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MFS High Yield Municipal Closed Fund (CMU)



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Upturn Advisory Summary
08/28/2025: CMU (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit 5.1% | Avg. Invested days 41 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 84.89M USD | Price to earnings Ratio 6.8 | 1Y Target Price - |
Price to earnings Ratio 6.8 | 1Y Target Price - | ||
Volume (30-day avg) - | Beta 0.69 | 52 Weeks Range 3.18 - 3.70 | Updated Date 06/29/2025 |
52 Weeks Range 3.18 - 3.70 | Updated Date 06/29/2025 | ||
Dividends yield (FY) 5.32% | Basic EPS (TTM) 0.49 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 166.79% | Operating Margin (TTM) 85.56% |
Management Effectiveness
Return on Assets (TTM) 2.52% | Return on Equity (TTM) 12.88% |
Valuation
Trailing PE 6.8 | Forward PE - | Enterprise Value 135848352 | Price to Sales(TTM) 11.31 |
Enterprise Value 135848352 | Price to Sales(TTM) 11.31 | ||
Enterprise Value to Revenue 6.73 | Enterprise Value to EBITDA - | Shares Outstanding 25492800 | Shares Floating - |
Shares Outstanding 25492800 | Shares Floating - | ||
Percent Insiders - | Percent Institutions 51.22 |
Upturn AI SWOT
MFS High Yield Municipal Closed Fund
Company Overview
History and Background
MFS High Yield Municipal Trust (CXE) is a closed-end investment fund. It invests in a portfolio of tax-exempt municipal securities. The fund was founded and has been managed by Massachusetts Financial Services Company (MFS) since its inception in 1987. It aims to provide high current income exempt from federal income tax, but secondary objectives can be pursued.
Core Business Areas
- Municipal Bond Investments: Primarily focuses on investing in U.S. high-yield municipal bonds, aiming to deliver tax-exempt income. Portfolio includes a broad array of debt instruments issued by municipalities and other government entities.
Leadership and Structure
The fund is managed by a team of investment professionals at Massachusetts Financial Services Company (MFS). The portfolio managers are responsible for the overall investment strategy and security selection. As a closed-end fund, CXE has a board of directors that oversees the management and operations of the fund.
Top Products and Market Share
Key Offerings
- High Yield Municipal Bonds: This is the core product of CXE. It is a portfolio of tax-exempt municipal bonds. Market share is difficult to isolate specifically for CXE's approach, but it operates within the larger high-yield municipal bond market. Competitors include other closed-end funds, ETFs, and mutual funds specializing in municipal debt.
Market Dynamics
Industry Overview
The municipal bond market is influenced by interest rates, credit ratings of issuers, and overall economic conditions. High-yield municipal bonds offer higher yields but come with increased risk due to lower credit ratings.
Positioning
CXE positions itself as a provider of tax-exempt income through high-yield municipal bonds, appealing to investors seeking higher yields than those offered by investment-grade municipal bonds. CXE is differentiated by its specific investment selection and management strategy within the segment.
Total Addressable Market (TAM)
The US Municipal Bond market exceeds $4 Trillion. CXE's TAM is the high-yield subset, which is smaller but provides more yield. CXE's success depends on security selection.
Upturn SWOT Analysis
Strengths
- Experienced management team
- Established track record in municipal bond investing
- Tax-exempt income for investors
- Potential for higher yields compared to investment-grade bonds
Weaknesses
- Higher risk due to investment in high-yield bonds
- Sensitivity to interest rate changes
- Potential for defaults among bond issuers
- Discount to net asset value (NAV) common for closed-end funds
Opportunities
- Increasing demand for tax-advantaged investments
- Potential for capital appreciation as bond ratings improve
- Active management to navigate market volatility
- Ability to capitalize on market inefficiencies in the municipal bond market
Threats
- Rising interest rates impacting bond values
- Economic downturn leading to issuer defaults
- Changes in tax laws reducing the attractiveness of municipal bonds
- Increased competition from other municipal bond funds
Competitors and Market Share
Key Competitors
- NBB
- VFL
- HYT
- MUNI
Competitive Landscape
CXE faces competition from other closed-end funds and ETFs in the high-yield municipal bond market. Advantages include MFS's experience. Disadvantages include potential discounts to NAV and higher risk from high-yield bonds.
Growth Trajectory and Initiatives
Historical Growth: Dependent on market conditions, net investment income, and capital appreciation of the portfolio.
Future Projections: Analyst estimates are unavailable. Future performance is tied to the municipal bond market and the fund's ability to generate tax-exempt income and capital appreciation.
Recent Initiatives: Fund initiatives include adjusting portfolio duration and credit quality based on market outlook.
Summary
MFS High Yield Municipal Closed Fund (CXE) offers tax-exempt income through a portfolio of high-yield municipal bonds. The fund benefits from experienced management but carries higher risk due to its focus on lower-rated bonds. Interest rate sensitivity and potential defaults are key concerns. Its ability to generate consistent income and capital appreciation will determine its future performance.
Peer Comparison
Sources and Disclaimers
Data Sources:
- MFS Official Website
- SEC Filings
- Morningstar
- Yahoo Finance
Disclaimers:
This analysis is for informational purposes only and does not constitute investment advice. Investment decisions should be based on individual circumstances and consultation with a financial professional. Market share data are estimates based on available information and fund size and is subject to error.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About MFS High Yield Municipal Closed Fund
Exchange NYSE | Headquaters Boston, MA, United States | ||
IPO Launch date 1987-03-19 | CEO - | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - |
MFS High Yield Municipal Trust is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in tax-exempt bonds and tax-exempt notes. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index. It was formerly known as Colonial Municipal Income Trust. MFS High Yield Municipal Trust was founded in March 19, 1987 and is domiciled in the United States.

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