CEF INSIGHTS

The Chinese equities market struggled in 2022 and 2023, but the consumer market continues to broaden and develop, which presents potential opportunities for medium and long-term investors of Franklin Templeton’s Templeton Dragon Fund (TDF). Gain insight into the current Chinese market landscape, TDF’s strategy, and why the time is now to invest in China, from Portfolio Manager Nicholas Chui. The Templeton Dragon Fund (TDF) seeks long-term capital appreciation by investing at least 45% of assets in the equity securities of companies whose primary business are conducted in, or whose main offices are in China. This may also include companies whose business is expected to improve from development in China and may include other Asian firms.

With current market dynamics, Merk Investments President and Chief Investment Officer sees significant upside potential in junior gold miners, the focus of ASA Gold and Precious Metals Limited (ASA). At the same time, ASA shareholders have an important vote on its Board of Directors, which could impact the Fund. Gain insight into the current market, ASA’s strategy, and the need for shareholders to vote in the latest CEF Insights Podcast episode. Merk Investments focuses on gold, precious metals, and minerals, and is the Advisor to ASA Gold and Precious Metals Limited (ASA), a closed-end precious metals fund. Learn more here.

Market volatility remains a concern despite steady economic conditions, making convertible securities and high-yield bonds like the Advent Convertible and Income Fund (AVK) potentially attractive to investors. Gain insight into AVK’s strategy, performance, and outlook from Tony Huang, Portfolio Manager at Advent Capital Management, a leader in managing convertible securities. Advent Capital Management is the Investment Adviser of the Advent Convertible and Income Fund (AVK), a closed-end fund which aims to provide total return through a combination of capital appreciation and current income. The Servicing Agent for the Fund is Guggenheim Funds Distributors. Learn more here.

As one of the world’s largest managers of collateralized loan obligations (CLOs), Carlyle leverages its 25 years of experience and broad resources including 20-plus research analysts to help investors generate income and capital appreciation through the Carlyle Credit Income Fund (CCIF). Gain insight into CCIF’s strategy, positioning, current market dynamics, and more from Managing Director and Portfolio Manager Nishil Mehta below. Since July 2023, Carlyle has served as the investment advisor to CCIF, an externally managed closed-end fund focused on investing in primarily equity and junior debt tranches of CLOs. The CLOs are collateralized by a portfolio consisting primarily of U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

Since Thornburg Investment Management’s last conversation with CEF Insights, some market dynamics have changed. Amid resilient economic growth, daunting federal deficits, an upcoming election and other factors, Thornburg’s Christian Hoffmann shares the latest views on its global multi-asset strategy for income, potential opportunities, and the broader market outlook for 2024. Listen to the episode and view the transcript below. Thornburg is a privately held global investment firm delivering on strategy for institutions, financial professionals, and investors worldwide, and offers a variety of products including closed-end funds. Its Thornburg Income Builder Opportunities Trust (TBLD), allocates between global equities and fixed income to support an income stream as well as total return for investors.

Tom Roseen, Head of Research Services with Refinitiv Lipper & author of the Fund Market Insight Report alongside the Closed-End Fund Association discuss Tom’s insights on the closed-end fund market.

Generally exempt from income taxes, municipal bonds have long been attractive to income-oriented investors – but current market dynamics may offer more opportunities in 2024. Gain views on munis, the broader fixed income landscape, inflation, and more from Western Asset Management Head of Municipals Rob Amodeo below. An independent specialist investment manager of Franklin Templeton, Western Asset Management is recognized as one of the world’s leading fixed-income managers. The company offers a variety of funds including Municipal Funds: Western Asset Managed Municipals FundWestern Asset Intermediate Municipal FundWestern Asset Municipal High Income Fund

Robust economic growth surprised investors this year, but significant geopolitical tensions and other factors bring uncertainty. As 2024 approaches, Thornburg Investment Management’s Ben Kirby discusses its global strategy for providing long-term investors with income despite current market challenges, and views on the broader market outlook. Listen to the episode and view the transcript below. Thornburg is a privately held global investment firm delivering on strategy for institutions, financial professionals, and investors worldwide, and offers a variety of products including closed-end funds. Its Thornburg Income Builder Opportunities Trust (TBLD) allocates between global equities and fixed income to support an income stream as well as total return for investors.

As market volatility continues, Calamos Investments stresses the critical importance of a dynamic asset allocation strategy in helping investors gain income and risk-managed capital appreciation – and aims to do so with the Calamos Long/Short Equity & Dynamic Income Trust (CPZ). Watch the video below to learn about CPZ’s strategy and outlook, and gain views on interest rates, the recession risk, and more from Michael Grant, Co-CIO, Head of Long/Short Strategies & Senior Co-Portfolio Manager. Calamos Investments is a diversified global investment firm offering innovative investment strategies through a variety of products including closed-end funds. The Calamos Long/Short Equity & Dynamic Income Trust (CPZ) seeks to provide current income and risk-managed capital appreciation.

With 2024 on the horizon, what should investors know about the current closed-end fund environment, discounts, and potential opportunities? Watch the video below for views and insights from Jeff Margolin, First Trust Senior Vice President & Closed-End Fund Analyst, and author of First Trust’s quarterly Closed-End Fund Review. Established in 1991, First Trust Portfolios manages of family of 14 closed-end funds. Learn more about the company here.

As infrastructure investing continues to gain investor interest, the MainStay CBRE Global Infrastructure Megatrends Term Fund (MEGI) managed by New York Life Investments takes a unique approach to the asset class. Listen as David Leggette, Lead Product Strategist at CBRE Investment Management, the sub-advisor to the Fund, shares views on factors reshaping the demand for infrastructure assets and potential opportunities presented by MEGI. MEGI seeks a high level of total return with an emphasis on current income by, under normal circumstances, investing at least 80% of its assets in securities issued by infrastructure companies. Learn more about the Fund here.

Since fall 2022, the inflation rate has slowed but remains a significant issue as interest rates stand over 5% and geopolitical tensions remain heightened. In this CEF Insights Podcast episode, Merk Investments President, Chief Investment Officer & Portfolio Manager Axel Merk and Vice President & Portfolio Manager Peter Maletis share views on the impacts of inflation and interest rates on U.S. and global economies, and on gold, precious metals, and minerals going into 2024. Merk Investments focuses on gold, precious metals, and minerals, and is the Advisor to ASA Gold and Precious Metals Limited (ticker: “ASA”), a closed-end precious metals fund.

While investment markets have been challenging, convertible securities offer attractive yields with low duration while providing investors with the ability to participate in the potential for equity market returns. Learn more from F. Barry Nelson, Partner and Senior Advisor at Advent Capital Management, a leader in managing convertible securities. Advent Capital Management is the Investment Adviser of the Advent Convertible and Income Fund, ticker AVK, which aims to provide total return through a combination of capital appreciation and current income. The Servicing Agent for the Fund is Guggenheim Funds Distributors.

Market risks remain elevated as higher interest rates and other financial conditions slow economic activity. But with a diversified portfolio of high-quality income producing equities, investors may find downside protection and upside participation at typically lower risk and volatility than the broader market. Learn about the benefits and potential opportunities of income-oriented equities from Peter Vanderlee, Managing Director at Franklin Templeton affiliate ClearBridge Investments, and Portfolio Manager of LMP Capital and Income Fund, ticker SCD. The LMP Capital and Income Fund, ticker SCD, seeks total return with an emphasis on income by, under normal market conditions, investing at least 80% of the sum of its average daily net assets in a broad range of equity and fixed income securities of both U.S. and foreign issuers.

Analysis of similar historical environments may suggest favorable market conditions for global real estate investment. The CBRE Global Real Estate Income Fund (ticker “IGR”), provides exposure to income-producing equity securities that the Fund’s management team believe are attractively valued. In this CEF Insights Podcast episode, CBRE Investment Management Lead Product Strategist, David Leggette discusses the investment approach of IGR, real estate market valuations, and current market opportunities. The CBRE Global Real Estate Income Fund, ticker IGR, seeks high current income and capital appreciation by investing globally with an emphasis on the income-producing common equity and preferred stocks of real estate companies.

After some challenging years, the reopening of China, supply chain shifts, and other market factors point toward possible opportunities in global emerging markets for investors seeking income and long-term appreciation. In this CEF Insights Podcast episode, abrdn Senior Investment Director and Portfolio Manager Nick Robinson shares views on these opportunities and more views on the current market. abrdn is a global investment company with 11 closed-end funds including the abrdn Emerging Markets Equity Income Fund, ticker AEF. The investment goal of the fund is to provide both current income and long-term appreciation by selecting companies in growing economies with strong governance and straightforward financials.

Tom Roseen, Head of Research Services with Refinitiv Lipper & author of the Fund Market Insight Report alongside the Closed-End Fund Association discuss Tom’s insights on the closed-end fund market.

Tom Roseen, Head of Research Services with Refinitiv Lipper & author of the Fund Market Insight Report alongside the Closed-End Fund Association discuss Tom’s insights on the closed-end fund market.

By 2040, it is estimated that over $100 trillion of investment will be required to repair, modernize, and build new infrastructure assets critical to societies around the globe. Much of the necessary investment will come from publicly traded companies which are included in the MainStay CBRE Global Infrastructure Megatrends Fund, ticker MEGI. In this CEF Insights Podcast episode, CBRE Investment Management Principal and Portfolio Manager Hinds Howard discusses opportunities in this sector, the 2023 outlook, and more views on the current market. The investment goal of MEGI is to seek a high level of total return with an emphasis on current income. MEGI is managed by New York Life Investment Management, and CBRE Investment Management is the fund’s subadvisor.

Thornburg Investment Management’s multi-asset strategy of global dividend-paying equities and diversified fixed income with an options overlay may provide investors with high current income and global growth over time – and help mitigate some risks of today’s market volatility. In this CEF Insights Podcast episode, Thornburg Portfolio Manager and Managing Director Christian Hoffmann discusses opportunities in these asset classes, the 2023 outlook, and more views on the current market. Thornburg is a privately held global investment firm delivering on strategy for institutions, financial professionals, and investors worldwide, and offers a variety of products including closed-end funds. Its Thornburg Income Builder Opportunities Trust, ticker TBLD, allocates between global equities and fixed income to support an income stream as well as total return for investors.