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Closed-End Fund News
Morningstar Commentaries
Japan Equity CEFs Win the First Quarter
Apr. 16, 2015 - Morningstar, Inc. -  These closed-end funds were unstoppable in early 2015; plus, did the first IPO of 2015 usher in a new era for CEF shareholders?
A Divergence of CEF Returns in February
Mar. 19, 2015 - Morningstar, Inc. -  Europe's quantitative easing and a strong U.S. dollar lifted the eurozone and Japan, but negative headline news pushed the municipal market lower.
Market Commentaries
The Big Chill: What’s Wrong with the U.S. Consumer?
May. 14, 2015 - BlackRock Blog -  Most market watchers expect the US economy to bounce back in the second quarter. However, the consumer isn't playing to script. Russ explains.
A Long-Term View on Latin America: Infrastructure Investment and Institutional Reform
May. 08, 2015 - BlackRock Blog -  Armando Senra, BlackRock Head of the Latin America & Iberia Region, discusses the fundamental changes taking place in Latin America and the opportunities for economic growth and investment in the region.
Recent Commentaries
A Snapshot of Q1 Flows and Trends
May. 05, 2015 - First Trust -  US-listed exchange-traded fund (ETF) net inflows totaled $59.1 billion during the first quarter of 2015, according to Morningstar.1 International Equity ETFs and Taxable Bond ETFs received the strongest net inflows, totaling $37.7 billion and $20.2 billion, respectively, while US Equity ETFs had the largest net outflows, totaling $12.6 billion. (See Table 1 below) Within the International Equity category, currencyhedged ETFs received $26.5 billion in net inflows, as US investors sought to avoid foreign currency risk. Within the Taxable Bond ETFs category, net inflows were strongest among High Yield Bond ETFs (+$4.8 billion), Corporate Bond ETFs (+$4.8 billion), Intermediate-Term Bond ETFs (+$3.5 billion), and Preferred Stock ETFs (+$1.9 billion). Interestingly, net outflows for the US Equity category may not be as bad as they seem, as outflows from a single ETF totaled nearly $31.3 billion. Apart from this ETF, the US Equity ETFs category received $18.8 billion in net inflows.
Senior Loan & High Yield Review – 1st Quarter 2015
Apr. 30, 2015 - First Trust -  Market Review
Senior loans and high-yield bonds, after a volatile second half in 2014, posted healthy returns in the first quarter of 2015. In fact, first quarter 2015 returns outpaced the full-year 2014 returns for both senior loans and highyield bonds. In contrast to last year,the start of this year has been driven by oil showing signs of stability (at least for now) after a nearly 50% decline in the second half of 2014, a market much more willing to tolerate the current geopolitical climate, and strength in returns across both the high-yield bond and leveraged loan markets.
CEF Industry Reports
Goldilocks’ Grandmother

May. 14, 2015 - JP Morgan Asset Management -  Some have described today’s economic environment as a “Goldilocks” economy: not too hot and not too cold. However, in truth, the American economy of 2015 is more like Goldilocks’ Grandmother: not too hot, not too cold… and not too fast. Demand appears to be growing at a mediocre pace but given supply constraints, it is still fast enough to lead to a further tightening of the labor market and thus to set the stage for interest rate increases starting in the next few months.
Diversified U.S. equity blend
Apr. 30, 2015 - JP Morgan Asset Management -  Access opportunity through diversification and flexibility
Successfully investing in U.S. equity markets today requires more than passive participation. Markets have gained back all of the ground lost since the great recession — and then some. As a result, experienced, research-driven active management and broad diversification are needed to identify and access industry sectors, market segments and specific companies poised for continued growth.
Featured CEF Fund Reports
Nuveen Core Equity Alpha Fund (JCE) - First Quarter 2015
May. 08, 2015 - Nuveen Asset Management -  While U.S. equity markets posted negative returns in January and March, they recorded strong gains in February, which led to an overall positive first quarter return of 0.95% for the S&P 500 Index (the “Index.”) The utilities sector, the best-performing sector in 2014, was the weakest-performing sector this quarter, underperforming the Index by more than 6%. The health care and consumer discretionary sectors were the strongest performers during the period.
Nuveen Mortgage Opportunity Term Funds (JSL, JMT) - First Quarter 2015
May. 08, 2015 - Nuveen Asset Management -  During the first quarter, global government bond yields continued to decline and investors’ risk appetite stabilized as central banks stepped up their efforts to ward off deflation and revive growth. Nevertheless, market volatility was high as investors agonized over when the U.S. Federal Reserve (the “Fed”) would raise interest rates, the extended decline of oil prices, and renewed concerns that Greece might leave the eurozone. Geopolitical concerns surrounding the Iran nuclear negotiations and the Saudi Arabia-led military campaign in Yemen also supported inflows to perceived safe-haven assets.
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