Parametric's Milner: Closed-end funds are reaching a point of 'great opportunity'

Mark Milner, senior investment strategist at Parametric Portfolio Associates, says that a lot of asset classes of closed-end funds have now reached double-digit discount territory, "which historically has been a good opportunity to buy closed-end funds," noting that current discounts allow investors to add to their portfolios or rebalance into funds creating greater value for their money. Milner does worry that year-end tax-loss harvesting in 2022 will be higher than in years past as a result of the large market drawdown earlier this year -- but is hopeful that the compelling values will convince investors to reinvest the proceeds of those sales back into closed-end funds, which would help to minimize the potential impact all of that money movement.