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Closed-End Fund News
Morningstar Commentaries
Commodities CEFs Tank in September
Oct. 16, 2014 - Morningstar, Inc. -  The unexpected departure of PIMCO founder and chief investment officer Bill Gross dominated the headlines at the end of September, but PIMCO investors were far from the most disappointed folks last month. Gold prices dropped 6% in September, continuing a months-long decline from its mid-March high of $1,391.77 per ounce. Since that high, gold prices have fallen more than 13% through the third quarter. The strengthening of the U.S. dollar and improving economy also put pressure on the prices of other precious metals and commodities like oil and gas. 
Should PIMCO CEF Investors Jump Ship?
Oct. 01, 2014 - Morningstar, Inc. -  The sudden departure of PIMCO founder and CIO Bill Gross on Friday, Sept. 26, rocked the investment world. As pundits mulled over who might be crowned the next "Bond King," closed-end fund investors had concerns of their own. Because several PIMCO CEFs have historically traded at relatively high premiums, some CEF watchers predicted extreme share price declines, particularly for the five CEFs that Gross managed. It’s also widely known that Gross owned a significant amount of shares of many PIMCO CEFs. Some wondered whether Gross would dump all of his shares, putting further downward pressure on share prices and premiums.
Market Commentaries
What the 10-Year Treasury’s Dip Means for Bond Portfolios
Oct. 16, 2014 - BlackRock Blog -  It was hard to miss the headlines earlier this week about the 10-year Treasury yield dipping below 2% Wednesday, hitting its lowest level in over a year. Rick Rieder explains what was behind the drop and what it means for bond portfolios going forward.
5% Corrections Have Been Normal in this Bull Market
Oct. 10, 2014 - Calamos Investments -  Yesterday’s S&P 500 close of 1928 marked a 4% correction since the index peaked at 2011 on September 18, 2014.
Recent Commentaries
Early Thoughts on Tax-Loss Selling Season
Sep. 24, 2014 - First Trust -  With the fourth quarter about a week and a half away, the topic of tax-loss selling and closed-end funds (CEFs) is one that is often on the forefront of CEF investors’ minds.Tax-loss selling is when investors sell securities to realize losses in order to offset gains within their portfolios. Tax-loss selling in the CEF structure often is most pronounced from roughly mid-November to the third week of December
Searching for Bargains in Closed-End Funds
Jul. 19, 2014 - Barron's -  Closed-end bond funds have been on a tear this year, returning an average of 11% during the first half, including dividends, according to Closed-End Fund Advisors, a research group. The average yield at the end of June was 6.4%. Compare that with a first-half total return of just 5.4% for SPDR Barclays High Yield Bond (ticker: JNK), an exchange-traded fund that tracks junk bonds.
CEF Industry Reports
High Yield Market Review and Outlook, October 2014
Oct. 14, 2014 - Calamos Investments -  
Market Environment
The U.S. high yield bond market, as represented by the BofA Merrill Lynch High Yield Index, generated a -2.10% return in September, representing the worst month for the asset class since June of 2013. Despite a weaker than expected jobs number early in the month, Treasury rates backed up across 
the curve with the 5-year ending at 1.76%, up from 1.63% in August. This was primarily due to the market continuing to price in the likelihood of the first Fed-induced rate hike in mid-2015 following the Fed minutes and Chair Yellen’s press conference
Closed-End Funds Monthly: September 2014
Oct. 14, 2014 - Wells Fargo Advisors -  Performance
The one-month net asset value (NAV) total returns of closed-end funds (CEFs) reflected an increase in investor risk aversion in September.  Fixed-income CEFs, on average, outperformed equity CEFs by 280 basis points (100 basis points = 1%) - -0.9% and -3.7%, respectively, the widest margin since January 2014.
Featured CEF Fund Reports
Aberdeen Latin America Equity Fund, Inc. (LAQ)
Sep. 11, 2014 - Aberdeen Asset Management -  How have markets been performing? Latin American markets benefitted during the second quarter from a more positive sentiment with regard to Chinese stimulus plans and European quantitative easing announcements, which lead to the Latin American market outperforming both the broader global emerging markets and developed markets.
Nuveen Quality Preferred Income Funds (JTP, JPS, JHP) - Second Quarter 2014
Aug. 13, 2014 - Nuveen Asset Management -  There were many reasons the preferred securities markets performed well in the second quarter, including anchored short-term interest rates, a decline of 0.25% in long U.S. Treasury yields, and low inflation, which is typically supportive of lower yields overall. Slower gross domestic product (“GDP”) growth and the Federal Reserve’s (the “Fed”) reduction in its 2014 economic growth expectation to a range of 2.1% to 2.3% (with further downward revisions expected) were also beneficial to the preferred securities market because they helped foster low equity volatility.
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