The closed-end funds that focus on oil and gas pipeline companies generally trade at discounts to their net asset values of 20% or more – the widest in the U.S. closed-end fund market, where the average discount is less than 10% – Andrew Bary writes in this weekend’s edition of Barron’s.

“You’re buying the funds at a discount to an asset class that is already discounted,” says Rob Thummel, a portfolio manager at Tortoise Energy Infrastructure.

Kayne Anderson Energy Infrastructure (NYSE:KYN), the largest fund in the sector with $690M in net assets, is down 71% YTD and now trades at ~$4.

Other major MLP funds include Tortoise (NYSE:TYG), ClearBridge MLP & Midstream (NYSE:CEM) and First Trust MLP & Energy Income (NYSE:FEI).

“The biggest

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