Field Notes on
Closed-End Funds

Investment insights and market analysis for institutional investors

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Essential Reading

News
5 min read

★★★★★ 5-Star Overall Morningstar Rating™

Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overal...
Read more

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

News
5 min read
Bloomberg: Muni Bond Funds Set Up for 20% Gains Even After November’s Surge
Leveraged closed-end funds rallied with broader market Steep discount, Fed cuts, activi...
Read more

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.

News
5 min read
Confessions Of A Closed-End Fund Bargain Hunter
Forbes' William Baldwin interviews Erik Herzfeld about opportunities in the closed-end...
Read more

Forbes' William Baldwin interviews Erik Herzfeld about opportunities in the closed-end fund space that are often missed by investors.

News
5 min read
Barron's: Skyward, Mr. Closed-End Fund
Read Article: Thomas J. Herzfeld is interviewed by Barron's and called Mr. Closed-End Fund
Read more

Read Article: Thomas J. Herzfeld is interviewed by Barron's and called Mr. Closed-End Fund.

All Posts

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™ 
Morningstar Ratings™ Q4/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overal...
Read more

Morningstar Ratings™ Q4/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.  

News
All
5 min read
Bloomberg: World’s Top Junk-Muni Fund Is Loaded With a Rarely Traded Stock
Energy Harbor shares are top holding in 15 of Nuveen’s funds Received in debt workout...
Read more

Energy Harbor shares are top holding in 15 of Nuveen’s funds Received in debt workout, shares deliver boon — and a risk.

The biggest holding in the world’s biggest high-yield municipal bond fund isn’t a municipal bond.

It’s a $1.5 billion stake in shares of Energy Harbor Corp., a thinly traded power company that’s not listed on any US stock exchange. The Nuveen High Yield Municipal Bond Fund — like many others run by the investment giant — received the stock three years ago after the company’s precursor, FirstEnergy Solutions, restructured its debts in bankruptcy.

News
All
5 min read
Bloomberg: Pimco Slashes Payouts Up to 45% on Muni Closed-End Funds
Read more

Asset manager cuts monthly payouts on 9 muni closed-end funds Distribution cuts range from 20% to 45% as leverage costs soar.

Pacific Investment Management Co. cut monthly payouts on nine municipal bond closed-end funds by as much as 45% after a sharp jump in short-term rates increased borrowing costs.

The money manager cut the distributions on the $199 million Pimco California Municipal Income Fund to 3.6 cents per share from 6.5 cents per share, according to a statement Tuesday. Short term-borrowing costs on the fund surged as high as 8.25% in December. The fund trades at a 29% premium to its net asset value while the yield on the closed-end fund’s portfolio is about 4%, according to data compiled by Bloomberg.

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Read more

Morningstar Ratings™ Q3/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.  

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Read more

Morningstar Ratings™ Q2/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.  

News
All
5 min read
Pensions & Investments: Herzfeld strategies make top-performing fixed income list for Q2/2022
Fixed income: Investors keep eye on economy and Federal Reserve action on interest rate...
Read more

Fixed income: Investors keep eye on economy and Federal Reserve action on interest rates.

Read the article to find out more.

From our desk
to yours.

We share exclusive insights on closed-end fund opportunities and market trends. A quick, valuable read for institutional investors and family offices.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.