Flaherty & Crumrine Total Return Fund Inc

Flaherty & Crumrine Total Return Fund, Inc. is a closed-end investment fund. Its investment objective is to provide high current income for holders of its common stock. The company invests in traditional preferred stock, trust preferred securities, and hybrid securities that have characteristics of both equity, and debt securities. Flaherty & Crumrine Total Return Fund was founded on August 29, 2003 and is headquartered in Pasadena, CA.

Flaherty & Crumrine Total Return Fund, Inc. is a closed-end investment fund. Its investment objective is to provide high current income for holders of its common stock. The company invests in traditional preferred stock, trust preferred securities, and hybrid securities that have characteristics of both equity, and debt securities. Flaherty & Crumrine Total Return Fund was founded on August 26, 2003 and is headquartered in Pasadena, CA.

The Flaherty & CrumrineTotal Return Fund's 6.50% yield is lower than its peers, making it less attractive for income-focused investors. The fund's performance has been inconsistent, with significant underperformance compared to peers over the past five years. Despite recent gains, the fund's future performance is uncertain due to potential inflation and limited upside from expected interest rate cuts.

FLC: Fed Rate Cuts Are Not A Tailwind

Flaherty & Crumrine Dynamic Preferred & Income Fund

Flaherty & Crumrine Preferred Securities Income Fund Inc

Flaherty & Crumrine Preferred Income Fund Inc

Flaherty & Crumrine Preferred Income OpportunityFund Inc

PASADENA, Calif.--(BUSINESS WIRE)--The Boards of Directors of Flaherty & Crumrine Preferred and Income Fund Incorporated (NYSE: PFD), Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated (NYSE: PFO), Flaherty & Crumrine Preferred and Income Securities Fund Incorporated (NYSE: FFC), Flaherty & Crumrine Total Return Fund Incorporated (NYSE: FLC) and Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated (NYSE: DFP) today announced that they have d.

PFD, PFO, FFC, FLC and DFP Announce November Dividends

BNY Mellon High Yield Strategies Fund 

John Hancock Tax-Advantaged Dividend Income Fund

New American High Income Fund

NextEra Energy

Nuveen AMT-Free Municipal Value Fund

Tortoise Essential Assets Income Term Fund

Utilities Select Sector SPDR Fund

The broader market indexes continue to hit all-time highs, with broader participation continuing into September. Every month, I add to my positions in my closed-end fund portfolio to grow my cash flow month after month. The main theme this month, which has been most of the theme this year, was adding to funds that should benefit from a lower rate environment.

5 Closed-End Fund Buys In The Month Of September 2024

Adams Diversified Equity Fund

Aberdeen Standard Global Infr Inc Fd

BlackRock Enhanced Equity Dividend Trust

Blackrock Health Sciences Trust

Eaton Vance Tax-Advantaged Global Dividend Income Fund

Western Asset Investment Grade Income Fund

Cohen & Steers Real Estate Opportunities and Income Fund

Closed-end funds overall have seen discounts narrow since the start of the year, but opportunities still exist in certain areas of the market. With increased market volatility more recently, that may lead to discounts widening back out, which could create even more opportunities in this structure. I hold 42 positions in my CEF portfolio, with the top 10 positions making up 37.40% of the portfolio—here's a review of those top 10 names.

My Top 10 Closed-End Fund Holdings: August 2024

Flaherty & Crumrine Total Return Fund is set to benefit from rate cuts over the next year. The fund was negatively impacted by higher rates as borrowing costs rose materially, and risk-free rates pressured the underlying portfolio. Rate cuts should lead to higher net investment income, and we are already seeing those distribution increases in 2024.

FLC: Continuing Recovery With An Attractive Discount And Distribution Increases

PFD, PFO, FFC, FLC and DFP Announce August, September and October Dividends

Eagle Point Income Company Inc

June was another month where we saw broader equities hitting new all-time highs. However, that participation was rather narrow as the mega-cap tech names led the way higher. This last month, I added to or initiated positions in five different closed-end fund names; I sold out of two positions this month.

5 Closed-End Fund Buys (And 2 Sells) In The Month Of June 2024

The Flaherty & Crumrine Total Return Fund has a lower yield than its peers, making it less attractive as an income vehicle. The FLC closed-end fund's performance has been negatively impacted by its high level of leverage and substantial losses when interest rates rose.

FLC: Preferred Stocks Are Doing Well, But Don't Ignore The Risks

PFD, PFO, FFC, FLC and DFP Announce May, June and July Dividends

Flaherty & Crumrine Total Return Fund has been negatively impacted by Fed rate hikes, causing borrowing costs to explode higher, while their portfolio was also hit by higher rates. FLC recently raised its distribution, and that provides a glimmer of hope that stabilization is taking place. The fund has a potentially brighter future moving forward, and the large discount present could be a further opportunity.

FLC: Deep Discount And Better Outlook Lead To Opportunity

Cornerstone Strategic Value Fund Inc

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Miller/Howard High Income Equity Fund

SPDR S&P 500 ETF Trust

January saw some mixed results in terms of sector performance, with real estate returning some of the gains they saw in the previous couple of months.

5 Closed-End Fund Buys In The Month Of January 2024 (Includes 2 Swaps)

MFS High Yield Municipal Trust

MFS High Income Municipal Trust

MFS Investment Grade Municipal Trust

We review CEF market valuation and performance through the fourth week of January and highlight recent market action. All sectors were up for the week, with MLPs and Preferreds leading the way. Investors should be wary in taking CEF total NAV returns at face value given various conventions and data issues.

CEF Weekly Review: Take Care With Total NAV Returns

PASADENA, Calif--(BUSINESS WIRE)--The Boards of Directors of Flaherty & Crumrine Preferred and Income Fund Incorporated (NYSE: PFD), Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated (NYSE: PFO), Flaherty & Crumrine Preferred and Income Securities Fund Incorporated (NYSE: FFC), Flaherty & Crumrine Total Return Fund Incorporated (NYSE: FLC) and Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated (NYSE: DFP) today announced that they have de.

PFD, PFO, FFC, FLC and DFP Announce February, March and April Dividends

Flaherty & Crumrine Total Return Fund has suffered from multiple distribution cuts, resulting in a low forward yield of 6.81%. The FLC closed-end fund's share price has increased by 9.53% since the last article, outperforming the preferred stock index and bond index. The fund's exposure to the banking sector has increased, and its leverage remains high, posing risks for investors.

FLC: This Fund May Not Be Able To Sustain Its Recent Gains (Rating Downgrade)

PFD, PFO, FFC, FLC and DFP Announce December and January Dividends

PFD, PFO, FFC, FLC and DFP Announce November Distributions

Flaherty & Crumrine Total Return Fund has continued to face significant pressure from rising rates. FLC's share price has also been significantly impacted due to the fund's discount widening dramatically.

FLC: Higher Rates Continue To Pressure Preferreds But Discount Offers Potential

The Flaherty & Crumrine Total Return Fund is a fixed-income fund that primarily invests in preferred stock. The fund has experienced disappointing performance due to rising interest rates, but its high current yield is attractive. FLC's leverage and distribution cuts may be concerning, but its current discount on net asset value makes it a reasonable investment option.

FLC: High-Risk, High-Reward Yield Play With This Preferred Stock CEF

BlackRock Credit Allocation Income Trust

DoubleLine Income Solutions Fund

Eaton Vance Municipal Income 2028 Term Trust

Eaton Vance Short Duration Diversified Income Fund

Eaton Vance

Blackrock Floating Rate Income Strategies Fund Inc

Nuveen Floating Rate Income Fund

Deutsche Strategic Municipal Income Trust

Nuveen Dynamic Municipal Opportunities Fund

Nuveen Municipal Credit Opportunities Fund

Nuveen Municipal Income Fund Inc

Nuveen Select Tax-Free Income Portfolio

Nuveen Municipal Credit Income Fund

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

PIMCO Access Income Fund

Pimco High Income Fund

Putnam Master Intermediate Income Trust

Pimco New York Municipal Income Fund

Cohen & Steers Tax-Adv Pref Secs and Inc Fund

Western Asset Premier Bond Fund

Taxable closed-end fund discounts have narrowed, reducing their attractiveness, while credit spreads have tightened, producing returns in some areas of the CEF market. Municipal CEFs remain exceptionally cheap, with discounts wider than 99% of historical observations. The risk-reward in the taxable bond CEF space is on the downside, while the upside potential in municipal CEFs is significant, but dependent on a shift in Fed policy and inflation.

CEF Report August 2023: Taxables Get Bought And Are Not Very Compelling, Munis Look Best

ArrowMark Financial

Highland Income Fund

Quantitative screens narrow down attractive closed-end funds for further investigation. "Quality" report focuses on funds with >100% distribution coverage to lower the risk of distribution cuts. Top lists provide shortlists for further research, not final buy or sell decisions.

The Chemist's Quality Closed-End Fund Report, August 2023

We had suggested a trade for these two preferred CEFs from Flaherty and Crumrine. We examine where that stands today and update that recommendation.

PFD Vs. FLC: Outlook For Preferred CEFs

Flaherty & Crumrine Total Return Fund is a fixed income closed-end fund. The CEF focuses on financials preferred equity, and is down roughly -10% year to date, while the unleveraged fund PFF is flat on the year.

FLC: Regional Banking Crisis Exerts More Downward Pressure

We review CEF market valuation and performance through the last week of April and highlight recent market action. CEFs had a strong week to claw back some losses and finish April broadly flat.

CEF Weekly Review: 'Best-Of-Breed' Designation Is Usually An Admission Of Ignorance

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Nuveen Preferred & Income Term Fund

Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc.

Preferreds Opportunity: Assessing The Carnage, What's Been Thrown Out With The Bathwater

Credit Suisse

John Hancock Preferred Income Fund II

John Hancock Preferred Income Fund

Nuveen Preferred & Income Opportunities Fund

Nuveen Preferred & Income Securities Fund

Nuveen Preferred & Income 2022 Term Fund

Nuveen Variable Rate Preferred & Income Fund

iShares Preferred and Income Securities ETF 

Cohen & Steers Select Preferred and Income Fund

UBS Group AG

Today, I wanted to take a broader look at the preferred closed-end fund space. After struggling for most of the last year due to rapidly-rising interest rates, the latest banking failures sent preferred CEFs spiraling.

News for Flaherty & Crumrine Total Return Fund Inc ETF (FLC)