Getting Started with Closed-End Funds

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1 Closed-End Funds Getting Started with Closed-End Funds SECONDARY MARKET INSIGHTS Insights and Best Practices from Successful Advisors Why and how they use closed-end funds (CEFs) in client portfolios Where they turn for fund information What they look for when evaluating CEFs How they articulate CEFs to clients Tips for getting started with CEFs Closed-end funds can really be a great tool to strengthen your relationship with the client. Offering an innovative strategy that a lot of other advisors aren t doing... it can be a big win for the advisor and the client together.

2 About the Advisor Panel 1 Panelists shared certain guiding principles that drive their use of closed-end funds. The desire to deliver an investment experience that their clients may not find elsewhere The importance of remaining open to new products and ideas A commitment to learning about closed-end funds and keeping current with product and industry developments Panelists at a glance: Average 25 years of experience as a financial advisor Average $150 million assets under management More than 50% have experience working at four or more firms in the industry during their career (including changes due to firm mergers and acquisitions) Many people, even those that are investment savvy, don t know about CEFs. Gaining this knowledge and incorporating these products into client portfolios, and being open-minded to strategy and creative portfolio allocation, will differentiate the advisor from the rank and file. Since we ve introduced CEFs to our clients they ve really come to like the funds that we ve selected, and they ve been very pleased with the income stream. They feel that they re a great opportunity for their portfolios that often can t be replicated somewhere else. Most of the panelists work primarily with high net worth individuals, though one advisor s practice focuses on foundations and endowments and another focuses on clients who work in the financial services industry. 1 Information on the Advisor Panel found on page 9. The quoted statements contained herein represent the opinions of the participants in the study detailed above and are provided for informational and educational purposes only. Quotes may have been edited for clarity purposes. All investments carry a certain degree of risk and there is no assurance that an investment will provide positive performance over any period of time. Any specific mention of a security is for illustrative purposes only. Any information obtained from third-party sources is believed to be reliable but not guaranteed for accuracy.

3 Panelist insights What investment goals can CEFs help meet? Closed-end funds are probably best known for their potential to offer clients a steady income stream. Income Number one is income. One of the most attractive qualities of closed-end funds is that they re able to access areas of the market that offer attractive income potential. They typically have high distribution rates; some can be as high as 8 12%. Our clients like the dividends that closed-end funds throw off. 1, 2 In a nutshell, the income attracts me initially, and then what the potential will be [for capital appreciation] in the marketplace helps me make my decision. Diversification I like to have diversification within portfolios and closed-end funds afford me that, particularly where there are CEFs that are not really tracked by any ETFs. So to get a nice composition for a client s overall portfolio, they form an integral part. While almost every panelist started with fixed-income CEFs, their use today covers the investment spectrum. Equity and alternative strategy funds are increasingly used for their ability to offer regular cash flow and diversification opportunities. Generating income and diversification. Initially, when I first started using closed-end funds, it was to fill the emerging markets bond space and then for generating income. We [believe we] can get higher yield with less risk [than buying individual bonds] by investing in a closed-end fund, so we use it for some high yield spaces and things like that. Total Return and Capital Appreciation The primary goal is total return, so we re not interested in just income or just appreciation but both. Secondarily, CEFs at times can give us liquidity and diversity that we need in our portfolios. It s a very nice income stream, and it s also an opportunity for very strong capital appreciation. We ve seen [examples of] closed-end funds that have risen 10%, 15%, 20%, 25% in a single year. 2, 3 1 Potential distribution sources include net investment income, realized gains and return of capital. 2 Past performance is no guarantee of future results. 3 There is no guarantee a fund s investment strategy will be successful. 1

4 Why do you use CEFs? The combination of features and benefits of closed-end funds that prompts advisors to regularly use CEFs in their clients portfolios, including: Benefits of Leverage 1 Leverage is an important component, if the market environment is such that it makes sense to have some extra money working for you; you have the option of buying closed-end funds that have leverage in place. CEFs are a unique vehicle. The fact that they have leverage is an excellent example of something that most mutual funds and ETFs can t necessarily do. They re able to use leverage to potentially hedge interest rate exposure or to boost the yield of the portfolio. Several panelists highlighted the opportunity CEFs present in terms of value, at both discounted and premium prices. Structural Advantages Portfolio Stability The manager doesn t necessarily have to sell individual positions within the portfolio during periods of distress. In a traditional open-ended mutual fund or ETF, if the market is falling significantly and investors are redeeming, managers have to sell underlying positions to free-up cash. A closed-end fund doesn t have those restrictions because somebody always owns the shares. Over time this helps performance. Transparency and Flexibility If I have someone who says, I need $15,000 out of my portfolio, I know I can put in the trade, have the money within trade plus three, and I can tell them this is the price. With an open-end fund you know you re getting $15,000 but you really don t know the price or what your tax liability is until the end. I think closed-end funds are more flexible and offer more transparency. 1 Leverage may increase distributable income and enhance total return, but will also increase return volatility and risks. 2

5 Professional Active Management The alternative to buying CEFs [in our practice] would be to purchase individual securities. But, when it comes to emerging markets, convertibles, individual real estate investments, I trust the managers to be able to manage those assets better than myself. Opportunity to Capture Value When CEFs are trading at a significant discount to the net asset value, they become a pretty compelling investment opportunity. We get access to the manager and what they re offering, plus the potential for the discount to go away and narrow and get capital gains from that component as well. Several advisors said the funds ability to persistently leverage the portfolio a strategy not typically used in either open-end mutual funds or ETFs makes CEFs attractive. Leverage enables a fund to raise additional capital, which can be used to purchase more securities and potentially enhance the fund s yield. Leveraged funds comprise about threefourths of the CEF universe.* Leveraged 78% 22% Not leveraged If I want to buy an asset class, for example municipal bonds, I can call up my bond desk and do it through them. But I can also look at a closed-end fund because they trade based on supply and demand and if that closed-end fund s assets are at a discount, I pay attention. Many advisors said they favored CEFs over traditional mutual funds because of the portfolios stable share base: since the number of shares typically does not change, managers are not forced to buy or sell securities at inopportune times to accommodate inflows or withdrawals. * Source: Morningstar as of 9/30/16 3

6 What is your approach to buying and managing CEFs in client portfolios? Every advisor on the panel buys in the secondary market, and about half have also participated in IPOs. Panelists use closed-end funds with about 25 40% of their clients, and many create their own portfolio investment models. I d say probably 50 60% of my overall holdings in closed-end funds are in the municipal bond sector. I will get involved in some corporate and more taxable sorts of situations, and also use them as a kind of hedge. We use a number of the buy-write or sector-specific offerings. We still use them for the emerging markets sector and filling the bond space when we don t want to buy individual bonds. Secondary Market vs. IPO I ll buy an IPO if it s something kind of unique and it looks like there s a chance of it going up in the market. It really depends upon timing and what s in the portfolio. Why [do I] buy in the secondary market? If I can tell it s trading below its average discount, in my mind the risk is already baked in. If you know what you re looking for, that s a buying opportunity. The IPO is generally the only time when an investor can buy as many shares as desired, at a known price. I invest in both. If I m buying it on an offering and it goes into a discount and there s a correction in the market, yes I m coming back into the market and taking advantage of that decline. Buying in the secondary market offers opportunities to buy actively managed income-oriented investments with known track records, sometimes at attractive discounts. Either way, most closed-end funds are managed for the long-term investor. 4

7 How do you evaluate CEFs? Most panelists consider the same factors they use to evaluate all investments: management, portfolio composition, performance, volatility, and yield. As one advisor put it, CEFs come in all shapes and sizes. Assessing the Manager We want to make sure we re using a manager that we re comfortable with, and that there s enough trading volume. We look at the premium and discount history, and the track record. There are a lot of factors that we look at and many of them are the same that you look at when you re analyzing an open-end fund or an exchange-traded fund. But then we look at those extra complexities, its size, does it do leverage, and some of the other things that make it unique to the closed-end universe. Appraising the Portfolio What I look for in new issues is whether there is a place for that composition: what will be the top ten holdings and the composition. Next if it s a pure income vehicle is what the yield is going to be and how it will fit into a particular client s portfolio. We re always trying to make the best, most suitable portfolio that ll solve certain investment issues for a client or to recognize certain corners of the market. Screening for yield, volatility characteristics, expenses, or for a basket of desirable assets that might be purchased at a discount might lead us to a closed-end fund. If we re talking about a very tactical spot in the portfolio, then clearly the ability to trade intra-day might be a significant consideration vs. an open-ended fund. But generally speaking, we don t go into the process saying we want to emphasize a closed-end fund in the selection process. While less experienced investors may buy based only on discounted price, savvier advisors consider several other factors first the asset strategy, leverage and capital structure, fund size, distributions, and the fund s manager and philosophy before they evaluate discounts or premiums. 5

8 What types of clients are appropriate for CEFs? Panelists see closed-end funds as appropriate for a variety of clients: I really use them for all clients. Clients Seeking Tax-Free Income 2 Financial Advisors Average Allocation to CEFs in Client Portfolios 1 Percentage of Advisors 30% 43% Average allocation to CEFs 20% or more 10% to19% They meet the needs of clients who want municipal income, and it can be more prudent to buy a closed-end fund because, besides the yield, they also got diversification, which a small investor can t get by buying a couple of bonds of an issue. Older Clients: Seeking Regular Income It s generally going to be an older client, which then brings in the question of risk tolerance, and whether something that goes up and down by 20% is appropriate. But it s going to be an older client, 50 plus, mainly clients that are retired that need income. 27% Less than 10% Some advisors describe closed-end funds as potentially suitable for investors who want more: more investment choices and more cash flow, and, in exchange, potentially more price volatility. Younger Clients: Seeking Return and Diversification I think CEFs also play to a younger audience because these investments have the potential for big moves. It s not like you re offering a Treasury bond with a 3% yield that could potentially increase another 3% in capital appreciation. You re talking about funds that could potentially move 20% or more in any given year. I think that s attractive to younger investors who have the ability to be a little bit more flexible, a little more aggressive, because they ve got the longer time to invest. And a lot of times younger investors haven t been introduced to closedend funds. 1 Source: Nuveen Investments, Closed-End Funds and the Financial Advisor: A National Research Study, Income may be subject to state and local income taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax 6

9 How do you explain CEFs to clients? Since most investors may not be familiar with CEFs, and few clients will ask about them, advisors who explain how the funds work can add value to the client relationship. The panelists stressed the importance of simplifying the story. Simplifying the Story: Access I think if people are told what the investments are within a CEF, they become more comfortable with it, and they get to understand it better. As you re bringing a client along, depending on how sophisticated they are initially, you can then start to talk about credit rating, leverage, expenses, fees and all of those kinds of things. Explaining Similarities Between CEFs and Other Investments We explain that it s similar to an open-end fund, the difference, of course, being that there s a fixed number of shares. The fund isn t creating and redeeming shares on a daily basis, and similar to an ETF or a stock, the benefit is that you can buy and sell shares at any time during the trading day. The simplest version is that this is a vehicle that trades like a stock, meaning it trades on the exchange, and so we can trade it and watch it trade. It s not done once at the end of the day like an open-end fund. Explaining Leverage Nuveen offers educational materials and videos that advisors can use with their clients to explain the four key concepts that are important for understanding CEFs: CEF portfolios Leverage Professional distribution management Pricing and trading We talk about leverage, we talk about why the fund might be using leverage, about the risks and potential benefits, and how in an income fund, for example, leverage might make a yield look significantly different from the yield of an open-end fund or other corners of the marketplace. We spend a little more time on the leverage issue than anything else. Explaining Premiums and Discounts It s a great thing for clients to hear you say, Look, you can get the same basket of securities in an open-end fund for 100 cents on the dollar and here I am looking at the same basket of securities and I m able to buy it for ninety-five cents on the dollar, it s like you re walking in and buying it on sale. That s pretty well understood and appreciated. It s important to understand that closedend fund discounts may persist over time and a fund s share price may never equal its net asset value. We point out it allows the long-term investor to dollar-cost average in the investment, and that s not something you re going to get if you re buying an individual bond or exchange-traded funds, that might be in the same category. 7

10 Getting started with CEFs: Action steps 1. Evaluate Client Needs 1 Income Identify those clients who might benefit from additional cash flow and a more diversified portfolio. Because CEFs may leverage their portfolios, they offer greater yield or distribution potential than other choices. Diversification Beyond the enhanced yield they may offer, CEFs are also an excellent way to diversify a client s income portfolio through adding equity and alternative strategies. Tax Sensitivity It s not what you earn, it s what you keep. Both tax-exempt portfolios and professional distribution management can potentially help reduce or defer the impact of federal and state income taxes. Risk Tolerance and Suitability Because of the added price volatility inherent with leveraged funds, it s also important to consider the client s risk tolerance and time horizon. 2. Get Educated Learn about the structure Closed end funds are all different it s just a structure and underneath it they could be doing anything. There are ones with leverage and those without, active management or passive; they run the gamut. There s definitely an educational piece to understand how it all works, and I think advisors should get that education, include CEFs in the mix of potential products they use, and be ready. Enroll in Nuveen s Income Institute Five interactive learning modules on the fundamentals of closedend funds can earn you CFP and IMCA continuing education credit.* nuveen.com/incomeinstitute nuveen.com/cef Public website featuring market commentary, educational resources and information about Nuveen s broad array of closed-end funds. Log-on to Nuveen s financial advisor website for exclusive advisorfocused content. 3. Investigate Your Firm s Experts and Resources Closed-End Fund Analysts Several firms already have CEF analysts in their research departments. These analysts typically cover a wide range of CEFs and, in addition to publishing recommended, watch and sell lists, they can help with suggestions for individual portfolio or trading situations. A firm s fixed-income desk may play a similar role. Experienced colleagues Syndicate and trading desks 4. Tap into External Resources CEFConnect.com My primary resource is Nuveen. Their CEFConnect website is very useful. Bloomberg I use Bloomberg extensively. I look at the trading history and the discounts. I will still go in and look at annual and semi-annual reports, paying particular attention to any large amounts of unrealized gains that might factor in the discount calculation, etc. CEFA.com This easy to use site displays content that allows benchmarking and comparison of fund performance hence our research and decision making is quite productive. Fund Providers For IPOs I m on the contact list for the various firms and talk to them rather regularly. They let me know if there are changes going on; if a fund is being merged, if there s going to be a different kind of distribution or tax treatment. Morningstar I use Morningstar Advisor Workstation. Their increased reporting and analytics on CEFs are very beneficial to us relative to research, composition, etc. 1 This checklist is provided for informational purposes and is not meant to be an exhaustive list of factors to assess when determining suitability for any individual nor is it meant to replace any financial services firms client questionnaires or due diligence procedures. * Certified Financial Planner Board of Standards Inc. owns the certification marks CFP, Certified Financial Planner and CFP in the U.S. 8

11 ABOUT THE PANEL In 2013 and 2016, Nuveen completed national studies examining how financial advisors use closed-end funds (CEFs). The statistically projectable study of 900 financial advisors found that 50% of advisors used CEFs, and that those advisors earned more and had more assets under management than advisors who did not use CEFs. The insights in this brochure are based on lengthy interviews with financial advisors about their use of closed-end funds. Beyond the requirement that each panelist have a successful practice and be an active user of closed-end funds, the panel was diverse, drawing advisors from the wirehouse, regional and independent channels. An unexpected finding was that many of the advisors who did not use CEFs said their primary barrier to usage was lack of familiarity. In the age of the Internet where anything advisors would want to know seems to be at their fingertips this was initially surprising. While there is a great deal of information about specific CEFs, there is much less on why advisors use CEFs in their client portfolios, how they use them, and what goes into their selection process. To fill this gap, Dubick & Associates, a research and marketing firm, assembled a panel of financial advisors who have extensive experience using CEFs. Individual interviews were conducted with each of the panelists to learn their best practices.* This material is for informational purposes only, is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients. All investments involve risk and there is no assurance that an investment will provide positive performance over any period of time. IMPORTANT RISK CONSIDERATIONS There are risks inherent in any investment including, but not limited to, interest rate risk, credit risk, market risk and the possible loss of principal. Shares of closed-end funds frequently trade at a discount from the net asset value. When sold, shares may be worth more or less than the purchase price or the net asset value. It is important to consider the objectives, risks, charges and expenses of any fund before investing. Open-end mutual funds and closed-end funds are different types of investment vehicles with different expense structures and different inflows/outflows and distribution requirements. To evaluate this carefully, please view a prospectus or other current fund information provided by the fund s sponsor. A closed end fund s use of leverage creates the possibility of higher volatility for the fund s per share NAV, market price, distributions and returns. There is no assurance that a fund s leveraging strategy will be successful. When evaluating investment choices, investors should be aware that potential sources for closed-end fund distributions include net investment income, realized gains, and return of capital. * Dubick & Associates selected participants for the study and is not affiliated with Nuveen Investments, Inc. or any of its affiliated entities. 9

12 I look at closed-end funds as an interesting, good, unique wrapper around an investment manager and strategy. There are times when it makes more sense and there are times when they can and do add an extra level of risk.... Understanding that risk and stepping in to invest when that risk is compelling to take I think can make a lot of sense. For more information about Nuveen s Closed-End Funds: Contact your Nuveen Advisor Consultant Team at or Nuveen s CEF specialist T.R. Findlay (Chicago) at or CEFSpecialist@nuveen.com Visit us on the web at nuveen.com/cef. Securities offered through Nuveen Securities, LLC, Member FINRA and SIPC. EBR-CEFBP-1216D ADV-Y-03/18 Nuveen 333 West Wacker Drive Chicago, IL nuveen.com/cef 10

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