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Participant ○○

CEF holdings March 2020 edition

A rough week in CEF land. Happily, for most of those below, NAVs have fallen much less than equity markets on a percentage basis, although market prices have suffered.  An opportunity to reassess risk tolerance... It is probably too early, but prices begin to look interesting on some of the fixed income CEFs with high earned yields.

Starting March with:

Larger positions (>5% pv): PDI, PCI, DBL, PKO

Mid-sized (1-5% pv): FFC, DMO, PFN

Small (<1% pv): KIO, NRGX, KYN

Changes since last month: Sold BGX in Jan, Feb (luckily at good prices before the market tanked). Have started to nibble at DMO and PFN, at prices that may prove to be OK. Also added a little to my very small position in KYN. I thought the oil sector was being punished excessively, but was too early on this one. I like it in part because the distribution is effectively tax deferred (2019 was entirely ROC. 2020 should be as well), but probably should not own such volatile stuff.

CEFs now total 40% of portfolio, down from about 44%. Cash down to 8%. The buy list is ready for when things stabilize. This may take a while. And, in fairness, it is hard to predict how big an effect a virus-related economic slowdown will have on the earnings potential of the FI-focussed CEFs. That's why I sold BGX - expecting a bigger hit in weaker credits. In retrospect I probably should have sold KIO at the same time.

 

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Participant ○

Re: CEF holdings March 2020 edition

In order of size within each category:

Debt – Muni = PMF, MUH, NVG, NEV, PMX

Debt – Taxable = PCI, BTZ, PKO, PDI

Equity – Multi-sector = ETV, ETY, SCD, QQQX, ETB, EXD, CRF, CII, MCN

Equity – Midstream Energy = CTR, EMO, KMF

Equity – Other Sector = BSTZ, BST, UTF

New or Gone since early February list = Sold all NTG and TYG, and reallocated some of that capital to KMF.

Some shifting among existing funds.

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Participant ○○○

Re: CEF holdings March 2020 edition

KIO8.66%
PCI28.99%
RDS.B0.36%
VIG6.27%
VDE1.65%
VTI54.06%

Added VDE and RDS-B. May buy more of VDE. CEFs are holding better than the equities, and the share of PCI and KIO have gone up. The portfolio is down by 4.96%. My neck does not hurt as much.

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Participant ○

Re: CEF holdings March 2020 edition

 

29Feb2020 ... data per M*

PCI  13%    TR: 1mo -6.26% YTD -5.39%

PKO 11%    TR: 1mo -8.96% YTD -7.26%

PFN 10%    TR: 1mo -5.89% YTD -3.90%

In February..... auto-investment of distributions, added small amounts to each during last week of month.

These three PIMCO FI CEFs totaling 34% of PV are in an IRA-Rollover account with distributions automatically invested.  This is a relatively long-term, not a trading, investment in a retirement-distribution portfolio.  Note: I'm aware of the thought that these three CEFs are somewhat correlated but, after having sampled other FI CEFs, PIMCO management in this area is an important factor to me.

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Participant ○○

Re: CEF holdings March 2020 edition

Change for March CEF holdings is addition of RNP.

From Feb. report:

"Re: CEF Holdings - January 2020

Current CEF positions (alphabetical order):

FOF, NMZ, PCI, PDI, PFN, PKO, PTY

and ETFs of CEFs (alphabetical order):

FCEF, MCEF, PCEF, XMPT"

Three brokerages are involved, and I haven't attempted to figure out portfolio percentages. 

 

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Explorer ○○

Re: CEF holdings March 2020 edition

I haven't posted my holdings for a while.  I'm still holding PTY, PCI, and PDI.  I have been invested in these CEF's since March 2016 and I'm a very happy camper.  I really enjoy having Pimco doing all the heavy lifting.  Good luck to everybody!

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Explorer ○

Re: CEF holdings March 2020 edition

DBL 38%

MGF 20%

BKT 13%

BBN 9%

PFN 7%

PCI 4%

IHIT 3%

IHTA 3%

MIN 2%

JLS 1%

 

 

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Participant ○○○

Re: CEF holdings March 2020 edition

3/2

Assets  Liabilities 
     
FI Funds  Borrowing0.0%
PIMIX8.8% Total Liabilities0.0%
IOFIX5.8% Net Assets100.0%
MQY2.4%   
EHI2.1% YTD total return*0.1%
SEMPX2.0% YTD volatility*8.3%
NAD1.9% YTD Sharpe*-0.1
NMY1.7% YTD turnover161%
ARDC1.6%   
RMM1.6% 
* Including cash & leverage
 
BSE1.6%   
DBL1.5%   
NHS1.5%   
PNI1.5%   
BGB1.5%   
EVG1.5%   
MMT1.5%   
AFB1.4%   
BTT1.4%   
PCI1.2%   
JHS1.2%   
HYT1.1%   
BWG1.0%   
NBW1.0%   
GFY0.9%   
ISD0.9%   
HYB0.8%   
CIK0.8%   
DMO0.8%   
PFN0.6%   
MHN0.6%   
JMM0.6%   
MCI0.4%   
EAD0.2%   
Total53.8%   
     
Stock Funds    
MNA6.0%   
GDV2.9%   
PGZ2.8%   
RQI2.2%   
UTF2.0%   
TY1.7%   
CET1.6%   
NIE1.6%   
CII1.4%   
DPG1.4%   
BXMX1.4%   
STK1.3%   
CRF1.2%   
QQQX1.2%   
THQ1.0%   
FT0.9%   
ASG0.8%   
AABA0.5%   
SPE0.2%   
Total32.3%   
     
Other stocks8.2%   
Total Investments94.3%   
Cash5.7%   
Total Assets100.0%   

 

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Follower ○○○

Re: CEF holdings March 2020 edition

DFP, DNP. GOF, HIX HPF, MUA, NZF, PCI, PFN, PHK, PKO, RCS, RNP, THQ, UTF

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Explorer ○

Re: CEF holdings March 2020 edition

CEFs are 47% of my Total Portfolio Value

PCI (15%), PKO (6%), PTY (6%), UTG (6%), PDI (4.5%), ACP (3%), PFN (2%), UTF (2%), EOI (1.5%), ZTF (1%), NRGX (<1%)

Bond OEF 6%

cash 7% 

Changes: bought more PTY and UTG (before market crash) nothing since

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Follower ○○○

Re: CEF holdings March 2020 edition

Similar to Tom1, my portfolio is PCI and PTY (with a smattering of PDI and RCS in select accounts).

Bill

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Explorer ○○○

Re: CEF holdings March 2020 edition

PCI

4%

UTG

3%

UTF

2.5%

EOI

1.5%

EVT

1.5%

ETY

1%

ETV

.75%

ETJ

.55%

JPI

.75%       

 

Started a position in JPI, added to UTF and EOI in the downdraft.  Bought a starter in PTY but it went up so fast I took a very quick 11% profit and said thanks!

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Explorer ○○○

Re: CEF holdings March 2020 edition

Fairly new at CEF's starting early last year. I do have a significant investment in them, BUT I have not lived the 2008-2020, 4th quarter 2018 or a few other swallow hard CEF periods.

I have looked at a number of PIMCO CEF's and KIO that I own. True, the prices are way down and the NAV also. But the distribution rates are fantastic. And these CEF's have been heavily in discount, most negative!

For these CEF's is this a time to reap some great distributions rates with dry one's powder or is this just greed and ignorance? I would appreciate comments, warnings, etc.

Thank you.

PS: I am NOT a trader in CEF's. Looking for revenue streams.

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Contributor ○○

Re: CEF holdings March 2020 edition

For capecod (Dick) fans, I was on Fidelity site forum yesterday and read Dick said he was 98% cash now.  YTD he was -18% as he had admitted to some mis-steps along the way. 

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Participant ○

Re: CEF holdings March 2020 edition

I added some PCI in taxable at $14.50 last week, but otherwise have not sold any CEF's.  My IRA has shrunk, but so have my PCI, PKO, PDI, and PTY holdings so they remain around 19% of my nontaxabkle.

 

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Participant ○

Re: CEF holdings March 2020 edition

Added small buys to existing PCI, PKO, PFN holdings during March so far.  Don't plan any sales, like their distributions (and now upside) currently.  And there's various financial/economic reports (and company guidance info too) scheduled in April which will show March data, and which thus may spark a downdraft then ... and I have cash on hand for this.

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