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連續第二個月平均實現加邊回報，10月份按資產淨值計算上漲0.81%。
While for the second consecutive month, fixed income CEFs suffered negative returns (-0.05%).
而固定收益CEF連續第二個月出現負回報(-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%的交易價格高於其資產淨值，26%的股票CEF和21%的固定收益CEF交易在溢價區域。
Emerging Markets CEFs (+3.95%) posted the strongest positive returns of all equity CEF classifications for the month.
新興市場CEF(+3.95%)公佈了本月所有股票CEF類別中最強勁的正回報。
The Emerging Markets Hard Currency Debt CEFs classification (+1.33%) posted the strongest plus-side returns in the fixed income universe for the month.
新興市場硬通貨債務CEF分類(+1.33%)本月公佈了固定收益領域最強勁的正方回報。
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.
圖片來源：路透社/尤里·格里帕斯。2019年10月11日，中國國務院副總理劉鶴在美國華盛頓白宮橢圓形辦公室與美國總統唐納德·特朗普會面時在一旁觀看。
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).
當月，61%的封閉式基金(BATS：CEF)以淨資產價值(NAV)為基礎的回報率為黑色，79%的股票CEF和只有46%的固定收益CEF的回報率為正數。理柏的全球股票CEF宏觀集團(+2.85%)連續第二個月表現優於其兩個基於股票的同行：混合資產CEF(+1.32%)和國內股票CEF(+0.06%)。新興市場CEF分類(+3.95%)的表現優於所有其他股票分類，緊隨其後的是發達市場CEF(+3.81%)和行業股票CEF(+2.49%，9月份落後)。
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連續第二個月位居榜首，平均回報率為+1.01%，緊隨其後的是市政債券CEF(+0.01%)和國內應税債券CEF(-0.27%)。全球收入CEF宏觀組受到新興市場硬通貨債務CEF(+1.33%)和全球收入CEF(+0.88%)分類的支撐。12年第11個月，市政債券CEF宏觀組平均實現了正方回報(+0.01%)，該組9個類別中有5個類別10月份的回報率為負。
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的折價中值收窄7個基點至6.36%，仍低於12個月移動平均折價中值(7.83%)。在這份報告中，我們重點介紹了2019年10月CEF的業績趨勢、溢價和折扣以及企業行動和活動。
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/我們沒有上述任何股票的頭寸，也沒有在未來72小時內啟動任何頭寸的計劃。
