FLC: Earnings Should Trend Upward As Interest Rates Decline (Rating Upgrade)

2026-02-18 14:02:33 ET

Overview

When I previously covered Flaherty & Crumrine Total Return Fund ( FLC ), I issued a hold rating due to the fund's use of leverage and how it may suppress total returns. However, FLC has continued to outperform the S&P 500 since my last coverage due to its solid portfolio strategy. FLC has now released an updated annual report for 2025, which prompted me to revisit the fund's performance and outlook for the year. While there are certainly some limitations to the fund, FLC can still be an efficient position for investors that want to prioritize a steady stream of income generation while getting direct equity exposure to stocks in the financial sector....

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