Ranking of best closed-ended mutual funds based on discount from net asset value (NAV), annual expense ratio, and plans to reduce or eliminate discount.
All open-ended mutual funds are guaranteed to perform worse than the securities that they hold. The same applies to many closed-ended mutual funds. However, there is a small group of closed-ended funds, listed below, whose performance expectation is much better than that of the securities they hold. They are not just the best buys among closed-ended mutual funds but are some of the best buys among all stocks whose expected performance can be analyzed mathematically.
Unlike other rankings that reflect past performance and are not predictors of future performance, our scientific ranking reflects the probability of high future return on the investment made today. Our ranking is based on two main factors that are the best quantifiable predictors of future returns: NAV discount and Expense Ratio. A third criterion taken into account in our ranking is evaluations of the plans the fund has, if any, to reduce its discount in the near future.
All the funds listed below are recommended. Among them, the reader may wish to choose those appearing at the top of the list. Some readers may wish to narrow down the selection further by analyzing other unquantifiable factors: investment policy, sector, dividends, and news about these funds. (We have already factored in the news that some of these funds intend to become open-ended funds or to implement another policy to expedite the reduction or elimination of their discount off NAV. A link to a list of news articles about all the funds we recommend, as well as other information, is given at the bottom of this report.)
We rank funds traded on U.S. markets; however, their portfolios may be composed of stocks traded on U.S. or foreign markets.
Funds with a high discount off NAV are likely to reduce their discount in the future, thus offering the investor a good possibility of appreciation of the fund's stock greater than the appreciation of the fund's portfolio. However, the appreciation is reduced by a high Annual Expense Ratio (particularly, the fund's management fees and other expenses but excepting expenses on interest). Therefore, in our ratings, we balance NAV discount and management fees etc. Additional factors that should be taken into account include the fund's plans to reduce discount via distributions, repurchase, tender offers, liquidation, and other means.
| rank (9= a steal, 5=excellent, 3=very good, 1=good) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| % discount off NAV (Market share price is under the Net Asset Value per share by %Discount) | |||||||||
| Annual Expense Ratio % : administrative (management) fee % | |||||||||
| Fund Symbol | |||||||||
| date : Market price on the date/NAV on the date | |||||||||
| links | Fund name | class, site | investment policy | ||||||
| 9 | 47 | 1.45:.978 | HFRO | 12/26:6/11.33 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Highland Opportunities and Income Fund | Loan Participation hcmlp.com | to provide a high level of current income, consistent with preservation of capital. Under normal market conditions, the Fund seeks to achieve its objective by investing at least 80% of its net assets in floating rate loans and other securities deemed to be floating rate investments. | |
| 9 | 42 | 1.3 :1 | CGI | 12/24:46.97/81.45 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Canadian General Investments Limited | Developed Market mmainvestments.com | to achieve capital appreciation primarily through investment in equity and equity-linked securities of non-Canadian-based corporations and to generate income for its shareholders. | |
| 8 | 35 | 0.73:.73 | UNC | 12/23:14.6/22.59 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | United Corporations Limited | Developed Market ucorp.ca Expense ratio imputed | to provide current income while seeking capital growth by investing primarily in common stocks of U.S. companies with dominant market positions in their industries and that have a record of paying regular dividends on common stock or have the potential of capital appreciation. | |
| 6 | 30 | 2.63:1.02 | FXBY | 12/26:23/33.09 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Foxby Corp. | Diversified Equity foxbycorp.com | total return from growth of capital and income by investing in any security type and in any industry sector. | |
| 5 | 24 | 1.51:.288 | HGLB | 12/26:9.16/11.99 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Highland Global Allocation Fund | Global highlandfunds.com | long-term growth of capital and future income by investing in U.S. and foreign equity, debt and money market securities. The Fund intends to normally invest at least 50% of its net assets in equity securities and at least 40% (plus any borrowings for investment purpose) in securities of non-U.S. issuers. | |
| 4 | 20 | 1.49:1.10 | STEW | 12/26:18.42/23.17 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | SRH Total Return Fund, Inc | Diversified Equity boulderfunds.net | to produce both long-term capital appreciation through investment in common stocks and high current income consistent with preservation of capital through investments in income producing securities. | |
| 4 | 16 | 0.55:.35 | CET | 12/26:51.07/60.88 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Central Securities Corporation | Diversified Equity centralsecurities.com | to invest in good companies at sensible prices where it is believed there is an opportunity for a substantial gain over a three to five-year period. | |
| 3 | 20 | 3.34:.784 | GDL | 12/26:8.43/10.58 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | GDL Fund | Global gabelli.com | to achieve absolute returns in various market conditions without excessive risk of capital. Absolute returns are defined as positive total returns, regardless of the direction of securities markets. The Fund will seek to achieve its objective by investing primarily in merger arbitrage transactions. | |
| 3 | 19 | 2.13:1.09 | MXE | 12/26:12.36/15.19 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Mexico Equity & Income Fund, Inc | Emerging Markets mxefund.com | high total return through capital appreciation and current income. The Fund invests at least 50% of its assets in equity and convertible debt securities issued by Mexican companies and the remainder of its assets in debt securities and in certain high quality short-term debt instruments. | |
| 2 | 9 | 0.61:.378 | PEO | 12/26:21.69/23.96 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Adams Natural Resources Fund, Inc. | Natural Resources peteres.com | primarily the preservation of capital, the attainment of reasonable and dependable income from investments and an opportunity for capital appreciation consistent with the foregoing. Under normal market conditions, the Fund invests at least 80% of its net assets in energy stocks sector. | |
| 2 | 14 | 1.71:1 | RGT | 12/26:13.2/15.43 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Royce Global Trust, Inc | Global roycefunds.com | long-term growth of capital. The Fund invests at least 80% of its net assets in equity securities and at least 65% of its net assets in equity securities of companies located in at least three countries outside of the United States. The Funds assets may be invested in companies located in a single country. | |
| 2 | 14 | 1.35:1.09 | TDF | 12/26:11.45/13.27 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Templeton Dragon Fund, Inc | Emerging Markets franklintempleton.com | long-term capital appreciation. Invests at least 45% of assets in the equity securities of companies whose primary business are conducted in, or whose main offices are in China. This may also include companies whose business is expected to improve from development in China. May include other Asian firms. | |
| 2 | 14 | 1.32:.75 | GRF | 12/05:10.19/11.87 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Eagle Capital Growth Fund, Inc | Diversified Equity eaglecapitalgrowthfund.com/ | long-term growth. Under normal market conditions, the Fund will invest primarily in high quality, dividend-paying U.S.-based multinational corporations. | |
| 2 | 13 | 1.37:1.25 | NBXG | 12/26:14.56/16.75 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Neuberger Next Generation Connectivity Fund Inc. | Sector Equity nb.com | to provide capital appreciation and income. The Fund will invest at least 80% of its total assets in equity securities issued by US and non-US companies, in any market capitalization range, that are relevant to the theme of investing in NextGen Companies that uses NextGen Connectivity. | |
| 2 | 13 | 1.35:1.07 | MXF | 12/26:20.63/23.64 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Mexico Fund, Inc | Emerging Markets themexicofund.com | long-term capital appreciation through investment in securities, primarily equity, listed on the Mexican Stock Exchange. It shall be the non-fundamental policy of the Fund normally to invest at least 80% of its assets in equity securities of issuers listed on the Mexican Stock Exchange. | |
| 2 | 13 | 1.32:.923 | TWN | 12/26:59.71/68.46 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Taiwan Fund, Inc. | Emerging Markets thetaiwanfund.com | long-term capital appreciation. The Fund will investment primarily in equity securities listed on the Taiwan Stock Exchange and in the Republic of China. | |
| 2 | 12 | 1.65:.838 | PCF | 12/26:6.1/6.92 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | High Income Securities Fund | Convertible Sec putnam.com | to provide high current income by investing in high-yielding convertible securities. The Fund will also seek to augment current income by investing in nonconvertible high-yielding, lower -rated or non-rated debt securities. | |
| 2 | 12 | 1.49:.85 | EEA | 12/26:11.08/12.57 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | The European Equity Fund Inc | Developed Market dws-investments.com | long term capital appreciation by investing in equity and equity-linked securities of issuers domiciled in Europe. The Fund invests at least 80% of the Fund's net assets (plus any assets funded with leverage) will be invested in equity or equity-linked securities of issuers domiciled in Europe. | |
| 2 | 12 | 1.44:.7 | KF | 12/26:35.96/41.06 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Korea Fund, Inc | Emerging Markets thekoreafund.com | long-term capital appreciation through investment in securities, primarily equity securities, of Korean companies. | |
| 2 | 12 | 1.22:1.04 | RMT | 12/26:10.6/12.05 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Royce Micro-Cap Trust, Inc | Diversified Equity roycefunds.com | The Trust seeks long-term capital appreciation by investing primarily in the securities of micro-cap companies traded in the over-the-counter market. | |
| 2 | 11 | 1.2 :.942 | HEQ | 11/28:10.93/12.28 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | John Hancock Diversified Income Fund | Global jhfunds.com | to provide total return with a focus on current income and gains and also consisting of long-term capital appreciation. The Fund, under normal market conditions, invests at the time of purchase, at least 80% of its total assets in equity and equity-related securities, including rights and warrants. | |
| 2 | 11 | 1.11:.931 | GAM | 12/26:58.77/65.8 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | General American Investors Company, Inc | Diversified Equity generalamericaninvestors.com | long-term appreciation through investment in companies with above average growth potential. | |
| 2 | 11 | 0.96:.912 | NFJ | 12/26:12.91/14.55 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Virtus Dividend, Interest & Premium Strategy Fund | Opt Arbitrage/Opt Strat allianzinvestors.com | current income and gains. The secondary objective of the fund is long-term capital appreciation. The Fund will primarily invest in a diversified portfolio of dividend-paying common stocks and income-producing convertible securities. The Fund will also employ a strategy of writing call options. | |
| 2 | 11 | 0.93:.862 | DIAX | 12/26:15.22/17.11 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Nuveen Dow 30 Dynamic Overwrite Fund | Opt Arbitrage/Opt Strat nuveen.com | to provide stockholders with a high level of current income, with a secondary objective of capital appreciation. The Fund uses a two-part strategy. First, the Fund will invest in the thirty stocks included in the Dow Jones Industrial Average. Second, the Fund will write (sell) covered call options. | |
| 2 | 11 | 0.89:.831 | BXMX | 12/26:14.42/16.19 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Nuveen S&P 500 Buy-Write Income Fund | Opt Arbitrage/Opt Strat nuveen.com | to provide a high level of current income and gains. Under normal market circumstances, the Fund will invest its managed assets in a diversified equity portfolio that seeks to substantially replicate price movements of the S&P's 500 Stock Index and is designed to support the Fund's index option strategy. | |
| 2 | 11 | 0.47:.42 | TY | 12/26:32.73/36.69 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Tri-Continental Corporation | Diversified Equity tricontinental.com | to produce future growth of both capital and income while providing reasonable current income. While common stocks make up the bulk of the Fund's investments, asset may be held in cash or invested in all types of securities. | |
| 2 | 10 | 1.64:.671 | ASA | 12/26:62.45/69.7 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | ASA Gold & Precious Metals Limited | Sector Equity asaltd.com | to invest at least 80% of the total assets in securities of companies engaged in the exploration, mining or processing of gold, silver, platinum, diamonds or other precious mineral and investment in direct forms, interests in and/or securities that seek to replicate the price movement of precious minerals. | |
| 1 | 9 | 2.69:.607 | BTT | 12/26:22.34/24.57 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | BlackRock Municipal 2030 Target Term Trust | Gen & Ins Leveraged blackrock.com | to provide current income that is exempt from regular federal income tax. Under normal market condition, the Fund will invest at least 80% of its Managed Assets in municipal securities that at the time of investment are investment grade quality. | |
| 1 | 9 | 1.12:.971 | HQH | 12/26:19.25/21.15 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | abrdn Healthcare Investors | Sector Equity teklacap.com | long-term capital appreciation by investing primarily in securities of companies in the health services and medical technology (health care) industries (”Health care Companies”). | |
| 1 | 9 | 0.93:.824 | BOE | 12/26:11.74/12.94 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | BlackRock Enhanced Global Dividend Trust | Opt Arbitrage/Opt Strat www1.blackrock.com | current income and current gains, with a secondary objective of long-term capital appreciation. The Fund primarily invests in securities of companies with large capitalization and seeks to achieve its objectives by investing primarily in equity securities up to approximately 30% to 45% of its total assets. | |
| 1 | 9 | 0.9 :.826 | QQQX | 12/26:28.52/31.21 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Nuveen Nasdaq 100 Dynamic Overwrite Fund | Opt Arbitrage/Opt Strat nuveen.com | attractive total return with less volatility than the Nasdaq 100 Index. The Fund will invest at least 80% of assets in a portfolio made up of securities comprising the Index that seeks to substantially replicate price movements of the Nasdaq 100 Index and is designed to support the Funds Option Strategy. | |
| 1 | 8 | 0.9 :.83 | USA | 12/26:6.34/6.93 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Liberty All-Star Equity Fund | Diversified Equity all-starfunds.com | total investment return, comprised of long term capital appreciation and current income, through investment primarily in a diversified portfolio of equity securities. | |
| 1 | 12 | 1.44:1.24 | BMEZ | 12/26:15.28/17.31 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | BlackRock Health Sciences Term Trust | Sector Equity | The Trust's investment objectives are to provide total return and income primarily through long-term capital appreciation. It will invest in equity securities of companies engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries. | |
| 1 | 11 | 3.65:.71 | FMN | 12/26:11/12.41 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Federated Hermes Premier Municipal Income Fund | Gen & Ins Leveraged federatedinvestors.com | to provide current income by investing primarily in securities that pay interest exempt from federal income tax, including AMT. Under normal circumstances, the Fund will maintain a dollar-weighted average portfolio maturity of 15 to 30 years and a dollar-weighted average duration of 7 to 13 years. | |
| 1 | 11 | 3.57:.608 | WIW | 12/26:8.56/9.64 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Western Asset Inflation-Linked Opportunities & Income Fund | General Bond leggmason.com | to provide current income primarily, and capital appreciation as a secondary objective, by normally investing at least 80% of its assets in U.S. Treasury Inflation Protected Securities (”U.S. TIPS”). The fund anticipates issuing preferred shares of approximately 33% of its total managed assets. | |
| 1 | 11 | 3.23:.722 | MPA | 12/26:11.02/12.35 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | BlackRock MuniYield Pennsylvania Quality Fund | PA Muni Debt www1.blackrock.com | to provide shareholders with current income exempt from federal and Pennsylvania income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations, the interest on which, in the opinion of the bond counsel to the issuers, is exempt from federal and state income taxes. | |
| 1 | 11 | 1.52:1.15 | GDV | 12/26:27.8/31.18 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Gabelli Dividend & Income Trust | Diversified Equity gabelli.com | to invest at least 80% of its assets in dividend paying or other income producing securities. In addition, under normal market conditions, at least 50% of the Fund's assets will consist of dividend paying equity securities. | |
| 1 | 11 | 1.36:.89 | GF | 12/26:11.37/12.74 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | New Germany Fund, Inc. | Developed Market dws-investments.com | capital appreciation by investing primarily in equity or equity-linked securities of German companies. The fund invests primarily in equity or equity-linked securities of middle market German companies with up to 20% in other Western European companies (with no more than 15% in any single country). | |
| 1 | 11 | 1.34:1.06 | EMF | 12/26:16.66/18.69 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Templeton Emerging Markets Fund | Emerging Markets franklintempleton.com | long-term capital appreciation by investing primarily in emerging country equity securities. | |
| 1 | 11 | 1.3 :.885 | JOF | 12/26:10.82/12.1 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Japan Smaller Capitalization Fund, Inc | Developed Market nomura.com | to provide shareholders with long-term capital appreciation primarily through investments in equity securities traded in the Japanese over-the-counter market. | |
| 1 | 11 | 1.13:1 | FUND | 12/26:8.73/9.77 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Sprott Focus Trust, Inc | Diversified Equity sprottfocustrust.com | long-term capital appreciation, which it seeks by normally investing more than 75% of its assets in common stocks, convertible preferred stocks, convertible debentures and other equity securities. | |
| 1 | 10 | 3.2 :.744 | BFZ | 12/26:10.76/12 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | BlackRock California Municipal Income Trust | CA Muni Debt www1.blackrock.com | current income exempt from regular Federal and California income taxes. To achieve its objective, the Fund will invest primarily in municipal bonds that pay interest that is exempt from these taxes. | |
| 1 | 10 | 1.61:.8 | SWZ | 12/26:6.27/6.93 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Total Return Securities Fund | Developed Market swz.com | long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies. | |
| 1 | 10 | 1.41:.937 | BCV | 12/26:22.18/24.78 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Bancroft Fund Ltd | Convertible Sec bancroftfund.com | to provide income and the potential for capital appreciation by investing primarily in convertible securities. | |
| 1 | 10 | 1.36:1.04 | HQL | 12/26:17.23/19.13 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | abrdn Life Sciences Investors | Sector Equity teklacap.com | long-term capital appreciation by investing primarily in equity and related securities of U.S. and foreign companies principally engaged in the development, production or distribution of products or services related to scientific advances in health care, agriculture and environmental management. | |
| 1 | 10 | 1.31:1.13 | IIF | 12/26:25.12/27.89 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Morgan Stanley India Investment Fund, Inc | Emerging Markets morganstanley.com | long-term capital appreciation by investing primarily in equity securities of Indian issuers. The Fund seeks to invest primarily in equity securities of companies organized in, India, denominated in Rupees and issued by companies to finance operations in India or of companies that alone. | |
| 1 | 10 | 1.27:1.04 | RVT | 12/26:16.26/18.12 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Royce Small-Cap Trust, Inc | Diversified Equity roycefunds.com | long-term capital growth by investing in the equity securities of small-cap and micro-cap companies, those with market capitalizations up to $2.5 billion. | |
| 1 | 10 | 1.18:.986 | ASG | 12/26:5.41/5.99 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Liberty All-Star Growth Fund, Inc | Diversified Equity all-starfunds.com | long-term capital appreciation primarily through investment in a diversified portfolio of equity securities. | |
| 1 | 10 | 1.1 :1 | ETW | 12/26:9.25/10.29 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund | Opt Arbitrage/Opt Strat eatonvance.com | current income and gains, with a secondary objective of capital appreciation. The Fund invests in common stocks of U.S. issuers and non-U.S. issuers, and sells on a continuous basis call options. | |
| 1 | 10 | 1.1 :.999 | ETJ | 12/26:8.8/9.77 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Eaton Vance Risk-Managed Diversified Equity Income Fund | Opt Arbitrage/Opt Strat eatonvance.com | to provide current income and gains, with a secondary objective of capital appreciation. Under normal market conditions, the Fund's investment program will consist primarily of owning a diversified portfolio of common stocks and employing a variety of options strategies. | |
| 1 | 10 | 1.07:1.02 | NIE | 12/26:25.54/28.29 | GN Ch Hi Ne Al Go MS CN Ma Mb Bl Ho Se MP | Virtus Equity & Convertible Income Fund | Convertible Sec allianzinvestors.com | total return comprised of capital appreciation, current income and gains. The Fund will pursue its investment objective by investing in a diversified portfolio of equity securities and income-producing convertible securities. | |
Charts and news about the above funds: Yahoo MSN MarketWatch
Updated:2025-12-28 07:32
Disclaimer: we do not recommend purchase or sale of any particular funds, merely present a compilation and mathematical manipulation of publicly available data; while we try to compile correct data, we cannot guarantee data correctness and are not responsible for its use.