I took the opportunity to grab the greasiest slice of Margherita pizza on the tray and folded it like a proper East Coast refugee. Editor Jim Lowell offers solid investment advice amid a sea of nautical metaphors. Published 16 December 22. Nuveen is the #1 closed-end fund provider by AUM. * Includes 1.22% in management fees, 0.10% in other expenses and 1.02% in interest expenses. The letter mostly uses exchange-traded funds, which stay recommended for two years, on average. Here's the latest edition of the Table Hopping newsletter. And paused. * Includes 0.92% in management fees, 0.13% in other expenses and 0.76% in interest expenses. 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. Published 8 August 22. dividend stocks So if you buy one at a discount and hold until liquidation, you should benefit handsomely as that discount narrows. Closed-end funds are funds that have a set number of shares to trade. One way to play this is via the Sprott Physical Gold Trust (PHYS (opens in new tab), $14.90). 2022 was a tough year for real estate investment trusts (REITs). Where does the dividend come from? Consider these diversified no-load fund picks for your retirement or taxable investment accounts. A Hedge Closed-End Fund The Calamos Long/Short Equity & Dynamic Income Trust (CPZ, 10.1% distribution rate) has a much, much different strategy. However, unlike exchange-traded funds, CEFs do not have a creation and redemption mechanism and are IPO'd with a fixed number of shares. Over the last decade, it's . There are more than 500 closed-end funds, with assets totaling $296 billion. Holdings' Asset Allocation, 6. The potential returns here look juicy, which is why JQC is one of the best closed-end funds to buy. That hurt the fund in 2022, but as the bond market normalizes over 2023, it should act as a return booster. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. Toll-free: 800-356-3508 (U.S. and Canada) In other words, this won't be as smooth a ride as holding an indexed muni-bond ETF. Don't let your investment dollars go to pot, By Steven Goldberg The number of shares is fixed at the initial public offering (IPO) of the fund and never increases. - Traders are talking about a possible return to $100 oil. The discount to net asset value is noteworthy to investors seeking out the best closed-end funds because as recently as October of last year, ETG actually traded at a slight premium to net asset value. On a risk-adjusted basis, it ranks number six among the 47 letters Hulbert has tracked for at least five years. Omnisend (Web) Omnisend is email marketing built for eCommerce, allowing you to build and manage everything from transactional emails to newsletters and automated email flows. The fund's total expense ratio stands at 2.64%, or $264 per $10,000 invested. Failing to spread your risk across different security types (preferred stocks, closed-end funds, convertibles, dividend stocks, and more); Holding on following significantly negative developments that may not be widely reported. The discount to NAV is one of the most appealing aspects of closed-end funds. They are like ETFs in the sense that they trade throughout the day on the major exchanges. Discounts, 4. You're not going to get wealthy on that, of course. John Cole Scott dispels the notion that closed-end funds are only suited for retirees. Can they beat the indices? None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. When you want to invest, you or your broker sends cash to the fund, and the manager takes that fresh cash and uses it to buy assets. Health care stocks dominate this year's biggest stock market gainers. * Includes a 1.33% in management fees, 0.12% in other expenses and 1.30% in interest expenses. CEF prices are set by the market the same way a share of Apple (AAPL (opens in new tab)) or Amazon.com (AMZN (opens in new tab)) would be, but that price can vary wildly from the value of the assets the fund holds. Your subscription also gives you access toportions ofthis website listing alarger number ofpast recommendations, plus valuable pointers onsuccessful investing. The newsletter addresses the various fixed-income markets, not only with specific recommendations but also with specific guidance; We will keep you up to date on a large universe of securities of past recommendations, giving you specific action-oriented advice; We are proud to present our model portfolios performance for the last 10years. Name / Symbol Exchange NAV Price Disc./Prem 52 Wk Mkt Ret. But just as you'd never pay $1.10 for a dollar, you're generally better off avoiding CEFs trading a premium. This isn't a long-only fund, nor is it an equity . We may get a recession in 2023, but if you believe any slowdown is likely to be fairly shallow, the Nuveen Credit Strategies Income Fund (JQC (opens in new tab), $5.36) is a solid play. 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. - Marty Fridson to speak to Washington Money Managers on December 14. But after years dealing with brutal competitive conditions, the energy infrastructure sector is the leanest and best capitalized it's been in living memory. Real estate is getting thumped, which means real estate investment trusts (REITs) are a bargain once again. Learn more about BTT at the BlackRock provider site. Saratoga-Report is a local news aggregator web site for Saratoga Springs, NY and the city's surrounding towns. It doesn't really "do" anything. Published 8 March 19. It also yields a very competitive 6.9%. Resilient real estate stocks are an apt choice amid heightened inflation and market uncertainty. ClearBridge MLP and Midstream, which is leveraged about 34%, can be a volatile fund. Scott Letter: Closed End Fund Report: Jun '95: Sector Funds Newsletter: Jul '96: Sector GPS: Mar '15: Sound Advice: Jul '15: Sound Mind Investing: Closed-end funds are often superior to more traditional open-end funds when it comes to income generation potential. Most investors are familiar with mutual funds and exchange-traded funds, but closed-end funds aren't as well . But that's where the similarities stop. For details on speakers and to register: - Is the Fed really damaging future economic growth by creating "zombie" companies that should be failing? The growth in total assets in 2021 was primarily driven by rising US stock prices and increased demand for both equity and bond closed-end funds. Unlike index funds, PDI isn't restricted to certain issuers, geographies or credit qualities. . As with their mutual fund cousins, CEFs are pooled investment vehicles that hold portfolios of stocks, bonds or other assets. 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. Up to nine recommendations for bonds, preferreds and convertibles each month. The kids had their slices. But the fund also has exposure to preferred stock (3.4% of the portfolio) and bonds (4.7%), as well as a few smaller positions in other assets. They represent a rather small and inefficient market, which allows patient investors to pick up deeply undervalued assets during periods of weakness. Mutual funds are open-ended and actively managed, with shares being offered to the public. CHY has been a great fund. Global Real Estate, REIT & Real Asset Index, 1. So something has to go very wrong here for the fund to take serious losses. His mix of fundamental and technical indicators strikes me as well thought out. Grocery bills that drain our wallets faster than we can fill our carts! Read more. But in picking the four best fund newsletters for you, the investor, Ive also considered other factors. Learn more about CEM at the ClearBridge provider site. One of the many tools in the passive income investor's toolkit is the Closed-End Fund (CEF). The suits at Merrill Lynch say you need at least $738,400 to retire well. Most pipeline stocks are organized as master limited partnerships (MLPs). What would it mean for high yield bond prices? Over those years, the letter ranks number three among the 25 fund letters Hulbert has followed that long. John Cole Scott: "Expect positive surprises for second-quarter earnings season", The NAVigator. REITs are a fine way to get exposure to real estate. However, closed-end funds have several important differences compared to the mutual . These seven stocks could benefit the most (and least) from the Inflation Reduction Act, which has been signed into law. It also yields a very juicy 9.9%. And herein lies the appeal of term funds. 02 Higher potential income and return That means we're getting a massive discount on an already cheap sector. You should not draw any conclusions about the Fund's investment performance from the amount of this . We don't own any PIMCO funds in our premium portfolios currently. John Cole Scott reviews the year 2022, Nasdaq Trade Talks. It simply holds a passive portfolio of gold bullion. John Cole Scott: How closed-end funds responded to the '23 hot start, The NAVigator. For example, one of our favorite pastimes is purchasing closed-end funds (CEFs) when they trade for ninety cents or so on the dollar. 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. How much leverage, if any, does the fund use. Direct: 804-288-2482 Heres how it works. 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. - It's tough to gain an edge trading on news when algorithm-based traders react within milliseconds. Finally! Can This 12.7%-Yielding REIT Portfolio Keep It Going? But now that prices in the sector have reset, investors have a chance to buy quality real estate assets on the cheap. 244 Fifth Avenue, Suite L229 Whats the experience of bonds in this comparatively rare situation? Learn more about ETG at the Eaton Vance provider site. Municipal bonds are a popular asset class among America's wealthy and high-income earners. There are several types of closed-end funds with unique . LLFA focuses on income securities such as bonds, preferreds, ETFs MLPs, and Closed end Funds. STKs portfolio mainly consists of large-cap tech stocks: Apple (AAPL), chipmaker Broadcom (AVGO) and Microsoft (MSFT) are among its top holdings. Read more. Our portfolio tools give you the latest closed-end fund data at your fingertips, so you can screen, sort and track funds, set automated alerts, read news updates, and more. Whether driven by Reddit users or tactical traders, volatile short squeeze stocks can generate huge returns. (opens in new tab), The 9 Best Monthly Dividend Stocks to Buy Right Now. At year-end 2021, 461 closed-end funds had total assets of $309 billionan increase of 9.8 percent from year-end 2020. So how does our CEF gain magnifier work? The indexes were developed to help us monitor our client portfolios as well as help our research/data clients and peers better benchmark themselves. 1.50% or less. - Amid the turmoil in crypto, a Coinbase bond is trading at a distressed level despite being rated in the top speculative-grade category. (opens in new tab). Learn more about TEAF at the Ecofin provider site. Good old-fashioned gold. While 3.5% isnt bad, it pales in comparison to the 12.7% headline yield were about to discuss. Your newsletters are informative and helpful as I have very little experience with income securities., I was happy last month to renew my subscription for another two years. Today, we're going to take a look at the 10 best CEFs for 2023. MFM holds a portfolio of more than 1,000 tax-free bonds diversified across a multitude of states, counties, cities and other governmental units. But they're dead wrong. Charles Lewis Sizemore, CFA is the Chief Investment Officer of Sizemore Capital Management LLC, a registered investment advisor based in Dallas, Texas, where he specializes in dividend-focused portfolios and in building alternative allocations with minimal correlation to the stock market. Use the newsletter as the best source for self-directed investing and for building your own income securities portfolio. New York, Weekly Closed-End Fund Roundup: February 12, 2023. The closed-end fund, or CEF for short. Best Parent Student Loans: Parent PLUS and Private. Closed-end fund shares can trade at a discount or a premium to their so-called net asset value. Remember when natty prices were supposed to go to the moon this winter? This is radically different from open-end funds, which have no limit on the number of shares they can issue. See locating the leverage status using the closed-end fund screener for more information. They often trade at deep discounts to NAV, can persist like that for years, and nothing seems to shake them out of that rut. Why you should consider investing in this terrific fund now. And attempted to eat once again. Founded in 1984, Thomas J. Herzfeld Advisors, Inc. is a boutique alternative investment firm focused exclusively on the closed-end fund market. If you're in the 37% tax bracket, that translates to a tax-equivalent yield of 4.9%. The main competitors of ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN include Flexshares Real Assets Allocation Index Fund (ASET), Global X Alternative Income ETF (ALTY), First Trust Income Opportunities ETF (FCEF), Arrow Dow Jones Global Yield ETF (GYLD), Tactical Income ETF (TBND), Amplify EASI Tactical Growth ETF (EASI), ETRACS . Only time will tell. Four of the biggest online brokers just cut their commissions to $0 per transaction. While more than half its portfolio is in U.S. stocks, Europe accounts for a healthy weighting, too, with the highest allocations to the United Kingdom (10.7%), France (5.6%) and Switzerland (5.4%). Morningstar is in the middle of revamping its fund analysts' methodology. Example of a Closed-End Fund . - A lot of the investment advice you hear on TV doesnt really apply to you as an individual investor with a long-term perspective. John Cole Scott's crystal ball view of 2022 in closed-end funds, The NAVigator. Shares of closed-end funds frequently trade at a market price that is a discount to their NAV. ETFs Visit our corporate site. But a handful are first-rate. I know better now, of course, but it still strikes me when I hear stories of celebrities going broke, struggling to earn a living or taking on projects just because they desperately need to pay off some kind of debt. A sample copy is available for review as well as a 14-day, no-risk free trial. Which was no bueno for income investors, who buy CEFs solely for their dividends. Published 13 April 22. ET for options on the SPX and SPXw (SPX Weeklys and SPX End-of-Month) and Sunday 5 p. Today's volume of 9,078 shares is on . Published 30 April 19, stocks 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. 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. Shares can be bought . Income Securities Advisors LLC 2.01% or more. How do you get a tax professional that's right for you? Perhaps, the best way to think of closed-end funds is sort of like a cross between ETFs and mutual funds. Learn more about JRS at the Nuveen provider site. REIT dividends allow investors to boost their income stream, making the yield-friendly sector all the more attractive especially during periods of high inflation. Data will be available on the indexes for additional benchmarking purposes including weighted discount, yield, leverage, duration, beta and other metrics for the underlying constituent funds. Crypto is going (a bit) crazy and meme stocks (of all things) are back. Monthly issues of the Forbes/Fridson Income Securities Investor, Click here for a sample. 10 wheat producers). 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 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. Access to the creators of the newsletter for information on recommendations and investment strategies. For this article, Ive relied heavily on Hulberts rankings. Ellsworth Growth & Income Fund Ltd. (ECF) price as of 01/23/2023 (YTD) $9.95 + 6.19 %. John Cole Scott: "The difference between funds with discounts or premiums is more than pricing", The NAVigator. In a stock picker's market, it's sometimes best to leave the driving to the pros. It ranks fourth among the 25. Buy Marijuana Stocks Now? These five stocks are selling at attractive valuations today. Heres how to avoid that fate. 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). Currently, PDI's distribution rate based on its NAV stands at 14.3%, so the fund is best held in a tax-advantaged account. NY 10036. Published 13 December 22. Future US, Inc. Full 7th Floor, 130 West 42nd Street, Younger and older investors alike can use these Vanguard funds to build a well-performing retirement portfolio. The broader stock market appears to be on a near-term sugar high. Last year, the ETF monthly income portfolio returned 17 percent compared to 35 percent for the closed-end fund portfolio. A closed-end fund is not a traditional mutual fund that is closed to new investors. John Cole Scott talks about 'Closed-end fund 2.0' and how it is off to a strong start, The NAVigator. - TEASER: 10-minute video: Is the credit market signaling recession? Each newsletter issue also includes updates onprevious recommendations and expert insights into market conditions and outlook. 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). Learn more about JQC at the Nuveen provider site. But will investors keep edging back in? But readers, who rightfully recognize me as a PIMCO fanboy, have written in to ask what's up. This story was published at an earlier date and has been updated with new information. If you want to buy shares, you buy them the same way you'd buy a stock. Type: - All - Stocks Mutual Funds ETFs Indices Structured Products Unit Trusts. Kiplinger is part of Future plc, an international media group and leading digital publisher. A few weeks back, bond giant PIMCO trimmed a bunch of payouts from its closed-end funds (CEFs). ISI is an independent research firm specializing in income securities. The indexes are priced daily from our internally collected CEFData.com research system and database launched in 2012. He was named #1 in his category for nine consecutive years on the Institutional Investor All America Research Team. Editor Russ Kinnel recently discontinued the letters model portfolios. Not too shabby! John Cole Scott talks about five 'plain vanilla' closed-end funds, The NAVigator. Many of . Because REITs have always had a major emphasis on income, investors came to view them as a bond substitute over the past two decades. At current prices, ETG trades at an 8.3% discount to net asset value and yields a very competitive 7.4%. 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. When you purchase through links on our site, we may earn an affiliate commission. Closed end funds are subject to management fees and other expenses. But here's the fun part and what makes TEAF one of the best closed-end funds to own: The CEF is designed to liquidate in 2031. These Fidelity funds provide investors solid active management at low costs. Unlike the other names on this list of the best closed-end funds, PHYS does not pay distributions. These are great options for a starter portfolio. - How do preferred stocks differ from common stocks, in terms of both security characteristics and investment performance? Probiotics, And More Supplements From Nature's Way Thanks Lora New offer Only Free Stuff Newsletter Subscribe and get only new Free Stuff and Free Samples faster and more reliably!Home / Uncategorized . Another nice aspect of CEFs is that, unlike mutual funds, they can use debt leverage to juice their returns. 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. And here's where the fun starts. The 10-year Treasury bond has paid less than its 2-year cousin for many months and counting. Read more. 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. It ranks fourth among the 25 fund newsletters Hulbert has tracked that long and fourth on a risk-adjusted basis. Most mutual funds and ETFs yield between 1% and 3%, give or take. Kutchers string of successes is impressive: he was an early investor in Uber, Airbnb and Spotify, for example. Read more. Use the newsletter as the best source for self-directed investing and for building your own income securities portfolio. Closed end funds are traded on the secondary market through a stock exchange. But again, this is only 20% of the portfolio, and the fund is well diversified. All viewers agree that under no circumstances will BNK Invest, Inc,. He has guest-lectured at leading universities. Luckily for us that number is way off. CEFA's primary business is discretionary asset management. Master Limited Partnership (MLP) Index, 5. Like CEM, EMO invests primarily in a portfolio of oil and gas pipeline stocks. We could be seeing a repeat of that scenario today. Closed-end funds, or CEFs, are similar to mutual funds or. Pimco is well known for its suite of actively managed fixed-income investments, with PDI being a great example. That means their market price can be different from their per-share net asset values (NAV, or the value of the stocks they hold in their portfolios). Read more. Fidelity Investor (opens in new tab) has returned an annualized 7.8% over the past 15 years, an average of 3.2 percentage points per year better than Standard & Poors 500-stock index. He has written numerous articles on bonds and fixed income investing and has authored six books. meat) and useful animal products (fur/hide, bone/tusks, horn/antler, etc. But BTT is a good place to park cash for the rest of this decade to get a competitive, tax-free yield. Unit investment trusts (UITs) and mutual funds are both baskets of stocks, bonds, and other securities that pool investors' finances. Investor Psychology Each month our favorite security, for a variety of reasons, is featured on the front page. And you know what else did? 33 reviews of Times Union "The Times Union . Click here to view his presentation: - Hope you'll join me at the Money Show Virtual Expo! - 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. The app integrates with popular eCommerce platforms, including Shopify, BigCommerce, Magento, WooCommerce, Wix, and more. By Charles Lewis Sizemore, CFA Even at the high end, we're talking about an annual income stream of just $30,000--and that . Food stocks have been hit hard this yearand we contrarian dividend shoppers can no longer ignore the bargains on offer! Data is as of Jan. 30. 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? (opens in new tab), Best Dividend Stocks You Can Count On in 2023. Saba Closed-End Funds ETF (CEFS) Distribution Yield: 9.1% 3-Year Average Annual Return: 13.0% CEFS is an actively-managed ETF that seeks to generate high income by investing in closed-end. Following the dot-com crash of 2000-2002, European stocks performed exceptionally well as investors fled the growth-centric U.S. market and rotated into the more value-centric European markets. And as always, there's plenty you should know before getting an annuity for yourself. Investor Psychology MFS Announces Closed-End Fund Distributions 19 minutes ago: New Press Release: Calamos Investments Closed-End Funds (NASDAQ: CHI, CHY, CSQ, CGO, CHW, CCD and CPZ) Announce Monthly . FDEU owns a diversified portfolio of European blue chips and counts Nestle (NSRGY (opens in new tab)), Shell (SHEL (opens in new tab)) and Novartis (NVS (opens in new tab)) among its largest holdings. Yet even after a good run, energy stocks are still attractively priced. 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. (opens in new tab), Dogs of the Dow 2023: 5 Dividend Stocks to Watch. Your Safety Plan Should Start With These Low Vol Yields up to 6.3%, These Amazing Funds Magnify Your Portfolios Growth (With 7%+ Dividends), An Easy $237,000 in Dividend Income, Missed by Most Investors, 3 Essential Stocks With Dividends Growing Up to 400%, This 3-Fund Instant Portfolio Could Pay You $70,784 in Dividends. Why are REITs cheap again? Updates on our 4 Model portfolios Low-risk, Med-Risk, High-risk, and Multi-Driver. In terms of absolute returns, the letter ranks sixth on Hulberts list; on a risk-adjusted basis, it ranks fifth. Consider this chart: Here you see four different scenarios for getting that $70,784 in yearly dividend income, including two Trinity University studies showing risky and conservative estimates, based on 3% and 4% withdrawal rates. Read more. It's been a wild ride for Bitcoin over the last 14 years. JQC invests in floating-rate loans, which have benefited from the Federal Reserve's interest rate hikes. LLFA seeks investors whose goals are principal protection, steady monthly income and high yield. 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. * Includes 1.43% in management fees, 0.22% in other expenses and 0.37% in interest expenses. - The anti-ESG movement has targeted BlackRock. When you want to sell, the manager will sell a small amount of assets to cash you out. A closed-end fund is the result of an IPO or initial public offering. - Crude prices down, energy stocks up. (opens in new tab), The 6 Safest Vanguard Funds to Own in a Bear Market. And here's the best part of all: CEM trades at a nearly 14% discount to NAV. In a normal economy, longer-dated bonds would pay more than shorter-dated issues. Not many people know this, but you can actually magnify the return of a regular stockjust by holding it through a closed-end fund (CEF)! We offer a performance table and a data table webpage summarizing each index. * Includes 0.62% in management fees, 0.04% in other expenses and 0.51% in interest expenses. 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. 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. The market changed last year, however, as the Fed's pivot to a more hawkish monetary policy drove investors out of flashy growth stocks and into more staid value names. Site contents document.write(new Date().getFullYear()) BNK Invest, Inc. Site design document.write(new Date().getFullYear()) Erie Eyrie Software. - Cryptocurrency has gotten a bit less cryptic recently. In these cases, they're effectively worth more dead than alive! A closed-end fund is one of three main types of investment companies that the Securities and Exchange Commission regulates. Steve Goldberg (opens in new tab) is an investment adviser in the Washington, D.C., area. 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. * Includes 1.41% in management fees, 0.30% in additional expenses and 1.36% in interest expenses. All Closed-End Funds Income Solutions Fund Opportunistic Credit Fund Yield Opportunities Fund Exchange-Traded Funds DoubleLine's ETF Offerings Opportunistic Bond ETF Shiller CAPE U.S. Equities ETF Fund Documents Strategies Strategies Fixed Income Core Plus Fixed Income Flexible Income Floating Rate Infrastructure Income Income It is the structure of CEFs that makes them superior. Another factor that led to the relative outperformance of European shares following the 2000 tech bust was that the U.S. dollar started a long decline relative to most major world currencies. A closed-end fund, or CEF, is an investment company that is managed by an investment firm. Would I be better off owning this active fund, or its passive benchmark? But either way, it makes sense to own a little real estate, and JRS is a smart way to do so.