FYI: The persistent and largely unexpected drop in oil prices during late 2014 and into 2015 was one of the biggest market stories of last year, particularly in closed-end fund land. Of the 569 CEFs in existence as of early January 2015, 26 were in the energy limited partnership Morningstar Category (these funds invest primarily in master limited partnerships) and seven were in the equity energy category. In sum, those 33 funds most affected by oil’s swoon account for nearly 10% of the total and net assets of all CEFs as of Jan. 8. The average MLP fund dropped 11% on net asset value and more than 8% on share price in the fourth quarter of last year.
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=679767
