I discussed the whole preferred closed-end fund space more in . Investing for Income Performance would have been lower without such waivers. That means we're getting a massive discount on an already cheap sector. Speaking of energy, good old fashioned oil stocks were some of the best performers in 2022 and the energy sector entered 2023 with strong momentum. This information must be preceded or accompanied by a current prospectus. So via PHYS, you can buy gold at a modest discount to market prices. CEF shares are bought and sold at market price determined by competitive bidding on the stock exchange. The name changes . The . The market price may experience periods of increased volatility due to the use of leverage as well as market and fund illiquidity. Learn more about JRS at the Nuveen provider site. How to Pick the Best Robo Advisor For You. To obtain a current prospectus or, if available, a summary prospectus, please click on the fund name or visit. BlackRock Closed-End Funds It's not uncommon to see CEFs trading at a premium to the value of the assets they own. Periods of such market dislocation may occur again at any time. Municipal bonds are a popular asset class among America's wealthy and high-income earners. Mr. Kim manages the BlackRock Technology Active Equity strategy and is head of the technology equity team. Like CEM, EMO invests primarily in a portfolio of oil and gas pipeline stocks. They are designed to liquidate at NAV at a specific date in the future. 2023 BlackRock, Inc. All rights reserved. Gold went on to have a massive bull run that didn't top out until 2011. BLACKROCK CLOSED-END FUND SHARE REPURCHASE PROGRAM UPDATE. BlackRock Closed-End Funds 1-800-882-0052. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). * Includes 1.43% in management fees, 0.22% in other expenses and 0.37% in interest expenses. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. If the Fund invests in any underlying fund, certain portfolio information, including sustainability characteristics and business-involvement metrics, provided for the Fund may include information (on a look-through basis) of such underlying fund, to the extent available. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. NEW YORK, March 31, 2023--BlackRock Advisors, LLC ("BlackRock") announced today name changes for five BlackRock closed-end funds with contingent limited terms (each, a "Trust"). Availability of Fund Updates. Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Mutual funds are open-ended. When you purchase through links on our site, we may earn an affiliate commission. The CEF also utilizes high leverage of about 31.1%. A recent pullback in the global equities market has opened the door for investors to buy some of the top dividend-paying European stocks at a discount. Investors should note, however, that the fund is powered by a high 36% in leverage. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Leave the BlackRock site for Individuals to explore other content, Welcome to the BlackRock site for individuals. iBONDS,BLACKROCK,BUILD ON BLACKROCKandiSHARESare registered and unregistered trademarks of BlackRock, Inc or its subsidiaries in the United States and elsewhere. Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments. Brokerage commissions will reduce returns. BlackRock Investments, LLC is not affiliated with the companies listed above. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. So if you buy one at a discount and hold until liquidation, you should benefit handsomely as that discount narrows. BlackRock Enhanced Equity Dividend Trust. The closing price and net asset value (NAV) of a funds shares will fluctuate with market conditions. CEF shares are bought and sold at market price determined by competitive bidding on the stock exchange. Read the prospectus carefully before investing. Visit our corporate site. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Gold has been trending higher since November, and if the dollar is potentially starting a multi-year bear market, then gold's rise could be just starting. The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., Cohen & Steers Capital Management, Inc., European Public Real Estate Association (EPRA ), FTSE International Limited (FTSE), ICE Data Services, LLC, India Index Services & Products Limited, JPMorgan Chase & Co., Japan Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (NAREIT), New York Stock Exchange, Inc., Russell or S&P Dow Jones Indices LLC. Business Involvement metrics are only displayed if at least 1% of the funds gross weight includes securities covered by MSCI ESG Research. The information for these funds is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Review the MSCI methodology behind the Business Involvement metrics, using links below. Fixed Income Balanced Risk Factor ETF, BlackRock Short Maturity Municipal Bond ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares Emerging Markets Equity Factor ETF, iShares International Small-Cap Equity Factor ETF, iShares Currency Hedged MSCI United Kingdom ETF, iShares Currency Hedged MSCI ACWI ex U.S. ETF, iShares Currency Hedged MSCI EAFE Small-Cap ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF, iShares Total U.S. Stock Market Index Fund, BlackRock Sustainable Advantage Large Cap Core Fund, iShares Core International Aggregate Bond ETF, iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares MSCI Global Sustainable Development Goals ETF, iShares International Dividend Growth ETF, iShares ESG Advanced High Yield Corporate Bond ETF, BlackRock Sustainable Advantage CoreAlpha Bond Fund, iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares Core MSCI International Developed Markets ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, BlackRock GA Disciplined Volatility Equity Fund, BlackRock Sustainable Emerging Markets Bond Fund, iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares MSCI Emerging Markets ex China ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares U.S. Tech Independence Focused ETF, iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Inflation Hedged Corporate Bond ETF, BlackRock College Advantage 529 - College, iShares Robotics and Artificial Intelligence Multisector ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares ESG Aware U.S. may trade at a premium to NAV but often trade at a discount. And this might seem normal given that most of the world's largest and most innovative growth and technology companies reside in the good, ol' U.S. of A. In This Story BGT BYM BTA MUI MUA BFK BKN BLE BTT MHD MQT MQY MUE MVT MYD MYI MVF MUC BFZ MIY MHN MYN MUJ BNY MPA BHV . The screening applied by the fund's index provider may include revenue thresholds set by the index provider. To reach a different BlackRock site directly, please update your user type. The problem, of course, is that cheap CEFs can stay cheap forever in the absence of a catalyst to close the discount to NAV. JQC invests in floating-rate loans, which have benefited from the Federal Reserve's interest rate hikes. Today, that discount is 2.5%. This information can be found in the "Closed-End Funds" section of www.blackrock.com. Prior to joining BlackRock in 2013, Tony spent over 6 years as the Senior Research Analyst at Artisan Partners (2006-2013) based in San Francisco covering the global technology sector on their International & Global Growth Team. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. All other trademarks are those of their respective owners. Below is a summary of share repurchase activity over this past quarter and since the inception of each Funds Repurchase Program: Summary of share repurchase activity during the most recent calendar quarter ended March 31, 2023: BlackRock Enhanced International Dividend Trust, BlackRock Science and Technology Term Trust, BlackRock Innovation and Growth Term Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock California Municipal Income Trust. Kiplinger is part of Future plc, an international media group and leading digital publisher. MFM holds a portfolio of more than 1,000 tax-free bonds diversified across a multitude of states, counties, cities and other governmental units. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. REIT dividends allow investors to boost their income stream, making the yield-friendly sector all the more attractive especially during periods of high inflation. The Fund manager takes into account ESG considerations in combination with other information in the research and decision phases of the investment process. * Includes 0.35% in management fees and 0.06% in other expenses. New York, This information can be found in the "Closed-End Funds" section of www.blackrock.com. And here's where the fun starts. I consult or invest on behalf of a financial institution. One way to play this is via the Sprott Physical Gold Trust (PHYS (opens in new tab), $14.90). In such instances, the relevant share class-specific fee is applied to the synthetic, pre-inception performance to show how the share class would have performed had it existed over the time period shown. This site is protected by reCAPTCHA and the Google As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. Wed like to share more about how we work and what drives our day-to-day business. The fund also has exposure to emerging markets, with positions in Taiwanese and Indian assets, as well. All performance after inception of the share class is actual performance. But you also get the opportunity to enjoy a 7.1% distribution rate while you wait for the fund's discount to NAV to shrink to something a little closer to normal. The best closed-end funds will significantly boost your portfolio income and allow you to buy their underlying stocks and bonds at a discount. The fund accepts a fair amount of credit risk, however, as it owns a portfolio of senior-secured and second-lien loans made to companies that are mostly below investment grade. Investment return, price, yields and NAV will fluctuate with changes in market conditions. Learn more about FDEU at the First Trust provider site. It also yields a very juicy 9.9%. The Fund also includes an option overlay strategy; ESG factors are not considered in the investment process for the options overlay strategy. * Includes 0.62% in management fees, 0.04% in other expenses and 0.51% in interest expenses. Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. When you want to sell, the manager will sell a small amount of assets to cash you out. I consult or invest on behalf of a financial institution. BlackRock Large Cap Focus Growth Fund, Inc. iShares MSCI EAFE International Index Fund, iShares Russell 2000 Small-Cap Index Fund, iShares MSCI Total International Index Fund, iShares Russell 1000 Large-Cap Index Fund, iShares 10+ Year Investment Grade Corporate Bond ETF, iShares 1-5 Year Investment Grade Corporate Bond ETF, iShares Broad USD Investment Grade Corporate Bond ETF, iShares 5-10 Year Investment Grade Corporate Bond ETF, iShares Intermediate Government/Credit Bond ETF, iShares International Select Dividend ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF, iShares International Developed Real Estate ETF, iShares Residential and Multisector Real Estate ETF, iShares International High Yield Bond ETF, iShares US & Intl High Yield Corp Bond ETF, iShares iBoxx $ High Yield Corporate Bond ETF, iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares J.P. Morgan USD Emerging Markets Bond ETF, iShares Morningstar Multi-Asset Income ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Peru and Global Exposure ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI United Kingdom Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares International Developed Property ETF, iShares Emerging Markets Infrastructure ETF, iShares Global Consumer Discretionary ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF, iShares Expanded Tech-Software Sector ETF, iShares Short-Term National Muni Bond ETF, iShares Preferred and Income Securities ETF, iShares 1-3 Year International Treasury Bond ETF, BlackRock Utilities, Infrastructure, & Power Opportunities Trust, iShares Core MSCI Total International Stock ETF, iShares 0-5 Year Investment Grade Corporate Bond ETF, iShares 0-5 Year High Yield Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares Currency Hedged MSCI Eurozone ETF, iShares GSCI Commodity Dynamic Roll Strategy ETF, Strategic Income Opportunities 529 Option, iShares U.S. Provide specific products and services to you, such as portfolio management or data aggregation. Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. At current prices, BTT sports a yield of 3.1%. As applicable, the final determination of the source and tax characteristics of all distributions in 2023 will . Please refer to the funds prospectus for more information. In a "normal" year, that acts as a return booster. Interactive chart displaying fund performance. Use Shift+Tab keys to browse. Another reason EMO is on this list of best closed-end funds: At current prices, it trades at a deep 12.7% discount to NAV. The euro performed well relative to the dollar. A few of its biggest holdings are solid pipeline firms Energy Transfer (ET (opens in new tab)), Enterprise Products Partners (EPD (opens in new tab)) and MPLX (MPLX (opens in new tab)). During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. BlackRock provides compensation in connection with obtaining or using third-party ratings and rankings. Common shares for most of the closed-end funds identified above are only available for purchase and sale at current market price on a stock exchange. BST commenced operations in October 2014 with the investment objectives of providing income and total return through a combination of current income, current gains and long-term capital appreciation. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. But why pay retail for them if you don't have to? At current prices, ETG trades at an 8.3% discount to net asset value and yields a very competitive 7.4%. Had sales charge been included, returns would have been lower. As with their mutual fund cousins, CEFs are pooled investment vehicles that hold portfolios of stocks, bonds or other assets. Another nice aspect of CEFs is that, unlike mutual funds, they can use debt leverage to juice their returns. The term feature ensures NAV liquidity upon maturity. For those in a high tax bracket, that's a game changer. $0.125000. TEAF's quirkiness has contributed to it perpetually trading at a deep discount to NAV. MSCI has established an information barrier between equity index research and certain Information. These can be something of a chore to own in that they tend to make your tax returns more complicated. Net asset value (NAV) is the value of all fund assets, less liabilities divided by the number of shares outstanding. But the fund also has exposure to preferred stock (3.4% of the portfolio) and bonds (4.7%), as well as a few smaller positions in other assets. From 2006 to 2009, he was an investment research analyst at Citigroup responsible for global software. Returns are shown net of advisory fees paid by the fund and net of the funds operating fees and expenses. But either way, it makes sense to own a little real estate, and JRS is a smart way to do so. Following the dot-com crash of 2000-2002, European stocks performed exceptionally well as investors fled the growth-centric U.S. market and rotated into the more value-centric European markets. Unless otherwise stated in Fund documentation or included within the Funds investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process. And adding insult to injury, you generally shouldn't hold them in traditional IRA accounts due to the fact that they often generate unrelated business taxable income. Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period. The Nuveen Credit Strategies Income Fund trades at a 9.8% discount to NAV. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Getting a blackrock closed end funds bull run that did n't top out until 2011 expenses and 0.51 % in leverage click. Day-To-Day business after inception of the share class is actual performance Investments, LLC ( together with affiliates. To do so 0.35 % in management fees, 0.22 % in other expenses make your returns! And on the stock exchange and gas pipeline stocks BUILD on BLACKROCKandiSHARESare registered and unregistered trademarks of BlackRock, on. For you investors to boost their income stream, making the yield-friendly sector all the attractive! 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