$1.12T CEF assets Q4 2025
Industry StatsLong
$1.12T CEF + BDC + interval/tender funds Q4 2025
Source: AICA
1-year 1Y Z-score discount
Discount StrategyMulti
1Y Z-score for discount value
Source: encyclopedia
12-month trailing yield
DistributionIncome
12-month trailing yield calc
Source: BlackRock
1940 Act leverage limits
LeverageMulti
1940 Act 33% pref + 50% debt limits
Source: encyclopedia
3Y Z-score discount
Discount StrategyMulti
3Y Z-score for discount
Source: encyclopedia
837 closed-ended companies
Industry StatsMulti
837 CEFs + BDCs + tenders + intervals tracked
Source: AICA
Activist arb tender offers
Discount StrategyMulti
Activists arb wide discounts
Source: encyclopedia
Adams Diversified ADX
Famous FundsLong
Adams Diversified Equity ADX 1929+
Source: encyclopedia
Adams Natural Resources PEO
Famous FundsMulti
Adams Natural Resources PEO
Source: encyclopedia
Annualized last distribution
DistributionIncome
Distribution rate annualized x4 quarterly
Source: BlackRock
BDC -16.0% discount widening
Industry StatsMulti
BDCs -16.0% discount Q4 2025 widening
Source: AICA
BDCs $530B gross 165 funds
Industry StatsMulti
BDCs $530.5B gross 165 funds Q4 2025
Source: AICA
Bank loan revolving
LeverageMulti
Bank loan revolving credit facility
Source: encyclopedia
BlackRock BIT Multi-Sector
Famous FundsIncome
BlackRock Multi-Sector Income BIT 10.3%
Source: USNews
BlackRock ECAT Capital Allocation
Famous FundsIncome
BlackRock ECAT Capital Allocation
Source: USNews
BlackRock MHD Muni
Famous FundsIncome
BlackRock MuniHoldings MHD largest national
Source: BlackRock
Bluerock TIPRX
Interval FundsIncome
Bluerock Total Income+ Real Estate
Source: encyclopedia
Bulldog Phil Goldstein activist
Discount StrategyMulti
Bulldog Goldstein activist CEFs
Source: encyclopedia
Buy at deep discount
Discount StrategyLong
Buy at deep discount vs history
Source: Kiplinger
Buy-write strategies
CategoriesIncome
Buy-write equity CEFs
Source: encyclopedia
Calamos CHI CHY conv
Famous FundsIncome
Calamos Convertible CHI/CHY
Source: encyclopedia
Cliffwater Direct Lending CCLFX
Interval FundsIncome
Cliffwater Direct Lending interval $30B+
Source: encyclopedia
Cohen & Steers RNP
Famous FundsIncome
Cohen & Steers REIT + Pref RNP
Source: encyclopedia
Cohen & Steers UTF Infra
Famous FundsIncome
Cohen & Steers Infrastructure UTF
Source: encyclopedia
Concentration risk
RisksShort
Single-issuer or sector concentration
Source: encyclopedia
Conditional vs unconditional term
Term FundsMulti
Conditional vs unconditional term funds
Source: encyclopedia
Covered call CEFs
CategoriesIncome
Covered-call CEFs - JEPI-style
Source: encyclopedia
Credit metrics covenant breach
LeverageShort
Covenant breaches force deleveraging
Source: encyclopedia
Distribution coverage >1.0 buy
StrategyLong
Distribution coverage >1.0 + deep discount = buy
Source: Ainvest
Distribution coverage ratio
MechanicsIncome
Distribution coverage ratio >1.0 sustain
Source: Ainvest
Distribution cuts price drop
DistributionShort
Distribution cuts trigger price drops
Source: encyclopedia
Eaton Vance ETV ETW
Famous FundsIncome
Eaton Vance Buy-Write CEFs
Source: encyclopedia
Eaton Vance EVT
Famous FundsIncome
Eaton Vance Tax-Adv Dividend
Source: encyclopedia
Emerging market bond CEFs
CategoriesIncome
EM bond CEFs
Source: encyclopedia
Energy CEFs
CategoriesMulti
Energy infrastructure CEFs
Source: encyclopedia
Equity CEF
CategoriesLong
Equity CEFs - covered calls / dividend
Source: encyclopedia
Equity CEF -6.6% discount
Industry StatsMulti
Equity CEFs -6.6% discount Q4 2025
Source: AICA
Equity CEFs 8.6% indicated yield
Industry StatsIncome
Equity CEFs 8.6% indicated yield Q4 2025
Source: AICA
Fixed share count IPO
MechanicsMulti
Fixed share count after IPO
Source: USNews
Forced deleveraging in 2008-09
LeverageShort
2008-09 forced deleveraging hurt CEFs
Source: encyclopedia
Forecast -3% to -3.25% 2026
Industry StatsMulti
Discount forecast -3% to -3.25% 2026 (narrowing)
Source: AICA
Gabelli GAB Equity Trust
Famous FundsLong
Gabelli Equity Trust GAB
Source: encyclopedia
General American GAM
Famous FundsLong
General American Investors GAM
Source: encyclopedia
Helps narrow discount
Term FundsMulti
Term forces discount narrowing toward maturity
Source: encyclopedia
High yield bond CEFs
CategoriesIncome
High-yield bond CEFs
Source: encyclopedia
Higher yield boost
LeverageLong
Leverage boosts yield in stable markets
Source: BlackRock
IPO premium losses
RisksShort
Avoid IPO premium - drops to NAV soon
Source: encyclopedia
Interval funds quarterly redemptions
Interval FundsMulti
Interval funds offer quarterly redemptions 5-25%
Source: encyclopedia
Investment grade bond CEFs
CategoriesIncome
IG bond CEFs
Source: encyclopedia
Leverage allowed structurally
MechanicsMulti
Leverage allowed - bank loans + pref shares
Source: BlackRock
Liquidity in secondary thin
RisksShort
Secondary market liquidity may be thin
Source: encyclopedia
Managed distribution policy
MechanicsIncome
Managed distribution policy - smooth payout
Source: Kiplinger
Master Limited Partnership CEF
CategoriesIncome
MLP CEFs - K-1 simplification
Source: Kiplinger
Mean reversion of discount
Discount StrategyLong
Discounts mean revert over time
Source: encyclopedia
Mortgage CEFs
CategoriesIncome
Mortgage / agency CEFs
Source: encyclopedia
Mostly private equity / VC
Tender Offer FundsMulti
Tender funds for private equity/VC retail access
Source: AICA
Multi-sector bond CEFs
CategoriesIncome
Multi-sector bond CEFs
Source: encyclopedia
Muni bond -5.0% discount
Industry StatsMulti
Muni bond CEFs -5.0% discount Q4
Source: AICA
Muni bond CEFs 6.2% yield
Industry StatsIncome
Muni bond CEFs 6.2% yield 33.3% leverage
Source: AICA
Municipal bond CEFs leveraged
CategoriesIncome
Muni bond CEFs leveraged
Source: encyclopedia
NAV volatility amplified
LeverageShort
Leverage amplifies NAV volatility
Source: BlackRock
National muni vs state-specific
CategoriesMulti
National vs state-specific muni CEFs
Source: encyclopedia
Net investment income
DistributionIncome
Net investment income source
Source: BlackRock
No arb mechanism unlike ETF
MechanicsMulti
No arb mechanism (unlike ETF AP)
Source: Kiplinger
No new shares issued
MechanicsMulti
No new shares post-IPO unless secondary
Source: USNews
Nuveen JPC pref + income
Famous FundsIncome
Nuveen Preferred + Income JPC
Source: encyclopedia
Nuveen JPS preferred
Famous FundsIncome
Nuveen Preferred Securities JPS
Source: encyclopedia
Open-ending or termination event
Discount StrategyMulti
Open-ending or termination = catalyst
Source: encyclopedia
PIMCO PCI/PDI/PFL series
Famous FundsIncome
PIMCO PCI PDI PFL bond CEFs
Source: encyclopedia
PIMCO PDI Dynamic Income
Famous FundsIncome
PIMCO Dynamic Income PDI 14.64% dist
Source: Kiplinger
PIMCO PTY Corporate Income
Famous FundsIncome
PIMCO PTY Corporate Income
Source: encyclopedia
Preferred stock CEFs
CategoriesIncome
Preferred stock CEFs
Source: encyclopedia
Preferred stock leverage
LeverageMulti
Preferred stock leverage
Source: encyclopedia
Premium/discount to NAV
MechanicsMulti
Trade above or below NAV (premium/discount)
Source: Kiplinger
Quarterly tender offer
Tender Offer FundsMulti
Tender offer funds quarterly tender
Source: AICA
RICs Reg Inv Co tax pass-through
StrategyLong
RIC tax pass-through structure
Source: encyclopedia
Real estate CEFs
CategoriesLong
Real estate CEFs
Source: encyclopedia
Realized capital gains source
DistributionMulti
Realized capital gains as source
Source: BlackRock
Return of capital ROC
MechanicsMulti
Return of Capital ROC distributions
Source: encyclopedia
Return of capital warning
DistributionShort
ROC may erode shareholder capital
Source: encyclopedia
Reverse repo leverage
LeverageMulti
Reverse repo for leverage
Source: encyclopedia
Royce Value Trust RVT
Famous FundsLong
Royce Value Trust small-cap RVT
Source: encyclopedia
Saba Capital activist
Discount StrategyMulti
Saba Capital activist CEFs
Source: encyclopedia
Section 19a notices
DistributionMulti
Section 19a notices for distributions
Source: encyclopedia
Sell at premium
Discount StrategyShort
Sell at premium - rare opportunity
Source: encyclopedia
Senior loan CEFs
CategoriesIncome
Senior loan CEFs floating-rate
Source: encyclopedia
Taxable bond -5.0% discount
Industry StatsMulti
Taxable bond CEFs -5.0% discount Q4
Source: AICA
Taxable bond CEFs 11.5% yield
Industry StatsIncome
Taxable bond CEFs 11.5% yield 24.4% leverage
Source: AICA
Tender Offer Funds 145 $120B
Industry StatsMulti
145 Tender Offer Funds $120B Q4 2025
Source: AICA
Tender Option Bonds TOBs
LeverageMulti
Tender Option Bonds TOBs muni leverage
Source: encyclopedia
Tender offer arbitrage
Discount StrategyMulti
Tender offer arbitrage
Source: encyclopedia
Term funds liquidate at maturity
Term FundsMulti
Term funds liquidate at maturity date
Source: encyclopedia
Tortoise NTG TYG
Famous FundsIncome
Tortoise NTG TYG energy
Source: Kiplinger
Tortoise TYG MLP energy
CategoriesIncome
Tortoise Energy Infrastructure
Source: Kiplinger
Trade on secondary market
MechanicsMulti
CEF shares trade on secondary market
Source: USNews
Tri-Continental TY
Famous FundsLong
Tri-Continental TY 1929+
Source: encyclopedia
Triple filter approach
MechanicsIncome
Triple filter - coverage + discount + NAV trend
Source: Ainvest
UNII undistributed net inv income
MechanicsIncome
UNII metric - undist net inv income
Source: encyclopedia
Wide bid-ask spreads
RisksShort
Wide bid-ask in some CEFs
Source: encyclopedia
abrdn Total Dynamic AOD
Famous FundsIncome
abrdn Total Dynamic Dividend AOD
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.