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Explorer ○○○

CEF holdings September 2020

28% EVG, 18% PHK, 16% PCI, 8% RCS, 6% WIW, 5% DMO, 5% DLY, 3% PKO, 2% PDI, 2% WEA, 1% BTZ, 1% PFL, 1% JLS.   and the only non-CEF 5% GDX
Next stage of March crash recovery for me I guess is to move heavily into pimco and non-agency MBS.   First time since early March.  What a progression from low risk back to high risk in my portfolio.  The financial asset inflation that is going on seems crazy to me.   Regarding pimco, intellectually I don't believe active management can add much value (or at least that it is impossible for me to pick the active management that does).  But emotionally I admit it is a guilty pleasure to own their funds, which give off the slickest marketing vibe.  Maybe they will add some value for me this go around.  It's like the proverbial fun of a lottery ticket.  

8 Replies
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Explorer ○○○

Re: CEF holdings September 2020

The market has been exceptionally good to CEF investors. It is very hard not to be full invested [minimum of 16 securities in portfolio for reduction of risk] with the current market. With that said....

 Take a look at [analyze] AVK, and GLQ where both distributions and CapGains are too good to pass up [currently over invested in]. GLQ pays a current distribution of 11.17% [COB Friday]....

 We need to keep in mind that if/when we buy a "CEF" we should be buying the "Management of" and not the CEF itself [IMHO]. I basically track the "Managers Performance" and will buy/sell ["with" the changing market performance accordingly]. Many of us have been buying/selling GLQ for CapGain [continuous buying has caused our "average MktBuyPrc to increase" of course and reducing our CapGain each cycle]]....

 For those CEF type investors who are income oriented and use dividend [or distributions] + CapGains, GLQ is a current excellent investment [IMHO]....

 My current data on GLQ shows the following:

....Current "abbreviated" analysis data [COB Friday] on GLQ [sole opinion]:

1... Report Card Grade: 100 [0-100 rating system]

Power Rating: 100 [must be higher than the RptCard grade for any buy consideration]

2... Star Rating: Positive: 10star [0-10star reference with 10 being the max and "7" being the minimum for buying activity]

... !3-wk Star Rating: Positive 10stars [Major Buy]

3.. MktPrc: 11.86 [COB Friday]

... Buy possibility activity for this week: +0.30 [+0 - 0.045 rating system]

... Best MktBuyPrc this week: 11.69

... Analysis Score for MktPrc/NAV past week: 367 [>300 required for positive week]

... Last average weeks market activity on MktPrc: +0.10 [>5 required]

... Discount: -1.18 [Very Positive for investors]

... What are investors doing last week: +0.17 [>+0.05 required - investors buying]

... Manager Performance for 2020 to date: 237 [>151 rating system]

4... Dividend]: 11.17% for new buyers [$0.1104/Month ... $1.3248/Yr] ... x-div 8/20,9/17 ... Pay 8/31,9/30
...Distribution will be consistent until end of year
...Next "normal" distribution announcement expected approximately 10/10

5... Last Insider buying activity: 8/27/20 27,000sh @ 11.77

6... Rf [risk factor for holding in one's portfolio]: Positive +1.353 [+0 to +1.112 range for analysis evaluation]

7.. NAV: 14.03 [COB Friday] ... Undervalued
... Projection analysis scoring for this week: 100 [0-100 rating]

... Change in NAV last week: +$0.39

... Change in Intrinsic Value [COB Friday]: +$0.30

... Change in NAV since 3/20: +$4.51 [>$4.55 classified as a "hot" performer]

8... Total analysis numb3rs: 2022/3093 [requirement is 1000/1400 for normal trading range and >2000/2500 for current buying activity]

9... Trend [looking forward]: +4.81 [+460 minimum required]

... Captured CapGain to date: +$2,365.00

Something to look at IMHO....

One single opinion of the many I am sure....

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Highlighted
Explorer ○

Re: CEF holdings September 2020

CEFs are 47% of my Total Portfolio Value

PCI (16%), PKO (6%), PTY (6.5%), UTG (6.5%), PDI (5%), ACP (3%), PFN (2%), UTF (2%), EOI (1.5%), ZTR (1%), NRGX (<1%)

Bond OEF 6.5%; PONAX (5%) doing well, IOFIX doing terrible 

cash 9% 

Changes/Notes: No changes. Note of interest; I have two mortgage company stocks and they cut their distributions. I have one mall REIT company and they cut the dividend. PONAX/PIMIX reduced their distribution. However out of all my CEFs only ZTR and NRGX reduced distribution. Yes there is an increase in ROC on some. But boy if we get past Oct 1st without cuts, I will be very happy. 

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Explorer ○○○

Re: CEF holdings September 2020

Spud:

Keep in mind that ZF merged into ZTR [still ZTR] on 11/18/19 and they have not been doing well since their merger. ZF was paying $1.44/Yr [$0.361/Qtrly], while ZTR was paying $1.356/Yr [$0.113/month) ZF ceased trading on 11/15/19. Currently ZTR is not maintaining their "current" distribution with their current NAV of 9.02. ZTR needs a Manager change IMHO....

 I wouldn't own too many shares of ZTR currently [IMHO]....

One single opinion of the many I am sure....

Highlighted
Frequent Contributor

Re: CEF holdings September 2020

PCI=20.94%, KIO=15.44%.

Both percentages are going down slightly at the expense of growth in the equity part. I cannot help. Yet, the sum is more than 1/3 of my portfolio.

 

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Explorer ○

Re: CEF holdings September 2020

xray,

Thanks for heads up. I am in the black with ZTR however the distribution cut and the use of ROC to cover 80% of it gives me pause to think again.. 

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Participant ○

Re: CEF holdings September 2020

In order of size within each category:

Equity – Multi-Sector = ETY, CII, SCD, EOS

Equity – Sector = BST (tech), EMO (midstream), BSTZ (tech)

Changes since last list posting early August:

  • In a taxable account, sold my remaining KMF after a significant reduction in July.
  • With some of the proceeds opened a position in EOS, growth-oriented and option-income.

I still have not reentered taxable debt CEFs such as those from Pimco and F&C, long stalwarts in my portfolio.  I remain cautious in the former about defaults yet to show up, and in both about reduced total return in a persisting very-low interest rate environment.

Now my lowest number of, and probably my lowest capital allocation to, CEFs in perhaps 7-8 years. Few are attractive to me by P/D and general prospects.  I suspect the explosion of articles at Seeking Alpha on CEFs probably has something to do with this development.  

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Contributor ○

Re: CEF holdings September 2020

9/1

Assets  Liabilities 
     
FI Funds  Borrowing0.0%
PIMIX8.8% Total Liabilities0.0%
EHI4.1% Net Assets100.0%
IHIT2.3%   
DCF2.1% YTD total return*4.6%
NHS2.0% YTD volatility*17.6%
PFN1.9% YTD Sharpe*0.2
GDO1.9% YTD turnover254%
MFM1.9%   
EOT1.6% 
* Including cash & leverage
 
FIV1.6%   
CMU1.6%   
RCS1.6%   
EVG1.6%   
BBF1.5%   
BSE1.5%   
NUO1.2%   
NCB1.2%   
NJV1.2%   
MCI1.1%   
PCM1.1%   
BGIO1.1%   
NUM1.1%   
MPV1.1%   
PKO1.0%   
BWG1.0%   
MIN1.0%   
NMY1.0%   
MEN0.9%   
GFY0.9%   
EHT0.9%   
PPR0.8%   
TSI0.8%   
MTT0.8%   
DBL0.7%   
DMB0.6%   
NYV0.5%   
KSM0.4%   
ARDC0.3%   
EAD0.2%   
VLT0.2%   
Total57.6%   
     
Stock Funds    
GDV2.8%   
CII2.2%   
NIE1.8%   
GAM1.8%   
TY1.7%   
FFA1.7%   
CET1.6%   
ADX1.5%   
JCE1.5%   
GRX1.4%   
SPE1.3%   
FUND1.2%   
GRF1.1%   
FT0.8%   
EGIF0.6%   
AABA0.5%   
THQ0.4%   
Total23.9%   
     
Other stocks4.1%   
Total Investments85.7%   
Cash14.3%   
Total Assets100.0%   

 

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Highlighted
Frequent Contributor

Re: CEF holdings September 2020

Sellers of PCI seem to be back. I have no idea why would anyone sell a goose like PCI that lays golden eggs (distribution of 11%) while bond investors/holders are getting peanuts for their investments.

It does not seem to make any sense to me.

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