Field Notes on
Closed-End Funds

We’re pleased to introduce Herzfeld’s Discount Perspective, a new monthly update focused on discount and premium levels across the closed-end fund universe. Each edition highlights key trends we’re observing and provides context around how market dynamics are evolving.

‍

Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overall Morningstar Ratings™ for the quarter ended December 31, 2024.

Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overall Morningstar Ratings™ for the quarter ended June 30, 2024.

Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overall Morningstar Ratings™ for the quarter ended March 31, 2024.

Leveraged closed-end funds rallied with broader market Steep discount, Fed cuts, activism seen powering returns

Municipal bond funds that use borrowing as a way to juice returns had a banner month in November, surging almost 12%. Some market watchers say that’s only just the start.

Leveraged closed-end muni funds rallied along with the broader market as evidence of slowing job growth and cooling inflation convinced traders that the Federal Reserve’s rate-rise cycle is over. Further gains may be in store should the central bank pivot to cutting rates next next year, as many now expect.

Municipal bond funds that use borrowing as a way to juice returns had a banner month in November, surging almost 12%. Some market watchers say that’s only just the start.

Leveraged closed-end muni funds rallied along with the broader market as evidence of slowing job growth and cooling inflation convinced traders that the Federal Reserve’s rate-rise cycle is over. Further gains may be in store should the central bank pivot to cutting rates next next year, as many now expect.