Close Position in Clearbridge Energy MLP Total Return Fund
I initiated a 30 Day Dividends position in the Clearbridge Energy MLP Total Return Fund (NYSE:CTR) at the end of September 2014. At the time the trade was intended as a short term play on the fund’s market to NAV share price spread. Unfortunately, October was when energy prices started their steep decline, and the CTR position fell deeply underwater.
I need to get this busted trade off the 30 Day Dividends open position list, and since the fund goes ex-dividend tomorrow (May 20th), today is a good time to close out the position. Since a couple of dividends have been earned since the position was initiated, the trade will close with about a 7.5% loss.
Recommendation: Close any open position in CTR today, May 19th. The shares are currently trading at $20.63. I will use the close of market price to track the trade results.