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標題: 介紹美國一檔月配息資本增長加covered call策略封閉型基金 [打印本頁]

作者: sec2100 時間: 2017-5-30 10:31
標題: 介紹美國一檔月配息資本增長加covered call策略封閉型基金
https://seekingalpha.com/article/4077243-monthly-pay-covered-call-closed-end-fund-offers-7_68-percent-distribution-yield

Eaton Vance Enhanced Equity Income Fund (NYSE:EOI) is a covered call equity closed-end fund created in October 2004 with $558 million in assets under management. The primary objective of the fund is to provide current income, with a secondary objective of capital appreciation.

The fund is currently selling at a 5.2% discount to NAV, which is less than its five-year average. Here is a five-year history of the premium/discount from CEFConnect:

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The fund invests in a portfolio of primarily large- and mid-cap stocks with above-average growth and financial strength, and it writes call options on individual securities to generate current earnings from the option premiums.

Within the equity covered call CEF sector, I usually prefer funds that use index options over those that use options on individual stocks. Aside from the tax advantage, the options on stock indexes generally trade with a lower bid-asked spread and are more liquid. This means reduced "slippage" costs, resulting in less drag on performance.

EOI writes options on individual stocks in the portfolio. But most of the fund's holdings are stocks with very active option markets (e.g. Apple (NASDAQ:AAPL), Alphabet (GOOG, GOOGL), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN)), so liquidity and slippage is not a big problem.

EOI only writes options against one half of the portfolio and tends to write out-of-the-money options which often expire worthless, saving on commission costs. As with many covered call funds, the fund uses a high managed distribution plan, and it is currently paying out $0.0864 per month. The fund has managed to keep the distribution steady since March 2013, when it was reduced from $0.0909 per month. Over the last year, EOI has been paying out most of its distributions as return of capital, which can be beneficial if you own it in a taxable account.

作者: eddy 時間: 2017-5-31 10:29
可以請問一下 premium/discount ratio 的中文與財務或投資上的意義嗎?

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