Equity CEFs/ETFs: Top Picks For 2024 - Part I [Seeking Alpha]
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)
US:NYSE Investor Relations:
nuveen.com/cef/product/overview.aspx?fundcode=bxmx
Company Research
Source: Seeking Alpha
Why is that? Since the Federal Reserve began its Quantitative Tapering or balance sheet normalization, or whatever you want to call it, the resulting liquidity drain has hit CEF valuations hard. Now, don't get me wrong. The NAVs for many CEFs I follow had great 2023 returns. That's not the problem. The problem has been shareholders, and I believe mostly institutional shareholders, who have moved on. Whether that's because they needed to raise cash, reduce debt or focus on other high-yield opportunities, the end result has meant less assets to spread around in CEFs. Who have been the beneficiaries? Mostly the major market ETFs, which is where institutional investors go when they just need diversified equity exposure. The question is, will anything change in 2024? I have called 2023 an inglorious year for equity CEFs as most of the 100-plus funds I follow lost valuation, even while the S&P 500 ( SPY has jumped 25.6%-plus so far this year through Dec. 22. And in some cases, eq
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Sec Filings
- 3/15/24 - Form N-CEN
- 3/8/24 - Form 3
- 3/8/24 - Form 3
- SPXX's page on the SEC website