CEFA’s Quarterly Closed-End Fund Review & Outlook: 2011 Review & First Quarter 2012
The data provided below comes from the December 30 issue of CEFA’s Closed-End Fund Universe Report with data supplied by Morningstar (www.CEFfuniverse.com).
2011 Closed-End Fund Sector Breakdown
The Year Ended with 632 US listed Closed-End Funds
52 US Equity Funds
106 Specialty Equity Funds
65 International / Non US Equity Funds
153 Taxable Bond Funds
105 National Municipal Bond Funds
150 State Specific Municipal Bond Funds
2011 Closed-End Fund Initial Public Offerings (IPOs)
19 funds raised $6.002 billion in new fund assets
The Average CEF IPO was: $315.9 million
The Largest CEF IPO: BlackRock Resources & Commodity (BCX) at $875M
The Smallest CEF IPO: Oxford Lane Capital Corp (OXLC) at $36.5M
Date Ticker Investment Objective
1/20/2011 OXLC Senior Loans
1/26/2011 ACP Senior Loans
1/26/2011 BGX Senior Loans
1/31/2011 GNT Natural Resources / Gold / Income
2/23/2011 JMF Master Limited Partnerships
2/24/2011 AFT Senior Loans
3/28/2011 BCX Commodity / Natural Resources
4/26/2011 IHD Emerging Market Equity Income
5/25/2011 HEQ Covered Call / Option Income
5/25/2011 SMF Master Limited Partnerships
5/26/2011 JSD Senior Loans
6/13/2011 EMO Master Limited Partnerships
7/29/2011 DPG US & International Utility Stocks
8/26/2011 INF US & International Infrastructure Stocks
9/27/2011 FIF Master Limited Partnership / Infrastructure
10/27/2011 GEQ Covered Call / Option Income
10/27/2011 TTP Master Limited Partnerships
11/23/2011 BUI Utility / Infrastructure w/ Option Income
12/12/2011 KIPO Pre-Initial Public Offerings Equity / Venture Capital
Major CEF Group Average (Income / Total Distribution) Yield
As of December 30, 2011, the average income-only yield is 5.5% while the average total distribution yield is 7.1%.
“Income Only Yield” / “Total Distribution Yield”
US Equity Funds – 3.6% / 7.7%
Specialty Equity Funds – 3.5% / 8.3%
International / Non US Equity Funds – 3.7% / 7.1%
Average Equity Closed-End Fund – 3.6% / 7.8%
Taxable Bond Funds – 7.4% / 8.1%
National Municipal Bond Funds – 6.2% / 6.2%
State Specific Municipal Bond Funds – 5.8% / 5.8%
Average Bond Closed-End Fund – 6.5% / 6.8%
2011 Average Net Asset Value Total Return
One of The Best Ways to Compare a CEF’s Portfolio Managers vs. Peer CEFs
US Equity Funds: -0.3%
Specialty Equity Funds: +3.5%
International / Non US Equity Funds: -2.3%
Taxable Bond Funds: +3.0%
National Municipal Bond Funds: +16.8%
State Specific Municipal Bond Funds: +15.9%
2011 Market Price Total Return
Results for the average shareholders who held their shares for the entire year
US Equity Funds: -2.2%
Specialty Equity Funds: +1.3%
International / Non US Equity Funds: -15.5%
Taxable Bond Funds: +5.3%
National Municipal Bond Funds: +20.4%
State Specific Municipal Bond Funds: +19.2%
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