How Return Of Capital Can Lead Closed-End Fund Investors Astray [Forbes]
Nuveen S&P 500 Buy-Write Income Fund Common Shares of Beneficial Interest (BXMX)
US:NYSE Investor Relations:
nuveen.com/cef/product/overview.aspx?fundcode=bxmx
Company Research
Source: Forbes
for investors in 8%+ yielding closed-end funds (CEFs). But in the case of high-quality CEFs, ROC is, contrary to what most people think, a good thing. Today we're going to look at some real-world examples to explain how, in fact, return of capital can make up a large share of a fund's returns. To do so, we're going to go into five Nuveen funds, the Nuveen S&P 500 Buy-Write Income Fund (BXMX), Nuveen Dow 30 Dynamic Overwrite Fund (DIAX), Nuveen S&P 500 Dynamic Overwrite Fund (SPXX), Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX) and Nuveen Core Equity Alpha Fund (JCE). Except for JCE, which I'll get to in a moment, these are all covered-call funds that hold the index to which they correspond, then sell call options on part of that index, to essentially “translate” volatility into income for investors. These four funds have strong records of doing this, with all but DIAX up over 100% in the last decade (DIAX, in orange below, is the laggard here, up 86.4%, largely because its i
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Sec Filings
- 12/3/24 - Form 3
- 11/26/24 - Form NPORT-P
- BXMX's page on the SEC website