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Dec 17, 2020

Litigation Expected as SEC’s Ruling on Boulder No-Action Letter Limits Activism


By |2020-12-22T12:26:49-05:00December 17th, 2020|

The SEC’s decision in May to rescind the Boulder No-Action letter, allowing a closed-end fund to opt into a state control share statute without risking an enforcement action, could have a chilling effect on activism, and could face litigation for violating the Investment Company Act.

Dec 17, 2020

Managers Now Offering Term CEFs to Minimize Premium Discounts


By |2020-12-22T09:07:40-05:00December 17th, 2020|

While closed-end funds (CEFs) have traditionally been perpetual offerings, more CEFS have term offerings that allow investors to liquidate at net asset value and minimize premium discounts.

Dec 17, 2020

Higher Yields Spur Strong Demand from Investors for Municipal CEFs


By |2020-12-22T09:13:23-05:00December 17th, 2020|

There has been an ongoing trend of new issuances in taxable municipal closed-end funds (CEFs), particularly from institutional and foreign investors as yields have been higher than other debt products.

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