Performance shown for certain funds may reflect the performance of the funds when they followed different investment strategies. To reach a different BlackRock site directly, please update your user type. The market price may experience periods of increased volatility due to the use of leverage as well as market and fund illiquidity. Explore our experts latest insights on the closed-end fund market. The performance quoted represents past performance and does not guarantee future results. * Includes 1.41% in management fees, 0.33% in additional expenses, 1.34% in interest expenses and 0.01% in income tax expenses. 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. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Unlike open end funds, closed end funds trade on an exchange at a price which is often a discount to their net asset value (NAV). Yet these are exactly the kinds of opportunities that arise in the market's best closed-end funds (CEFs). Performance data is not currently available. Gold went on to have a massive bull run that didn't top out until 2011. A Funds repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. 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. (opens in new tab). One potential beneficiary in 2023 is the First Trust Dynamic Europe Equity Income Fund (FDEU (opens in new tab), $12.44). When evaluating fund performance, it is important to note that it does not represent actual performance of such share class. At current prices, BTT sports a yield of 3.1%. This information can be found in the "Closed-End Funds" section of www.blackrock.com. A closed-end funds dividend yield, market price and NAV will fluctuate with market conditions. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower. Carbon Transition Readiness ETF, BlackRock World ex U.S. But why pay retail for them if you don't have to? Business Involvement metrics are only displayed if at least 1% of the funds gross weight includes securities covered by MSCI ESG Research. Limited liquidity can also affect the market price of investments, thereby adversely affecting the funds NAV and ability to make dividend distributions. CEF shares are bought and sold at market price determined by competitive bidding on the stock exchange. Good old-fashioned gold. The starting NAV for the NAV performance chart reflects a deduction of the sales charge from the initial public offering price. Closed structure allows for greater flexibility in the types of investment strategies that can be used and helps portfolio managers stay invested for the longterm without forced selling. The . Distributions are a key part of a CEFs total return - find out how much your CEF has paid in distributions over time. 2019 BlackRock, Inc. All rights reserved. Please refer to the funds prospectus for more information. Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. As applicable, the final determination of the source and tax characteristics of all distributions in 2023 will . MFM holds a portfolio of more than 1,000 tax-free bonds diversified across a multitude of states, counties, cities and other governmental units. BlackRock Municipal Target Term Trust's (BTT) (the 'Trust') investment objectives are to provide current income exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. The amount and timing of any repurchases under each Funds Repurchase Program will be determined either at the discretion of the Funds management or pursuant to predetermined parameters and instructions subject to market conditions. Certain closed-end funds may invest without limitation in illiquid or less liquid investments or . Closed-end funds are different. Interactive chart displaying fund performance. The Information is provided as is and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. By Lisa Springer And herein lies the appeal of term funds. These seven stocks could benefit the most (and least) from the Inflation Reduction Act, which has been signed into law. New York, We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. The Fund manager conducts regular portfolio reviews between with the Risk and Quantitative Analysis group and the Chief Investment Officers, which may include discussion of material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors. When you purchase through links on our site, we may earn an affiliate commission. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. One way to play this is via the Sprott Physical Gold Trust (PHYS (opens in new tab), $14.90). Rather than simply show up on your normal broker 1099-B or 1099-Div, MLPs come with complicated K1 tax statements. (opens in new tab), The 5 Best Actively Managed Fidelity Funds to Buy Now. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The interest from bonds issued by state or local governments is generally tax-free at the federal level. Symbol Last Price Change % Change; BDJ. BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. MSCI Ratings are currently unavailable for this fund. Terms of Service apply. This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the Funds, (ii) the use or suitability of the model portfolios or (iii) any . The fund may not be able to readily dispose of such investments at prices that approximate those at which the fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. The discount to NAV is one of the most appealing aspects of closed-end funds. * Includes a 1.33% in management fees, 0.12% in other expenses and 1.30% in interest expenses. 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. The closing price and net asset value (NAV) of a funds shares will fluctuate with market conditions. The SPDR Gold Shares (GLD (opens in new tab)) offers exposure to the yellow metal in an ETF wrapper, for example. The euro performed well relative to the dollar. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). Not too shabby! 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. Although the character of income will not be determined until the end of the funds fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. Periods of such market dislocation may occur again at any time. If you want to buy shares, you buy them the same way you'd buy a stock. Performance shown may reflect fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Current performance may be lower or higher than the performance quoted. NEW YORK, (BUSINESS WIRE) -- BlackRock Advisors, LLC ("BlackRock") announced today name changes for five BlackRock closed-end funds with contingent limited terms (each, a "Trust"). Net asset value (NAV) is the value of all fund assets, less liabilities divided by the number of shares outstanding. *Restricted and Illiquid Investments Risk. Performance for other share classes will vary. may trade at a premium to NAV but often trade at a discount. All other trademarks are those of their respective owners. The term feature ensures NAV liquidity upon maturity. To reach a different BlackRock site directly, please update your user type. So, apart from the potential gains due to the underlying bonds rising in value and from the tax-free dividend, we should enjoy a nice kicker as the fund's share price approaches NAV at liquidation. Data is as of Jan. 30. The closing price and net asset value (NAV) of a funds shares will fluctuate with market conditions. These can be something of a chore to own in that they tend to make your tax returns more complicated. Heres how it works. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited. Published 20 January 22. Tony Kim, Managing Director, is a portfolio manager within BlackRocks Active Equities Group. 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 . Or we might see several more quarters of high inflation. Muni CEFs put together portfolios of tax-free state and local bonds and add a little leverage to juice that tax-free yield even higher. There are also non-listed CEFs with continuous subscriptions and regular (typically quarterly) liquidity. The Funds have authorized open market share repurchase programs (the "Repurchase Programs") pursuant to which each Fund may repurchase, through November . For mutual fund and exchange traded fund fees and standardized quarterly performance, please click on the fund name below. For funds with an investment objective that include the integration of ESG criteria, there may be corporate actions or other situations that may cause the fund or index to passively hold securities that may not comply with ESG criteria. And there's an inflation angle as well. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. BlackRock Investments, LLC is not affiliated with the companies listed above. A few of its biggest holdings are solid pipeline firms Energy Transfer (ET (opens in new tab)), Enterprise Products Partners (EPD (opens in new tab)) and MPLX (MPLX (opens in new tab)). Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. Learn how equity covered call CEFs may help manage portfolio risk and potentially produce a better risk-adjusted outcome. 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. Copyright 2023 Morningstar, Inc. All rights reserved. Returns are shown net of advisory fees paid by the fund and net of the funds operating fees and expenses. The financial markets have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. The very first closed-end fund was launched in 1893 more than 30 years before the first traditional mutual funds (like those you might find in your 401(k) plan) were created. 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. But after years dealing with brutal competitive conditions, the energy infrastructure sector is the leanest and best capitalized it's been in living memory. Published 13 April 22. stocks When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Money is always coming and going, and there's no hypothetical limit to the amount of new money a popular fund can take in and invest. 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. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Reid Menge, Director, is a member of the Fundamental Active Equity division of BlackRock's Active Equity Group. All returns assume reinvestment of all dividends. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. 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. BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the "Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Learn more about JQC at the Nuveen provider site. REITs are a fine way to get exposure to real estate. And this might seem normal given that most of the world's largest and most innovative growth and technology companies reside in the good, ol' U.S. of A. Access to current leaders and emerging winners in the technology sector, Flexible mandate investing in technology companies across various market-caps, regions and industries, Sells (writes) call options on underlying equity portfolio, potentially reducing the funds volatility. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. By Charles Lewis Sizemore, CFA By Jeff Reeves In such instances, the relevant share class-specific fee is applied to the synthetic, pre-inception performance to show how the share class would have performed had it existed over the time period shown. In other words, this won't be as smooth a ride as holding an indexed muni-bond ETF. NY 10036. For details regarding which funds and share classes leverage synthetic, pre-inception performance,please visit this page. MSCI has established an information barrier between equity index research and certain Information. Investment return, price, yields and NAV will fluctuate with changes in market conditions. How we use your information depends on the product and service that you use and your relationship with us. Had sales charge been included, returns would have been lower. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. Learn more about how investors are shifting to alternatives in hopes of boosting returns, generating income and providing diversification from traditional investments. 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