2014 marks my thirtieth anniversary working with closed-end funds. Much has changed over three decades, but perhaps the most significant change is the shift in shareholder base. Understanding who owns a fund's shares gives great insight into how those investors are likely to react in various market environments, and, in some cases, may impact a fund’s future course.
Will they or won’t they? Last week, Federal Reserve Chair Yellen testified before the Senate Banking Committee the central bank’s plans to keep interest rates low for some time, yet minutes from the Fed’s January meeting reveal internal debate about whether the timetable to raise short-term rates should be sooner rather than later.
First of all, a belated happy St. Patrick’s Day. I don’t know about you, but I was eerily reminded of 2008, the last time St. Patty’s Day fell on a Monday, when markets managed through the news that J.P. Morgan paid $2 per share for Bear Stearns.
Past performance is not a guarantee of future results.
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