FYI: For the third consecutive month equity CEFs on average witnessed plus-side returns
on a NAV basis and a market basis (+2.64% and +4.54%, respectively). And for the
second month in a row their fixed income CEF counterparts chalked up returns in the
black, rising 1.07% and 2.64%, respectively, for January. The U.S. broad-based indices
continued to fare well in the post-election rally. While the markets started the month
setting new records on the news of a generally positive December jobs reports, just
before President Donald Trump’s inauguration investors took their foot off the pedal
as uncertainty surrounding the new administration’s policies weighed on investor
confidence. Despite the Dow Jones Industrial Average’s breaking through and closing
above the 20,000 mark at the end of the month and the NASDAQ posting its strongest
one-month return (+4.30%) since July 2016, disappointing Q4 2016 GDP growth and a
decline in December durable goods orders weighed on the markets at month-end.
Regards,
Ted
http://lipperalpha.financial.thomsonreuters.com/wp-content/uploads/2017/02/FMIR-US-CE-M-20170131-TR.pdf
