|
Third Quarter 2017 Overview
The third quarter was another positive one for diversified closed-end fund (CEF) investors. The average CEF was up 2.28% during the quarter and is now up 11.24% year-to-date (YTD). Broadly speaking, CEFs continue to benefit from rising equity prices (both domestic and international), solid credit conditions (i.e., low default environment) and a steady long-term interest rate environment. Similar to prior quarters this year, it was another broad-based rally for the third quarter. Indeed, fixed-income CEFs were up on average 1.88% during the quarter and are now positive by 9.45% YTD. Equity CEFs were positive--on average 2.71% for the quarter and are now up 14.30% YTD. (Source: Morningstar. All data is share price total return.)
Click here to continue reading.
|