FYI: For the second month in a row, equity CEFs on average witnessed plus-side performance on both a NAV and market basis, rising 0.11% and 0.99%, respectively, for July. Meanwhile, for the seventh consecutive month, their fixed income CEF counterparts posted returns in the black on both a NAV (+0.80%) and market basis (+1.90%). With one eye on the Federal Reserve and the other on Q2 earnings season and China, investors pushed the U.S. broad-based indices to new highs early in July, but turned cautious after learning the Fed was possibly looking to make just one 25-basis-point mid-cycle adjustment/cut at month end, contrary to the 50 basis-point cut expected by some pundits. The NASDAQ Composite Price Only Index (+2.11%) and the S&P 500 Price Only Index (+1.31%) posted the strongest returns of the U.S. broad-based indices, while the Russell 2000 Price Only Index (+0.51%) was the relative laggard. On the global side, the Nikkei 225 Price Only Index posted the strongest returns of the group—but rising just 0.38% for the month—while the Xetra DAX Total Return Index—posting a 3.88% loss—was the group laggard.
Regards,
Ted
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