The credit crisis and thoughts of a global recession hammered closed-end funds (CEF) in October, leading to their worst one-month decline since 1987, with the average equity CEF declining 21.47% and fixed income CEFs handing back 9.66% of their value for the month.
- On the stock side Mixed-Equity Funds (-17.66%) mitigated
losses better than its Domestic Equity Funds (-21.83%) and
World Equity Funds (-23.15%) counterparts.
- For the month only 13 funds were able to post plus-side returns, leaving 666 funds underwater and one at the breakeven mark.
- The Real Estate Funds (-38.07%) classification posted the worst return in the CEF universe.
- In October the median discount for all CEFs narrowed 445 basis points (bps) to 11.61%, still well above the 12-month average of 8.70%.
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