EHI: A Skinnier Tender Offer Payoff

Allocating capital with a margin-of-safety approach is something we have been focused on, particularly as market valuations have grown richer over the last few months. The Western Asset Global High …

JPC: Take It Over JPS

Nuveen run 4 preferred stock CEFs which makes them attractive relative value opportunities. For example, the pair of the Nuveen Preferred & Income Securities Fund (JPS) and the Nuveen Preferred …

MFL: Well Played, Mr. Hayes

One of the things we like to check on the service is what CEF insiders are doing. A recent trade by Peter Hayes, head of Munis at BlackRock, caught our …

FIV: PTN Yield Hits Post-Drawdown High

Subscribers to our service know that we are fond of term CEFs. Term CEFs are funds with a scheduled termination date. And although the termination date can be eliminated by …

OXLC: The Persistent Premium Puzzle

It seems like regardless of what the Oxford Lane Capital Corp (OXLC) does, its high premium remains a constant. The chart below is the way we estimate the fund’s daily …

CRF, CLM Finally Cut

The pair of Cornerstone CEFs: Cornerstone Strategic Value Fund (CLM) and Cornerstone Total Return Fund (CRF) are pretty unusual CEFs. The business model appears to be: overdistribute and run repeated …

JMBS: A Win For Active Management?

A reader brought up the Janus Henderson Mortgaged Backed Securities ETF (JMBS) as a potential dry powder option for investors waiting for better opportunities in a market that looks fairly …

GDO: Twice The Fun

The Western Asset Global Corporate Defined Opportunity Fund (GDO) has been on our radar for quite some time for a few reasons. First, it’s a 2/3 investment-grade fund which appeals …

IHIT: 3 Key Things From Latest Report

The Invesco High Income 2023 Target Term Fund (IHIT), which we hold across a couple of our Income Portfolios, has just released its earnings. These 3 things are important. The …

PCQ: What Just Happened?

The PIMCO California Municipal Income Fund (PCQ) hugely underperformed the other muni PIMCO CEFs today and the rest of the sector (which rose 0.3%). The following chart is taken from …