Published Mon, 07 Dec 2020 12:49:05 -0500 on Seeking Alpha
Seeking AlphaClosed End FundsIncome Lab Ideas: Dividend Changes For 2020Dec. 7, 2020 12:49 PM ET|| Includes: ADX, AIO, ASGI, BANX, BMEZ, BST, CEF, CEM, CEN, CET, CHN, CPZ, CTR, DLY, DSE, DYFN, ECF, ECF.PA, EGIF, EMO, FSLF, FTHY, FXBY, GER, GF, GGO, GGO.PA, GMZ, INF, IRL, JMF, JMLP, KF, KMF, KYN, MAV, MGU, MNE, NDMO, NDP, NHF, NTG, NTX, OCCI, OCCIP, PHYS, PSLV, PTA, RCG, RFM, RMRM, SPE, SPE.PB, SPPP, SRF, SRV, SZC, TDF, TTP, TWN, TYG, VAMby: Nick AckermanNick Ackerman CEF/ETF Income LaboratoryCEF/ETF income and arbitrage strategies, 8%+ portfolio yieldsSummaryAs the year is starting to wind down, I wanted to take an updated look at what distribution changes happened throughout the year.
We had previously done this for a more specific time frame; the time frame of the pandemic to shortly after in June.
Again, I'm surprised at how resilient the income was from CEFs - helping negate the negative impact of the pandemic was the decrease in interest for leverage.
Written by Nick Ackerman, co-produced by Stanford Chemist
Previously, we looked at a list similar to this when pulling data for distribution cuts through the pandemic. Now, I wanted to take a wider look at distribution changes over 2020 in total.
Dividend cuts for closed-end funds were something that we certainly anticipated throughout this latest sell-off. Not only is that playing a role in CEFs, but will in ETFs and individual stocks just the same. This might be more prevalent for CEFs though, as they are unable to retain earnings as a corporation can. ETFs only pass-through income, so those are generally all over the board anyway.
The CEFs larger than usual payouts are thanks to them paying out almost all of the earnings that they can pull in. This is by design though, as laws require those structured as a regulated investment company to payout such a large portion to maintain compliance. The penalty for not meeting the required payouts is an excise tax on the fund. So, that means when the fund... Read more
|Stock name||Last trade||P/E||Earnings/Share||Dividend/Share||Dividend yield|
|TORTOISE MLP FUND||12.38||0.0||0.00||0.00||13.55|
|TORTOISE ENERGY INFRASTRUCTURE||20.77||0.0||0.00||2.62||12.48|
|NUVEEN ENERGY MLP TOTAL RETURN FUND||8.59||0.0||0.00||0.00||11.52|
|CUSHING MLP TOTAL RETURN FUND||10.20||18.6||0.55||0.00||10.84|
|CLEARBRIDGE ENERGY MLP OPPORTUNITY FUND||8.71||0.0||0.00||0.00||10.49|
|KAYNE ANDERSON MLP INVESTMENT||14.71||0.0||0.00||0.00||9.76|
|KAYNE ANDERSON MIDSTREAM/ENERGY FUND||10.86||0.0||0.00||0.00||8.23|
|MACQUARIE GLOBAL INFRA TOTAL RETURN FUND||23.88||0.0||0.00||0.00||7.07|
|SPECIAL OPPORTUNITIES FUND||14.12||0.0||0.00||0.00||6.50|
|NEW IRELAND FUND||8.55||0.0||0.00||0.00||5.19|
|BLACKROCK MUNI NY INTERMEDIATE DURATION FUND||14.65||0.0||0.00||0.00||3.29|
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