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THIRD QUARTER 2020 OVERVIEW
Building on the 15.04% positive total returns earned during the second quarter of 2020, closed-end funds (CEFs) continued their positive momentum during the third quarter. Indeed, the average CEF was positive by 3.27% during the third quarter. Despite two solid back-to-back quarters for CEFs, the average CEF remains lower by 9.00% year-to-date (YTD). (Source: Morningstar. All performance is based on share price total return) While the average CEF remains lower for the year, it is important not to lose sight of the remarkable rally many CEFs have staged since the third week of March. To that end, the First Trust Composite Closed-end Fund Total Return Index (UPCEFT) is up 48.20% from 3/18/20 to 9/30/20 (Source: Bloomberg).
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