CEF Weekly Review: XFLT Gets New Sub-Adviser Over The Line

ADS Analytics Investing Group Leader Follow Summary We review the CEF market valuation and performance through the second week of August and highlight recent market action. CEF returns were mostly positive, led by Convertibles and MLPs, with sector discounts near long-term averages. FS Credit Opportunities (FSCO) raised its distribution by 2% ahead of Q2 results, signaling confidence in its income profile after a prior cut. Gabelli CEFs, including GGN, BCV, and ECF, increased distributions by 16-17% as NAVs rose on strong Tech and commodity rallies. XFLT shareholders approved a new sub-advisory agreement, ensuring at least one tender offer amid ongoing CLO Equity underperformance. Looking for a helping hand in the market? Members of Systematic Income get exclusive ideas and guidance to navigate any climate. Learn More » FabrikaCr/iStock via Getty Images Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund [CEF] market activity from both the bottom-up—highlighting individual fund news and events—as well as the top-down—providing an overview of the broader market. We also try This article was written by ADS Analytics 13.7K Followers Follow ADS Analytics is a team of analysts with experience in research and trading departments at several industry-leading global investment banks. They focus on generating income ideas from a range of security types including: CEFs, ETFs and mutual funds, BDCs as well as individual preferred stocks and baby bonds.ADS Analytics runs the investing group Systematic Income which features 3 different portfolios for a range of yield targets as well interactive tools for investors, daily updates and a vibrant community. Analyst’s Disclosure: I/we have a beneficial long position in the shares of FSCO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.