CEF Report | Buy In May And Go Away?

Summary

• Discounts remain very wide in the muni space just as that area of the CEF market's headwinds may be subsiding.

• We would still be cautious in taxables and avoid high yield and most loan CEF, altogether*.

• The best areas of the CEF market are munis and preferreds and some high-quality investment grade options like BKT, TSI, and FMY.

• TSI looks fantastic…