FYI: For the first month in five, equity CEFs on average witnessed down-side performance on both a NAV and market basis, declining 3.44% and 4.44%, respectively, for May. Meanwhile, for the fifth consecutive month, their fixed income CEF counterparts posted returns in the black on both a NAV (+0.67%) and market basis (+0.75%). Investors became very risk averse after learning about the deterioration of the U.S. and China trade talks and late month news that President Donald Trump threated tariffs on Mexico. The NASDAQ Composite Price Only Index (-7.93%) and the Russell 2000 Price Only Index (-7.90%) posted the worst returns of the U.S. broad-based indices, while the S&P 500 Price Only Index (-6.58) mitigated losses slightly better than others in the group. On the global side, the Shanghai Composite Price Only Index posted the worst decline of the group, declining 8.10% for the month, while the Nikkei 225 Price Only Index—posting a 5.06% loss—did the best at mitigating losses.
Regards,
Ted
http://lipperalpha.refinitiv.com/wp-content/uploads/2019/06/FMIR-US-CE-M-20190531-TR.pdf
