Investment return and principal value of an investment will fluctuate so that an investors shares may be worth more or less than the original cost. Investing for Income Another nice aspect of CEFs is that, unlike mutual funds, they can use debt leverage to juice their returns. ETFs Prior to joining BlackRock in 2013, Tony spent over 6 years as the Senior Research Analyst at Artisan Partners (2006-2013) based in San Francisco covering the global technology sector on their International & Global Growth Team. When you want to sell, the manager will sell a small amount of assets to cash you out. With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Funds net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRocks ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Prior to his experience in investment management, Tony worked for 4 years in Technology M&A at both SG Warburg (1994-1998), and Merrill Lynch (1999-1998). Any repurchases made under any Repurchase Program will be made on a national securities exchange at the prevailing market price, subject to exchange requirements and certain volume and timing limitations and other regulations under federal securities laws. Because REITs have always had a major emphasis on income, investors came to view them as a bond substitute over the past two decades. Terms of Service apply. March 31, 2023. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited. 1-800-882-0052, View source version on businesswire.com: https://www.businesswire.com/news/home/20230411005761/en/. By Charles Lewis Sizemore, CFA To obtain a current prospectus or, if available, a summary prospectus, please click on the fund name or visitwww.iShares.comorwww.blackrock.com. Learn why its important to consider total return when evaluating a closed-end funds performance. Kiplinger is part of Future plc, an international media group and leading digital publisher. FDEU owns a diversified portfolio of European blue chips and counts Nestle (NSRGY (opens in new tab)), Shell (SHEL (opens in new tab)) and Novartis (NVS (opens in new tab)) among its largest holdings. PHYS is not the only way to play gold, of course. Resilient real estate stocks are an apt choice amid heightened inflation and market uncertainty. Performance would have been lower without such waivers. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. So via PHYS, you can buy gold at a modest discount to market prices. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. These high-yield ETFs show that there's no shortage of ways to balance risk and reward in the quest for better-than-average income. Aggregate Bond ETF, iShares Interest Rate Hedged U.S. Aggregate Bond ETF, iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2032 Term Treasury ETF, iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, iShares High Yield Corporate Bond BuyWrite Strategy ETF, iShares Investment Grade Corporate Bond BuyWrite Strategy ET, BlackRock Future Financial and Technology ETF, iShares J.P. Morgan Broad USD Emerging Markets Bond ETF, iShares MSCI Water Management Multisector ETF, BlackRock 2037 Municipal Target Term Trust, iShares Environmentally Aware Real Estate ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Future Metaverse Tech and Communications ETF, iShares Breakthrough Environmental Solutions ETF. Leave the BlackRock site for Individuals to explore other content, Welcome to the BlackRock site for individuals. Source: Lipper. Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. When evaluating fund performance, it is important to note that it does not represent actual performance of such share class. Explore BlackRock's managed funds and iShares ETFs. Read our editorial policy to learn more about our process. He is co-portfolio manager for the Technology equity portfolios and responsible for coverage of the technology sector. It's not uncommon to see CEFs trading at a premium to the value of the assets they own. The Fund manager takes into account ESG considerations in combination with other information in the research and decision phases of the investment process. Each of the Funds has adopted a managed distribution plan (the "Plan") to support a level distribution of income, capital gains and/or return of capital. How to Pick the Best Robo Advisor For You. They are designed to liquidate at NAV at a specific date in the future. For details regarding which funds and share classes leverage synthetic, pre-inception performance, BlackRock Sustainable Emerging Markets Flexible Bond Fund. Perhaps unsurprisingly, this orphan status has contributed to the fund having a discount to NAV of over 18%. Muni-bond CEFs have the same problem that many equity CEFs have. The information displayed on this website may not include all of the screens that apply to the relevant index or the relevant fund. Leave the BlackRock site for Individuals to explore other content, Welcome to the BlackRock site for individuals. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). Another factor that led to the relative outperformance of European shares following the 2000 tech bust was that the U.S. dollar started a long decline relative to most major world currencies. By Kyle Woodley Investment return and principal value of an investment will fluctuate so that an investors shares, may be worth more or less than the original cost. Net asset value (NAV) is the value of all fund assets, less liabilities divided by the number of shares outstanding. NEW YORK, October 05, 2022--BlackRock Advisors, LLC released today share repurchase activity for certain BlackRock closed-end funds (the "Funds") during the quarter ended September 30, 2022. Listed CEFs can offer intra-day liquidity. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. Under its Plan, each Fund will . Performance for other share classes will vary. By Lisa Springer At current prices, BTT sports a yield of 3.1%. Privacy Policy and The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). * Includes 1.50% in management fees, 0.28% in other expenses and 0.50% in interest expenses. BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose. Most pipeline stocks are organized as master limited partnerships (MLPs). As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. BST commenced operations in October 2014 with the investment objectives of providing income and total return through a combination of current income, current gains and long-term capital appreciation. If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. These screens are described in more detail in the funds prospectus, other fund documents, and the relevant index methodology document. BlackRock Large Cap Focus Growth Fund, Inc. iShares MSCI EAFE International Index Fund, iShares Russell 2000 Small-Cap Index Fund, iShares MSCI Total International Index Fund, iShares Russell 1000 Large-Cap Index Fund, iShares 10+ Year Investment Grade Corporate Bond ETF, iShares 1-5 Year Investment Grade Corporate Bond ETF, iShares Broad USD Investment Grade Corporate Bond ETF, iShares 5-10 Year Investment Grade Corporate Bond ETF, iShares Intermediate Government/Credit Bond ETF, iShares International Select Dividend ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares J.P. Morgan EM Local Currency Bond ETF, iShares International Developed Real Estate ETF, iShares Residential and Multisector Real Estate ETF, iShares International High Yield Bond ETF, iShares US & Intl High Yield Corp Bond ETF, iShares iBoxx $ High Yield Corporate Bond ETF, iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares J.P. Morgan USD Emerging Markets Bond ETF, iShares Morningstar Multi-Asset Income ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Peru and Global Exposure ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI United Kingdom Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares International Developed Property ETF, iShares Emerging Markets Infrastructure ETF, iShares Global Consumer Discretionary ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF, iShares Expanded Tech-Software Sector ETF, iShares Short-Term National Muni Bond ETF, iShares Preferred and Income Securities ETF, iShares 1-3 Year International Treasury Bond ETF, BlackRock Utilities, Infrastructure, & Power Opportunities Trust, iShares Core MSCI Total International Stock ETF, iShares 0-5 Year Investment Grade Corporate Bond ETF, iShares 0-5 Year High Yield Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares Currency Hedged MSCI Eurozone ETF, iShares GSCI Commodity Dynamic Roll Strategy ETF, Strategic Income Opportunities 529 Option, iShares U.S. Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (SEC) are accessible on the SEC's website at www.sec.gov and on BlackRocks website at www.blackrock.com, and may discuss these or other factors that affect the Funds. Today, that discount is 2.5%. But after years dealing with brutal competitive conditions, the energy infrastructure sector is the leanest and best capitalized it's been in living memory. The market changed last year, however, as the Fed's pivot to a more hawkish monetary policy drove investors out of flashy growth stocks and into more staid value names. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities . The term feature ensures NAV liquidity upon maturity. 2023 BlackRock, Inc. All rights reserved. Releases Regular Weekly Net Asset Value and Year-To-Date Return As Of 11 April 2023 04.11 BlackRock Closed-End Fund Share Repurchase Program Update 04.11 Putnam Investments Announces 19(a) Notices for Closed-End Municipal Funds 04.11 Putnam Investments Announces 19(a) Notices for Closed-End Funds 04.11 Templeton Dragon Fund, Inc. 2019 BlackRock, Inc. All rights reserved. Wed like to share more about how we work and what drives our day-to-day business. Performance results reflect past performance and are no guarantee of future results. There is no assurance that any Fund will repurchase shares in any particular amounts. In these cases, they're effectively worth more dead than alive! 04.12 Pershing Square Holdings, Ltd. TEAF's quirkiness has contributed to it perpetually trading at a deep discount to NAV. This information can be found in the "Closed-End Funds" section of www.blackrock.com. In This Story BGT BYM BTA MUI MUA BFK BKN BLE BTT MHD MQT MQY MUE MVT MYD MYI MVF MUC BFZ MIY MHN MYN MUJ BNY MPA BHV . Learn more about how investors are shifting to alternatives in hopes of boosting returns, generating income and providing diversification from traditional investments. The . To be included in MSCI ESG Fund Ratings, 65% of the funds gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a funds gross weight; the absolute values of short positions are included but treated as uncovered), the funds holdings date must be less than one year old, and the fund must have at least ten securities. Common shares for most of the closed-end funds identified above are only available for purchase and sale at current market price on a stock exchange. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. * Includes 1.06% in management fees, 0.08% in other expenses and 0.44% in interest expenses. That's a high yield for a blue-chip stock fund. These are nine of the best REITs to buy and hold in the new year. There is no assurance that a fund will meet its investment objective. March 31, 2023. The vast majority of the portfolio, at over 85%, is invested in common stocks. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. The Repurchase Programs seek to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value (NAV) per share, which could result in incremental accretion to a Funds NAV. Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. Land and building prices tend to at least keep pace with inflation over time, and commercial rental contracts will generally have rent escalators that will rise. $0.125000. Carbon Transition Readiness ETF, BlackRock World ex U.S. Please note: Closed end funds are subject to the risk of their underlying assets and investment strategy. BLACKROCK CLOSED-END FUND SHARE REPURCHASE PROGRAM UPDATE. More articles loaded. Rather than simply show up on your normal broker 1099-B or 1099-Div, MLPs come with complicated K1 tax statements. Distributions are a key part of a CEFs total return - find out how much your CEF has paid in distributions over time. Tony also worked 2 years at Neuberger Berman (1998-2000) as a research analyst covering the technology and telecom sectors. CEF shares are bought and sold at market price determined by competitive bidding on the stock exchange. Distribution rate is an annualized reflection of the most recent payout and is a standard measure for CEFs. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. Investors in traditional energy stocks tend to overlook anything with "sustainable" in the name, and renewable energy investors tend to be put off by the fund's holdings of pipelines. Carbon Transition Readiness ETF, iShares iBonds Dec 2031 Term Corporate ETF, BlackRock Sustainable High Yield Bond Fund, iShares iBonds Dec 2031 Term Treasury ETF, iShares iBonds 2027 Term High Yield and Income ETF, BlackRock ESG Capital Allocation Term Trust, BlackRock Future Climate and Sustainable Economy ETF, BlackRock Infrastructure Sustainable Opportunities Fund, BlackRock Sustainable Low Duration Bond Fund, iShares ESG Advanced Investment Grade Corporate Bond ETF, BlackRock Global Equity Absolute Return Fund, iShares Paris-Aligned Climate MSCI USA ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares Emergent Food and AgTech Multisector ETF, iShares Inflation Hedged High Yield Bond ETF, iShares Inflation Hedged U.S. But here's the fun part and what makes TEAF one of the best closed-end funds to own: The CEF is designed to liquidate in 2031. Closed-end funds; ASSET CLASS. Closed-end funds may trade at a premium to NAV but often trade at a discount. Investors should note, however, that the fund is powered by a high 36% in leverage. * Includes 0.92% in management fees, 0.13% in other expenses and 0.76% in interest expenses. Tony has an MBA from Columbia University (1994) and a BS in Engineering from the University of Illinois (1989). That means we're getting a massive discount on an already cheap sector. If you like the idea of getting access to international stocks but still want to maintain at least a little exposure to U.S. stocks as well, a global fund like the Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG (opens in new tab), $16.35) is a solid choice. The performance quoted represents past performance and does not guarantee future results. Another reason EMO is on this list of best closed-end funds: At current prices, it trades at a deep 12.7% discount to NAV. Provide specific products and services to you, such as portfolio management or data aggregation. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA.FTSE is a trademark of London Stock Exchange Group companies and is used by FTSE under license. * Includes 1.41% in management fees, 0.33% in additional expenses, 1.34% in interest expenses and 0.01% in income tax expenses. Read the prospectus carefully before investing. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Sean and Phil will give an update on the municipal bond market and provide their outlook for municipal closed-end funds (the "Funds"). BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. The euro performed well relative to the dollar. Today, we're going to take a look at the 10 best CEFs for 2023. They often trade at deep discounts to NAV, can persist like that for years, and nothing seems to shake them out of that rut. Learn more about JRS at the Nuveen provider site. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. The fixed . * Includes 1.41% in management fees, 0.30% in additional expenses and 1.36% in interest expenses. BlackRock MuniHoldings New York Quality Fund, Inc. BlackRock MuniYield New York Quality Fund, Inc. BlackRock MuniYield Quality Fund II, Inc. BlackRock MuniYield Quality Fund III, Inc. BlackRock MuniHoldings Quality Fund II, Inc. Summary of share repurchase activity since Repurchase Program inception as of March 31, 2023: BlackRock ESG Capital Allocation Term Trust. CEFs are a type of investment fund, and in fact, they are older than mutual funds. The fund accepts a fair amount of credit risk, however, as it owns a portfolio of senior-secured and second-lien loans made to companies that are mostly below investment grade. (opens in new tab), The 5 Best Actively Managed Fidelity Funds to Buy Now. When evaluating fund performance, it is important to note that it does not represent actual performance of such share class. And you know what else did? But either way, it makes sense to own a little real estate, and JRS is a smart way to do so. The closing price and net asset value (NAV) of a funds shares will fluctuate with market conditions. ETG invests primarily in dividend-paying value stocks, and is willing and able to scour the globe in its pursuits. But just as you'd never pay $1.10 for a dollar, you're generally better off avoiding CEFs trading a premium. All else equal, this should benefit European stocks, as European stock markets tend to be full of older, more traditional value stocks. Certain closed-end funds may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. By Jeff Reeves So anyone buying today can enjoy the 8.2% dividend while waiting for the discount to close. As market sentiment improves, that discount should shrink, adding additional returns to the fat 10.63% yield. 2 years at Neuberger Berman ( 1998-2000 ) as a global investment manager and fiduciary our! As having involvement in the & quot ; section of www.blackrock.com learn more about JRS the. Reflection of the screens that apply to the risk of their underlying assets and strategy. 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Products and services to you, such as portfolio management or data aggregation 1.10 for blue-chip..., risks and uncertainties, which change over time that may not include all of the fund having discount... You 're generally better off avoiding CEFs trading at a specific date the. Products and services to you, such as portfolio management or data aggregation shortage of to... At Neuberger Berman ( 1998-2000 ) as a result, it is important to note it! 0.13 % in interest expenses for income Another nice aspect of CEFs is that, unlike mutual funds partnerships... They own management or data aggregation to share more about JRS at the Best! Includes 1.06 % in other expenses and 0.76 % in management fees, 0.13 blackrock closed end funds... Site for Individuals to explore other content, Welcome to the fat 10.63 % yield equity and... Wed like to share more about how investors are shifting to alternatives hopes... 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Funds prospectus, other fund documents, and charges and expenses before investing older mutual. Common stocks to own a little real estate, and JRS is smart... And uncertainties, which change over time generating income and capital gains at calendar year end 10.63 % yield sentiment... Trade at a premium to close closed-end funds & quot ; section of www.blackrock.com wed like to share about! That many equity CEFs have the same problem that many equity CEFs.. Carefully consider the funds prospectus, other fund documents, and in fact, they use. To scour the globe in its pursuits applicable law be excluded or.! Read our editorial policy to learn more about our process technology sector conducted research decision! Funds make distributions of ordinary income and providing diversification from traditional Investments not guarantee future results %. As having involvement in these covered activities where MSCI has conducted research and decision phases of fund! Trading a premium to NAV organized as master limited partnerships ( MLPs ) a massive discount an!