Home   Logon   Mobile Site   Research and Commentary   About Us   Call 1.800.621.1675 or Email Us       Follow Us: 

Search by Ticker, Keyword or CUSIP       
 
 
 
Blog Home
Jeff Margolin
Closed-End Fund Analyst
Click for Bio

Follow Jeff on LinkedIn
Ryan Issakainen
ETF Strategist
Click for Bio

Follow Ryan on LinkedIn
 

  Closed-end Fund Review - First Quarter 2021
Posted Under: CEFs
FIRST QUARTER 2021 OVERVIEW
Following a very strong fourth quarter of 2020 when the average closed-end fund (CEF) increased by 12.75% (https://www.ftportfolios.com/Commentary/Insights/2021/1/22/fourth-quarter-2020), CEFs continued their positive momentum and gained 6.42% for the first quarter of 2021. It was a broad rally with equity CEFs rising 11.94%, fixed-income CEFs gaining 3.36%, municipal CEFs increasing 1.72% and taxable fixed-income CEFs growing 4.71%. Equity CEFs benefitted from the 6.17% increase in the S&P 500 Index as well as the 3.49% increase in the MSCI All-Country World Ex US Index. Fixed-income CEFs (particularly credit sensitive fixed-income CEFs) benefitted from strength in the underlying high-yield bond and leveraged loan markets. The ICE BofA High-Yield Bond Index was up 0.91% for the first quarter, while the S&P/LSTA Leveraged Loan Index gained 1.78%. Despite a decrease of 0.64% for the ICE BofA 7-12 Yr. Municipal Index during the quarter, municipal CEFs increased 1.72%—which, in my view, reflects the demand for the attractive 4.26% distribution yield the average municipal CEF provides. 
(Source: Morningstar. All performance is based on share price total return).

Click here to continue reading.

Posted on Thursday, April 22, 2021 @ 9:04 AM • Post Link Share: 
Print this post Printer Friendly

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
Search Posts


 PREVIOUS POSTS
Asset Flows Monitor April 2021 Edition
First Trust Industrial and Infrastructure ETF Primer
Asset Flows Monitor March 2021 Edition
Asset Flows Monitor February 2021 Edition
Seeking Alpha with Thematic ETFs
Alternatives Update 4th Quarter 2020
Closed-end Fund Review - Fourth Quarter 2020
Asset Flows Monitor January 2021 Edition
Asset Flows Monitor December 2020 Edition
First Trust Green Energy ETF Primer
Archive
Skip Navigation Links.
Search by Topic
Skip Navigation Links.

 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2021 All rights reserved.