Thanks to some awesome market calls, InvesTechs recommendations have returned an annualized 8.7% over the past 15 years--an average of 4.1 percentage points better than the S&P. Over those years, the letter ranks number three among the 25 fund letters Hulbert has followed that long. Health care stocks dominate this year's biggest stock market gainers. By H. Dennis Beaver, Esq. Because these (seemingly) tiny investor oversights and errors can give us keen-eyed contrarians our best buying opportunities. Future US, Inc. Full 7th Floor, 130 West 42nd Street, Consumer staples stocks are beating the broader market this year and analysts say these five names are poised for more outperformance ahead. It doesn't really "do" anything. CEFAdvisors is proud to be a Founding Member of The Active Investment Company Alliance. Its assets are actively managed by the fund's portfolio managers and may be invested in equities, bonds, and other securities. Well, as a closed-end fund, ClearBridge Energy Midstream Opportunity doesn't have these issues. The 20% in second-lien loans are riskier, of course, as the owner of a second lien generally gets whatever is left over after the senior creditors have been paid. SCCA - Cal Club Autocross. entities, such as banks, credit card issuers or travel companies. It simply holds a passive portfolio of gold bullion. (opens in new tab). Why are REITs cheap again? Finally! But when bond yields surged last year and bond prices collapsed REIT prices also fell in sympathy. These 5.7% and 8.9% dividend payers are ready to rally. Food supply is tight, no thanks to droughts and Putins disastrous war (Russia and Ukraine are the worlds No. * Includes 1.50% in management fees, 0.28% in other expenses and 0.50% in interest expenses. When investors buy or sell shares, no new shares are issued. - A lot of the investment advice you hear on TV doesnt really apply to you as an individual investor with a long-term perspective. Distribution rate is an annualized reflection of the most recent payout and is a standard measure for CEFs. And here's where the fun starts. Access to the creators of the newsletter for information on recommendations and investment strategies. But here, in no particular order, are three closed-end funds worth considering now: Adams Natural Resources Fund (NYSE: PEO): If you're willing to take a bet on the energy sector, this four-star closed-end fund is selling at a discount of negative 15.35%. Monthly issues of the Forbes/Fridson Income Securities Investor, Click here for a sample. But that's where the similarities stop. Shares of closed end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. The interest from bonds issued by state or local governments is generally tax-free at the federal level. They are often set up in series. A closed-end fund is a public, indirect pooled investment vehicle. The cost for a one-year subscription is listed, but be sure to check the letters Web site for specials. Yet these are exactly the kinds of opportunities that arise in the market's best closed-end funds (CEFs). David Swift is organizing this fundraiser on behalf of Mark Graydon. But you also get the opportunity to enjoy a 7.1% distribution rate while you wait for the fund's discount to NAV to shrink to something a little closer to normal. At current prices, ETG trades at an 8.3% discount to net asset value and yields a very competitive 7.4%. You are invited to visit LLFAs New York City office. Most mutual funds and ETFs yield between 1% and 3%, give or take. Remember when natty prices were supposed to go to the moon this winter? The units are sold at a price based on Net Asset Value of the mutual fund that is launching the NFO. We could be seeing a repeat of that scenario today. But BTT is a good place to park cash for the rest of this decade to get a competitive, tax-free yield. That's a high yield for a blue-chip stock fund. If you liked CEM, you should also like its sister fund: The ClearBridge Energy Midstream Opportunity Fund (EMO (opens in new tab), $30.67). Where does the dividend come from? Instead, the fund periodically offers to buy back a percentage of outstanding shares. Better still, were going to get in at an unheard-of 13% discount! Newsletters Issue Date of Most Recent Profile . As befits a newsletter that recommends Vanguard funds, Wiener eschews market timing and, on average, holds funds nearly four years. Contrarian Income Report. Companies launch closed-end funds when going public to raise capital. The potential returns here look juicy, which is why JQC is one of the best closed-end funds to buy. CEFA's Free BDC Universe Data Page: providing the first central location that we know of, for key BDC data on all US listed public business development companies (BDCs). Costs of Off-Site Work Events Can Rise If Employees Misbehave, The Best REIT Stocks to Buy Now (or Hold), Coca-Cola (KO) Exceeds Earnings Estimates, but Here Are the 5 Best Consumer Staples Stocks to Buy Now, Biden's Inflation Reduction Act: Investing Winners and Losers, 12 REITs Flaunting Fast-Growing Dividends. Heres how to avoid that fate. A closed-end fund is not a traditional mutual fund that is closed to new investors. E-mail: cefa@cefadvisors.com. It's been a wild ride for Bitcoin over the last 14 years. Updates on interest rate trends and where opportunities appear. By Dan Burrows All of the letters publish monthly, but they e-mail updates to their clients more frequently. Is the original crypto making another comeback? Follow Martin Fridson on Twitter@MartinFridson. And paused. In terms of absolute returns, the letter ranks sixth on Hulberts list; on a risk-adjusted basis, it ranks fifth. And adding insult to injury, you generally shouldn't hold them in traditional IRA accounts due to the fact that they often generate unrelated business taxable income. Discounts, however, are another story. And this might seem normal given that most of the world's largest and most innovative growth and technology companies reside in the good, ol' U.S. of A. - Cryptocurrency has gotten a bit less cryptic recently. You'd Have to Be Stoned. Understand these guidelines for picking stocks before investing. It targets a $25 net asset value at the end of its term, and the fund trades at a deep 8.0% discount to NAV. Nothing in Contrarian Outlook is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. A self-directed IRA can make sense in some situations, but investors must also understand the drawbacks. Investors overly negative take on these essential dividend plays makes zero sense because: The result? Closed-end funds, or CEFs, have been around for more than 100 years. Its a matter of when rather than ifwhich is what we gladly sign up for as income investors. Forty cents. The fund accepts a fair amount of credit risk, however, as it owns a portfolio of senior-secured and second-lien loans made to companies that are mostly below investment grade. MSCI jumped on the Russia dogpile this week, reducing the country's ESG government rating to the lowest possible level. But why pay retail for them if you don't have to? Learn more about MFM at the MFS provider site. These REITs offer investors real estate exposure and a steady income stream. John Cole Scott talks about 'Closed-end fund 2.0' and how it is off to a strong start, The NAVigator. The firm's index project can be monitored via: www.cefdata.com/index. Each of these funds trades at a reasonable discount to NAV and offers a yield that's at least competitive, if not downright extravagant. 10 wheat producers). The letter costs $100 a year. - Marty Fridson to speak to Washington Money Managers on December 14. Shares of closed-end funds frequently trade at a market price that is a discount to their NAV. (opens in new tab), Dogs of the Dow 2023: 5 Dividend Stocks to Watch. - It's tough to gain an edge trading on news when algorithm-based traders react within milliseconds. As a global manager of managers, we build portfolios for individual and institutional clients, through either direct work with clients or through financial advisors and planners. Master Limited Partnership (MLP) Index, 5. When it comes to closed-end funds (or any investment, for that matter), it pays to look for things most people misunderstand. 2.00% or less. Term funds are CEFs with a shelf life. John Cole Scott: Higher yields and the case for CEFs, BDCs and interval funds with InvestmentNews anchor Gregg Greenberg, The NAVigator. Can they beat the indices? Here are five of the best-paying closed-end funds to buy for 2023 and one fund trading at a juicy discount. It's not uncommon to see CEFs trading at a premium to the value of the assets they own. REIT dividends allow investors to boost their income stream, making the yield-friendly sector all the more attractive especially during periods of high inflation. Heres how it works. He has guest-lectured at leading universities. All with very attractive yields. After all, more time, more things that can go wrong. Money is always coming and going, and there's no hypothetical limit to the amount of new money a popular fund can take in and invest. Published 11 November 19. investing In other words, this won't be as smooth a ride as holding an indexed muni-bond ETF. (opens in new tab), Best Dividend Stocks You Can Count On in 2023. 2008 volvo xc90 intake manifold removal 2023 2022 Calendar For Cal Poly Pomona January Calendar 2022 is a free printable for you. John Cole Scott reviews the year 2022, Nasdaq Trade Talks. It comes down to what at first blush seems to be a rather obscure fact: CEFs (which trade on the market, just like stocks or ETFs), generally have a fixed number of shares for the entirety of their lives. Closed-end funds (CEFs) are a relatively under-followed type of investment that often provide high income yields. Count us careful contrarians cautious! By Steven Goldberg The two other main types of investment companies are open-end funds (including mutual funds and exchange-traded funds or ETFs) and unit investment trusts (UITs). Profit and prosper with the best of expert advice - straight to your e-mail. No, sorry buddy. I shrugged. These Fidelity funds provide investors solid active management at low costs. When someone mentions AI, the first stock that that likely pops to mind is Microsoft (MSFT) and its flashy move to integrate the ChatGPT AI into its Bing search engine. Mr. Fridson holds an MBA from Harvard, is a Chartered Financial Analyst, and is past president of the Fixed Income Analysts Society. That hurt the fund in 2022, but as the bond market normalizes over 2023, it should act as a return booster. Therefore, depending on supply and demand, the share price of a CEF can diverge from its net asset value, or NAV, and trade at a premium or a discount. Closed-End Fund Advisors has its corporate headquarters in Richmond, Virginia. The most common reasons for humans to hunt are to exploit the animal's body for food (i.e. price as of 01/23/2023 (YTD) $10.11 + 1.30 %. If you decide to subscribe to a newsletter, resolve to stick with it for at least two or three years. Closed end funds are traded on the secondary market through a stock exchange. Fidelity Investor has returned an annualized 7.8% over the past 15 years, an average of 3.2 percentage points per year better than Standard & Poor's 500-stock index. Total Assets of Closed-End Funds Were $309 Billion at Year-End 2021 At year-end 2021, 461 closed-end funds had total assets of $309 billionan increase of 9.8 percent from year-end 2020. Perhaps, the best way to think of closed-end funds is sort of like a cross between ETFs and mutual funds. The Fund is a diversified, closed-end management investment company whose investment objective is to achieve absolute returns in various market condit . These are nine of the best REITs to buy and hold in the new year. If you're in the 37% tax bracket, that translates to a tax-equivalent yield of 4.9%. LLFA focuses on income securities such as bonds, preferreds, ETFs MLPs, and Closed end Funds. Like stocks, CEFs debut via an initial public offering, or IPO, where the fund manager issues a fixed quantity of shares. The CEF/ETF Income Laboratory is a top-ranked newsletter service that boasts a community of over 1000 serious income investors dedicated to sharing the best CEF and . But will investors keep edging back in? Kiplinger is part of Future plc, an international media group and leading digital publisher. The problem, of course, is that cheap CEFs can stay cheap forever in the absence of a catalyst to close the discount to NAV. Muni-bond CEFs have the same problem that many equity CEFs have. ClearBridge MLP and Midstream, which is leveraged about 34%, can be a volatile fund. We feared that Europe, without Russian gas imports, would be in for a long cold season. Read more. How to sell mutual funds on td ameritrade app. The fund's total expense ratio stands at 2.64%, or $264 per $10,000 invested. Over the last decade, it's . ACP AGD Stanford Chemist Tue, Feb. 21 4 Comments. * Includes 1.06% in management fees, 0.08% in other expenses and 0.44% in interest expenses. . Plus were going to do it safelynot tying up our cash in profitless tech or miserly blue chips dribbling out paltry 1% to 3% dividends. Best email newsletter software for eCommerce. How to Pick the Best Robo Advisor For You. Name / Symbol Exchange NAV Price Disc./Prem 52 Wk Mkt Ret. By Steven Goldberg See locating the leverage status using the closed-end fund screener for more information. 4 Valuable Lessons From the 10-Year Bull Market, Independent Adviser for Vanguard Investors, an approach that has produced market-beating returns. ETFs offer a liquid, low-cost way of investing in bonds. The fund is free to seek income opportunities as they arise, with underlying assets comprised of everything from mortgage-backed securities, investment-grade and high-yield corporate bonds, and emerging-market corporate and government bonds. Your subscription also gives you access toportions ofthis website listing alarger number ofpast recommendations, plus valuable pointers onsuccessful investing. The letter costs $100 annually. By Jeff Reeves With Bitcoin's surge in early 2023, the "crypto winter" began to thaw. DD's Market Beating Monthly Paying Portfolios Highest Returning Tax-Free (Muni) Funds ETF Monthly Income Monthly-Paying Retirement Closed-End Fund Monthly Income DIVIDEND DETECTIVE Premium $5 First Month Then $15/mo Cancel Anytime Subscribe Here Learn How to Invest WINNING INVESTING Free site dedicated to making you a winning investor. Suppose that an open-end income fund is opened to investors and issues 10 million shares at $10 each, raising $100 million for the fund, which it subsequently . CHARLOTTE, N.C., March 1, 2023 /PRNewswire/ -- The Allspring Income Opportunities Fund (NYSE American: EAD), the Allspring Multi-Sector Income Wednesday, 01 March 2023 06:20 GMT Rather than simply show up on your normal broker 1099-B or 1099-Div, MLPs come with complicated K1 tax statements. The 10-year Treasury bond has paid less than its 2-year cousin for many months and counting. Read more. To see what Im getting at, lets zero in on a CEF called the Columbia Seligman Premium Technology Growth Fund (STK). Published 30 April 19, stocks mutual funds As a case in point, consider the Ecofin Sustainable and Social Impact Fund (TEAF (opens in new tab), $13.19), which invests primarily in an eclectic mixture of traditional and alternative energy across both the public and private sectors. It just goes to show that being famous isnt enough to have true financial freedom. A sample copy is available for review as well as a 14-day, no-risk free trial. Also, central bank digital currencies pose an emerging challenge. It also yields a very competitive 6.9%. A closed-end fund ("CEF") is a type of mutual fund where investors pool their money and a professional money management team oversees the portfolio by selecting the underlying stocks, bonds, and other securities. Last year, the ETF monthly income portfolio returned 17 percent compared to 35 percent for the closed-end fund portfolio. A comparison by current income volatility, safety of dividend, impact of M&A activity, and more. So anyone buying today can enjoy the 8.2% dividend while waiting for the discount to close. Here are some of the best picks for 2023. San Francisco Chinese New Year Parade. Each month our favorite security, for a variety of reasons, is featured on the front page. Over the last 10 years, the ISI Model Portfolios have delivered high current income and protected investors principal. Gold went on to have a massive bull run that didn't top out until 2011. - Marty Fridson talks about where to find yield in todays low-rate environment on Money Life with Chuck Jaffe., - Dont Take The Long Duration Stocks Thesis Too Literally. Adams Diversified Eq Inc (ADX) N: 17.92: 15.24-15.-8.5: Central Secs (CET)-c : A: 41.99: 35.04-16.6 - Marty Fridsons presentation at the CFA Society of New Yorks 31st High Yield Bond Conference describes a variety of quantitative methods currently being employed in high yield investment management. Here's the latest edition of the Table Hopping newsletter. Use the newsletter as the best source for self-directed investing and for building your own income securities portfolio. - How do preferred stocks differ from common stocks, in terms of both security characteristics and investment performance? A CEF is a type of investment company whose shares are traded on the open market, like a stock or an ETF. STKs portfolio mainly consists of large-cap tech stocks: Apple (AAPL), chipmaker Broadcom (AVGO) and Microsoft (MSFT) are among its top holdings. Read more. How much leverage, if any, does the fund use. Consider these diversified no-load fund picks for your retirement or taxable investment accounts. Vanguard Dividend Growth Reopens. A quarterly net loss of 1.7% was delivered by the fund for the third quarter of 2021, versus the 0.6.Sample pack of our Cloud 9 Gummies. Published 7 December 22. These high-yield ETFs show that there's no shortage of ways to balance risk and reward in the quest for better-than-average income. A closed-end fund, legally known as a closed-end investment company, is one of three basic types of investment companies The two other types of investment companies are open-end funds (usually mutual funds) and unit investments trusts (UITs). An investor buys units of the fund during the NFO period. (opens in new tab). The Scott Letter: Closed-End Fund Report The Scott Letter, first published in 1988, was regularly published by CEFA for many years. So if you buy one at a discount and hold until liquidation, you should benefit handsomely as that discount narrows. * Includes 0.62% in management fees, 0.04% in other expenses and 0.51% in interest expenses. A small business might rent a theme park or other venue to reward employees, but if workers dont follow the rules, the company could pay the price. John Cole Scott: "No time like the present for tax-loss sales", John Cole Scott quoted in FundFire article 'Cliffwater's $8B Interval Fund Leads Way as RIA Market Sales Boom', The NAVigator. To learn more about our firm, download our firm's profile presentation. Best & Worst Free Cash Flow Stocks Best Seller! With a recession likely at some point, were going to focus our attention today on recession-resistant dividend stocks. Scott Letter: Closed End Fund Report: Jun '95: Sector Funds Newsletter: Jul '96: Sector GPS: Mar '15: Sound Advice: Jul '15: Sound Mind Investing: Published 6 December 19. * Includes 0.92% in management fees, 0.13% in other expenses and 0.76% in interest expenses. Visit our corporate site. - Amid the turmoil in crypto, a Coinbase bond is trading at a distressed level despite being rated in the top speculative-grade category. As an industry thought-leader across five decades, the firm is a recognized expert of the closed-end fund investment universe and has deep relationships with industry participants. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. By Kyle Woodley If you like muni bonds, you should love muni-bond CEFs. Data Characteristics, 5. Closed-End Funds 101 Closed-End Fund Definition A closed-end fund (CEF) is a publicly traded investment company that can invest in stocks, bonds and other types of securities, based on its investment strategy, and raises capital primarily through an initial public offering (IPO) by issuing a fixed number of shares. With all the talk of a soft landing or even no landingthe nightmare inflation scenario in which the economy keeps hummingwe contrarians are going to take a step back. Download link. And when it comes to CEFs, theres one all-too-common mistake I see folks make time and time again, particularly those who are new to these high-yielding funds. Lets go ahead and grab a slice of AIs furious growth and get ourselves a nice 6% dividend (paid monthly), too. ALL FUND ADVISORS 1WS Capital Advisors LLC Aberdeen Asset Mgmt (Aberdeen Standard) Abrdn Asia Ltd abrdn Investments Ltd Adams Express Company Advent Capital Management LLC AllianceBernstein LP Allianz Global Investors US LLC Allspring Funds Management LLC Alpha Growth Management LLC . - TEASER: 10-minute video: Is the credit market signaling recession? Published 8 March 19. Learn more about JRS at the Nuveen provider site. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. A closed-end fund is like an exchange traded fund (ETF) in that it trades throughout the day just like a stock, but there are some major differences with both advantages and disadvantages. Whether they pop this year or next, we shall see. (opens in new tab). Perhaps the. John Cole Scott: "Comparing floating-rate and senior loan funds with preferred-securities funds", The NAVigator. Best Closed-End Funds to Buy Now. The Nuveen Real Estate Income Fund (JRS (opens in new tab), $8.46) is one of the best closed-end funds that invests in REITs. Leverage magnifies returns, both positively and negatively. Be careful, or you could be a big loser. His mix of fundamental and technical indicators strikes me as well thought out. You should not draw any conclusions about the Fund's investment performance from the amount of this . CHY has been a great fund. BlackRock Enhanced Government Fund ( EGF) holds about 36% Treasuries and nearly 50% government-backed securities, currently yielding 3.76% using only 13.66% leverage and an options-overlay . Published 30 November 22. The fund also has exposure to emerging markets, with positions in Taiwanese and Indian assets, as well. Heres how it works. The content Learn more about BTT at the BlackRock provider site. So, apart from the potential gains due to the underlying bonds rising in value and from the tax-free dividend, we should enjoy a nice kicker as the fund's share price approaches NAV at liquidation. Is this fund sufficiently non-correlated to the S&P 500, and therefore useful as an accompaniment to the S&P 500 in a portfolio? Any newsletter can have a bad year, and short-term returns arent predictive of anything. Yeah buddy, I replied to one of my players, slice still in hand. That means we're getting a massive discount on an already cheap sector. Closed-end funds are different. Unlike index funds, PDI isn't restricted to certain issuers, geographies or credit qualities. Like stocks, CEFs are offered at an initial public offering. * Includes 1.41% in management fees, 0.33% in additional expenses, 1.34% in interest expenses and 0.01% in income tax expenses. Grocery bills that drain our wallets faster than we can fill our carts! Read more. Closed-end funds often sell at massive discounts to net asset value (NAV). This means that if anything goes sideways, JQC is first in line to get paid, and its claims are backed by real collateral. As market sentiment improves, that discount should shrink, adding additional returns to the fat 10.63% yield. For additional information see www.llfadvisors.com, or call 212-319-8903 or contact mlivian@llfadvisors.com. Speaking of energy, good old fashioned oil stocks were some of the best performers in 2022 and the energy sector entered 2023 with strong momentum. I have been using your newsletter for years to generate retirement income and have been very happy with the results., I have appreciated your newsletters this past year and will continue subscribing. . The Most Important Ages for Retirement Planning: Age 59 , The Most Important Ages for Retirement Planning: Age 65, The Most Important Ages for Retirement Planning: Age 66, The Most Important Ages for Retirement Planning: Age 70 . With your subscription, you'll receive: Monthly issues of the Forbes/Fridson Income Securities Investor, Click here for a sample. In a "normal" year, that acts as a return booster. 2023 Closed-End Fund Association, Inc. All Rights Reserved | Developed and Managed by SGI, Thornburg 2023 Outlook: CEO's Perspective, Thornburg 2023 Outlook: Global Fixed Income, Cohen & Steers: 3 Reasons to Consider Preferreds When Rates are Rising, Cohen & Steers: Strong Foundations The Case for Real Estate Securities, New York Life: MEGI Quarterly Conference Call, OFS Credit Company Declares Common Stock Distribution, BlackRock Multi-Sector Opportunities Trust II Announces Distribution, BlackRock Multi-Sector Opportunities Trust Announces Distribution, Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds, Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds, Angel Oak Financial Strategies Income Term Trust Declares March 2023 Distribution, BNY Mellon Municipal Bond Closed-End Funds Declare Distributions, Virtus Total Return Fund Inc. However, closed-end funds have several important differences compared to the mutual . The number of shares is fixed at the initial public offering (IPO) of the fund and never increases. This isn't a long-only fund, nor is it an equity . As you point out, a better bet is a closed-end fund (CEF) like the Calamos Convertible and High Income Fund (CHY). Copyright 2006-2023 Closed-End Fund Advisors, Inc. All rights reserved. Investor Psychology Simple: The Fed. Editor Russ Kinnel recently discontinued the letters model portfolios. Finally, food! - Marty Fridson spoke on inflation, interest rates, and income at the recent MoneyShow Virtual Expo. There are more than 500 closed-end funds, with assets totaling $296 billion. With that in mind, I list my four favorite letters below. 1998 international 4700 dt466e for sale If you are making the Depop purchase using your bank account or credit number, it can also get declined for similar reasons - invalid details, insufficient funds, and transaction limit. Closed-End Fund News and Analysis | Closed-End Fund Center Fund Market Insight Report: January 2023 Tom Roseen, Head of Research Services with Refinitiv Lipper provides his latest monthly review of closed-end funds. It ranks fourth among the 25. The fund's managers will make investment decisions in accordance with the stated investment objectives of the fund. ETFs CEFA's global investing utilizes a value approach of reasonable risk-taking, tempered by careful analysis of all the underlying factors before investing in potentially more than 40 markets worldwide. John Cole Scott: "Rate uncertainty creates values in muni bonds", The NAVigator. UITs are trust funds with a set number of shares and end dates. * Includes 1.22% in management fees, 0.10% in other expenses and 1.02% in interest expenses. Only time will tell. A closed-end fund is a type of investment company that pools investor contributions together to buy a mix of securities, such as stocks and bonds. Closed-end fund shares can trade at a discount or a premium to their so-called net asset value. Weekly Closed-End Fund Roundup: February 12, 2023. Thats why I was intrigued by a recent interview with That 70s Show star Ashton Kutcher, who has built a name for himself in the VC world by investing in tech startups. For example, one of our favorite pastimes is purchasing closed-end funds (CEFs) when they trade for ninety cents or so on the dollar. Bargain hunters looking to buy and hold should consider these weed stocks. Factsheet Annual Report. Buy Marijuana Stocks Now? Dan Wiener, editor of the Independent Adviser for Vanguard Investors (opens in new tab), has built his success largely by investing inof all thingsVanguards actively managed funds. However, unlike ETFs, CEFs will not accept additional inflows of capital or issue new shares after the IPO. Similarly, youre not likely to stay with a newsletter thats hard to understand and whose recommendations are hard to implement. 2.01% or more. If someone offered to sell you a dollar for 90 cents well, you'd probably think it was too good to be true. A closed-end fund is one of three main types of investment companies that the Securities and Exchange Commission regulates.