Weekly Commentary | March 16, 2025 | PAXS/PCN Look Good, FT/EVM Swap Out

2025-03-21 09:36:01 ET

Summary

• Equity markets faced significant declines, with the S&P 500 down over -2.5% last week, and major sectors like Consumer Discretionary and Info Tech driving the losses.
• Closed-End Funds (CEFs) saw modest discount widening, with PIMCO funds like PTY, PDO, and PAXS becoming cheaper, presenting potential buying opportunities.
• Franklin Universal Trust hit 52-week highs but may face headwinds; consider trimming positions, especially given its underperformance against the XLU sector ETF.
• Notable corporate actions include distribution changes for abrdn Emerging Markets Ex-China and Blackstone funds, and a merger between abrdn Japan Equity and abrdn Global Infra Inc.

Macro Picture

The equity markets had another bad week with the S&P 500 losing just over -2.5%. That takes this month's decline to over -8% and the YTD decline at -4.42%. The Nasdaq fell a similar amount last week but is down -11.5% for the month and -8.2% for the year....

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