Sources of Reference Information
Description
This article is from the A Guide to
Closed-End Funds (CEFs).
Sources of Reference Information
Many of the usual investment books include a chapter or at least a
mention of CEFs when discussing mutual funds. Some books
that focus specifically on CEFs are:
- The Investor's Guide to Closed-End Funds:
The Herzfeld HedgeThomas J. Herzfeld, McGraw Hill, 1980.
- An excellent
book that covers closed-end stock funds, closed-end bond funds,
closed-end convertible bond funds, closed-end specialty funds,
dual-purpose funds, and closed-end fund hedging and
arbitraging. Emphasis on trading CEFs. The only drawback is that it is
a bit dated.
- Investing in Closed-End Funds: Finding Value
and Building WealthAlbert J. Fredman and George Cole
Scott, Simon and Schuster, 1991.
- A more recent book, provides an excellent introduction
to investors seeking to learn about closed-end funds. Covers the
basics of CEFs, the different types of CEFs, closed-end bond and
convertible funds, and useful tips on dealing with brokers and
building portfolios of CEFs. Emphasis on long-term value investing.
- The Complete Guide to Closed-End Funds:
Finding Value in Today's Stock Market
Frank Cappiello, W. Douglas Dent, and Peter W. Madlem,
International Publishing Corporation, 1989.
- A concise introduction to CEFs, their history, their benefits and
drawbacks, building portfolios, and trading CEFs. Cites an interesting
study by Seth Copeland Anderson (published in the Journal of Portfolio
Management, Fall 1986) on eight trading strategies involving CEFs, all
of which beat the S&P500. Bulk of the book is summaries of a large
number of equity CEFs, REITs, and bond CEFs. A more recent book by the
authors is also out.
Many investment newsletters and periodicals focus on CEFs, or cover
some of them.
- Morningstar Closed-End Funds.
- Covers most of the CEFs grouped into categories: Europe, Latin
America, Pacific/Asia, World, Domestic Equity, Income, Convertible,
Corporate Bond High-Yield, Corporate Bond, Government Bond,
International Bond, Multisector Bond, Municipal Bond National, and
Municipal Bond Single State. Fairly similar to their coverage of
mutual funds. Includes lots of useful statistical information, charts,
portfolio analysis, information about the fund, and a commentary.
Published biweekly, in six issues covering all the above categories:
the same fund will be re-analyzed after six issues or twelve weeks.
- The Value Line Investment Survey.
- Covers a few of the older CEFs in its standard Value Line
Publication. Includes commentary, statistical information, charts,
portfolio description, basic fund information, and projections.
- The Investor's Guide to Closed-End Funds. Thomas J. Herzfeld
Advisors, Inc.
- Monthly research report covering about 500 funds (each issue
covers over 40 funds). Includes statistical information, charts,
portfolio analysis, and recommendations. Herzfeld also runs a
brokerage firm specializing in closed-end funds. Herzfeld has been covering
CEFs for over 40 years, and is widely acknowledged to be a leading
authority in this field.
- The Scott Letter: Closed-End Fund Report. George Cole
Scott
- Published monthly. Includes interviews of portfolio
managers, statistical data, recommendations, and news.
The weekly NAV and discount/premium is published in many newspapers or
weeklies, including Barron's and Monday's Wall Street
Journal, under the title of closed-end funds or
publicly traded funds.
 
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