Learn more about ETG at the Eaton Vance provider site. Who wouldn't want to buy the whole for less than the sum of the parts? We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. But why pay retail for them if you don't have to? Future US, Inc. Full 7th Floor, 130 West 42nd Street, 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. Heres how it works. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. A recent pullback in the global equities market has opened the door for investors to buy some of the top dividend-paying European stocks at a discount. Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each companys specific business involvement. Help clients achieve specific outcomes with an alternative investing strategy that seeks to diversify or amplify returns. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. Muni-bond CEFs have the same problem that many equity CEFs have. Today, we're going to take a look at the 10 best CEFs for 2023. . Current performance may be lower or higher than the performance data quoted. If you're in the 37% tax bracket, that translates to a tax-equivalent yield of 4.9%. Investors and others are advised to check the website for updated performance information and the . But here's the fun part and what makes TEAF one of the best closed-end funds to own: The CEF is designed to liquidate in 2031. BlackRock provides compensation in connection with obtaining or using third-party ratings and rankings. The information for these funds is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Had sales charge been included, returns would have been lower. But you also get the opportunity to enjoy a 7.1% distribution rate while you wait for the fund's discount to NAV to shrink to something a little closer to normal. Javascript is required. The chart uses market price performance and assumes reinvestment of dividends and capital gains. NEW YORK, March 31, 2023--BlackRock Advisors, LLC ("BlackRock") announced today name changes for five BlackRock closed-end funds with contingent limited terms (each, a "Trust"). 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. Municipal bonds are a popular asset class among America's wealthy and high-income earners. Current performance may be lower or higher than the performance quoted. That hurt the fund in 2022, but as the bond market normalizes over 2023, it should act as a return booster. 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. (opens in new tab). Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments. 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. The Clearbridge fund invests in a portfolio of midstream oil and gas pipeline stocks. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities . 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. The . The fund accepts a fair amount of credit risk, however, as it owns a portfolio of senior-secured and second-lien loans made to companies that are mostly below investment grade. He is co-portfolio manager for the Technology equity portfolios and responsible for coverage of the technology sector. This information should not be used to produce comprehensive lists of companies without involvement. The name changes . Like CEM, EMO invests primarily in a portfolio of oil and gas pipeline stocks. But either way, it makes sense to own a little real estate, and JRS is a smart way to do so. Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1ESG Ratings; 2Index Carbon Footprint Metrics; 3Business Involvement Screening Research; 4ESG Screened Index Methodology; 5ESG Controversies; 6MSCI Implied Temperature Rise. This and other information can be found in the Funds' prospectuses. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. Each of these funds trades at a reasonable discount to NAV and offers a yield that's at least competitive, if not downright extravagant. Read the prospectus carefully before investing. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. Certain closed-end funds may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. If someone offered to sell you a dollar for 90 cents well, you'd probably think it was too good to be true. For mutual fund and exchange traded fund fees and standardized quarterly performance, please click on the fund name below. Learn more about how investors are shifting to alternatives in hopes of boosting returns, generating income and providing diversification from traditional investments. 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. By Jeff Reeves 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. 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). *Restricted and Illiquid Investments Risk. All performance after inception of the share class is actual performance. 2023 BlackRock, Inc. All rights reserved. To reach a different BlackRock site directly, please update your user type. Performance chart data not available for display. The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. Yet these are exactly the kinds of opportunities that arise in the market's best closed-end funds (CEFs). For additional details about which funds reflect the performance of the funds when they followed different investment strategies, please visitthis page. All returns assume reinvestment of all dividends. 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. (opens in new tab). Prior to joining BlackRock in 2014, Mr. Menge was an associate director of equity research at UBS covering global technology. Availability of Fund Updates. These seven stocks could benefit the most (and least) from the Inflation Reduction Act, which has been signed into law. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Privacy Policy and Investing involves risk, including possible loss of principal. NEW YORK, October 05, 2022--BlackRock Advisors, LLC released today share repurchase activity for certain BlackRock closed-end funds (the "Funds") during the quarter ended September 30, 2022. Gold went on to have a massive bull run that didn't top out until 2011. Develop and improve features of our offerings. But the fund also has exposure to preferred stock (3.4% of the portfolio) and bonds (4.7%), as well as a few smaller positions in other assets. Perhaps unsurprisingly, this orphan status has contributed to the fund having a discount to NAV of over 18%. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. NEW YORK-- ( BUSINESS WIRE )--BlackRock Advisors, LLC released today share repurchase activity for certain BlackRock closed-end funds (the "Funds . $0.125000. Closed-end funds; ASSET CLASS. BLACKROCK CLOSED-END FUND SHARE REPURCHASE PROGRAM UPDATE. Please replace the release dated April 11, 2023, with the following corrected version due to changes in the table, "Summary of share repurchase activity since Repurchase Program inception as of March 31, 2023". 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. BlackRock Investments, LLC is not affiliated with the companies listed above. Copyright 2023 Morningstar, Inc. All rights reserved. BlackRocks purpose is to help more and more people experience financial well-being. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Funds or BlackRocks future financial or business performance, strategies or expectations. From 2008 to 2021, the U.S. was the unquestioned leader of the global bull market. Help bridge the gap between projected and targeted returns with alts. 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. The market price may experience periods of increased volatility due to the use of leverage as well as market and fund illiquidity. We could be seeing a repeat of that scenario today. There is no assurance that any Fund will repurchase shares in any particular amounts. It's not uncommon to see CEFs trading at a premium to the value of the assets they own. An update on fund exposure to recent market events, This information must be preceded or accompanied by a current prospectus. You could face penalties if you don't. EMO allows you to get access to some of the biggest and best names in the MLP space without all the irritating tax complications. Let's cap this off this list of the best closed-end funds with another solid term fund: The BlackRock Municipal 2030 Target Term Trust (BTT (opens in new tab), $22.06). Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. But that's where the similarities stop. Published 13 December 22. 04.12 Pershing Square Holdings, Ltd. And here's the best part of all: CEM trades at a nearly 14% discount to NAV. 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. Learn why its important to consider total return when evaluating a closed-end funds performance. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. BlackRock Closed-End Funds 1-800-882-0052. Learn more about the drivers of closed-end fund premiums and discounts, and how issuers seek to address discounts. MSCI has established an information barrier between equity index research and certain Information. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). Use Shift+Tab keys to browse. These can be something of a chore to own in that they tend to make your tax returns more complicated. Investors should read and consider it carefully before investing. * Includes 1.06% in management fees, 0.08% in other expenses and 0.44% in interest expenses. As a case in point, consider the Ecofin Sustainable and Social Impact Fund (TEAF (opens in new tab), $13.19), which invests primarily in an eclectic mixture of traditional and alternative energy across both the public and private sectors. The starting NAV for the NAV performance chart reflects a deduction of the sales charge from the initial public offering price. 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. Under its Plan, each Fund will . 2022 BlackRock, Inc. All rights reserved. (opens in new tab), Best Dividend Stocks You Can Count On in 2023. Resilient real estate stocks are an apt choice amid heightened inflation and market uncertainty. Access to less liquid and private investments* can potentially harvest the illiquidity premium to seek higher income and return. Standardized performance and performance data current to the most recent month end may be obtained by clicking on the fund names above. Brokerage commissions will reduce returns. Releases Regular Weekly Net Asset Value and Year-To-Date Return As Of 11 April 2023 04.11 BlackRock Closed-End Fund Share Repurchase Program Update 04.11 Putnam Investments Announces 19(a) Notices for Closed-End Municipal Funds 04.11 Putnam Investments Announces 19(a) Notices for Closed-End Funds 04.11 Templeton Dragon Fund, Inc. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Tony Kim, Managing Director, is a portfolio manager within BlackRocks Active Equities Group. Published 20 January 22. Following the dot-com crash of 2000-2002, European stocks performed exceptionally well as investors fled the growth-centric U.S. market and rotated into the more value-centric European markets. All other trademarks are those of their respective owners. The screening applied by the fund's index provider may include revenue thresholds set by the index provider. Term funds are CEFs with a shelf life. This was certainly the case during the last bear market in tech. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. The performance quoted represents past performance and does not guarantee future results. Performance for other share classes will vary. The discount to NAV is one of the most appealing aspects of closed-end funds. The closing price and net asset value (NAV) of a funds shares will fluctuate with market conditions. Below is a summary of share repurchase activity over this past quarter and since the inception of each Funds Repurchase Program: Summary of share repurchase activity during the most recent calendar quarter ended March 31, 2023: BlackRock Enhanced International Dividend Trust, BlackRock Science and Technology Term Trust, BlackRock Innovation and Growth Term Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock California Municipal Income Trust. You're not going to get wealthy on that, of course. Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (SEC) are accessible on the SEC's website at www.sec.gov and on BlackRocks website at www.blackrock.com, and may discuss these or other factors that affect the Funds. Certain closed-end funds may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. Closed-end funds may trade at a premium to NAV but often trade at a discount. TEAF's quirkiness has contributed to it perpetually trading at a deep discount to NAV. The . BlackRock MuniHoldings California Quality Fund, Inc. BlackRock MuniHoldings New Jersey Quality Fund, Inc. BlackRock MuniYield Michigan Quality Fund, Inc. BlackRock MuniYield Pennsylvania Quality Fund, BlackRock New York Municipal Income Trust. Visit our corporate site. 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. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. I consult or invest on behalf of a financial institution. Periods of such market dislocation may occur again at any time. The Funds have authorized open market share repurchase programs (the "Repurchase Programs") pursuant to which each Fund may repurchase, through November . The closing price and net asset value (NAV) of a funds shares will fluctuate with market conditions. Closed-end funds are different. That same leverage also allows closed-end funds to sport some of the highest yields you're likely to find. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). Investors should note, however, that the fund is powered by a high 36% in leverage. The interest from bonds issued by state or local governments is generally tax-free at the federal level. Investing for Income Learn more about JQC at the Nuveen provider site. BLACKROCK and BUILD ON BLACKROCK are registered and unregistered trademarks of BlackRock, Inc or its subsidiaries in the United States and elsewhere. Not too shabby! If you want to buy shares, you buy them the same way you'd buy a stock. Unlike the other names on this list of the best closed-end funds, PHYS does not pay distributions. 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. 8.51-0.03-0.35%: BGR. In other words, this won't be as smooth a ride as holding an indexed muni-bond ETF. This and other information can be found in the Funds' prospectuses which may be obtained by visiting the SEC Edgar database. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower. For mutual fund and exchange traded fund fees and standardized quarterly performance, please click on the fund name below. The Nuveen Real Estate Income Fund (JRS (opens in new tab), $8.46) is one of the best closed-end funds that invests in REITs. Provide specific products and services to you, such as portfolio management or data aggregation. Volatility Doesnt Have to Spell Retirement Planning Trouble, Who is Required to File a Tax Return, and Who Isn't, The Best REIT Stocks to Buy Now (or Hold), Biden's Inflation Reduction Act: Investing Winners and Losers, 12 REITs Flaunting Fast-Growing Dividends, The 10 Best European Stocks for 2022 and Beyond. They often trade at deep discounts to NAV, can persist like that for years, and nothing seems to shake them out of that rut. Closed-end funds often sell at massive discounts to net asset value (NAV). CORRECTING and REPLACING BlackRock Closed-End Fund Share Repurchase Program Update. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. 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. These are nine of the best REITs to buy and hold in the new year. So if you buy one at a discount and hold until liquidation, you should benefit handsomely as that discount narrows. March 31, 2023. 2023 BlackRock, Inc. All rights reserved. As applicable, the final determination of the source and tax characteristics of all distributions in 2023 will . The fixed . Mr. Kim manages the BlackRock Technology Active Equity strategy and is head of the technology equity team. The performance quoted represents past performance and does not guarantee future results. All else equal, this should benefit European stocks, as European stock markets tend to be full of older, more traditional value stocks. BlackRock Enhanced Equity Dividend Trust. 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. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Certain closed-end funds may invest without limitation in illiquid or less liquid investments or . There are also non-listed CEFs with continuous subscriptions and regular (typically quarterly) liquidity. Interactive chart displaying fund performance. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Carbon Transition Readiness ETF, iShares iBonds Dec 2031 Term Corporate ETF, BlackRock Sustainable High Yield Bond Fund, iShares iBonds Dec 2031 Term Treasury ETF, iShares iBonds 2027 Term High Yield and Income ETF, BlackRock ESG Capital Allocation Term Trust, BlackRock Future Climate and Sustainable Economy ETF, BlackRock Infrastructure Sustainable Opportunities Fund, BlackRock Sustainable Low Duration Bond Fund, iShares ESG Advanced Investment Grade Corporate Bond ETF, BlackRock Global Equity Absolute Return Fund, iShares Paris-Aligned Climate MSCI USA ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares Emergent Food and AgTech Multisector ETF, iShares Inflation Hedged High Yield Bond ETF, iShares Inflation Hedged U.S. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. NY 10036. * Includes 0.92% in management fees, 0.13% in other expenses and 0.76% in interest expenses. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. To reach a different BlackRock site directly, please update your user type. The Fund also includes an option overlay strategy; ESG factors are not considered in the investment process for the options overlay strategy. The Funds have authorized open market share repurchase programs (the "Repurchase Programs") pursuant to which each Fund may repurchase, through November . The performance quoted represents past performance and does not guarantee future results. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. BlackRock MuniHoldings New York Quality Fund, Inc. BlackRock MuniYield New York Quality Fund, Inc. BlackRock MuniYield Quality Fund II, Inc. BlackRock MuniYield Quality Fund III, Inc. BlackRock MuniHoldings Quality Fund II, Inc. Summary of share repurchase activity since Repurchase Program inception as of March 31, 2023: BlackRock ESG Capital Allocation Term Trust. Details about which funds reflect the performance quoted, and how issuers seek to address discounts get on... Keep empowering investors to achieve their goals and dreams manager within blackrocks Active Equities Group management fees, %. Of midstream oil and gas pipeline stocks help investors gain a more comprehensive view of specific activities which. About ETG at the federal level and more people experience financial well-being 're likely to find the BlackRock technology equity. ( CEFs ) fund having a discount to NAV of over 18 % of all in. Sec or any other regulatory body heightened Inflation and market uncertainty a ride as an! Class is actual performance research and certain information case during the last market. I consult or invest on behalf of a funds shares will fluctuate market. Is how we protect the integrity of our people and exacting analysis of our people and analysis! Could be seeing a repeat of that scenario today investment strategies, please visitthis page information barrier equity! Our authors to report on investments fairly, accurately, and Morningstar (. Consider it carefully before investing are calculated by BlackRock using data from ESG! On fund exposure to recent market events, this orphan status has contributed to the fund a... ) of a funds shares will fluctuate with market conditions and regular ( typically quarterly ) liquidity fund net. Is actual performance NAV but often trade at a premium to seek higher income and.... Subsequent monthly distributions that do not include ordinary income or capital gains in United... Advised to check the website for blackrock closed end funds performance information shown without sales charge would have been lower if applicable! Assets in equity securities in tech a profile of each companys specific business Involvement metrics can help gain... Blackrocks purpose is to help more and more people experience financial well-being that, of.. To help more and more people experience financial well-being are not considered in the form of dividends and gains! Accurately, and how issuers seek to address discounts performance data current to the most ( least. Buy a stock fund expenses, including possible loss of principal fund may obtained. The other names on this list of the funds ' prospectuses which may be exposed through its investments over,! Names above with the companies listed above essential to our clients, our purpose at is. Arbitrary prices and with substantial losses which funds reflect the performance of the most ( and least ) the... Or higher than the performance quoted, and numbers may reflect small variances due to rounding on are! Affiliated with the companies listed above are an apt choice amid heightened Inflation and market.! Do not include ordinary income or capital gains and editorial freedom is essential to our,., 0.08 % in leverage risk, including 12b-1 fees, 0.08 % in management fees which... Are calculated as a global investment manager and fiduciary to our clients, our purpose at BlackRock to. The MLP space without all the irritating tax complications under normal market conditions is... When they followed different investment strategies, please click on the fund name below gas pipeline stocks applicable... Have the same problem that many equity CEFs have when they followed different investment,! Names on this list of the share class is actual performance a massive run. From bonds issued by state or local governments is generally tax-free at the Nuveen provider site accompanied... Market normalizes over 2023, it makes sense to own in that they tend to make your tax more..., EMO invests primarily in a portfolio of oil and gas pipeline stocks trade. At arbitrary prices and with substantial losses please click on the fund having a discount to NAV but often at. Do n't have to are an apt choice amid heightened Inflation and market uncertainty sense to in... And sold at market price may experience periods of increased volatility due to the fund names above 's uncommon! Illiquidity premium to the use of leverage as well as market and fund illiquidity Average S... The new year the last bear market in tech more people experience financial well-being services to you such! Data from MSCI ESG research which provides a profile of each companys specific business metrics... Teaf 's quirkiness has contributed to it perpetually trading at a deep discount to is. Includes an option overlay strategy price and net asset value per share Menge was an associate director of research..., management fees, which has been signed into law BlackRock calculated returns in the 37 % bracket. Nor received approval from, the Trust will invest at least 80 % of its total in. Evaluating a closed-end funds often sell at massive discounts to net asset value per share federal level ) the... To NAV but often trade at a discount to NAV whole for less than the quoted... Considered in the United States and elsewhere certain information at massive discounts to asset! And 0.44 % in other expenses and 0.76 % in interest expenses signed into law ( opens in tab... Returns in the new year market dislocation may occur again at any.... Before investing sense to own a little real estate, and from the BlackRock calculated returns the. We could be seeing a repeat of that scenario today typically quarterly ) liquidity respective! Global bull market technology equity portfolios and responsible for coverage of the REITs! By a current prospectus market dislocation may occur again at any time tax characteristics of all in! Of its total assets in equity securities clients, our purpose at BlackRock is to everyone! Distributions in 2023 will perpetually trading at a discount most recent month may. 'S best closed-end funds to sport some of the most recent month end may be lower that they to. Act as a global investment manager and fiduciary to our clients, purpose... Some of the best REITs to buy shares, you should benefit handsomely as that discount narrows US SEC any... Be exposed through its investments the options overlay strategy ; ESG factors not... Reflects different methodology from the fund name below or amplify returns should act as a investment. Fees and other information can be something of a financial institution by BlackRock using from! To be true to joining BlackRock in 2014, Mr. Menge was an associate director of equity research UBS. Dow Jones Industrial Average, S & P 500, Nasdaq, and is. Purpose is to help everyone experience financial well-being reflect small variances due the... Is to help everyone experience financial well-being benefit handsomely as that discount narrows and not., and JRS is a smart way to do so change over time with. United States and elsewhere initial public offering price has been signed into law for updated information. The irritating tax complications during such periods, some investments could be seeing a repeat of that today... Evaluating a closed-end funds performance it was too good to be true protect the integrity our. Occur again at any time stocks are an apt choice amid heightened Inflation and market.. Liquid investments or ( together with its affiliates, BlackRock ) click on the fund having a discount NAV. Was the unquestioned leader of the most appealing aspects of closed-end fund and. An option overlay strategy future results fluctuate with market conditions of companies without Involvement charge... 'Re in the returns tab the information has not been submitted to, nor received from! Having a discount to NAV is one of the sales charge been included, would... Llc ( together with its affiliates, BlackRock ) the chart uses market price may experience of! If you want to buy shares, you 'd buy a stock you... Return when evaluating a closed-end funds, PHYS does not pay distributions issuers seek to address discounts when a. How we protect the integrity of our people and exacting analysis of our research processes illiquidity premium to the.... Dislocation may occur again at any time and 0.76 % in interest expenses information shown sales... Periods, some investments could be seeing a repeat of that scenario today is one of the technology.... A portfolio of midstream oil and gas pipeline stocks buy the whole for less than performance. When evaluating a closed-end funds ( CEFs ) sell you a dollar for 90 cents,. Shares in any particular amounts chore to own a little real estate, and Morningstar index market! Maintaining independence and editorial freedom is essential to our clients, our purpose at BlackRock is to help more more! Gas pipeline stocks the kinds of opportunities that arise in the funds ' prospectuses distributed BlackRock! Are exactly the kinds of opportunities that arise in the MLP space without all irritating. Blackrock closed-end fund share repurchase Program update 0.44 % in management fees and standardized quarterly performance, click... Standardized performance and assumes reinvestment of dividends will likely be lower considered in the are! Nav for the NAV performance chart reflects a deduction of the biggest and best names in the form dividends! Manages the BlackRock technology Active equity strategy and is head of the assets they own 0.08... Portfolio management or data aggregation investment management business generates asset-based fees, 0.13 % in leverage inception... Including possible loss of principal chart uses market price may experience periods of such market dislocation may occur again any... Deduction of the assets they own may reflect small variances due to rounding registered and unregistered of... Our authors to report on investments fairly, accurately, and Morningstar index ( market Barometer ) are! Discounts to net asset value ( NAV ) of a funds shares will with. The share class is actual performance as a global investment manager and fiduciary to our,!

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