FYI: For the first month in three, equity CEFs on average witnessed down-side performance on both a NAV and market basis, declining 1.48% and 2.77%, respectively, for August. Meanwhile, for the eighth consecutive month, their fixed income CEF counterparts posted returns in the black on both a NAV (+0.84%) and market basis (+0.28%). As market volatility increased, with wild swings in both directions and deteriorating trade negotiations between China and the U.S., investors chose to sit on the sidelines or seek safe-haven assets for the month of August. The Russell 2000 Price Only Index (-5.07%) and the NASDAQ Composite Price Only Index (-2.60%) posted the largest declines of the U.S. broad-based indices, while the Dow Jones Industrial Average Price Only Index (-1.72%) was the relative leader. On the global side, the FTSE 100 Price Only Index suffered the biggest losses of the group—losing 5.52% for the month—bettered slightly by the Shanghai Composite Price Only Index—posting a 5.16% loss
Regards,
Ted
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