Cohen & Steers Select Preferred and Income Fund

Cohen & Steers Select Preferred & Income Fund, Inc. is a diversified and closed-end investment fund, which aims to seek high current income through investment in preferred and other income securities. It also includes capital appreciation as its secondary objective. The company was founded on August 16, 2010 and is headquartered in New York, NY.

The Cohen & Steers Select Preferred and Income Fund offers a 7.26% yield, outperforming some peers but lagging behind others in yield. The fund's portfolio is primarily preferred stocks, with a 33.78% leverage ratio, and it has improved its distribution coverage in 2024. Despite strong performance, the fund lacks protection against inflation, making it crucial for investors to diversify with assets that hedge against a declining U.S. dollar.

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Taxable bond CEF space value shrinking as discounts tighten. Opportunities exist, especially following activists. Focus on top-down assessment, cheap sectors, and specific funds like Cohen & Steers Select Preferred and Income.

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Cohen & Steers Select Preferred and Income Fund has a yield of 7.82%, in line with peers but lower than some major competitors. The PSF closed-end fund's relatively low yield could pose problems, as it might not be actually beating inflation. This is a very acute problem for taxable accounts. The fund's share price has declined as expected, but its distributions have helped offset losses, resulting in a 2.80% total return since January.

PSF: Continues To Underperform Peers And Another Failure To Cover The Distribution

The Cohen & Steers Select Preferred and Income Fund offers a high level of income with a current yield of 7.81%. The PSF closed-end fund's share price has increased by 3.92% since the last article on it, outperforming the preferred stock index. There are concerns that the fund's recent gains may not be sustainable if the Federal Reserve fails to deliver expected interest rate cuts.

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Inflation rates in the U.S. and other G20 nations have been at their highest levels since the late 1970s, causing financial strain for many individuals. Investing in closed-end funds that specialize in generating income, such as the Cohen & Steers Select Preferred and Income Fund, can provide a solution for individuals seeking additional income. The Cohen & Steers Select Preferred and Income Fund focuses on providing high current income through investments in preferred stock and bonds, but its distribution history and ability to sustain distributions in the future should be carefully evaluated.

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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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NEW YORK , June 29, 2023 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (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 Select Preferred and Income Fund, Inc. (PSF) Notification of Sources of Distribution Under Section 19(a)

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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

Investors are in desperate need of additional income today as they try to maintain their incomes in the face of high inflation. Cohen & Steers Select Preferred and Income Fund, Inc. invests in a portfolio of preferred stocks and bonds and then applies leverage in order to provide its shareholders with an incredibly high yield.

PSF: Reasonable Option For Income, But Distribution Sustainability A Question

Cohen & Steers Select Preferred and Income Fund, Inc. invests in a portfolio of preferred stock and other income securities in order to provide its investors with a high level of current income. The securities in the portfolio have generally declined in price year-to-date due to the Federal Reserve's monetary tightening policy.

PSF: A Solid Income Fund At An Attractive Price

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For income investors, closed-end funds remain an attractive investment class that covers a variety of asset classes and promise high distributions and reasonable total returns. Closed-end funds are generally characterized by higher volatility and deeper drawdowns than the broad market. For these reasons, they are not suited for everyone.

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Today, we are taking a refreshed look at the preferred closed-end fund space. We see that the entire space has become more expensive, yet at the same time, distribution yields have dropped - this is mirroring the broader CEF spaces actions.

Closed-End Funds: A Check-Up On The Preferred Space

NEW YORK, Dec. 16, 2021 /PRNewswire/ -- The Board of Directors of the Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the "Fund") has declared a year-end capital gain distribution, as summarized in the chart below. In addition to the regular monthly dividend, this year-end capital gain distribution is being paid to allow the Fund to meet its 2021 distribution requirement for federal excise tax purposes.

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF) Declares Year-End Capital Gain Distribution

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A reliable selection criterion for building a portfolio of funds that are likely to produce above-average returns over the long haul is the goal of every CEF investor. For me, the flexible combination of a positive NAV since inception, discount on NAV, and leverage represents a practical rule of thumb for long-term CEF investing.

CEF Focus Investing - My Rule Of Thumb In Action

The biggest problem facing retirees today is an inability to generate income off of their portfolios, which is the fault of the Federal Reserve.

PSF: Great Income Fund With Improving Valuation

It continues to be a difficult market for anyone seeking to live off of their assets as interest rate policy has made it extremely difficult to get income. PSF is one solution for that as it offers a lot to like, such as its diversification and reasonably attractive yield.

PSF: This Fund Has A Lot To Offer But The Price Is Way Too High

It is incredibly difficult to generate income through conventional sources today, which is mostly a result of Federal Reserve policy. PSF offers an alternative as its 7% yield is much better than ETF or mutual fund alternatives.

PSF: A Solid Income Fund But A Bit Pricey

We take a look at year-to-date returns of the sector CEFs as well as the key drivers behind those returns. There are no easy answers in allocating to the sector as funds with the most robust structural features and no hedge NAV drags are also trading at elevated premiums.

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With stocks breaking to all-time highs, we should emphasize security of the dividends we're purchasing first and foremost.

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Preferred securities can carry features of both equities and fixed-income, while providing a fixed dividend payment. They are traditionally more stable than equities, due to the features that make them a fixed-income investment.

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NEW YORK, Oct. 23, 2020 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the "Fund") with information regarding the sources of the distribution to be paid on October 30, 2020 and cumulative distributions paid...

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF)

NEW YORK, May 28, 2020 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the "Fund") with information regarding the sources of the distribution to be paid on May 29, 2020 and cumulative distributions paid fiscal...

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

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We identified three swap opportunities for our members around three weeks ago.

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Just to be clear, these are not "buy" recommendations but considerations if you own the "sell" fund.

News for Cohen & Steers Select Preferred and Income Fund ETF (PSF)