Nuveen's Davis on what '25 has set up for closed -end funds in the year ahead episode artwork

EPISODE · Jan 16, 2026 · 14 MIN

Nuveen's Davis on what '25 has set up for closed -end funds in the year ahead

from The NAVigator

Stephen Davis, closed-end fund product specialist at Nuveen, says that while 2025 was a strong year for closed-end fund performance, price returns exceeded net asset value (NAV) gains, reflecting a narrowing of discounts, continuing a trend from 2024. Those narrower discounts will make it harder for that broad trend to continue in 2026, but he noted that municipal bonds and senior loans are two areas that should provide promising opportunities. Davis noted that 2025 saw significant merger and rights offering activity, a trend he expects to continue in the new year.

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Nuveen's Davis on what '25 has set up for closed -end funds in the year ahead

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This episode was published on January 16, 2026.

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Stephen Davis, closed-end fund product specialist at Nuveen, says that while 2025 was a strong year for closed-end fund performance, price returns exceeded net asset value (NAV) gains, reflecting a narrowing of discounts, continuing a trend from...

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