SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Non-TechCEF Closed End Fund Investing


Previous 10 Next 10 
To: brehm233 who wrote (33)12/17/2020 9:54:45 PM
From: the traveler
1 Recommendation   of 52
 
excellent--add to that a nice current discount to NAV and that's about all I do. I admit however, I am always looking for more yield.

Share RecommendKeepReplyMark as Last Read


To: brehm233 who wrote (33)12/20/2020 12:01:34 PM
From: the traveler
   of 52
 
>>>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?

Share RecommendKeepReplyMark as Last ReadRead Replies (2)


To: the traveler who wrote (36)12/20/2020 12:49:20 PM
From: brehm233
1 Recommendation   of 52
 
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

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: the traveler who wrote (36)12/20/2020 1:42:30 PM
From: CusterInvestor
2 Recommendations   of 52
 
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

Share RecommendKeepReplyMark as Last ReadRead Replies (2)


To: CusterInvestor who wrote (38)12/20/2020 10:39:14 PM
From: the traveler
   of 52
 
thanks--will check it out.

Share RecommendKeepReplyMark as Last Read


To: brehm233 who wrote (37)12/20/2020 10:40:00 PM
From: the traveler
   of 52
 
thanks. i do it the same way.

Share RecommendKeepReplyMark as Last Read


To: brehm233 who wrote (33)12/21/2020 8:25:22 PM
From: the traveler
2 Recommendations   of 52
 
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)%

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: the traveler who wrote (41)12/21/2020 8:57:18 PM
From: brehm233
1 Recommendation   of 52
 
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

Share RecommendKeepReplyMark as Last Read


To: Kapusta Kid who wrote (19)3/6/2021 12:46:27 PM
From: Max2.0
   of 52
 
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).

Share RecommendKeepReplyMark as Last Read


From: chowder7/2/2021 5:50:57 PM
   of 52
 
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.

Share RecommendKeepReplyMark as Last Read
Previous 10 Next 10