THIRD QUARTER 2019 OVERVIEW
Following a positive first and second quarter, the average closed-end fund (CEF) was again positive in the third quarter. The average CEF was up 2.2% for the quarter and is now up 20.1% year-to-date (YTD). It was another broad-based rally with both equity and fixed-income CEFs posting positive returns. For the second quarter in a row, fixed-income CEFs posted the strongest returns. The average fixed-income CEF gained 2.8% for the quarter and is now up 18.9% YTD. Municipal CEFs led the way with a gain of 3.5%, bringing their YTD return to a positive 18.3%. Taxable fixedincome CEFs were up 2.2% and are now up 19.4% for the year. The average equity CEF managed to just barely post a positive return, gaining 0.12% but remains up 19.9% in 2019 (Source: Morningstar. All data is share price total return).