First Trust Specialty Finance and Financial Opportunities Fund
(the "Fund") (NYSE: FGB) has declared the Fund's regularly
scheduled quarterly distribution of $0.0825 per share. The
distribution will be payable on May 31, 2022, to shareholders of
record as of May 23, 2022. The ex-dividend date is expected to be
May 20, 2022. The quarterly distribution information for the Fund
appears below.
First Trust
Specialty Finance and Financial Opportunities Fund
(FGB):
Distribution per share:
$0.0825
Distribution Rate based on the May 9, 2022
NAV of $4.11:
8.03%
Distribution Rate based on the May 9, 2022
closing market price of $3.62:
9.12%
A portion of the distribution may be treated as paid from
sources other than net investment income, including short-term
capital gain, long-term capital gain and return of capital. The
final determination of the source and tax status of all
distributions paid in 2022 will be made after the end of 2022 and
will be provided on Form 1099-DIV.
The Fund is a diversified, closed-end management investment
company that seeks to provide a high level of current income. As a
secondary objective, the Fund seeks to provide attractive total
return. The Fund pursues these investment objectives by investing
at least 80% of its managed assets in a portfolio of securities of
specialty finance and other financial companies that the Fund's
investment sub-advisor believes offer attractive opportunities for
income and capital appreciation.
First Trust Advisors L.P. ("FTA") is a federally registered
investment advisor and serves as the Fund's investment advisor. FTA
and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA
registered broker-dealer, are privately-held companies that provide
a variety of investment services. FTA has collective assets under
management or supervision of approximately $201 billion as of April
29, 2022 through unit investment trusts, exchange-traded funds,
closed-end funds, mutual funds and separate managed accounts. FTA
is the supervisor of the First Trust unit investment trusts, while
FTP is the sponsor. FTP is also a distributor of mutual fund shares
and exchange-traded fund creation units. FTA and FTP are based in
Wheaton, Illinois.
Confluence Investment Management LLC ("Confluence"), an SEC
registered investment advisor, serves as the Fund's investment
sub-advisor. The Confluence team has more than 500 years of
combined financial experience and 300 years of portfolio
management/research experience, maintaining a track record that
dates back to 1994. As of March 31, 2022, Confluence had $12.4
billion in assets under management and advisement (assets under
management = $7.45 billion; assets under advisement = $4.92
billion).
Principal Risk Factors: Past performance is no assurance of
future results. Investment return and market value of an investment
in the Fund will fluctuate. Shares, when sold, may be worth more or
less than their original cost. There can be no assurance that the
Fund's investment objectives will be achieved. The Fund may not be
appropriate for all investors.
Securities held by a fund, as well as shares of a fund itself,
are subject to market fluctuations caused by factors such as
general economic conditions, political events, regulatory or market
developments, changes in interest rates and perceived trends in
securities prices. Shares of a fund could decline in value or
underperform other investments as a result of the risk of loss
associated with these market fluctuations. In addition, local,
regional or global events such as war, acts of terrorism, spread of
infectious diseases or other public health issues, recessions, or
other events could have a significant negative impact on a fund and
its investments. Such events may affect certain geographic regions,
countries, sectors and industries more significantly than others.
In February 2022, Russia invaded Ukraine which has caused and could
continue to cause significant market disruptions and volatility
within the markets in Russia, Europe, and the United States. The
hostilities and sanctions resulting from those hostilities could
have a significant impact on certain fund investments as well as
fund performance. The outbreak of the respiratory disease
designated as COVID-19 in December 2019 has caused significant
volatility and declines in global financial markets, which have
caused losses for investors. While the development of vaccines has
slowed the spread of the virus and allowed for the resumption of
"reasonably" normal business activity in the United States, many
countries continue to impose lockdown measures in an attempt to
slow the spread. Additionally, there is no guarantee that vaccines
will be effective against emerging variants of the disease.
Each fund is subject to risks arising from various operational
factors, including, but not limited to, human error, processing and
communication errors, errors of a fund's service providers,
counterparties or other third parties, failed or inadequate
processes and technology or systems failures. Although the funds
and the Advisor seek to reduce these operational risks through
controls and procedures, there is no way to completely protect
against such risks.
The Fund invests in business development companies ("BDCs")
which may be subject to a high degree of risks, including
management's ability to meet the BDC's investment objective, and to
manage the BDC's portfolio when the underlying securities are
redeemed or sold, during periods of market turmoil and as
investors' perceptions regarding a BDC or its underlying
investments change.
Investing in real estate investment trusts ("REITs") involves
certain unique risks in addition to investing in the real estate
industry in general. REITs are subject to interest rate risk and
the risk of default by lessees or borrowers.
The Fund may invest in a variety of other mortgage-related
securities. Rising interest rates tend to extend the duration of
mortgage-related securities, making them more sensitive to changes
in interest rates, and may reduce the market value of the
securities. In addition, mortgage-related securities are subject to
the risk that borrowers may pay off their mortgages sooner than
expected, particularly when interest rates decline. This can reduce
the Fund's returns. The Fund's investments in other asset-backed
securities are subject to risks similar to those associated with
mortgage-backed securities, as well as additional risks associated
with the nature of the assets and the servicing of those
assets.
Because the Fund is concentrated in the financials sector, it
will be more susceptible to adverse economic or regulatory
occurrences affecting this sector, such as changes in interest
rates, availability and cost of capital funds, and competition.
Use of leverage can result in additional risk and cost, and can
magnify the effect of any losses.
The risks of investing in the Fund are spelled out in the
shareholder report and other regulatory filings.
The information presented is not intended to constitute an
investment recommendation for, or advice to, any specific person.
By providing this information, First Trust is not undertaking to
give advice in any fiduciary capacity within the meaning of ERISA,
the Internal Revenue Code or any other regulatory framework.
Financial professionals are responsible for evaluating investment
risks independently and for exercising independent judgment in
determining whether investments are appropriate for their
clients.
The Fund’s daily closing New York Stock Exchange price and net
asset value per share as well as other information can be found at
https://www.ftportfolios.com or by calling 1-800-988-5891.
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