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Weekly Review: High-Yield CEFs - A Slight Retracement For The Benchmark

Published Wed, 03 Jul 2019 07:36:26 -0400 on Seeking Alpha

Introduction
The closed-end funds from the high-yield sector significantly increased their prices over the past months. Currently, most of them are traded at positive Z-scores, which is an indication that they have lost most of their statistical edge. Still, they are traded at high discounts, but we are cautious when we select our positions due to the lack of statistical edge. For me personally, I am in a waiting mode to see a statistical opportunity to review some of the funds.
The Benchmark
A week ago, the main benchmark iShares iBoxx $ High Yield Corporate Bond ETF (HYG) reached the new highest level for the current year. Over the last five days of June, the main index has pushed away from its peak after its price fell by $0.15 per share. The investors are focused on the G-20 meeting and precisely on global trade developments between the two largest economies. If we see a positive outcome this may be a stimulating factor for the prices of the riskier assets such as high-yield bonds.

Source: Barchart, iBoxx $ High Yield Corp Bond iShares
I would like to spend some time covering several advantages of high-yield bonds and closed-end funds, which invest in this asset class. As the high-yield sector generally has a low correlation to other sectors of the fixed-income market, along with less sensitivity to interest rate risk, an allocation to high-yield bonds may provide portfolio diversification benefits. In addition, high-yield bond investments have... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
DREYFUS HIGH YIELD STRATEGIES 3.07   0.0 0.00 0.27 9.63
MFS INTERMEDIATE HIGH INCOME FUND 2.68   0.0 0.00 0.00 9.08
CS HIGH YIELD BOND FUND 2.58   0.0 0.00 0.00 8.87
PIONEER HIGH INCOME TRUST 9.29   0.0 0.00 0.00 8.72
WELLS FARGO ADV INCOME OPP FUND 8.20   0.0 0.00 0.00 8.61
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND 3.16   0.0 0.00 0.27 8.52
NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND 12.01   0.0 0.00 0.98 7.45
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND 11.78   0.0 0.00 0.00 6.68
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 87.32   0.0 0.00 4.60 5.27
SPDR S&P 500 ETF 301.29   0.0 0.00 5.42 1.82

DREYFUS HIGH YIELD STRATEGIES - DHF
DREYFUS HIGH YIELD STRATEGIES - DHF  


Older articles featuring Dreyfus High Yield Strategies (DHF):
Weekly Review: High-Yield CEFs - PCF Announced Its Dividend For The Next 3 Months
BNY Mellon High Yield Strategies Fund Declares Dividend
Weekly Review: High-Yield CEFs - Most Of The Funds Have Increased Their Net Asset Values
BNY Mellon High Yield Strategies Fund Declares Dividend
Weekly Review: High-Yield CEFs - FSD Increased Its Dividend For August
BNY Mellon High Yield Strategies Fund Declares Dividend
Weekly Review: High-Yield CEFs - New Fresh High For The Sector
BNY Mellon High Yield Strategies Fund Declares Dividend
Weekly Review: High-Yield CEFsĀ  - Third Consecutive Negative Week For The Benchmark
Dreyfus High Yield Strategies Fund Declares Dividend

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