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A global focus with an emphasis on dividends might seem like a strategy likely to provide some insulation from the impact of a bear market. But it hasn't worked out that well for the half dozen closed-end funds to most recently receive grades from TheStreet.com Ratings.
The six funds on the accompanying list crumbled more than 35% over the past 12 months, and each also sports double-digit percentage declines in both the latest three-month period and the year to date. The lackluster performances earned each fund a mark in the lowest possible "E" range, a grade from TheStreet.com Ratings that corresponds with a "sell" rating.
Five of the six funds were recently priced at discounts from their respective net asset values per share, with three quoted at discounts of more than 10% from NAV.
The BlackRock EcoSolutions Investment Trust
Although the stated objective of the Cornerstone Progressive Return Fund
True to that philosophy, the fund's top portfolio holdings include perennial blue chip stocks Exxon Mobil