Do they exist? Where? I’m especially curious about closed-end funds that invest in senior-secured loans. I did a little research and found these “senior” funds, but don’t know much about them:
- BlackRock Senior High Income Fund, Inc. (ARK)
- Eaton Vance Senior Income Trust (EVF)
- Eaton Vance Senior Floating Rate (EFR)
- First Trust/Four Corners Senior Floating Rate Income Fund (FCM)
- First Trust/Four Corners Senior Floating Rate Income II (FCT)
- Nuveen Senior Income Fund (NSL)
- Van Kampen Senior Inc Tr (VVR)
What I *really* want is some good (and free) analysis of specific securities. Probably can get “good” or “free” but not both (a variation on the project triangle). Fuck it, I want both (are you reading, Santa?)!
Many of these funds hold defaulted and soon-to-be-defaulted securities, but that may be ok, depending on how the discount to NAV covers (or doesn’t cover) losses plus a margin for error (risk premium).
It’s still too foggy for me, but I know there is value (misspricing) in some of these securities, the question is which ones (and how much)?
So the challenge is this:
- Who can present an argument on which of these (and others) are the better (or less bad) than the rest and why?
- What are some other good Closed End Fund information sources, especially fixed-income closed-end funds?
A few related or somewhat related links:
- DividendDetective.com Closed-End Fund page (never heard of this before, but looks like maybe a good site)
- ETFConnect.com (this is sponsored by Nuveen, so it has possible conflict of interest)
- Record Corporate Bond Spreads: A Buying Opportunity? (Nouriel Roubini’s Global EconoMonitor)