I would say that at this price level, we are at/or close to the top. It is sorely tempting to take a healthy profit, but it may take a year to buy back in below NAV or a good low price! Presently, it is about 8 or 9% over BV. This has been a great CEF for me over the years.
KMM is now at/near it's 200 day moving average --- the long-term indicator of any investment. As such, the probability of moving higher (or lower) is 50% ... that's neutral. KMM rates a HOLD at this price (unless you have a better investment for your money*).
Should KMM go lower from here, especially to the $8-$9 area, adding to your position would be warranted.
* My model portfolio (for income and growth) includes KMM, KMP/KMR (depending if its within an IRA or brokerage account), AGNC, and VGR --- great income with diversity of portfolio. As always, buy low and sell high.
I ride on the coattails of others and do some DD. A very knowledgeable friend mentioned KMM to me in 2000 and I kept adding it. I have too much in this, but I read some comments by astute/successful investors in Santa Barbara that said to truly thin out your holdings unless you intimately know and can follow each of your diversified investments. They did incredible due diligence, so I have fewer holdings with bigger positions and I follow them. But truth be told, I am lucky so far, and there are so many smart people out there! We are small fry. GL