
CLOSED-END FUNDS: A Little Understood Path to Income
Investors increasingly seek dependable income. But where can you find income in today’s low-yielding environment? Learn more about CEFs potential to generate steady, high income and complement a core fixed income portfolio.
Closed-End Funds Defy Conventional Wisdom on Yields and Discounts
Valuation and income potential are good places to start when evaluating closed-end funds. However, as this research analysis shows, the draw of high yields and deep discounts can distract investors from other factors that may have a larger impact on returns in the long run.
CEFs: Rights Offering
CEFs may sometimes offer rights to raise capital. This report reviews the basics of such a corporate action, its consequences, and how shareholders may decide to respond to it.
The Secret to Navigating CEFs
Understanding why a fund is trading at a certain discount or premium is key to finding opportunity in CEFs.
CEFA to Host New York Advisor Summit
In partnership with 12 member fund firms, the Closed-End Fund Association (CEFA) is hosting its 11th Advisor Summit on closed-end funds.
Return of Capital in CEFs
Closed-end fund distributions that are classified as return of capital can be confusing. This research report highlights what investors should consider when evaluating return of capital in CEFs.
Closed-End Fund IPO Trends
This research report provides a glimpse into what trends have been emerging among CEF IPOs during the past few years, and the significant innovation in the CEF IPO market that took place in 2015.
Retirement Income – Reality, Facts and Solutions
Retirees’ need for income to meet expenses has never been greater, and investors are seeking ways to derive income from their investments.
Discount Shopping with Closed-End Funds
Discover how widening discounts can offer opportunities in the closed-end fund market.
Five Considerations When Evaluating a CEF
CEFs can play an important role in a diversified portfolio. Given the intricacies of the CEF structure, many investors are not familiar with how to evaluate a CEF investment. Below are five things you should consider before making an investment in a CEF.
Five Reasons to use CEFs in Your Portfolio
CEFs can play an important role in a diversified portfolio as they may offer investors the potential for generating capital growth and income through investment performance and distributions. Over time, CEFs have evolved to include a variety of asset classes and investment strategies to accommodate the objectives and risk tolerance of a wide range of investors.
Tax Loss Strategies for Closed-End Fund Investors
Historically, fourth quarter tax loss selling of CEF shares has been prevalent in the market. This may present an opportunity for investors due to the potentially temporary mispricing in the CEF market.
Understanding Managed Distributions
Monthly or quarterly cash flow may be higher and smoother with managed distribution programs. This whitepaper provides an overview of what you need to know about this concept that is unique to CEFs.
Do Not Feed the Bears
Asian markets are getting mauled. In recent years, emerging markets have looked vulnerable at times, but not to this extent.
Korea's Growing Dividend Culture
The Korean government has changed tax rules to incentivize companies to raise dividend payments. Higher dividend yields and improved capital allocation should be long-term positives for Korean equities.
Aberdeen Asia Pacific Equities
Fund manager interview; August 2015.
Exploring Aberdeen Closed-End Funds
The range of regional, global and emerging market closed-end funds advised by Aberdeen offers choices for those seeking specialized exposure — whether they are a new or experienced investor.
Covered Call CEFs: Expanding the Income Universe
For income-oriented investors who are seeking the growth and diversification potential of equities, but who desire higher income and reduced volatility, covered call CEFs can be an attractive diversifying portfolio opportunity. Read More.
Understanding Closed-End Funds: Discounts, Activists and Open-Ending
Reasons why investors should be very cautious about any action taken, or perceived, by a shareholder activist against a fund manager to open-end a CEF. By the Closed-End Fund Association. Read More.
What Happened to MLPs?
After a five-year run of popularity, MLPs experienced a surprise correction in early October. This article provides insight into what was behind the sell-off and an outlook for MLPs. Read More.
Thomas Caldwell inducted into the IIAC Investment Industry Hall of Fame
Tom is President and a Director of Urbana Corporation, and Founder and Chairman, Caldwell Securities Ltd. The IIAC honors excellence, integrity and leadership in Canada’s investment industry. Read More.
The Importance of Total Return in Equity Closed-end Funds
9/17 Portfolio Manager Conference Call
Outlook for Korea and the Asia Pacific region. Read More.
To Evolve or Not to Evolve? Shaping the Future of Closed-End Funds
This thought paper considers the history of the closed-end fund industry and its future potential for offering expanded access to alternative investment strategies. Read More.
7 Reasons to Invest in Closed-End Funds
Why you should consider adding CEFs to your portfolio Read More.
If You Have The Time
The Long-Term Potential of Closed-End Funds vs. Open-End Funds Read More.
Smarter CEF Investing Starts With a DRIP
Dividend reinvestment plans vary vastly from fund to fund, which is why it's ideal to examine the ins and outs of investing in a CEF's DRIP. Read More.
Uncovering North American Energy
Seldom has there been such a dramatic shift in the energy landscape of any country as the one that is currently unveiling itself in North America. View timely, educational articles and videos covering 10 compelling themes in North American energy. Read More.
Small-Cap Opportunities in a Bull Market
Chuck Royce, president, director of investments, and portfolio manager, looks at 2013's small-cap performance and how he's finding ideas in an expensive market, and sectors he believes are well positioned for strong performance. Read More.
Understanding Closed-End Funds
Income is one of investors’ most common goals — but one not easily achieved, especially in the low-yielding environment of the past few years. That’s why investors should consider looking beyond traditional investments in their quest for income. Read More.
Aberdeen Closed-End TV
Asset TV — CEF Channel
Cohen & Steers CEFs Knowledge Center
Harvest — CEFA Channel
Legg Mason CEFs
Seeking Alpha — CEFA Channel