Articles

How to Analyze Destructive Return of Capital for Closed-End Funds

Fri, 11 Oct 2013 13:00:00 +0000

VIEWPOINTS: John Scott, EVP, Portfolio Manager, Closed-End Fund Advisors; For many years closed-end fund (CEF) investors have looked at return of capital (RoC) in CEFs either as negative, because it can be thought of as eroding the fund’s net asset value (NAV), or as positive because it can be used for tax-deferred income generation.

Predicting Dividend Changes

Wed, 13 Feb 2013 14:03:00 +0000

Closed-End Fund Advisors started tracking two new data points we thought would help us select and compare dividend risk for a closed-end fund. They are: Undistributed Net Investment Income Trend (UNII) and Earnings Trend. By taking the slope of the last three UNII and earnings figures for a fund, a trend is determined as “up”, “flat” or “down”

Closed-End Fund Activism Panel

Wed, 06 Feb 2013 21:42:00 +0000

Summary and How to Identify Opportunities

It was my pleasure to moderate the “Closed-End Fund Activism” panel January 22 in New York at the Fourth Annual Activist Investment conference.

Contrarian Investing with Closed-End Equity Funds: Is Anything Still Cheap?

Tue, 15 Jan 2013 18:16:00 +0000

From our experience, if you are interested in closed-end funds, then you typically fall into two groups of investors: dividend seekers or contrarian investors.