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MFS High Income Municipal Closed Fund (CXE)
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Upturn Advisory Summary
12/11/2025: CXE (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Analysis of Past Performance
Type Stock | Historic Profit 12.43% | Avg. Invested days 57 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/11/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 111.60M USD | Price to earnings Ratio 6.81 | 1Y Target Price - |
Price to earnings Ratio 6.81 | 1Y Target Price - | ||
Volume (30-day avg) - | Beta 0.78 | 52 Weeks Range 3.38 - 4.03 | Updated Date 06/29/2025 |
52 Weeks Range 3.38 - 4.03 | Updated Date 06/29/2025 | ||
Dividends yield (FY) 5.51% | Basic EPS (TTM) 0.52 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 161.34% | Operating Margin (TTM) 85.46% |
Management Effectiveness
Return on Assets (TTM) 2.52% | Return on Equity (TTM) 12.44% |
Valuation
Trailing PE 6.81 | Forward PE - | Enterprise Value 180736784 | Price to Sales(TTM) 11 |
Enterprise Value 180736784 | Price to Sales(TTM) 11 | ||
Enterprise Value to Revenue 6.85 | Enterprise Value to EBITDA - | Shares Outstanding 31525800 | Shares Floating - |
Shares Outstanding 31525800 | Shares Floating - | ||
Percent Insiders - | Percent Institutions 43.56 |
Upturn AI SWOT
MFS High Income Municipal Closed Fund
Company Overview
History and Background
The MFS High Income Municipal Closed Fund (ticker symbol: MHI) is a closed-end investment fund managed by Massachusetts Financial Services Company (MFS). MFS, founded in 1924, is a leading global asset manager. The specific history and founding year of the MHI fund itself are not as prominently detailed as the parent company's, but it operates within the established framework of MFS's long-standing investment management expertise. As a closed-end fund, it issues a fixed number of shares that trade on an exchange, with its value determined by market supply and demand, which can differ from its Net Asset Value (NAV).
Core Business Areas
- Municipal Bond Investing: The fund's primary focus is investing in a diversified portfolio of municipal bonds. These bonds are issued by state and local governments and their agencies to finance public projects. The income generated from these bonds is generally exempt from federal income tax and, for residents of the issuing state, may also be exempt from state and local income taxes.
- High Income Strategy: The fund specifically targets municipal bonds that offer higher yields compared to investment-grade municipal bonds, which may involve a higher level of credit risk or longer maturities.
Leadership and Structure
The MFS High Income Municipal Closed Fund is managed by a team of portfolio managers at MFS Investment Management. Specific individuals and their tenure are subject to change and are detailed in the fund's official prospectus and reports. The fund operates under a closed-end structure, meaning it has a fixed capital structure and its shares are traded on an exchange.
Top Products and Market Share
Key Offerings
- Competitors: Nuveen High Income Municipal Fund (NHM), BlackRock Municipal 2030 Target Term Trust (BTT), Franklin Municipal Bond Fund, Vanguard Tax-Exempt Bond Fund, iShares National Muni Bond ETF (MUB).
- Description: The fund's sole offering is its investment portfolio, which comprises a diversified selection of municipal bonds. The objective is to generate current income that is exempt from federal income tax and to seek capital appreciation. Market share data for individual closed-end funds is not typically reported in the same way as for open-end mutual funds or ETFs. Competitors for this product are other closed-end municipal bond funds, as well as open-end municipal bond funds and municipal bond ETFs.
- Product Name 1: MFS High Income Municipal Closed Fund (MHI)
Market Dynamics
Industry Overview
The municipal bond market is a significant segment of the fixed-income landscape, providing essential financing for public infrastructure and services. Factors influencing this market include interest rate movements, municipal credit quality, tax policies, and investor demand for tax-advantaged income. The closed-end fund structure introduces dynamics related to market sentiment, discount/premium to NAV, and liquidity.
Positioning
MFS High Income Municipal Closed Fund is positioned as a provider of tax-exempt income for investors seeking higher yields within the municipal bond space. Its competitive advantage lies in the expertise of MFS's investment management team and its established history. However, as a closed-end fund, it faces competition from other fund structures and the broader municipal bond market.
Total Addressable Market (TAM)
The total addressable market for municipal bonds is vast, with outstanding municipal debt in the trillions of dollars. MFS High Income Municipal Closed Fund, as a single fund, aims to capture a portion of the demand from investors seeking high-income, tax-exempt fixed-income investments. Its positioning within this TAM is determined by its investment strategy, performance, and the prevailing market conditions for municipal bonds and closed-end funds.
Upturn SWOT Analysis
Strengths
- Experienced investment management team from MFS.
- Focus on high-income municipal bonds for potentially enhanced yield.
- Tax-exempt income generation.
- Closed-end structure can offer price stability compared to open-end funds during periods of market stress, though this is not guaranteed.
Weaknesses
- Higher credit risk associated with high-income municipal bonds.
- Closed-end fund premiums/discounts to NAV can impact investor returns.
- Limited liquidity for shares compared to open-end funds or ETFs.
- Sensitivity to interest rate fluctuations.
Opportunities
- Potential for increased demand for tax-exempt income due to changes in tax laws.
- Opportunities for capital appreciation if interest rates decline or credit quality improves.
- Leveraging MFS's broader research capabilities.
- Potential for market volatility to create attractive entry points at discounts to NAV.
Threats
- Rising interest rates can decrease bond prices and yields.
- Deterioration in the credit quality of municipal issuers.
- Changes in federal or state tax policies that reduce the attractiveness of tax-exempt income.
- Increased competition from other fixed-income products and fund structures.
- Underperformance relative to benchmarks or peers.
Competitors and Market Share
Key Competitors
- Nuveen High Income Municipal Fund (NHM)
- BlackRock Municipal 2030 Target Term Trust (BTT)
- Invesco High Income Municipal Bond ETF (VMMXX)
Competitive Landscape
MHI competes within the niche of high-income municipal bond funds. Its advantages lie in MFS's investment process and track record. Disadvantages might include its specific investment strategy, expense ratio, and the market's perception of its discount/premium to NAV. Competitors offer similar tax-exempt income streams, with variations in investment focus (e.g., national vs. state-specific, different maturity targets, varying credit quality exposures).
Growth Trajectory and Initiatives
Historical Growth: The 'growth' of a closed-end fund like MHI is primarily reflected in the growth of its Net Asset Value (NAV) over time, driven by income generation and capital appreciation of its underlying portfolio. Market price growth is influenced by NAV changes and the fund's trading premium or discount. Historical performance data is crucial here.
Future Projections: Future projections for MHI are speculative and depend heavily on future interest rate movements, municipal market conditions, and the fund's ability to maintain its investment strategy. Analyst estimates for closed-end funds are less common than for operating companies; focus would be on expectations for the municipal bond market and interest rate environments.
Recent Initiatives: Recent initiatives would typically relate to portfolio adjustments in response to market conditions, management team changes (if any), or capital management strategies (e.g., tender offers for shares, if applicable).
Summary
MFS High Income Municipal Closed Fund is a specialized investment vehicle focused on generating tax-exempt income from higher-yielding municipal bonds. Its strength lies in MFS's established asset management expertise. However, it faces inherent risks associated with higher-yield bonds, interest rate sensitivity, and the unique trading dynamics of closed-end funds, including potential discounts to Net Asset Value. Investors should carefully consider the fund's risk profile and its alignment with their income and tax objectives.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Massachusetts Financial Services (MFS) official fund reports and website.
- Financial data providers (e.g., Morningstar, Bloomberg, Yahoo Finance) for fund performance and market data.
- SEC filings (e.g., 10-K, 10-Q, prospectus).
Disclaimers:
This information is for illustrative and informational purposes only and does not constitute investment advice. Market data, fund performance, and NAV are subject to change. Investors should consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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 Income Municipal Closed Fund
Exchange NYSE | Headquaters Boston, MA, United States | ||
IPO Launch date 1989-06-30 | CEO - | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - | |||
MFS High Income Municipal Trust is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in the fixed income markets. It primarily invests in municipal bonds and local general obligations of various sectors, such as multifamily, hospitals, care retirement, and investor-owned utilities. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index. It was formerly known as Colonial High Income Municipal Trust. MFS High Income Municipal Trust was formed on February 17, 1989 and is domiciled in United States.
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