April's Top Closed-End Funds - TheStreet

April's Top Closed-End Funds

Western Asset Emerging Markets and Cornerstone Total Return Fund posted the best fund-specific returns.
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The best average returns for closed-end funds in April were to be found in the Corporate High Yield category.

The average return for High Yield funds was 8.62%. The best-performing fund in this category was the

Credit Suisse High Yield Bond Fund

(DHY) - Get Report

returning 16.65%.

However, risks are present, as indicated by the nature of high yield and a slowing economy that will at some stage expose the risk in the corporate bond market. But at this stage, there are good returns to be had in this sector.

Category

Number of funds

1 Month Average Return

Corporate - High Yield

32

8.62

Corporate - Investment Grade

1

4.48

Emerging Market Equity

4

5.60

Emerging Market Income

9

6.84

Equity Income

68

6.20

General Bd - Investment Grade

12

3.19

General Mortgage

11

2.67

Global Equity

40

6.31

Global Income

34

3.47

Government Bond

3

2.91

The other categories of interest are Emerging Market Equity and Equity Income, which posted solid averages.

They also contained the two best-performing funds:

Western Asset Emerging Markets Fund

(EFL) - Get Report

and

Cornerstone Total Return Fund

(CRF) - Get Report

, returning 25.86% and 25.88%, respectively.

These funds are fairly risky, though -- they exhibit volatility in their returns over time and therefore investors near-term gains are unlikely to be sustainable at these levels.

Still, given that the employment picture and credit situation is going to be much the same for May as it was in April, these funds look attractive.

Below is the entire list of top funds in each category of the TSC Ratings closed-end universe.

Fund

Category

TICKER

1 Month Return

Cornerstone Total Return Fund

Equity Income

CRF

25.88

Western Asset Emerg Mkts Fltg

Emerging Market Income

EFL

25.86

Greater China Fund

Non-US Equity

GCH

20.81

First Trust Strategic High Yield

Multi-Sector Bond

FHI

18.71

Pioneer High Income Trust

Global Income

PHT

17.22

Eaton Vance Insured FL Plus Muni

Municipal Single State

EIF

16.93

Credit Suisse High Yield Bond Fund

Corporate - High Yield

DHY

16.65

Cohen&Steers Worldwide Realty Inc

Global Equity

RWF

15.81

Dividend Capital Strategic Gbl Rlty

Growth & Income

DCW

14.33

BlackRock Diversified Inc Strat

Loan Participation

DVF

13.11

First Trust Energy Income&Growth

Sector - Energy/Natural Res

FEN

11.59

Morgan Stanley Emerging Markets

Emerging Market Equity

MSF

11.19

PIMCO Strategic Glob Gov Fund

General Mortgage

RCS

10.64

Evergreen Utilities&High Income

Sector - Utilities

ERH

10.62

Western Asset Premier Bond Fund

General Bd - Investment Grade

WEA

9.60

MFS High Yield Muni Trust

Municipal - High Yield

CMU

8.71

Eaton Vance Insured Muni Bond II

Municipal - National

EIV

8.59

SunAmerica Focused Alpha Growth

Growth - Domestic

FGF

6.94

First Financial Fund

Sector - Financial Services

FF

6.86

BlackRock Enhanced Government

Government Bond

EGF

6.55

Gabelli Global Gold Nat Res&Income

Sector - Precious Metals

GGN

5.01

Rivus Bond Fund

Corporate - Investment Grade

BDF

4.48

H&Q Life Sciences Investors

Sector - Health/Biotechnology

HQL

3.13

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

In keeping with TSC's Investment Policy, employees of TheStreet.com 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.

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