The Investor's Guide to Closed-End Funds is a monthly report containing trading recommendations on all closed-end funds in every issue. The report also contains commentary by Thomas J. Herzfeld, closed-end fund announcements, dividends, and published managed portfolios showing the actual results of investment programs available to subscribers.
Topics covered in some recent past reports include:
Disparity in Valuations
Highlights Risk But Also Identifies Opportunity;
New Year's Buy List; 2011 Year in Review: Annual
Survey of Activity in the Closed-End Fund
Industry; Annual ARPs Review: Municipal Fund
Redemptions Surge at Year-End
(January, 2012)
Waiting for a Break;
Declared Shareholder Stakes: Discount Management
Programs Triggered for Many Foreign Funds;
Surveys of Declared Shareholder Stakes by Fund
and by Shareholder; Quarterly ARPs Update;
What's Going on with Closed-End Fund IPOs?;
Loosening the Tap
(December, 2011)
Investigating Clues to
Year-End Opportunities, First Nine Months and
Third quarter 2011 Performance Rankings and
Survey; Understanding Year-End Distributions:
Survey of Closed-End Fund Loss Carryforwards;
Thinking Outside the Box: SPE Shareholders Given
Unusual Option
(November, 2011)
Volatility Presents
Short-Term Trading Opportunities but Few
Long-Term Buys; Squirreling Away Cash for
Seasonal Trading; Annual Closed-End Fund
Leverage Update: Examining Structural Versus
Economic Leverage; Surprise Details Emerge from
Standstill Agreement with Liberty All-Star
Funds: Commentary from The Altman Group/AST
(October, 2011)
Examining the Market
Shakeout, Assessing the Damage and Fallout;
Statistical Survey of the Damage; ARPs Update:
Trio of Factors Leads to a Relatively Quiet
Quarter; Special Shareholder Meetings Targeted
by Activists
(September, 2011)
Silver Anniversary Issue:
First Half 2011 Performance Rankings and Survey:
Strong Figures Belie Ongoing Market Challenges;
Can ROC Overcome Bad Rap? Survey of Closed-End
Fund Return of Capital Distributions; Municipal
Closed-End Fund ETF Debuts
(August, 2011)
Pulse of Dividends: More
Increases than Decreases--But the Disparity is
Narrowing: Spotlight on Preferred Shares: Fitch
Ratings Focuses on Tax-Exempt Funds;
Exchange-Traded Preferreds Target Retail; Table
of Exchange-Traded Preferreds; Average Expense
Ratios Decline; Survey of Closed-End Fund
Expense Ratios; Investors Prepare for Rising
Interest Rates; Face Off With
Dissidents...Update
(July, 2011)
SPECIAL BOARDROOM ISSUE:
Declared Shareholder Stakes: by Fund and by
Shareholder; Retail Investors Favor "Packaged"
Closed-End Fund Products over IPOs, The Number
of Shareholder Proposals Continue to Grow,
Recent Agreements with Dissidents Include
Affiliated Funds; Pros and Cons of the Most
Commonly Used Closed-End Fund Discount-Narrowing
Techniques; ARPs Update: Resurgence in
Redemption Activity, Fitch Report Gives Behind
the Scenes Glimpse into Taxable Fund Leverage,
Settling Firm Seeks New Role, Face Off with
Dissidents Hinges on ARPs Shareholder
Vote...Again
(June, 2011)
In the Winner's Circle:
Survey of First Quarter NAV and Share Price
Performance; Comparing Closed-End Fund "Yields"
to Income Ratios: Income Terms Related to
Closed-End Funds; News Stories Shed Light on
Boardroom Dilemmas
(May,
2011)
Profiting from Adversity;
Gundlach Issues a Clarification; Study Confirms:
Payouts Drive Valuation: Interview with W.
Jeffrey Lee of Wells Fargo Advisors; RIC
Modernization Affects Closed-End Funds; Fair
Valuation Continues to Evolve: Survey of Fair
Value Reporting
(April, 2011)
Another Celebrity Enters the
Fray; Not All Tax-Exempt Interest is Created
Equal; % of Distributions Subject to AMT;
Quarterly ARPs Update: Market and External
Factors Weigh Heavily on Redemption Decisions;
Table of Remaining ARPs and Declared Stakes;
Understanding Voting Results
(March, 2011)
Performance Results Reflect
Abrupt Shift in Sentiment; Annual and Fourth
Quarter Performance Rankings and Survey;
Municipal Fund Panic Creates Alluring Tax-Exempt
Yields; Survey of Municipal Fund Earnings and
UNII; Year-End Declared Stakes Reporting;
Vigilante Justice
(February, 2011)
Confluence of Factors Result
in Attractive Year-End Opportunities; New Year's
Buy List; 2010 Year in Review: Annual Survey of
Activity in the Closed-End Fund Industry;
Year-End Comparison of ARPs Redemptions by
Advisor
(January, 2011)
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