Closed-End Fund Weekly Update May 20, 2014

Transcription

1 Closed-End Fund Weekly Update May 20, 2014 U.S. Equity Funds US Equity Funds: Weekly Performance Standouts Cushing Royalty & Income Fund SRF $ % 0.9% $ Cushing MLP Total Return Fund SRV $ % 0.4% $ H&Q Healthcare Investors HQH $ % -0.4% $ Nuveen Energy MLP Total Return JMF $ % -0.6% $ Tortoise Pipeline & Energy TTP $ % 0.1% $ Cornerstone Total Return CRF $ % -0.6% $ Cornerstone Progressive Return CFP $ % -0.5% $ Cornerstone Strategic Value CLM $ % -0.2% $ Columbia Seligman Premium Tech STK $ % 0.2% $ Foxby Corp FXBY $ % -0.5% $4.9 1 U.S. Equity Funds: Discounts and Premiums Kayne Anderson MLP KYN 1.0% 7.2% 7.9% 6.5% Tortoise MLP Fund NTG -7.2% -4.7% 0.7% 6.1% Nuveen Real Estate Income JRS -2.3% 1.3% 5.7% 8.2% Tortoise Energy Capital TYY -5.6% -3.5% 1.9% 5.0% Tortoise Energy Infrastructure TYG 0.3% 3.4% 10.8% 4.7% Nuveen Equity Prem Advantage JLA -4.8% -9.3% -10.0% 7.7% EV Tax-Managed Buy-Write Opps ETV 0.4% -4.1% -9.1% 9.0% Liberty All-Star Growth ASG -1.9% -5.6% -8.4% 6.3% Nuveen Core Equity Alpha JCE -1.4% -4.6% -6.6% 6.3% EV Tax-Managed Div Equity Inc ETY -5.1% -9.0% -11.8% 8.8% Kayne Anderson MLP KYN, Tortoise MLP Fund NTG, Nuveen Real Estate Income JRS, and Tortoise Energy Capital TYY appear undervalued on a three-year statistical basis. All of the U.S. equity CEFs appear overvalued on a three-year statistical basis.

2 Morningstar Closed-End Fund Research 2 Global & International Equity Funds Global & International Equity Funds: Weekly Performance Standouts India Fund Inc IFN $ % 4.0% $ MS India Investment IIF $ % 5.5% $ Templeton Russia & East Europe TRF $ % 3.2% $ Voya Asia Pacific High Dividen IAE $ % 2.7% $ Thai Fund Inc TTF $ % 3.0% $ New Ireland Fund IRL $ % -2.1% $ Taiwan Fund TWN $ % 1.2% $ Herzfeld Caribbean Basin CUBA $ % -2.3% $ GDL Fund GDL $ % -0.3% $ EV Tax Adv Global Dividend Inc ETG $ % -0.6% $1, Global & International Equity Funds: Discounts and Premiums Voya Asia Pacific High Dividen IAE -9.7% -8.2% -1.7% 9.9% Voya Intl High Div Equity Inc IID -4.0% -2.8% 2.7% 8.7% Asia Tigers Fund GRR -11.8% -10.4% -8.7% 0.5% New Ireland Fund IRL -13.9% -13.6% -12.4% 0.5% Aberdeen Australia Equity IAF -0.5% 3.1% 6.1% 10.3% JH Hedged Equity & Income Fund HEQ -6.8% -10.9% -10.9% 8.1% Gabelli Dividend & Income GDV -8.6% -9.3% -10.7% 5.4% Clough Global Equity GLQ -9.9% -11.0% -13.1% 8.5% EV Tax Adv Global Div Opps ETO -6.3% -7.6% -9.9% 7.3% MS Eastern Europe RNE -10.3% -11.4% -11.3% 1.8% All of the global & international equity CEFs appear fairly valued on a three-year statistical basis. JH Hedged Equity & Income Fund HEQ appears overvalued on a three-year statistical basis.

3 Morningstar Closed-End Fund Research 3 Hybrid Funds Hybrid Funds: Weekly Performance Standouts Virtus Total Return Fund DCA $ % 0.2% $ Tortoise Power & Energy Infra TPZ $ % 0.8% $ First Trust/Aberdeen Emerging FEO $ % 0.6% $ LMP Capital & Income SCD $ % 0.1% $ Calamos Strategic Total Return CSQ $ % -0.4% $1, Advent Claymore Conv & Income AVK $ % -0.5% $ Calamos Convertible Opps & Inc CHI $ % -0.4% $ RENN Glb. Entrepreneurs Fund RCG $ % 11.7% $6.6 9 Calamos Global Total Return CGO $ % -0.3% $ Advent Claymore Cnvt Secs&Inc AGC $ % -0.5% $ Hybrid Funds: Discounts and Premiums DNP Select Income DNP 5.4% 6.4% 19.8% 7.7% Cohen & Steers Select Pref&Inc PSF -7.8% -8.1% -2.1% 8.0% JH Tax-Advantaged Dividend Inc HTD -11.1% -10.9% -8.5% 6.5% Nuveen Quality Preferred Inc JTP -10.5% -10.5% -4.8% 7.5% Delaware Enhanced Gbl Div&Inc DEX -9.7% -10.6% -4.4% 7.2% Nuveen Tax-Adv Total Return JTA -3.3% -6.3% -8.1% 6.8% Calamos Convertible & High CHY 0.4% -5.6% -5.0% 8.4% MFS Special Value Trust MFV 9.8% 4.1% 3.9% 9.1% AGIC Convertible & Income II NCZ 17.3% 12.3% 9.9% 10.5% Lazard Glb Total Return & Inc LGI -9.4% -11.0% -11.4% 6.9% All of the hybrid CEFs appear fairly valued on a three-year statistical basis. Nuveen Tax-Adv Total Return JTA and Calamos Convertible & High CHY appear overvalued on a three-year statistical basis.

4 Morningstar Closed-End Fund Research 4 Taxable Fixed-Income Funds Taxable Fixed-Income Funds: Weekly Performance Standouts Pacholder High Yield Fund PHF $ % 0.2% $ American Strategic Income II BSP $ % 1.7% $ Aberdeen Global Income FCO $ % 0.4% $ Western Asset Premier Bond WEA $ % 0.3% $ MS Emerging Markets Domestic EDD $ % 1.1% $ Babson Capital Corporate Invs MCI $ % 0.0% $ NexPoint Credit Strategies Fun NHF $ % -0.6% $ Helios Advantage Income HAV $ % 0.1% $ Managed High Yield Plus HYF $ % 0.4% $ Blackstone/GSO Senior Floating BSL $ % 0.1% $ Taxable Fixed-Income Funds: Discounts and Premiums DWS Multi-Market Income KMM -8.3% -7.0% 3.3% 7.1% Templeton Global Income GIM -7.9% -6.1% 1.7% 3.8% DWS Strategic Income KST -9.2% -8.4% -1.2% 7.3% Babson Cap Participation Invs MPV 2.5% 1.9% 16.0% 8.2% Blackstone/GSO LS Credit Inc. BGX -7.1% -6.8% -1.7% 6.7% Western Asset Inflation Manage IMF -0.4% -3.0% -7.8% 3.3% Helios Multi-Sector High Incom HMH 5.9% -4.2% -5.4% 9.1% Helios Strategic Income HSA -3.9% -6.6% -9.6% 8.7% Guggenheim Credit Alloc Fund GGM -1.5% -5.2% -5.2% 8.4% PIMCO Dynamic Income Fund PDI -0.4% -3.2% -5.1% 7.0% DWS Multi-Market Income KMM appears undervalued on a three-year statistical basis. Western Asset Inflation Manage IMF, Helios Multi-Sector High Income HMH, Helios Strategic Income HSA, and Guggenheim Credit Alloc. Fund GGM appear overvalued on a three-year statistical basis.

5 Morningstar Closed-End Fund Research 5 National Municipal Funds National Municipal Funds: Weekly Performance Standouts PIMCO Municipal Income PMF $ % 1.3% $ EV Municipal Income EVN $ % 1.8% $ BlackRock Invst. Quality Muni BKN $ % 1.2% $ BlackRock MuniYield Inv Fund MYF $ % 0.9% $ BlackRock Municipal Bond BBK $ % 1.3% $ Western Asset Muni High Income MHF $ % 1.0% $ BlackRock Muni Inter Duration MUI $ % 0.9% $ AllianceBernstein Nat Muni Inc AFB $ % 1.2% $ Nuveen Select TaxFree Income 3 NXR $ % 0.8% $ MFS Municipal Income MFM $ % 0.9% $ National Municipal Funds: Discounts and Premiums PIMCO Municipal Income III PMX 3.8% 7.0% 11.9% 6.8% BlackRock MuniVest MVF -4.1% -3.3% 1.9% 7.0% BlackRock Municipal Income BFK -5.2% -4.6% 0.7% 6.5% Dreyfus Strategic Municipals LEO -4.9% -4.0% 0.7% 7.0% BlackRock Municipal Income II BLE -3.6% -3.8% 0.8% 6.7% Pioneer Muni High Inc Adv MAV 22.5% 17.2% 14.2% 7.4% BlackRock Municipal 2020 BKK 3.2% 0.7% 0.0% 4.4% Pioneer Municipal High Income MHI 13.0% 9.6% 7.7% 7.5% Nuveen Inter Dur Quality Muni NIQ -7.0% -9.6% -9.4% 4.6% Invesco Muni Income Opps Trust OIA -3.3% -7.1% -4.7% 5.9% PIMCO Municipal Income III PMX appears undervalued on a three-year statistical basis. Pioneer Muni High Inc Adv MAV and BlackRock Municipal 2020 BKK appear overvalued on a three-year statistical basis.

6 Morningstar Closed-End Fund Research 6 State Municipal Funds State Municipal Funds: Weekly Performance Standouts Nuveen MO Premium Income Mun NOM $ % 0.9% $ EV NY Muni Bond II NYH $ % 0.8% $ PIMCO NY Municipal Income III PYN $ % 1.3% $ EV OH Municipal Bond EIO $ % 1.3% $ BlackRock VA Municipal Bond BHV $ % 0.7% $ Invesco PA Value Muni VPV $ % 1.1% $ Nuveen NY Municipal Value NNY $ % 0.6% $ Minnesota Muni Income Port MXA $ % 0.7% $ EV NJ Municipal Income EVJ $ % 0.9% $ Nuveen CA Quality Income Muni NUC $ % 1.3% $ State Municipal Funds: Discounts and Premiums PIMCO CA Municipal Income II PCK 10.4% 17.4% 19.8% 6.8% Nuveen CA Quality Income Muni NUC -5.4% -4.3% 0.1% 6.6% Nuveen CA Municipal Mkt Opp NCO -7.4% -6.7% -2.4% 6.5% BlackRock NY Muni 2018 Term BLH -1.4% 0.7% 3.3% 2.2% Nuveen CA Select Quality Muni NVC -6.4% -5.5% -1.0% 6.7% BlackRock FL Municipal 2020 BFO -0.5% -0.9% -1.9% 3.9% BlackRock MuniYield Arizona MZA 2.8% -0.3% -0.6% 5.6% Nuveen CA Select Tax-Free NXC -1.7% -4.5% -3.7% 4.6% Nuveen MO Premium Income Mun NOM 13.2% 1.9% 10.4% 4.6% Delaware MN Muni Income II VMM -3.8% -8.3% -5.4% 4.9% PIMCO CA Municipal Income II PCK appears undervalued on a three-year statistical basis. All of the state municipal CEFs appear fairly valued on a three-year statistical basis.

7 Morningstar Closed-End Fund Research 7 All data in the accompanying tables is as of the market close Monday, May 20, One-week total price return percentages are calculated from the prior Friday's market close. In some limited cases, funds do not disclose their daily NAV values, and in such cases their estimated NAV (based on the performance of their most recently published holdings) is used. ** The funds listed in the Weekly Performance Standouts tables are ranked according to their one-week price total return. *** The funds listed in the Discount and Premium Outliers tables are ranked using three-year z-scores that are not shown. This statistic measures how many standard deviations a fund's discount/premium is from its three-year average discount/premium. For instance, in these tables, a fund with a z-score of -2 would be two standard deviations below its three-year average discount/premium. Over a long period of time, a fund would be expected, statistically speaking, to have a z-score of -2 or lower only 2.14% of the time. Funds with the lowest z-scores are considered to be relatively cheap, while those with the highest z- scores are considered to be relatively expensive. We consider funds with a z-score of -2 or lower to be "statistically undervalued" and those with a z-score of +2 or higher to be "statistically overvalued."