Taxable bond CEF funds are also taking their hits.
Part of it is NAV, but the discounts are also widening. Early Monday evening I copied a screen of 150+ funds over to a spreadsheet. Values were reported as of Friday's close. 68% were showing a discount to NAV, with an average discount of 2.8%.
Re-running the numbers based on Monday's close, the discount widened a full point to 3.8%. Now 76% of the funds are trading at a discount.
Even discounting for some lags in NAV reporting, there is a trend. As happens from time to time, some CEF investors are heading for the exits. There will be bargains available if this continues.
Is anyone aware of screening tool that would allow similar evaluation of discount changes on a category or basket of CEFs over a longer period?
No doubt a continuous prosperity, though spendthrift, is preferable to an economy thriftily moral, though lean. Nevertheless, that prosperity would seem more soundly shored if, by a saving grace, more of us had the grace to save.
Life Magazine editorial, 1956