While income-oriented closed-end funds have attracted billions of dollars in assets, with some of them offering income of as much as 9% a year, they are taking a beating along with many other stocks, The Wall Street Journal reports. And in the past six weeks, some of them have tanked as much as 20%.

The Eaton Vance Tax-Managed Global Diversified Equity Income Fund, which raised $6 billion when it debuted in March, has sunk 16%, the Evergreen Global Dividend Opportunity Fund is down 20%, and the Pioneer Diversified High Income Trust has taken a 22% beating.

But some closed-end enthusiasts believe the funds will rebound, including Al Blomquist, editor of The Closed-End Reader newsletter. “I would encourage people to hold their positions,” he said.

“Obviously, there’s been a mass rush to the exits, which has sent [closed-end fund shares] down much lower than their asset value, which is frankly illogical,” said Jonathan Isaac, a closed-end fund executive at Eaton Vance.

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