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

Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc. is a diversified and closed-end management investment company, which invests in the preferred and other securities issued by the U.S. and non-U.S. companies. Its objective is to provide high current income and capital appreciation. The company was founded on May 5, 2012 and is headquartered in New York, NY.

The Cohen & Steers Limited Duration Preferred and Income Fund offers a 7.27% yield, attractive compared to major indices but lower than many peers. The assets held by this fund offer no protection against inflation, which the market believes could pose a risk as the Fed cuts rates. The fund employs leverage, currently at 32.80%, to boost returns. The leverage is lower than peers.

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We take a look at the preferreds sector across individual preferreds and funds. Preferreds offer high tax-adjusted yields for high-rate taxpayers and can act as "drier-powder" options. Individual preferreds offer advantages over passive ETFs in the $25-par market.

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Cohen & Steers Limited Duration Preferred and Income Fund, Inc offers a 7.85% yield, which is lower than many of its peers. Preferred stocks have been gaining year-to-date despite falling bond prices and yields. This is highly unusual and could pose a risk for investors. The LDP closed-end fund's shares have outperformed its portfolio, but investors should consider the fund's valuation and potential risks before investing.

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Cohen & Steers Limited Duration Preferred and Income Fund, Inc aims to provide income-seeking investors with lower-risk investments by investing in assets with limited duration. The LDP closed-end fund's recent performance has been better than market indices, with substantial distributions paid to investors. The LDP fund's leverage ratio is currently above the preferred level, but its current yield is attractive compared to market indices.

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I love preferred stocks because they combine several factors of both stocks and bonds to create a powerful combo equity.

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Cohen & Steers Limited Duration Preferred and Income Fund trades at a 9.2% current yield and an 11% discount. LDP has a portfolio allocation mostly to institutional preferreds, with over 70% allocated to financials like banks and insurance companies. LDP's net income has fallen by nearly 30% since its peak at the end of 2020 due to rising leverage costs, but its interest rate swap hedges have helped offset.

LDP: Internals Look Strong For This 9.2% Yielding Preferred CEF

Cohen & Steers Limited Duration Preferred and Income Fund (LDP) is an attractive preferred closed-end fund trading at a discount. Preferred investments took a big hit during the banking crisis earlier this year and haven't fully recovered, making them an attractive area of the market. LDP has trimmed its distribution to match declining coverage, but its interest rate swap hedges have provided offsetting gains.

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We review CEF market valuation and performance through the last week of June and highlight recent market action. CEFs had a great week, finishing June in strong form with higher-beta sectors in the lead. The 3-month/5-year yield curve is close to its most inverted level, which creates a strong headwind for net income of leveraged CEFs.

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Cohen & Steers

NEW YORK , June 29, 2023 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. (NYSE: LDP) (the "Fund") with information regarding the sources of the distribution to be paid on June 30, 2023 and cumulative distributions paid fiscal year-to-date. In December 2016, the Fund implemented a managed distribution policy (the Plan) in accordance with exemptive relief issued by the Securities and Exchange Commission.

Cohen & Steers Limited Duration Preferred and Income Fund, Inc. (LDP) Notification of Sources of Distribution Under Section 19(a)

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We review CEF market valuation and performance through the first week of June and highlight recent market action. CEFs finished in a strong fashion, partly reversing the weakness over May. With a weak May behind us, we take a look at seasonality and whether "sell in May" works in CEFs.

CEF Weekly Review: Sell In May Worked This Time

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Bank securities and preferred CEFs have been some of the livelier parts of the income market in the last few months. In some of the hysteria, however, it's easy to lose sight of the facts and misinterpret the relationship between regional banks and preferred CEFs.

The Seven Deadly Sins Of Regional Banks And Preferred CEF Investing

Investors today are desperate for more income as the rising cost of living in most countries has strained the budgets of many people. Cohen & Steers Limited Duration Preferred and Income Fund, Inc. invests in a portfolio of high-yielding preferred stocks and bonds in order to provide a high level of current income for its investors.

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We review CEF market valuation and performance through the third week of April and highlight recent market action. The CEF market was mostly down as interest rates and credit spreads rose over the week.

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We review CEF market valuation and performance through the first week of April and highlight recent market action. CEFs had a fairly flat week with higher-quality / longer-duration sectors outperforming due to the continued drop in longer-term Treasury yields.

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Recent market volatility has opened up valuation divergences between very similar CEFs, creating opportunities for switches or outright holds. This offers income investors an opportunity to pick up additional yield, adopt a more defensive stance, and generate alpha in their portfolios.

Market Volatility Opens Up More CEF Relative Value Opportunities

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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.

Preferred Closed-End Funds: Out Of The Frying Pan Into The Fire

The LDP fund provides high current income through a portfolio of preferred stocks. It pays a high current yield of 7.6%.

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Mere “common stocks” fell 18% in last year. But these preferred shares are set to do better.

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We review closed-end fund market valuation and performance through the second week of January and highlight recent market action. CEFs continue to power ahead, stringing together two strong weeks in a row.

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As contrarian income seekers we buy when yields are high and prices are low.

News for Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc. ETF (LDP)