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Top Closed-End Funds Sniff Out Energy Bets

Some of the leading closed-end funds returned as much as 13% in August, with four of the top 10 exposed to the energy sector in one form or another. All this with a pullback in the price of oil.

The key seems to be non-diversification -- that is, focus on a few quality companies. For the top three funds, 50% to 60% of total assets are invested in their top 10 holdings.

The funds also share many common stock holdings.

The top holdings common to all three funds include Kinder Morgan Management (KMR), Enterprise Products Partners LP (EPD), Plains All American Pipeline LP (PAA) and Energy Transfer Partners (ETP).

The top funds follow below.

Fund TICKER Category Premium/Discount 1 Month Return (%)
Tortoise Energy Capital TYY Sector - Energy/Natural Res 7.66 13.68
First Trust Energy Income&Growth FEN Sector - Energy/Natural Res 3.80 12.38
Tortoise Energy Infrastr Corp TYG Sector - Energy/Natural Res 10.78 10.47
Tortoise North American Energy TYN Sector - Energy/Natural Res -14.65 9.46
Eagle Capital Growth Fund GRF Growth - Domestic -8.51 9.23
MLP & Strategic Equity Fund Inc. MTP Sector - Energy/Natural Res -2.47 8.83
PIMCO Strategic Glob Gov Fund RCS General Mortgage 16.41 8.54
Western Asset Emerg Mkts Fltg EFL Emerging Market Income 29.25 8.52
J Hancock Preferred Income III HPS Equity Income -1.49 7.40
Eaton Vance Insured MA Muni Bond MAB Municipal Single State 5.13 7.40

Sam Patel, CFA, is the manager of mutual fund research for the Ratings.

In keeping with TSC's Investment Policy, employees of Ratings with access to pre-publication ratings data must pre-clear any potential trade through the legal department, and are prohibited from trading any security that is the subject of an unpublished rating revision until the second business day after the rating is published.

While Patel cannot provide investment advice or recommendations, he appreciates your feedback; click here to send him an email.

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