CEF Holdings --- May 2026

[gman57]

Added more to UTF, UTG, and CBLDX.

 

[Steelpony]

UTF, HQH, ASGI, HTD, EOS, CSQ, RQI, GAB, DNP, PDI, UTG, THQ, LGI, ADX. These represent about 40% of my PV.

All in a taxable account?

 

[Flyfish1]

Some people have reported success with the muni CEFs, but I think that is based on entry point. My experience with them was a net small loss and in retrospect would have been a bigger loss had I held longer than I did.
Some funds have a slight total return as of late above their distribution. That might be considered a success.

After the recent downturn, the entry point might be attractive again for those willing to jump in now.
Not a recommendation. Just an observation.

Sitting on small gains on RMM, NEA and NVG. RMM up 2.5% today so far.

 

[Ozz]

YYYM, a CEF Muni Fund of funds ~ anyone have any thoughts or insights on this relatively new ETF?

 

[dickoncapecod]

Missing in action today getting scanned and bled and poked at Dana Farber in first post-surgical checkup. The docs gave themselves an A+ and me an A-okay.
Luckily, on the oil news, I added to a number of positions before the open and added more later in a waiting room on my daughter's computer.
That aside, many bondish CEFs appear to have broken up out of lengthy consolidation patterns on the drop in oil prices. Of course, news and energy prices can change rapidly, but chances favor a continuation of CEF prices upward for at least a while. Cash down to about 15%.
Regards, Dick

 

[schrodingerscat]

All in a taxable account?

Yes. Although I hold similar, and some of the same, in my tax advantaged a/cs.

 

[schrodingerscat]

YYYM, a CEF Muni Fund of funds ~ anyone have any thoughts or insights on this relatively new ETF?

Hi Ozz, I don't like this fund. It has zero track record, so difficult to crunch numbers. It's price has spiked recently, so it's expensive relative to its peers. And, the yield of 0.59% is less than the individual holdings! It owns 30 issues.
Have you looked at VTEB, $42B in AUM, 3.36% yield? (VTEB distributions are all exempt from AMT.) It owns over 9900 issues.
Also, check out FLMI, aum $2B, yielding 3.9%. Lastly, I just found two worth doing some DD: CGMU and CGHM, both yielding over 3%. Hope you are well and happy!
Is their a reason you prefer a fund over individual issues? I understand if the answer is yes. I own SGOV for my cash allocation instead of the usual treasury zeros.

 

[schrodingerscat]

Missing in action today getting scanned and bled and poked at Dana Farber in first post-surgical checkup. The docs gave themselves an A+ and me an A-okay.
Luckily, on the oil news, I added to a number of positions before the open and added more later in a waiting room on my daughter's computer.
That aside, many bondish CEFs appear to have broken up out of lengthy consolidation patterns on the drop in oil prices. Of course, news and energy prices can change rapidly, but chances favor a continuation of CEF prices upward for at least a while. Cash down to about 15%.
Regards, Dick

You reminded me of a silly thing that happened the last time (for obvious reasons to come) I made a trade on my phone. I was patiently waiting in line for an In 'N Out burger. I was so engrossed in the mechanics, my car moved forward 6 inches and gently nudged the car in front. That cost me $600.00 (no ins. involved) and I resolved to not let that highly expensive trade experience happen again. Stay healthy, my friend.

 

[Ozz]

Hi Ozz, I don't like this fund. It has zero track record, so difficult to crunch numbers. It's price has spiked recently, so it's expensive relative to its peers. And, the yield of 0.59% is less than the individual holdings! It owns 30 issues.
Have you looked at VTEB, $42B in AUM, 3.36% yield? (VTEB distributions are all exempt from AMT.) It owns over 9900 issues.
Also, check out FLMI, aum $2B, yielding 3.9%. Lastly, I just found two worth doing some DD: CGMU and CGHM, both yielding over 3%. Hope you are well and happy!
Is their a reason you prefer a fund over individual issues? I understand if the answer is yes. I own SGOV for my cash allocation instead of the usual treasury zeros.

@schrodingerscat thanks for your reply. It is not that I prefer the YYYM type of fund, at my age I am just trying to simplify investments in the event of .....
thanks for the suggestions, will check out the ones you mentioned.

 

[Steelpony]

Missing in action today getting scanned and bled and poked at Dana Farber in first post-surgical checkup. The docs gave themselves an A+ and me an A-okay.
Luckily, on the oil news, I added to a number of positions before the open and added more later in a waiting room on my daughter's computer.
That aside, many bondish CEFs appear to have broken up out of lengthy consolidation patterns on the drop in oil prices. Of course, news and energy prices can change rapidly, but chances favor a continuation of CEF prices upward for at least a while. Cash down to about 15%.
Regards, Dick

Did similar today. I received a “stable” which seems about a C+. 🫩

I’m market timing dips aiming at pre mid term elections. These days though unknowns are more like unknown unknowns.

 

[upwiththesun]

Missing in action today getting scanned and bled and poked at Dana Farber in first post-surgical checkup. The docs gave themselves an A+ and me an A-okay.
Luckily, on the oil news, I added to a number of positions before the open and added more later in a waiting room on my daughter's computer.
That aside, many bondish CEFs appear to have broken up out of lengthy consolidation patterns on the drop in oil prices. Of course, news and energy prices can change rapidly, but chances favor a continuation of CEF prices upward for at least a while. Cash down to about 15%.
Regards, Dick

Happy to hear that good health report!

 

[GaltintheGulch]

Missing in action today getting scanned and bled and poked at Dana Farber in first post-surgical checkup. The docs gave themselves an A+ and me an A-okay.
Luckily, on the oil news, I added to a number of positions before the open and added more later in a waiting room on my daughter's computer.
That aside, many bondish CEFs appear to have broken up out of lengthy consolidation patterns on the drop in oil prices. Of course, news and energy prices can change rapidly, but chances favor a continuation of CEF prices upward for at least a while. Cash down to about 15%.
Regards, Dick

Take good care Dick we want you healthy!

 

[stefansm]

This is a bull market. The market trend is up at ATH (top pane), high yield bond pro traders are saying Risk-On (next pane), money is rotating into Cyclicals from Defensives (next pane) and the economy is expanding, with more hiring than firings (bottom pane):

 

[stefansm]

Here is how all these technical/fundamental indicators looked at the end of 2007, at the beginning of the GFC, to indicate the incoming recession & crisis. See also how the bull market resumed in mid 2009:

 

[AudiDudi]

I started a new position in KIO (ex tmo) near the close today. Had the buy order in for 2k shares and right at the close, I got filled with 44 shares. Guess I'll sell them tomorrow and lock in my $5.34 dividend May grab a PIMCO tmo for ex on Monday. Not too fond of the recent rise in PDI so may buy PHK which appears to be fairly stable in price lately.

 

[joejetski]

I started a new position in KIO (ex tmo) near the close today. Had the buy order in for 2k shares and right at the close, I got filled with 44 shares. Guess I'll sell them tomorrow and lock in my $5.34 dividend May grab a PIMCO tmo for ex on Monday. Not too fond of the recent rise in PDI so may buy PHK which appears to be fairly stable in price lately.

I am with you on the PIMCOs. Too many up days in a row. Bad news Monday plus ex div = lower entry price.

 

[PlayinwithFIRE]

Here is how all these technical/fundamental indicators looked at the end of 2007, at the beginning of the GFC, to indicate the incoming recession & crisis. See also how the bull market resumed in mid 2009:

View attachment 63452

stefansm - Are you suggesting the markers are there for an impending 2007 like crash/reset?

Not clear from your wording in these messages but the green arrows on your 2026 graph looks reminiscent of 2007 green arrows.


pwf

 

[stefansm]

stefansm - Are you suggesting the markers are there for an impending 2007 like crash/reset?

Not clear from your wording in these messages but the green arrows on your 2026 graph looks reminiscent of 2007 green arrows.


pwf

Taken together, as weight of evidence, they show a bull market now vs a bear market in 2007-2009.

 

[toreador99]

What is going on with NMI price swings the last few days?

 

[Spock]

What is going on with NMI price swings the last few days?

Long term bong rates spooking upward (and down again)... NMI has 86+% maturities greater than 15 years.

 

[toreador99]

Long term bong rates spooking upward (and down again)... NMI has 86+% maturities greater than 15 years.

Thanks!

 

[FlyingCircus]

...See also how the bull market resumed in mid 2009:

...AFTER a 40% drawdown from 2007 high... and took 4 more years to cross that '07 high. Just sayin.

 

[southpoint]

Swapped my modest position in PDO for PAXS for the discount. Very similar funds otherwise.

 

[stefansm]

...AFTER a 40% drawdown from 2007 high... and took 4 more years to cross that '07 high. Just sayin.

The point I am making, and which may have been lost, is that in December 2007, all the 4 indicators I show turned red (see the chart). This was enough evidence to tell you that a bear market or a big correction is coming.

So, you act on it and protect your portfolio. This means you get out of risk assets and stay in cash or re-allocate to managed futures or to treasury bonds (cause inflation was falling, fast, so treasuries were great as the safe assets) or you use options to hedge your portfolio or whatever you usually do when you know that a bear market is coming.

December 2007, when all 4 indicators where red in unison, was before the waterfall started, so you were out almost at the top.

And, for the duration of the bear market, you stayed in your planned risk-off mode, making money as the risk off assets (managed futures or treasuries) went up in 2008.

And then, in July-Aug 2009, the indicators were turning green, one by one (see chart). That was evidence that a new bull market was starting and you can re-allocate to risk on again.

Basically, there are 2 ways I know of to protect your portfolio from bear market losses:

1. Have a plan what to do in a bear market and have the indicators which can tell you when the bear market starts and ends. I see that some of the people here do this: fundamentals, technicals or both. My 2 posts above where showing some indicators I use. I have also mentioned, here, how my asset allocation is changing in real time in response to these indicators. So does Dick and so do others here, providing you their allocations and rationales.

2. You are always invested, like in buy and hold, but with an "all terrain/all weather" portfolio, which combines risk-on with convex assets like managed futures. Another type of "all terrain" is the Harry Brown "Permanent Portfolio", but it has only 25% stocks (risk on), is much less performant, so I don't consider it for what we are doing here with CEFs.

Some people use the 60/40 stocks/bonds, but that is not an all terrain portfolio, as stocks and bonds correlate in stagflation, and fall together, as we have seen in 2022.

But using a 50/50 stocks (or CEFs) / managed futures will protect you in all market environments. This will protect your portfolio in any bear market, no matter what inflation does (unlike 60/40 which is dependent on inflation) and grow it in a bull market. All you have to do is rebalance within some rebalancing bands, maybe once or twice a year. This will help you grow the portfolio by selling high and buying low. I may show this in a future post ...

 

[FlyingCircus]

The point I am making, and which may have been lost, is that in December 2007, all the 4 indicators I show turned red (see the chart). This was enough evidence to tell you that a bear market or a big correction is coming.

So, you act on it and protect your portfolio. This means you get out of risk assets and stay in cash or re-allocate to managed futures or to treasury bonds (cause inflation was falling, fast, so treasuries were great as the safe assets) or you use options to hedge your portfolio or whatever you usually do when you know that a bear market is coming.

THIS , ^, exactly! I am sorry that I missed that part of the earlier post. If I had had the market health tools I have now back then it would have saved me almost 10 years of 401K contributions. Thanks for the great posts! -FC