CEF Market Update: Nice While It Lasted [Seeking Alpha]
Nuveen Preferred and Income Term Fund Common Shares of Beneficial Interest (JPI)
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Source: Seeking Alpha
Summary CEF discounts continue their retracement this week, bouncing off the wides registered last Friday. Although this sharp reversal is surely disappointing to CEF investors, the much lower risk-free rates have repriced fair-value discounts which should allow discounts to move tighter from here. Across CEFs we like JPI and JPS in the preferreds sector as well as JLS and DMO in the non-agency RMBS sector. This article includes market data as of Wednesday close. Income investors probably feel like they just went through a case of whiplash. The drop and bounce-back so far in the CEF space have been incredibly quick and sharp. If the markets continue to stabilize from here, supported by central bank action and a leveling off of new illnesses in China, then the opportunity to pick up funds at attractive values may have been fleeting indeed. In this article, we take a look at the bird's eye view of the CEF market and then zero in on a couple of sectors where we feel opportunities still r
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Sec Filings
- 5/24/24 - Form DEFA14A
- 5/10/24 - Form DEFA14A
- 5/6/24 - Form DEFA14A
- JPI's page on the SEC website