Jeffrey Gundlach recently flagged closed-end funds for their attractive discounts and yields.
For income-seeking investors, a fresh opportunity to scoop up enhanced yield has re-emerged, according to DoubleLine CEO Jeffrey Gundlach. Enter the closed-end fund, a relative of the traditional, open-end mutual fund. Closed-ends trade on public exchanges and are traded throughout the day. But there's another key difference: Closed-end funds offer a limited number of shares, meaning the share price may trade at a discount or a premium to the fund's net asset value.
The Abrdn National Municipal Income Fund , for instance, is trading at a 15% discount to its net asset value, according to Nuveen's CEF Connect, a database of closed-end funds. It has a distribution rate of 5.45%. Municipal bonds also offer tax-exempt income if investors reside in the state where the bond is issued – and there are closed-end funds that fit that bill.
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