Income-focused exchange-traded funds have retreated this year, mirroring the performance of mainstream Wall Street indices like the Nasdaq 100 and S&P 500. 

The popular Schwab US Dividend Equity ETF (SCHD) has dropped by over 12% from its highest point this year. It has also formed a death cross pattern, pointing to further declines in the near term. 

Similarly, the JPMorgan Equity Premium Income ETF (JEPI) has dropped to $ 52.70, down 10.6% from its highest level this year. It has dropped, as have most companies in the S&P 500 index, especially those in the tech industry. 

This article explores why the Cohen & Steers Infrastructure Fund (UTF) closed-end fund is a better investment at the current conditions.

Cohen & Steers Infrastructure Fund is less exposed to tariffs and tech

The first reason why I’d consider investing in the CEF fund in these market conditions is that its portfolio companies have no exposure to tariffs and technology stocks.

Instead, it is comprised of companies in the utility industry, which are not exposed to tariffs. Additionally, customers will continue to pay their water and electricity bills, regardless of whether there is a recession or not. Also, these companies have not been tariffed.

The top companies in the UTF fund are NiSource, a gas distribution company, NextEra Energy, Duke Energy, TC Energy, American Tower, National Grid, Southern Company, and Dominion Resources. 

NextEra and Duke Energy are large utility companies that supply energy to millions of customers in the United States. American Tower is a REIT that offers cell towers to all companies in the telecommunications industry. 

These companies are also not exposed to the artificial intelligence industry, which is showing signs of slowing down. 

UTF Fund is beating the SCHD and JEPI funds

Furthermore, the Cohen & Steers Infrastructure Fund is outperforming the SCHD and JEPI ETFs. Its total return this year is 4.35%, higher than SCHD’s minus 7.5% and JEPI’s minus 6.70%. 

The same performance has happened in the last twelve months as the UTF fund has had a total return of 18%. SCHD has remained unchanged during this period, while JEPI has increased by 1.56%. 

This means that an investment in UTF would have generated a higher return than the two popular dividend funds. UTF’s total returns in the last 3 years was 6.48%, while SCHD rose by 5.38%. JEPI has jumped by 11.3% in this period. 

UTF trades at a discount 

Further, like other closed-end funds, Cohen & Steers Infrastructure Fund trades at a discount to its net asset value (NAV). Its NAV stands at $26.22, while its market price is $24.4. This results to a discount of 6.76%. 

Its discount has widened due to the ongoing market volatility. This means that investors buying the UTF fund are paying a discount, giving them a margin of safety. In contrast, the SCHD ETF has a discount to NAV of 0.12%, while JEPI has 0,09%.

UTF Fund has better technicals

The SCHD ETF has formed a death cross, indicating that it may continue to decline in the near term. JEPI may also exhibit this pattern due to its exposure to technology companies. 

Read more: Red alert: SCHD ETF just flashed a rare risky pattern

UTF, on the other hand, has rebounded from its year-to-date low of $22 to $24.5. It has moved above the 100-day and 50-day Exponential Moving Averages (EMA), a sign that bulls are in control.

Therefore, the fund is likely to continue rising as bulls target the year-to-date high of $25.75, which is 5.3% above the current level. 

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Shares of metal companies rose up to 2% on Monday, tracking gains in broader markets, after the Indian government imposed a 12% safeguard duty on certain steel imports.

The decision, aimed at curbing the influx of cheaper steel from countries like China, came into effect immediately and will remain in force for 200 days unless revoked, superseded or amended earlier.

The Nifty Metal index climbed 1% on the day, with prominent players JSW Steel rising 1.8%, and Tata Steel and Steel Authority of India Limited (SAIL) advancing around 2% each.

The overall market sentiment remained upbeat, as both benchmark indices Sensex and Nifty recorded modest gains in response to the policy intervention.

Move targets surge in Chinese steel shipments

India, currently the world’s second-largest producer of crude steel, has seen a sharp rise in imports of cheaper steel products, largely from China.

The latest safeguard duty is widely perceived as a strategic move to protect the domestic steel industry from injury caused by this influx.

In the fiscal year 2024–25, India was a net importer of finished steel for the second consecutive year, with imports touching a nine-year high of 9.5 million metric tons, according to provisional government data.

“The safeguard duty will help restore a level playing field in the market,” said Steel Minister H. D. Kumaraswamy.

“This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports.”

The Ministry of Finance stated in its official order that the safeguard duty aims to prevent further damage to local manufacturing units, many of which have been compelled to cut back on production or consider job cuts due to the pricing pressure from imports.

First major trade policy step post-Trump-era tariffs

This is the Indian government’s first major trade policy shift since the United States, under then-President Donald Trump, triggered a wave of global protectionism by imposing broad-based tariffs on various imports, including steel.

Though India’s concerns about Chinese steel imports predate those events, the current safeguard duty follows a formal investigation that began in December 2024.

Industry experts suggest that New Delhi’s action aligns with measures considered or implemented by other countries facing similar trade pressures. “The world is impacted by Chinese imports, whether directly or indirectly,” said a senior executive at a leading Indian steelmaker in a Reuters report.

“We hope this duty helps support the industry’s margins and discourages under-priced steel shipments.”

Analysts see margin boost from Q1FY26

Brokerages were quick to react to the development.

ICICI Direct Research called the duty a “positive development” for domestic steelmakers and noted that the recovery in steel prices is likely to support margin expansion beginning in the first quarter of FY26.

YES Securities said Indian metal companies would be navigating a somewhat mixed landscape in Q4 FY25 as Trump tariffs are expected to overshadow the companies’ operational performances.

“Steel producers are benefiting from a seasonal demand uptick, a 12% safeguard duty, and the ease in coking coal prices, which should support an improvement in EBITDA/tone,” it said in a report.

Industry associations, including the Indian Steel Association—which counts JSW Steel, Tata Steel, SAIL, and ArcelorMittal Nippon Steel India among its members—have repeatedly flagged concerns about the surge in low-cost imports and lobbied for government action.

Monday’s announcement, therefore, marks a significant policy win for the domestic industry, as it prepares to navigate a complex global trade environment in the quarters ahead.

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European financial markets returned from the extended Easter weekend to a climate of apprehension on Tuesday, opening lower as simmering worries about global trade tensions and US economic policy uncertainty cast a shadow over investor sentiment.

The pan-European Stoxx 600 index reflected the cautious mood, shedding 0.5% by 8:27 a.m. London time.

The pullback was broad, affecting most sectors and all major regional stock exchanges.

Technology stocks felt the pressure most acutely, with the Stoxx Europe Technology index declining 1.7% in early trading, leading the regional losses.

Simmering trade tensions and Fed independence fears

Underpinning the negative start were persistent anxieties about the potential escalation of a global trade conflict.

Adding to the unease were threats from Beijing on Monday indicating potential retaliation against countries aligning with Washington’s calls to isolate China economically.

This geopolitical friction compounded concerns stemming from the US domestic front.

The European session followed a sharp sell-off on Wall Street Monday, which was largely attributed to President Donald Trump intensifying his public pressure campaign against Federal Reserve Chair Jerome Powell.

Trump, via posts on his Truth Social platform Monday, reiterated his view that the economy would falter without Fed interest rate cuts. In his latest salvo targeting Powell by name, he branded the Fed chief “Mr. Too Late” and a “major loser.”

This rhetoric follows earlier hints from Trump about Powell’s potential “termination” – an action without precedent.

Last week, White House economic advisor Kevin Hassett confirmed that the president’s team was actively studying the legality of such a move.

Powell, for his part, has maintained that he cannot be legally fired for policy disagreements and intends to complete his term ending in May 2026.

The standoff raises fundamental questions about the central bank’s independence, a cornerstone of market stability.

Global cues and upcoming focus

The cautious sentiment rippled across the globe, with Asia-Pacific markets trading subdued overnight, taking their lead from Wall Street’s decline.

Tuesday’s European calendar lacked major corporate earnings or significant economic data releases.

However, market participants are closely monitoring developments and commentary emerging from the IMF-World Bank Spring meetings currently underway in Washington.

Discussions at these high-level gatherings are expected to be heavily focused on the threats posed by, and the economic fallout from, President Trump’s global tariff regime.

Currency dynamics: dollar weakness persists

In the currency markets, the US dollar’s recent weakness continued to be a dominant theme, providing a lift to European currencies. By 7:08 a.m. London time, the euro had gained approximately 0.2% against the dollar, trading at $1.154.

The British pound saw an almost 0.3% rise against the greenback to $1.341, and the Swiss franc also edged 0.1% higher.

The dollar’s largely downward trajectory has been evident since the market volatility sparked by Trump’s “liberation day” tariff announcements earlier in the month, even though a 90-day pause was subsequently granted for most impacted countries.

This flight from the dollar and US Treasuries reflects deep uncertainty about American policymaking, with the dollar index having weakened by over 9% so far this year.

Market watchers anticipate further declines, a view echoed strongly by institutional investors.

According to Bank of America’s latest Global Fund Manager Survey, a net 61% of respondents expect the dollar’s value to fall over the next 12 months – marking the most pessimistic outlook among major investors in nearly two decades.

This currency shift presents both challenges and opportunities for global central banks navigating the current complex environment.

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The ZIM stock price has remained in a technical bear market, declining by over 37% from its peak in December. It was trading at $12.95 on Monday, dragging its market cap from $3.26 billion to the current $1.56 billion. So, is ZIM a good buy as the World Container Index drops?

Container shipping prices are falling

ZIM Integrated is a top shipping company listed in the United States. It is the tenth biggest player in the industry, and is known for focusing on niche routes the Pacific, Latin America, and the Cross-Suez areas. 

The company is also known for its business model. Unlike other companies that contract and own ships, ZIM focuses on charters, making it an asset-light business. This model also ensures that it has newer and more energy-efficient ships.

ZIM Integrated and other shipping companies are currently experiencing a challenging period. This started during the pandemic when demand for Chinese goods rose in countries like the United States and Europe. 

Shipping demand then slowed after the pandemic as the world dealt with soaring inflation and high interest rates. These events led to ZIM Integrated’s annual revenue falling from $12.5 billion in 2022 to $5.16 billion.

It also affected its profitability, which in turn impacted its dividend payments to investors. It reported a net loss of $2.6 billion in 2023. 

The company’s business began to improve in late 2023, as shipping rates increased due to the war in Ukraine. It has also been affected by the crisis in the Middle East and the Panama Canal.

At the same time, there are rising concerns about the ongoing trade war that may impact the volume of goods traded globally. Trump has implemented a 145% tariff on all goods from China, and a universal levy on all goods brought to the country.

Analysts believe that some large customers may decide to reduce their orders as they address their supply chain issues. This explains why container shipping costs have plunged in the past few months. 

The Drewry World Container Index (WCI) plunged to $2,192 last week, down from a high of $5,806 last year. As shown below, the trend is going downwards, a sign that it will continue falling in the near term. 

Is the ZIM dividend yield safe?

Investors allocate money to ZIM Integrated for its high dividends. According to SeekingAlpha, it has a dividend yield of 91%, while Google places the yield at 55.15%. 

The most recent results published in March showed that ZIM had a net income of $563 million in the fourth quarter, a big turnaround for a company that lost over $147 million in the same period a year earlier. 

Its fourth-quarter revenue of $2.8 billion was 80% higher than a year earlier. The annual revenue rose by 63% to over $8.43 billion. 

Analysts are pessimistic about ZIM’s business this year as shipping rates fall. The average estimate is that the first quarter revenue will be $1.84 billion, a 17.8% increase from the same period last year. However, its annual revenue is expected to drop to $6.53 billion this year and $5.94 billion next year, respectively. 

Therefore, with shipping costs and profits expected to fall, there is a risk that the company will cut its dividend this year.

ZIM Integrated stock price analysis

The daily chart shows that the ZIM share price has plunged in the past few months. It has dropped from a high of $20.7 in November last year to $13 today. 

The stock formed a death cross pattern as the 50-day and 200-day moving averages crossed each other. It has also moved close to the 50% Fibonacci Retracement level.

Therefore, there is a risk that the stock will keep falling this year, with the main target being the psychological point at $10.

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Gold price has continued to surge this year, becoming the best-performing major asset. It has soared by almost 30% and is nearing the important resistance point at $3,500. Analysts have boosted their gold forecasts, with Goldman Sachs estimating that it will hit $3,700. Some pros anticipate that gold will hit as high as $4,000 this year. 

Gold’s performance is a boon to companies and exchange-traded funds (ETFs) in the industry. This article looks at some of the best gold stocks and ETFs to buy and hold as the rally intensifies.

Wheaton Precious Metals Corp (WPM)

Wheaton Precious Metals is the best gold stock to buy because of its business model. This explains why the stock has jumped by 51% this year and 145% in the last five years, outperforming gold itself. 

WPM is a leading player in the gold industry, despite not engaging in mining itself. Instead, it owns rights to gold mines and earns revenue from the rights holders. This ensures that it is a high-margin company since it does not need many employees. 

For example, Wheaton made over $1.28 billion in annual revenue last year and a net profit of over $552 million. It then uses these profits to pay its shareholders and acquire more rights to gold mines. 

This business model explains why Wheaton Precious Metals always trades at a premium compared to other companies. It has a forward P/E ratio of 41, higher than popular growth companies like NVIDIA and Microsoft.

Franco-Nevada (FNV)

Franco Nevada is another good quality gold stock to uy and hold. Like Wheaton, the company does not do the heavy lifting. Instead, it finances gold mining companies in exchange of royalties. This is a good business model as it ensures that it does not spend a lot of money in wages and other operating expenses. 

Franco-Nevada is also a high-margin company. It generated over $1.1 billion in annual revenue last year and a net income of $552 million. This revenue will likely keep going up because of the soaring gold prices.

Franco-Nevada also trades at a premium, with its forward P/E ratio standing at over 40. This valuation is justified by its strong business performance and its history of returning funds to shareholders.

Royal Gold (RGLD)

Royal Gold is also one of the top gold stocks to invest in today. Like the other two, it is in the streaming and royalty industry, where it offers exposure to gold without operating the mines.

Royal Gold is a bit smaller than Wheaton and Franco-Nevada. It generated $712 million in revenue last year and a net profit of nearly $350 million, resulting in a margin of nearly 50%.

Royal Gold’s stock price has surged by over 56% in the last 12 months. It is also cheaper than the other two as it has a P/E multiple of 28, lower than the other’s 40%.

Top gold ETFs to buy

ETFs are also a good approach for investing in gold and capitalizing on its strong rally. The two most popular gold ETFs are the SPDR Gold Shares (GLD) and iShares Gold Trust (IAU). 

Since these ETFs are the same, it makes sense to buy IAU because of its cheaper expense ratio of 0.25%, which is cheaper than GLD’s 0.40%. That 0.15% spread can add up over time. 

Some analysts recommend investing in gold mining ETFs like the VanEck Vectors Gold Miners ETF (GDX), Sprott Gold Miners ETF (SGDM), and iShares MSCI Global Gold Miners ETF (RING).

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