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Investing in Closed-End Funds: Finding Value & Building Wealth
Aimed at investors, rather than brokers, this work on closed-ends funds includes an analysis of the investment opportunities, risks and rewards of these popular traded funds. Since closed-end funds are typically bought at a discount from their actual value, but sell at a profit, they represent a cheap way for many to invest without the risks involved with investing in the stock market.
492 pages, Hardcover
First published May 1, 1991
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December 31, 2016
Investing in Closed-End Funds: Finding Value and Building Wealth is the definitive work on the arcane world of closed-end fund (CEF) investing. CEFs provide an excellent method to target particular investment sectors -- especially international markets and fixed income. I like using CEFs for part of the fixed income component of an investment portfolio. When properly managed, they will enhance your dividend yield and supply the potential for capital appreciation. CEFs can provide enhanced yields by deriving dividends from portfolio assets at net asset value (NAV), but pay them based on the share's market price -- which may be at a discount to NAV. Simply put, you can buy dividends on $10 worth of assets for only $9. The investor must, however, monitor the CEF's discount to premium spread versus NAV on a regular basis. CEFs can be tricky. I recommend all new CEF investors start out with this book -- it's a little dated -- but the principles remain true. Note this old advice: Never buy a CEF on the IPO and, I would add, never buy one at a premium.
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