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Non-Tech CEF Closed End Fund Investing

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To: brehm233 who wrote (33)	12/20/2020 12:01:34 PM
From: the traveler	of 57

>>>You can reduce the field if eliminate all selling at premium eliminate all whose NAV is below ipo value look only at 6+% yielders<<< Do you have a screening tool that screens for the above criterion? In particular one that can eliminate cef's with NAV below IPO value?

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To: the traveler who wrote (36)	12/20/2020 12:49:20 PM
From: brehm233	1 Recommendation of 57

no, we just manually go through any we are interested in. have not tried CEF screening tools, so dont know what is available... good luck

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To: the traveler who wrote (36)	12/20/2020 1:42:30 PM
From: CusterInvestor	2 Recommendations of 57

I have started using this screener. It is some awkward to use, but when you select criteria, you can check more than one box. For example, I checked for monthly payers, selling at a discount (checking all the boxes from zero down), and paying 7 percent or higher. It provided a list of 72 funds. cefconnect.com

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To: CusterInvestor who wrote (38)	12/20/2020 10:39:14 PM
From: the traveler	of 57

thanks--will check it out.

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To: brehm233 who wrote (37)	12/20/2020 10:40:00 PM
From: the traveler	of 57

thanks. i do it the same way.

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To: brehm233 who wrote (33)

12/21/2020 8:25:22 PM

From: the traveler

Did some preliminary analysis----Not sure how this will line up.

	#							(DISC)/
TICKER	D	FUND NAME	PRICE	NAV	INCP	YLD	INCP	PREM
	I		12/18/20	12/18/20	NAV	12/18/20	DATE	12/18/20
	S
	T
SRV	12	Cushing MLP & Infras Tot Return	22.61	29.27	19.06	6.37%	8/27/2007	(22.75)%
GDV	12	Gabelli Dividend & Income	21.28	24.61	19.06	6.20%	11/28/2003	(13.53)%
GGZ	4	Gabelli Global Small & Mid Cap Value Tru	12.56	15.04	12.00	5.10%	6/23/2014	(16.49)%
GRX	4	Gabelli Healthcare & Wellness Trust	11.78	13.66	8.00	5.09%	6/19/2007	(13.76)%
GAM	1	General American Investors	36.73	43.54	10.00	6.80%	2/1/1927	(15.57)%
RMT	4	PIMCO Energy & Tactical Credit Oppst	10.00	11.69	7.25	6.00%	12/14/1993	(14.46)%
RVT	4	Royce Value Trust	16.23	18.47	10.00	6.16%	11/19/1986	(12.13)%
SOR	4	Source Capital	40.40	44.91	16.00	6.34%	10/24/1968	(10.04)%
HQH	4	Tekla Healthcare Investors	23.28	26.09	10.00	8.25%	4/23/1987	(10.77)%
CEE	1	The Central and Eastern Europe Fund	25.00	29.00	16.74	5.85%	3/6/1990	(13.81)%
INF	4	The India Fund Inc	19.97	22.35	14.02	8.41%	2/23/1994	(10.65)%

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To: the traveler who wrote (41)	12/21/2020 8:57:18 PM
From: brehm233	1 Recommendation of 57

Just lets assume the market knows more than i do, so it already has considered, hedgings, quality of issues own, leverage, interest rate swaps,liability of location of issues, etc.... so the distributions rate versus the dis/ premium should tell us something regarding how the perceived market price is determined??? just thoughts, anyone thoughts...tia

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To: Kapusta Kid who wrote (19)	3/6/2021 12:46:27 PM
From: Max2.0	of 57

I have about 10 CEFs and about half are Equity CEFs. My position is that ROC is mostly meaningless in itself. The important metric for me is NAV. If it goes up or is constant over time, then all is well. If there is a consistent downward trend over time, then that is a red flag and I will avoid starting a position. In a CEF with declining asset value, I may look at ROC to analyze/determine if the fund is over distributing (IE: Destructive ROC).

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From: chowder	7/2/2021 5:50:57 PM
	of 57

Speaking of ROC, not all ROC is destructive. One of the simplest ways to know if a fund is utilizing destructive or constructive ROC is to watch its NAV. A growing NAV over a period of time indicates that the fund is earning its distribution. An eroding NAV will indicate that they really are merely returning your investment to you, without earning these through unrealized gains or elsewhere. An eroding NAV isn't a sustainable long-term investment and an investor will eventually see distribution cuts. In a taxable account, ROC with a rising NAV can be beneficial in tax planning. I'd have to look at the funds to see which ones pay ROC while increasing NAV, but BST is one. BSTZ, EOI, EOS and THQ are just a few I can think of off the top of my head. In fact, I added to THQ today. The tax benefits from ROC being utilized in a portion of the distribution stems primarily from MLP holdings and option based CEFs. ROC reduces an investor's cost basis on the original share price purchased. This defers taxes for an investor until they sell the shares. When an investor sells the shares, it is then taxed at a capital gains rate, which is also beneficial. If a CEF is held long enough, an investor's cost basis will be reduced to $0. When this occurs any subsequent payment from ROC will be taxed at a capital gains rate.

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From: chowder	7/2/2021 5:55:51 PM
	of 57

Here are the CEF's I own: ACV .. AFB .. AIO .. ASG .. BST .. BSTZ .. CSQ .. DNP .. EIM .. ETO .. EVG .. EVN .. EVT .. GOF .. HTD .. KTF .. NIQ .. PDO .. PTY .. RNP .. THQ .. UTF .. UTG. Today I added to GOF and THQ.

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