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Frequent Contributor

Re: 2020 - bond funds analysis


@yogibearbull wrote:

@bull2000 wrote:

Something happened at NHMAX today? it is down  $0.17  about 1%. with 19.1B AUM that's about 191M lose. 

No other HY muni funds behave like this.

M* reported correct price of $16.92 but showed up 0.19%. 

 


Ohio muni and ENGH [4%] exposure?


HY=NHMAX -1%...NVHAX(HY short) -1%...

Not HY=NMBAX(Nuveen Intermediate Duration Municipal Bond -0.2%..FLTDX(Nuveen Limited Term Municipal Bond Fund) -0.35.

Something is going on with Nuveen Muni funds or maybe special distributions

nhmax.PNG

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Contributor ○○

Re: 2020 - bond funds analysis

Has anybody dug deeper why PTIAX dropped so much on July 15th (Yahoo Finance quote)?


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Explorer ○

Re: 2020 - bond funds analysis


@FD1001 wrote:

@yogibearbull wrote:

@bull2000 wrote:

Something happened at NHMAX today? it is down  $0.17  about 1%. with 19.1B AUM that's about 191M lose. 

No other HY muni funds behave like this.

M* reported correct price of $16.92 but showed up 0.19%. 

 


Ohio muni and ENGH [4%] exposure?


HY=NHMAX -1%...NVHAX(HY short) -1%...

Not HY=NMBAX(Nuveen Intermediate Duration Municipal Bond -0.2%..FLTDX(Nuveen Limited Term Municipal Bond Fund) -0.35.

Something is going on with Nuveen Muni funds or maybe special distributions

nhmax.PNG


All these funds have ENGH as their top holdings and ENGH blew up (stock down 20%) today after Ohio state's house speaker was arrested today.....

https://www.nbc4i.com/news/firstenergy-energy-harbor-stock-plummet-following-arrest-of-larry-househo...

 

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Frequent Contributor

Re: 2020 - bond funds analysis

Nuveen munis have been holding ENGH STOCK and that was down -20.8%. Seen Ohio political bribery scandal news today?   https://www.morningstar.com/stocks/pinx/engh/ownership

Nuveen Short-Duration HY NVHAX/NVHIX was even worse,    https://finance.yahoo.com/quote/NVHIX/profile?p=NVHIX&.tsrc=fin-srch

YBB
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Re: 2020 - bond funds analysis


@Anitya wrote:

Has anybody dug deeper why PTIAX dropped so much on July 15th (Yahoo Finance quote)?



No idea why but M* chart looks different with no drop

ptiax.PNG

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Frequent Contributor

Re: 2020 - bond funds analysis


@Anitya wrote:

Has anybody dug deeper why PTIAX dropped so much on July 15th (Yahoo Finance quote)?



It distributes mid-month and there was 0.0937/shr distribution on July 15 [See new M* Quote/Performance/Distribution]. Yahoo hasn't updated its data for distribution yet.

YBB
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Follower ○○○

Re: 2020 - bond funds analysis


@Anitya wrote:

Has anybody dug deeper why PTIAX dropped so much on July 15th (Yahoo Finance quote)?



PTIAX pays their dividend on the 15th of each month. July's was $0.09373367. Not sure if this helps.

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Participant ○

Re: 2020 - bond funds analysis

bull2000,

Thanks for pointing out problems (sudden drop of 0.99%) with NHMAX. I have the fund. I will try to sell it.

SRT

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Frequent Contributor

Re: 2020 - bond funds analysis

ENGH collapse continues, so hits to Nuveen muni core-plus and HY may continue. Nuveen probably got ENGH stock from FE & ENGH retructuring [bond holders often exchange some debt for equity in restructuring] and it was good for a while. I don't know if that is how Nuveen got ENGH, or it went out of its way to buy ENGH and stuff it into its muni core-plus and muni funds.   https://finance.yahoo.com/quote/ENGH?p=ENGH

I do have Nuveen muni core-plus FLTDX, NMBAX that were also hit a bit, but I will just let this play out and not rush to sell.

YBB
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Frequent Contributor

Re: 2020 - bond funds analysis

ENGH

20.25-7.75 (-27.68%)

As of 10:34AM EDT. Market open.
 

@yogibearbull wrote:

Nuveen munis have been holding ENGH STOCK and that was down -20.8%. Seen Ohio political bribery scandal news today?   https://www.morningstar.com/stocks/pinx/engh/ownership

Nuveen Short-Duration HY NVHAX/NVHIX was even worse,    https://finance.yahoo.com/quote/NVHIX/profile?p=NVHIX&.tsrc=fin-srch



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Participant ○○

Re: 2020 - bond funds analysis

@yogibearbull  Is this an example of "effective equity" that you have mentioned elsewhere?

Or is this different from that and a "true"/actual equity holding?

Does one find this type of holding information on M* portfolio tab, if one actually spent the time to review each M* holding?

What is the effective equity of the two Nuveen funds that were most impacted? 

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Participant ○○

Re: 2020 - bond funds analysis

For a topic of potential disdain here,  Bill Ackman just said on CNBC that he is short a HY etf, junk bonds , but he did not specify which one. This is a 20% position and his only short.

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Re: 2020 - bond funds analysis


@Sheryldell wrote:

@yogibearbull  Is this an example of "effective equity" that you have mentioned elsewhere?

Or is this different from that and a "true"/actual equity holding?

Does one find this type of holding information on M* portfolio tab, if one actually spent the time to review each M* holding?

What is the effective equity of the two Nuveen funds that were most impacted? 


When I looked at holdings of Nuveen muni core-plus and HY, I also saw 1-2 stocks and one of them was ENGH that blew up.

Effective-equity takes into account all kinds of equity and bond credit risks; it is the ratio of SD_portfolio/SD_sp500. For 5 yrs, they are:

Core-plus FLTDX  18.02%

Core-plus NMBAX  26.56%

HY NHMAX  54.74%

FWIW, Nuveen HY CEF NMZ also has exposure to ENGH but it is volatile enough and the impact isn't noticeable.

YBB
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Participant ○○

Re: 2020 - bond funds analysis

Is the effective equity of CEFs always high and close to 100%?

I have been considering my CEF holdings as equity in my allocation calculations.

Is this a good method if I don't do the calculation which I have never tried on PV.

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Re: 2020 - bond funds analysis


@Sheryldell wrote:

Is the effective equity of CEFs always high and close to 100%?

I have been considering my CEF holdings as equity in my allocation calculations.

Is this a good method if I don't do the calculation which I have never tried on PV.


For muni CEFs, it is quite high:

Core-plus NVG  75.41%

Core-plus NZF  79.67%

HY NMZ  74.73% [surprising; I expected it to be higher than that for core-plus]

 

YBB
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Re: 2020 - bond funds analysis


Dirt and Yogi,


Thanks.  That helps.  I had never seen an OEF make monthly distributions mid month and it did not cross my mind as a possibility.  It is nice to have explanations beyond looking at just charts.

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Re: 2020 - bond funds analysis


@Anitya wrote:

Dirt and Yogi,


Thanks.  That helps.  I had never seen an OEF make monthly distributions mid month and it did not cross my mind as a possibility.  It is nice to have explanations beyond looking at just charts.


Distributions can be made any time, OPTAX,ORNAX had them on the 21 to 26 but it's true that most are at the end of the month.

M* charts are pretty good of including the distributions by day end or the next day.  Since PTIAX distribution was on the 15th I only looked at the chart. 

I look at Yahoo daily movement if I do research to see if the distribution is stable and how it changed.

Lastly, it's pretty easy to see on what date the distributions were.  You look on Yahoo for historical data (link)

ptiax.PNG

 

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Explorer ○○

Re: 2020 - bond funds analysis

Hey guys,

Anitya, the PTers also dropped the 2% short-term redemption fee at the beginning of the year at the same time they (inexplicably?) moved ex-div to the middle of the month.

Glad I dropped in & saw the Nuveen/ENGH news; good time to take profits on NAD, which I've been kind of itching to do anyway.

Not spending as much time on comment boards & fine-toothed investment analysis these days. Hope everyone's doing well in all walks of life.

Cheers, McM

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Re: 2020 - bond funds analysis


@McMontana wrote:

Hey guys,

Not spending as much time on comment boards & fine-toothed investment analysis these days. Hope everyone's doing well in all walks of life.

Cheers, McM


 

Hi, McM, you are missed on this discussion forum. I always valued your thoughts and comments. But, hope you are also doing well.

Good luck,

Fred

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Re: 2020 - bond funds analysis


@McMontana wrote:

Hey guys,

Anitya, the PTers also dropped the 2% short-term redemption fee at the beginning of the year at the same time they (inexplicably?) moved ex-div to the middle of the month.

Glad I dropped in & saw the Nuveen/ENGH news; good time to take profits on NAD, which I've been kind of itching to do anyway.

Not spending as much time on comment boards & fine-toothed investment analysis these days. Hope everyone's doing well in all walks of life.

Cheers, McM


Good to hear from you.  That makes sense because I looked at this fund in detail a few years ago and now I remember the additional info.  You should come back to the boards.  It would help improve the averages for the adults - you may lose some of your own sanity though, with the averages for the attention-seeking thru the roof here at M* these days.

A

 

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