2024 Closed end fund discounts - The closed-end MS India Investment Fund offers diversified exposure to the leading Indian companies at a 12% discount. IFN recently established a managed distribution policy where they pay out 10% ...

 
Nov 28, 2023 · Summary. John Hancock Premium Dividend Fund cut its distribution earlier this year, leading to a sell-off, but the discount/premiums of closed-end funds can be exploited by investors. . Closed end fund discounts

Closed-end fund investors tend to buy assets as they go up in price and discounts have narrowed on many closed-end funds. They are a surprisingly narrow 2 ...Following prior literature (e.g., Bodurtha et al., 1995), for each fund quarter, we define the quarterly fund discount (premium) as the average of the three monthly fund discounts (premiums) over the quarter. 8 Specifically, we calculate the monthly closed-end fund discount (premium) using closing fund prices (Price) and NAVs:Apr 15, 2020 · Premiums & Discounts. Unlike Open-End Funds which are bought and sold over-the-counter, exchange-traded Closed-End Funds (“CEF”) are listed on an exchange (such as the NYSE or NASDAQ) and therefore they have two prices: a NAV, like Open-End Funds, that values the assets less liabilities on a per share basis, and a Market Price at which the ... Discount gap widens on closed-end funds · Closed-end funds are trading at discounts not seen in more than a decade, giving savvy investors plenty of opportunity ...Premiums & Discounts. Unlike Open-End Funds which are bought and sold over-the-counter, exchange-traded Closed-End Funds (“CEF”) are listed on an exchange (such as the NYSE or NASDAQ) and therefore they have two prices: a NAV, like Open-End Funds, that values the assets less liabilities on a per share basis, and a Market Price at which the ...If there’s one thing we need to remember when we buy high-yield closed-end funds ( CEFs ), it’s this: always demand a discount. Well, make that two: always …Call (804) 288-2482 / (800) 356-3508 or EMail: [email protected]. CEFData.com is the premium web-based extension of CEF Advisors’ CEF Universe project. We currently collect and produce 281 data points for US listed traditional closed-end funds and 208 data points for Business Development Companies (BDCs). Our current offering is weekly ...In this case, the closed-end fund sells at a discount of $2 per share. On a percentage basis, the fund sells at a discount of 10% ($2 divided by $20). If the market price is above NAV, say $21 in this case, then the closed-end fund sells at a premium of 5%. Discounts and Premiums .These Closed-End Funds Are on Sale for the Holidays. By Randall W. Forsyth. Updated Dec 16, 2021, 1:10 pm EST / Original Dec 15, 2021, 6:00 am EST10 Sept 2018 ... the hypothesis that closed-end mutual fund discounts from fund net asset values reflect small investor sentiment. Because nine-eleven was a ...A closed-end fund is a type of mutual fund that issues a fixed number of shares through a single initial public offering (IPO) to raise capital for its initial …If you’re a fan of Lands’ End and looking to visit one of their stores, you might be wondering, “Is there a Lands’ End store close to me?” Luckily, we’ve got you covered. In this article, we’ll provide you with the ultimate list of Lands’ E...11. Liberty All-Star Equity Fund ( USA) This is a fund I personally like, the current distribution rate is 10.37% and is paid on a quarterly schedule. I covered USA in the past, " Closed-End Fund ...Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the …But during these periods, the discounts for CEFs tend to widen. Buying a fund at a historically wide discount provides another source of return for investors. If markets continue to fall throughout this year, which we view as a distinct possibility, compelling opportunities to buy closed-end funds at a discount could present themselves.The fund manager obtains utility solely from the consumption, , of fees earned from managing the closed-end fund plus any issue premium, ρ. The manager collects a fee, , each period and consumes (4) at . The management contract is exogenous and pays the manager a fixed amount, a, plus a fraction, b, of the fund’s NAV return each period.Discount/Premium: This represents the percentage by which the fund's market price exceeds or is less than its NAV. ... weekly, monthly, quarterly, semi-annually or annually. Exchange Ticker: The unique identifier assigned to each closed-end fund for reference and quote data from the stock exchange on which it trades.Nov 7, 2023 · The Saba Closed-End Funds ETF ( BATS: CEFS) seeks to generate high income by investing in closed-end funds trading at a discount to NAV while hedging interest rate exposure. The fund is actively ... Oct 28, 2023 · For income-focused investors, closed-end funds remain an attractive investment class that offers high income (generally in the range of 6 to 10%, often 8% plus), broad diversification (in terms of ... Well, number one, the assets in funds like AFT and BGX (as well as other closed-end funds that own senior corporate loans) are marked down by 6% or so below their par values, when calculating the ...Browse news, financials, dividends and intra-day market data for closed-end funds. Screen and sort funds on dozens of criteria.Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that a …In the fundraising, Brookfield took in $28bn for its fifth flagship infrastructure fund, more than a $25bn goal it set when it began to raise money last year, and 40 per …A closed-end fund is a type of mutual fund that issues a fixed number of shares through a single initial public offering (IPO) to raise capital for its initial …Closed-end fund investors tend to buy assets as they go up in price and discounts have narrowed on many closed-end funds. They are a surprisingly narrow 2 ...Sep 4, 2023 · Data were taken from the close of August 25th, 2023. 1. Top 10 widest "high-high-low" discounts. The following data show the 10 CEFs with the widest discounts, yield >8% and coverage >90%. Z ... The NAV of a closed-end fund is calculated by subtracting the fund’s liabilities (e.g., fund expenses) from the current market value of its assets and dividing by the total number of shares outstanding. The NAV changes as the total value of the underlying portfolio securities rises or falls, or the fund’s liabilities change.Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.14 Sept 2021 ... Learn why closed-end funds – although similar to mutual funds and ETFS – are closed to new money being added or removed from their funds.2. Closed-end funds usually trade at substantial discounts relative to their net asset values. Over the period 1965–85 the (value-weighted) average discount on a portfolio of major closed-end stock funds in the U.S. was 10.1 percent (Lee, Shleifer, and Thaler, forthcoming). Though discounts are the norm, someNov 28, 2023 · Summary. John Hancock Premium Dividend Fund cut its distribution earlier this year, leading to a sell-off, but the discount/premiums of closed-end funds can be exploited by investors. At the end of October, closed-end fund discounts were about as big as they had ever been, especially in municipal bond funds, which reached an average 14.5% discount and are still at around 12%.Most closed-end funds trade at a discount to. NAV. However, at the IPO, the offering price is set equal to the NAV. Investors who purchase closed-end funds at ...This paper examines the proposition that fluctuations in discounts on closed end funds are driven by changes in individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds must move together, that new funds get started when seasoned funds sell at a premium or a small …Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.This article provides empirical support for the theory that closed‐end fund discounts reflect expected investment performance. Evidence is presented to explain how equity closed‐end fund initial public offerings (IPOs) can sell at a premium when existing funds sell at a discount and why the initial IPO premiums decay after the IPO.Summary of Average Premium & Discount November 24, 2023 Average Premium & Discount by Fund Classification15 Oct 2013 ... Such funds are widely discounted today. The average closed-end fund discount was 6.7 percent at the end of September, according to Morningstar, ...The advantage (of buying a CEF at a discount to NAV) can continue to reward investors for many years. Fund A is a mutual fund and Fund B is a closed-end fund selling at a 20% discount to NAV ($8 per share). The study started with a $10,000 investment in each fund and assumed that both funds return identical performance over …First Trust Energy Infrastructure Fund ( FIF) FIF is primarily an equity only closed end fund with about 40% exposure to utilities. It is currently trading at a discount of 10.42% and yields a 7. ...December 1, 2023 at 4:30 PM · 4 min read. NEW YORK, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Guggenheim Investments today announced that certain closed-end …Mar 15, 2022 · This fund closed at a premium of 3.69% based on the share price of $9.27 and NAV of $8.94. Again, looking at the closing data of 2/2/2022. This time, if it was reinvestment day for the ... In this case, the closed-end fund sells at a discount of $2 per share. On a percentage basis, the fund sells at a discount of 10% ($2 divided by $20). If the market price is above NAV, say $21 in this case, then the closed-end fund sells at a premium of 5%.” For a variety of reasons, many closed-end funds trade at a discount to NAV.Closed-end funds (“CEFs”) are trading at their widest discount levels since the Global Financial Crisis; however, history shows that discounts can revert to their mean over time, potentially benefitting buy-and-hold investors 1. We believe headwinds, such as rising interest rates and inflation, may subside into 2024, which may increase ...Nov 19, 2023 · Suppose a closed-end fund has $100 million of assets that earn a yield of 10%, i.e. $10 million of income. If we can buy that fund at a 10% discount, then the fund is still collecting and paying ... Oct 13, 2023 · The abrdn Total Dynamic Dividend fund is another CEF that caught Read's eye. With a 15.2% discount to NAV and 7.5% distribution rate, this one is hard to resist. It also has a reasonable expense ... Browse news, financials, dividends and intra-day market data for closed-end funds. Screen and sort funds on dozens of criteria.Yields are up—our CEF Insider portfolio yields an average of 10.2% today—and we’re in a good position to book longer-term profits due to the big discounts …About CEFA. The Closed-End Fund Association (CEFA) is the national trade association representing the closed-end fund industry. A not-for-profit association, CEFA is committed to educating investors about the many benefits of these unique investment products and to providing a resource for information about its members and their offerings.Empirical support for the hypothesis that closed-end fund discounts are related to overhanging tax liabilities has been mixed. We test this hypothesis using a new approach that examines changes in discount levels following distributions of dividends and capital gain. Since such distributions reduce future shareholder tax liabilities, the tax ...Shares of closed-end funds frequently trade at a market price that is a discount to their NAV. The Fidelity Closed End Fund Screener (Screener) is a research tool provided to help self-directed investors evaluate closed end funds. Criteria and inputs entered are at the sole discretion of the user, and all screens or strategies with pre-selected ...Closed-end funds trading at a discount to their liquidating value look like screaming buys. A few are. Most of them are best avoided. A closed-end investment company is a peculiar beast. Unlike ...The pricing dynamics of closed-end funds are unique. While open-end funds always trade at their net asset value (NAV), closed-end funds can trade at a premium or discount to their NAV.Call (804) 288-2482 / (800) 356-3508 or EMail: [email protected]. CEFData.com is the premium web-based extension of CEF Advisors’ CEF Universe project. We currently collect and produce 281 data points for US listed traditional closed-end funds and 208 data points for Business Development Companies (BDCs). Our current offering is weekly ... The closed-end fund discount is one of the most appealing features of them, but it is not the only thing to consider! In “A Random Walk Down Wall Street,” Burton Malkiel dedicates an entire chapter to this unusual price anomaly. With some closed-end funds, you can buy a basket of assets at a 10-15% discount by buying them through a …In addition, typically the price of closed-end fund shares immediately decreases after an initial offering, and the shares sell at a discount. If you buy or sell closed-end fund shares on a securities exchange, you will pay a typical brokerage commission, but not any sales loads or purchase or redemption fees.In particular, we find that discounts on closed end funds narrow when small stocks do well, as would be expected if closed end funds were subject to the same sentiment as small stocks, whim tern. also to be held by individual investors. The evidence thus suggests that investor sentiment affects security returns.By adding leverage, the fund brought its "yield on NAV" from 7% up to 9%. But supposed shareholders could buy that $100 million of shareholder NAV at a 10% discount. Now you would be buying $100 ...Fifth Avenue in New York City is renowned for its high-end luxury shopping, but did you know that it’s also home to some incredible outlet stores? For savvy shoppers looking to score designer goods at discounted prices, Fifth Avenue outlet ...Closed-end fund potential distribution sources include net investment income, realized gains, and return of capital. Some income from "Tax-Free Income" funds may be subject to state and local taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax. NAV returns are net of expenses, and assume ... 3D red text big sale on white background with reflection. getty. One thing we love about closed-end funds (beyond the dividends: many CEFs yield 7%+ today) is the big discounts to net asset value ...Most closed end funds ("CEFs") trade at a discount to NAV, and in some cases, at substantial discounts of 15%-20%, explains George Putnam, editor of The Turnaround ...If you’re a savvy shopper looking for high-end brands at affordable prices, the Off Fifth Avenue outlet is your go-to destination. Located in bustling shopping districts, this outlet offers a wide range of luxury goods at discounted rates.Overall, our results greatly deepen the closed-end fund discount puzzle and pose a challenge to the market efficiency in these products. The remainder of this paper is organized as follows. Section I presents the empirical methodology used to extract the information conten t of CEF discounts. Section II discusses the data.Shares of closed-end funds frequently trade at a market price that is a discount to their NAV. Closed-end funds are subject to management fees and other expenses. Closed-end funds share some traits with mutual funds and ETFs, but there are a number of differences that set them apart. Learn what makes them unique here.Call (804) 288-2482 / (800) 356-3508 or EMail: [email protected]. CEFData.com is the premium web-based extension of CEF Advisors’ CEF Universe project. We currently collect and produce 281 data points for US listed traditional closed-end funds and 208 data points for Business Development Companies (BDCs). Our current offering is weekly ... Closed-end fund potential distribution sources include net investment income, realized gains, and return of capital. Some income from "Tax-Free Income" funds may be subject to state and local taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax. NAV returns are net of expenses, and assume ...Oct 17, 2023 · This shift seemed fairly drastic as through 2021; funds were trading at historically narrow discounts. As of the end of Q3 2023 (9/29/2023), the average closed-end fund was trading at a discount ... Fund Manager: The name(s) of the portfolio manager(s) of a particular fund. Fund Manager Tenure: The year in which a particular fund manager began managing a fund's portfolio. Fund Type (asset type): The Fund Type is based on the asset class of the majority of securities within a portfolio (i.e., equity = stock).2. Closed-end funds usually trade at substantial discounts relative to their net asset values. Over the period 1965–85 the (value-weighted) average discount on a portfolio of major closed-end stock funds in the U.S. was 10.1 percent (Lee, Shleifer, and Thaler, forthcoming). Though discounts are the norm, someCall (804) 288-2482 / (800) 356-3508 or EMail: [email protected]. CEFData.com is the premium web-based extension of CEF Advisors’ CEF Universe project. We currently collect and produce 281 data points for US listed traditional closed-end funds and 208 data points for Business Development Companies (BDCs). Our current offering is weekly ... December 1, 2023 at 4:30 PM · 4 min read. NEW YORK, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Guggenheim Investments today announced that certain closed-end …Shares of closed-end funds frequently trade at a market price that is a discount to their NAV. The Fidelity Stock, Preferred Security, ETF/ETP and Closed End Fund Screeners (Screener (s)) are research tools provided to help self-directed investors evaluate these types of securities. The criteria and inputs entered are at the sole discretion of ...The advantage (of buying a CEF at a discount to NAV) can continue to reward investors for many years. Fund A is a mutual fund and Fund B is a closed-end fund selling at a 20% discount to NAV ($8 per share). The study started with a $10,000 investment in each fund and assumed that both funds return identical performance over …Closed-end fund price deviations widened somewhat in 2022 (Figure 1, top panel). Although discounts fluctuated over the course of the year, they averaged 5.7 percent for equity funds and 5.0 percent for bond funds in 2022. Generally, the majority of closed-end funds trade at a discount in any given month (Figure 1, bottom panel).About CEFA. The Closed-End Fund Association (CEFA) is the national trade association representing the closed-end fund industry. A not-for-profit association, CEFA is committed to educating investors about the many benefits of these unique investment products and to providing a resource for information about its members and their offerings.Data were taken from the close of August 25th, 2023. 1. Top 10 widest "high-high-low" discounts. The following data show the 10 CEFs with the widest discounts, yield >8% and coverage >90%. Z ...Nov 10, 2023 · And many discounts are much bigger than the average: About $121 billion of closed-end funds are trading at 15% below their asset value or more, Saba’s Weinstein said at a conference last month. Shares of closed-end funds frequently trade at a market price that is a discount to their NAV. Closed-end funds are subject to management fees and other expenses. The Closed-End Fund Screener may include closed-end funds not registered under the Investment Company Act of 1940. 626413.4.0Sep 18, 2023 · 10 Best Closed-End Funds (CEFs) to Buy Now. The best closed-end funds will significantly boost your portfolio income and allow you to buy their underlying stocks and bonds at a... Closed-end funds trading at a discount to their liquidating value look like screaming buys. A few are. Most of them are best avoided. A closed-end investment company is a peculiar beast. Unlike ...A CEF that consistently underperforms the indices relevant to the fund will eventually trade at a discount as investors leave the fund and fewer investors buy ...Closed end fund discounts

Data were taken from the close of March 18, 2023. 1. Top 10 widest "high-high-low" discounts. The following data show the 10 CEFs with the widest discounts, yield >6.5% and coverage >85%. Z-scores .... Closed end fund discounts

closed end fund discounts

The S&P 500 pays 1.7%. The 10-year Treasury yields two points more at 3.7%. That’s better—but it ain’t 11.8%! The same million-dollar retirement portfolio can either generate $17,000 ...Dec 1, 2023 4:30pm EST. NEW YORK, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Guggenheim Investments today announced that certain closed-end funds have …22 Dec 2020 ... LOOKING FOR HELP LAUNCHING YOUR FUND? ================================ Join Our Insiders Group [Backed by Fund Managers] ...Simulation. In this section, I simulate data using the prices and allocations derived in Section 3. The aims of the simulation are to illustrate the evolution of the discount over time and test whether the combination of management fees and a time-varying information advantage can explain some puzzling empirical features of closed-end funds.Discount The share price of a closed-end fund is, like that of any listed company, determined by supply and demand for its shares. As such, a fund’s share price can diverge from its net asset ...The end of the Renaissance was caused primarily by the beginning of the Protestant Reformation, which set off violent conflict throughout Europe and eliminated much of the funding for art.Mar 15, 2022 · This fund closed at a premium of 3.69% based on the share price of $9.27 and NAV of $8.94. Again, looking at the closing data of 2/2/2022. This time, if it was reinvestment day for the ... That’s what closed-end bond fund investors learned the hard way in 2022. Last year, Barron’s warned of the “debt time bomb” inside such funds as interest rates rose.Apr 12, 2022 · 3D red text big sale on white background with reflection. getty. One thing we love about closed-end funds (beyond the dividends: many CEFs yield 7%+ today) is the big discounts to net asset value ... Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.In addition, this fund has occasionally traded at discounts to NAV of 20-25% or more, giving opportunist investors a good bargain during major bear markets. Templeton Emerging Markets Fund (EMF) This emerging market closed-end fund has roughly matched the performance of the iShares Emerging Markets ETF (ticker: EEM) over the long term:Unlevered municipal bond closed-end funds traded at a discount to their net asset value of as much as roughly 12%, according to data compiled by Bloomberg. The biggest, Nuveen LLC’s $1.9 billion ...December 1, 2023 at 4:30 PM · 4 min read. NEW YORK, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Guggenheim Investments today announced that certain closed-end …Acquiring a closed-end bond fund at a discount to NAV provides an advantage in this sense: Your yield is slightly higher than you would obtain by buying all the bonds owned by the fund, in the ...Unlike ETFs and mutual funds, closed-end funds don’t do primary market creations and redemptions to release the pressure of secondary market buying and selling, which, in an ETF helps keep large premiums and/or discounts from occurring. As a result, closed-end funds tend to trade at either a premium or discount to their NAV.Call (804) 288-2482 / (800) 356-3508 or EMail: [email protected]. CEFData.com is the premium web-based extension of CEF Advisors’ CEF Universe project. We currently collect and produce 281 data points for US listed traditional closed-end funds and 208 data points for Business Development Companies (BDCs). Our current offering is weekly ...relation in open-end funds, and the behavior of closed-end fund discounts— both derive from the same economic fundamental, the existence of managerial ability. 2 Past research has found that proxy contests are rare, and managers are very rarely fired. See, for example, Khorana (1996), Chevalier and Ellison (1999), Hu, Hall, and Harvey (2000 ...mon variation in small firm and closed-end fund prices, it remains unclear whether this variation is due to economic fundamentals or investor sentiment. In this article, we cast discounts on closed-end funds in a time varying expected return framework and show that the Lee, Shleifer, and Thaler results are just one facet of the relationThis article provides empirical support for the theory that closed-end fund discounts reflect expected investment performance. Evidence is presented to ...Dec 1, 2023 4:30pm EST. NEW YORK, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Guggenheim Investments today announced that certain closed-end funds have …To some extent, closed-end fund discount is a forward-looking measure that is comparable to Tobin’s Q used as the performance measure in studies on the relation between insider ownership and firm performance in industrial corporations. Although discounts are not entirely determined by factors under directors’ control, whatever those …In particular, we find that both closed-end funds and small stocks tend to be held by individual investors, and that the discounts on closed-end funds narrow when small stocks do well. FEW PROBLEMS IN FINANCE are as perplexing as the closed-end fund puzzle. A closed-end fund, like the more popular open-end fund, is a mutual fund which22 Dec 2020 ... LOOKING FOR HELP LAUNCHING YOUR FUND? ================================ Join Our Insiders Group [Backed by Fund Managers] ...Discount Distribution Rate ... CEFConnect.com makes data for the universe of closed-end funds available as a courtesy to its users. CEFConnect.com data are supplied by the service provider, Morningstar. For certain data points, Morningstar uses publicly-available sources such as the Fund’s annual or semi-annual report, public announcements ...The Source for CEF Investors. CEFConnect provides unbiased, straightforward, and comprehensive closed-end fund information. Our portfolio tools give you the latest closed-end fund data at your fingertips, so you can screen, sort and track funds, set automated alerts, read news updates, and more. All at no cost.We believe, for most investors, a 20%-25% allocation to closed-end and high-income funds should be enough. Last year, most funds lost value in sync with the broader market.At the end of October, closed-end fund discounts were about as big as they had ever been, especially in municipal bond funds, which reached an average 14.5% discount and are still at around 12%.Keywords: closed-end fund discount economic policy uncertainty ARDL 1. Introduction A closed-end fund is an investment vehicle that raises capital by issuing a fixed num-ber of shares that are traded in the secondary market, which investors buy and sell like any stock depending on the market value of the underlying investments of the fund.Sep 30, 2023 · One muni closed-end fund that is worth a closer look by investors is the BlackRock Municipal 2030 Target Term Trust (BTT), trading around $19.30 with a 13% discount to net asset value. There are more than 600 closed-end funds on the market, according to the Closed-End Fund Association, the industry’s trade body. Many invest in municipal bonds for higher-income investors ...The closed-end fund is trading at a 10% discount, and its NAV has a 7% yield. Buying the closed-end fund offers roughly the same pool of assets. But instead of an investor pocketing a 7% yield, it ...Apr 22, 2023 · We believe, for most investors, a 20%-25% allocation to closed-end and high-income funds should be enough. Last year, most funds lost value in sync with the broader market. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.Closed-end funds generally offer higher returns or better-earning streams when compared with open-end funds. The redemption period for such funds is from 3 to …With total assets of over $309 billion managed amongst 461 closed-end funds as of the end of 2021 (as reported by the Investment Company Institute), narrowing the discounts that a closed-end fund ...Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.Dec 16, 2021 · These Closed-End Funds Are on Sale for the Holidays. By Randall W. Forsyth. Updated Dec 16, 2021, 1:10 pm EST / Original Dec 15, 2021, 6:00 am EST Closed-end fund potential distribution sources include net investment income, realized gains, and return of capital. Some income from "Tax-Free Income" funds may be subject to state and local taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax. NAV returns are net of expenses, and assume ...Following prior literature (e.g., Bodurtha et al., 1995), for each fund quarter, we define the quarterly fund discount (premium) as the average of the three monthly fund discounts (premiums) over the quarter. 8 Specifically, we calculate the monthly closed-end fund discount (premium) using closing fund prices (Price) and NAVs:Apr 30, 2023 · On April 22nd, 2022, the average discount of all CEFs came to -5.74%. That's when we did our previous update. That was a move wider from the -2.51% average discount that funds showed on December ... Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.YYY currently pays a monthly distribution of 12 cents a share. The annual rate of $1.44 yields 12.4%. As of March 31, the CEF traded at an 8.86% discount to its NAV. In 2022, it sold at a premium ...In addition, when shares of closed-end funds trade at prices below their underlying NAVs (at a discount), investors have the opportunity to enhance the return ...Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.At the end of 2015, Human Immunodeficiency Virus (HIV) affected over 1.1 million people in the United States. In response, the U.S. Government currently invests roughly $26 billion every year in funding for domestic HIV services and activit...4 Jan 2014 ... Closed-end fund (CEF) data are commonly used to derive discounts for lack of control (DLOC) for closely held holding companies invested in.24 Mar 2020 ... As of Friday, the NAV discounts were much larger than average in all CEF groups. For example, the average discount for international equity CEFs ...There are more than 600 closed-end funds on the market, according to the Closed-End Fund Association, the industry’s trade body. Many invest in municipal bonds for higher-income investors ...Summary. John Hancock Premium Dividend Fund cut its distribution earlier this year, leading to a sell-off, but the discount/premiums of closed-end funds can be …relation in open-end funds, and the behavior of closed-end fund discounts— both derive from the same economic fundamental, the existence of managerial ability. 2 Past research has found that proxy contests are rare, and managers are very rarely fired. See, for example, Khorana (1996), Chevalier and Ellison (1999), Hu, Hall, and Harvey (2000 .... Tesla model y refresh