The crises in Ukraine and the Middle East dragged on European stock CEFs, but Asian-focused funds shone last month.
Equity CEFs were among the top-performing funds in the CEF universe in the first half of 2012.
As oil prices continued to tank, commodity and energy funds took a nosedive.
In all, it was a good year for equity-focused CEFs.
Expect the unexpected when looking at narrow ETF portfolios.