Summary
For the second month in a row, equity CEFs on average posted plus-side returns, gaining 0.81% on a NAV basis for October.
While for the second consecutive month, fixed income CEFs suffered negative returns (-0.05%).
Only 23% of all CEFs traded at a premium to their NAV, with 26% of equity CEFs and 21% of fixed income CEFs trading in premium territory.
Emerging Markets CEFs (+3.95%) posted the strongest positive returns of all equity CEF classifications for the month.
The Emerging Markets Hard Currency Debt CEFs classification (+1.33%) posted the strongest plus-side returns in the fixed income universe for the month.
Photo Source: REUTERS/Yuri Gripas. China's Vice Premier Liu He looks on during a meeting with U.S. President Donald Trump in the Oval Office of the White House in Washington, U.S., October 11, 2019.
For the month, 61% of all closed-end funds (BATS:CEFS) posted net-asset-value (NAV)-based returns in the black, with 79% of equity CEFs and only 46% of fixed income CEFs chalking up returns in the plus column. For the second month in a row, Lipper’s world equity CEFs macro-group (+2.85%) outperformed its two equity-based brethren: mixed-asset CEFs (+1.32%) and domestic equity CEFs (+0.06%). The Emerging Markets CEFs classification (+3.95%) outperformed all other equity classifications, followed by Developed Markets CEFs (+3.81%) and Sector Equity CEFs (+2.49%, September’s laggard).
For the second month in a row, world income CEFs remained at the top of the leaderboard, posting a plus-side return on average (+1.01%), followed by municipal bond CEFs (+0.01%), and domestic taxable bond CEFs (-0.27%). The world income CEFs macro-group was propped up by the Emerging Markets Hard Currency Debt CEFs (+1.33%) and Global Income CEFs (+0.88%) classifications. For the eleventh month in 12, the municipal debt CEFs macro-group posted a plus-side return (+0.01%) on average, with five of the nine classifications in the group experiencing negative returns for October.
For October, the median discount of all CEFs narrowed 7 basis points (bps) to 6.36%—still narrower than the 12-month moving average median discount (7.83%). In this report, we highlight October 2019 CEF performance trends, premiums and discounts, and corporate actions and events.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Summary
For the second month in a row, equity CEFs on average posted plus-side returns, gaining 0.81% on a NAV basis for October.
股票CEF连续第二个月平均实现加边回报，10月份按资产净值计算上涨0.81%。
While for the second consecutive month, fixed income CEFs suffered negative returns (-0.05%).
而固定收益CEF连续第二个月出现负回报(-0.05%)。
Only 23% of all CEFs traded at a premium to their NAV, with 26% of equity CEFs and 21% of fixed income CEFs trading in premium territory.
所有CEF中只有23%的交易价格高于其资产净值，26%的股票CEF和21%的固定收益CEF交易在溢价区域。
Emerging Markets CEFs (+3.95%) posted the strongest positive returns of all equity CEF classifications for the month.
新兴市场CEF(+3.95%)公布了本月所有股票CEF类别中最强劲的正回报。
The Emerging Markets Hard Currency Debt CEFs classification (+1.33%) posted the strongest plus-side returns in the fixed income universe for the month.
新兴市场硬通货债务CEF分类(+1.33%)本月公布了固定收益领域最强劲的正方回报。
Photo Source: REUTERS/Yuri Gripas. China's Vice Premier Liu He looks on during a meeting with U.S. President Donald Trump in the Oval Office of the White House in Washington, U.S., October 11, 2019.
图片来源：路透社/尤里·格里帕斯。2019年10月11日，中国国务院副总理刘鹤在美国华盛顿白宫椭圆形办公室与美国总统唐纳德·特朗普会面时在一旁观看。
For the month, 61% of all closed-end funds (BATS:CEFS) posted net-asset-value (NAV)-based returns in the black, with 79% of equity CEFs and only 46% of fixed income CEFs chalking up returns in the plus column. For the second month in a row, Lipper’s world equity CEFs macro-group (+2.85%) outperformed its two equity-based brethren: mixed-asset CEFs (+1.32%) and domestic equity CEFs (+0.06%). The Emerging Markets CEFs classification (+3.95%) outperformed all other equity classifications, followed by Developed Markets CEFs (+3.81%) and Sector Equity CEFs (+2.49%, September’s laggard).
当月，61%的封闭式基金(BATS：CEF)以净资产价值(NAV)为基础的回报率为黑色，79%的股票CEF和只有46%的固定收益CEF的回报率为正数。理柏的全球股票CEF宏观集团(+2.85%)连续第二个月表现优于其两个基于股票的同行：混合资产CEF(+1.32%)和国内股票CEF(+0.06%)。新兴市场CEF分类(+3.95%)的表现优于所有其他股票分类，紧随其后的是发达市场CEF(+3.81%)和行业股票CEF(+2.49%，9月份落后)。
For the second month in a row, world income CEFs remained at the top of the leaderboard, posting a plus-side return on average (+1.01%), followed by municipal bond CEFs (+0.01%), and domestic taxable bond CEFs (-0.27%). The world income CEFs macro-group was propped up by the Emerging Markets Hard Currency Debt CEFs (+1.33%) and Global Income CEFs (+0.88%) classifications. For the eleventh month in 12, the municipal debt CEFs macro-group posted a plus-side return (+0.01%) on average, with five of the nine classifications in the group experiencing negative returns for October.
全球收入CEF连续第二个月位居榜首，平均回报率为+1.01%，紧随其后的是市政债券CEF(+0.01%)和国内应税债券CEF(-0.27%)。全球收入CEF宏观组受到新兴市场硬通货债务CEF(+1.33%)和全球收入CEF(+0.88%)分类的支撑。12年第11个月，市政债券CEF宏观组平均实现了正方回报(+0.01%)，该组9个类别中有5个类别10月份的回报率为负。
For October, the median discount of all CEFs narrowed 7 basis points (bps) to 6.36%—still narrower than the 12-month moving average median discount (7.83%). In this report, we highlight October 2019 CEF performance trends, premiums and discounts, and corporate actions and events.
10月份，所有CEF的折价中值收窄7个基点至6.36%，仍低于12个月移动平均折价中值(7.83%)。在这份报告中，我们重点介绍了2019年10月CEF的业绩趋势、溢价和折扣以及企业行动和活动。
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
披露：本人/我们没有上述任何股票的头寸，也没有在未来72小时内启动任何头寸的计划。
