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Morningstar, Inc. Commentaries

A Recap of 2013's CEF IPO Market

Dec 20, 2013
Click here to access A Recap of 2013's CEF IPO Market

The first half of 2013 was a promising start to the year for closed-end fund initial public offerings. There were 13 launches, two of which each raised more than $2 billion in proceeds, topping the $1 billion raised for 2012's most talked about new fund, PIMCO Dynamic Income (PDI). Although "taper talk" in May brought the IPO market to a halt for a few months, fund launches picked back up in the fall, closing the year (as of Dec. 13) with 23 new funds launched. Net proceeds for the year were a healthy $14 billion, though much of this is attributed to a handful of $1 billion-plus funds launched in the first half of the year.

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Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individuals, financial advisors, and institutions.

Morningstar provides data on more than 385,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 8 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services and has approximately $195 billion in assets under advisement or management as of Sept. 30, 2012. We have operations in 27 countries.