| | | Weekly CEF Summary – Week Ending Nov 7, 2025
Markets continued to grind higher this week, with several CEFs seeing their discounts narrow as investors chased yield ahead of year-end. NAV performance was generally stable-to-positive, while share prices showed selective strength in equity and infrastructure names. Let’s break down where the smart money is tightening the screws — and where a little patience still pays dividends.
Equity & Growth-Oriented Funds
ADX – The veteran of the bunch delivered another solid week. NAV climbed slightly to $24.77, and the discount tightened to -7.8% from roughly -8.2% last week. Investors are rewarding consistency — no surprise after ADX outperformed SPY over multiple years. Verdict: Steady hand wins; still value here.
AIO – Tech hybrid AIO held firm. NAV nudged higher to $25.29, but the discount widened to -5.2%. This week’s softness seems sentiment-driven rather than structural. Verdict: Hold; volatility offers entry windows.
ASGI – Global infrastructure exposure helped, with the discount tightening from roughly -2.5% to -1.9%. Nothing flashy, but directionally improving. Verdict: Quiet progress.
BME – Healthcare fund BME’s NAV ticked up to $41.98 while discount improved slightly. After recent weakness, it’s starting to feel like a safe hold again. Verdict: Stable and defensive — a “set it and forget it” name.
BST – BlackRock’s tech CEF stayed on the right side of momentum. NAV rose nicely to $44.39, discount narrowed to -4.6%, Z-stats still mildly positive. Verdict: Hold or nibble; tech resilience showing through.
NBXG – NAV up to $16.70 from $16.6x, discount tightened modestly to -10.7%. Still deeply discounted relative to peers despite a 28%+ YTD NAV gain. Verdict: Attractive risk/reward — ROC misunderstood by many, but NAV data says it’s healthy.
STK – Stellar week for this tech-income fund. NAV climbed to $40.36, discount narrowed to -3.6%. Strong momentum; Verdict: Hold gains, maybe trim on exuberance.
Infrastructure, Utilities & Real Assets
BUI – NAV slipped to $25.73, premium cooled slightly to +0.7%. Still trading rich relative to historical average but backed by strong sector fundamentals. Verdict: Hold; yield cushion remains attractive.
DNP – The premium machine keeps printing. Premium jumped to +7.3% from ~6%, with NAV steady. Still one of the few CEFs investors gladly overpay for. Verdict: Trim if overweight — you’re paying up for reliability.
ERH – Big mover! Discount shrank from -8.2% to -3.0% — a 5-point tightening. NAV up to $13.34. Verdict: Strong mean reversion play paying off — trim partial, enjoy the ride.
UTF – Infrastructure fund holding firm. NAV steady at $25.39, discount narrowed from about -7.5% to -7.2%. Verdict: Dependable core holding.
UTG – NAV softened to $37.71, discount widened slightly to -1.4%. Still resilient overall, but short-term Z-stat (-1.1) says room to fall a bit more. Verdict: Hold; not a buy-the-dip yet.
REIT & Real Estate CEFs
RFI – NAV dipped a bit to $11.33, premium held around +1%. After weeks of softness, pricing is stable. Verdict: Steady; still a good income hold.
RNP – NAV fell slightly to $20.98, flipping from small premium to near-par. Verdict: Still attractive — underlying REIT momentum solid.
RQI – Similar story. Discount widened to -5.3%, NAV flat-to-down. Verdict: Hold and collect yield; sentiment likely overdone.
RLTY – NAV down marginally, discount steady around -5.6%. Verdict: Still decent entry point, Z-stat near neutral.
Fixed Income & Credit
PCN – NAV at $11.96, premium dropped to 7.9% from roughly 9%. For a PIMCO, that’s a healthy repricing. Verdict: Hold or add modestly — still delivering.
PDI – Premium ticked up to 7.4%, NAV gained to $17.06. Solid week, but becoming rich again. Verdict: Trim small if you’re heavy; otherwise, hold.
PDO – The steadiest of the trio. NAV rose to $13.39, premium eased slightly to 3.7%. Verdict: Core income anchor, hold.
Blended/Hybrid CEFs
CSQ – NAV stable, but discount widened to -7.9%. Market not keeping up with fundamentals. Verdict: Add on weakness; value emerging.
EOS – NAV climbed to $24.55, yet discount widened to -5.4%. Verdict: Slight disconnect; patient investors will get paid.
Closing Thoughts
Discount tightening in ERH, ADX, and NBXG stole the show — showing value names are waking up. Premium persistence in DNP and PDI reminds us yield-hungry investors are still paying up for perceived safety. Meanwhile, CSQ, EOS, and RQI are your contrarian buys if you like “discounts on discounts.” |
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