That's according to their latest semi-report from the previous annual report. It is from the depreciation in the underlying portfolio, but they've also even increased borrowings by another $25 million to $450 million. Leverage has been inching up for this fund. Interestingly, that is down from the 1.78% we saw reported at the end of fiscal 2021. The total expense ratio comes to 1.76% when including the leverage expenses. That is around the average for closed-end funds. Most of the portfolio has been held in the U.S. RNP's objective is "high current income" and a secondary objective of "capital appreciation." To achieve this, they invest just as their name would suggest "investment in real estate and diversified preferred securities." They will invest in both U.S. This is especially true for higher-quality funds, which I believe RNP is. When the discounts are widening is generally when solid returns can be made. ![]() Still, that's where opportunity can open up in these volatile times for closed-end funds. The leverage in this fund is also playing a role too, making it a more volatile play. ![]() RNP Performance Since Previous Update (Seeking Alpha) The S&P 500 isn't an appropriate benchmark, but it can provide us with some context of how this fund is performing. That would be including the distributions the fund has paid out. Since our previous update, RNP has performed similarly to the broader market on a total return basis. REITs themselves are down, so a discount for RNP could be seen as even more attractive. Though the discount has been quite volatile, as we often experience in times when the overall market is volatile for closed-end funds. A version of this article was originally published to members of the CEF/ETF Income Laboratory on September 26th, 2022.Ĭohen & Steers REIT & Preferred & Income Fund ( NYSE: RNP ) had recently touched up to an attractive discount. Do not know what to write for an occasion, click on the occasion for which the letter needs to be written and you will find it by referring to this website.Written by Nick Ackerman, co-produced by Stanford Chemist. Name the occasion and you will find a letter for that. There are letters for every occasion and an occasion for every letter.
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