It’s been quite a run for stocks, and for all anyone knows the bull market is far from done. But at this stage of the game, the prudent investor should be looking to take profits on portfolio holdings with limited upside.

The Eaton Vance Tax-Advantaged Global Dividend Opportunities (ETO) closed-end fund fits the bill as a leveraged portfolio that’s trading modestly above its net asset value.

The 1% NAV premium isn’t a deal breaker all by itself, of course. But as I’ve noted in the past, its popularity depends on the health of the stock market. And when the overdue market correction finally arrives a nice yield backed by accumulated capital gains will not offer as much protection as some investors suppose.

At this stage of the rally, I prefer stocks with fundamental upside to owning the market as a whole via a relatively illiquid yield vehicle. Over the last four-and-a-half months ETO has returned 8% including distributions. We’ll take it and move on. Sell ETO.