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Contributor ○

June distribution announcements

I used a threshold of 3% decrease; there were some smaller cuts not listed here.

6/1

BXMX decreased 8%

DIAX decreased 7%

EFF decreased 3%

EFT decreased 43%

GPM decreased 50%

JCE decreaesd 10%

JDD decreased 10%

JGH decreased 16%

JFR decreased 19%

JHAA decreased 10%

JHB decreased 15%

JHY decreased 41%

JLS decreased 25%

JQC decreased 8%

JRO decreased 20%

JSD decreased 19%

JTA decreased 20%

JTD decreased 5%

NRGX decreased 58%

NSL decreased 13%

PGP decreased 27%

PHK decreased 22%

PPR decreased 10%

RCS decreased 17%

RMT decreased 6%

RVT decreased 7%

SPXX decreased 8%

Some Blackrock, Eaton Vance, John Hancock, MFS & Nuveen CEFs increased.

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21 Replies
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Participant ○○○

Re: June distribution announcements

NGRX cut their distribution for third quarter. 

The June distribution is same as previous. 

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Explorer ○○○

Re: June distribution announcements

I always like it when none of mine hit this list  :)

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Contributor ○

Re: June distribution announcements

6/2

DDF decreased 31%

DEX decreased 32%

FUND decreased 6%

MGU decreased 46%

VCF decreased 11%

VMM decreased 13%

 

SRV & SRF announced reverse splits.

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Contributor ○

Re: June distribution announcements

6/5

AIF decreased 11%

AFT decreased 14%

CEN decreased 25% and switched from monthly to quarterly

CUBA decreased 55%

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Contributor ○

Re: June distribution announcements

6/9

AEF decreased 21%

BGB decreased 8%

BGX decreased 11%

BSL decreased 5%

IFN decreased 26%

KMF decreased 60% and switched from monthly to quarterly 

KYN decreased 58% and switched from monthly to quarterly

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Explorer ○○

Re: June distribution announcements

Suggestion: 

If/when posting reductions in dividends and/or distributions, posting the current dividend and distribution %, and current MktPrc, "after" the cut would be useful. We must always consider that the dividends or distributions that were currently being paid were not sustainable and that the current MktPrc [after the cut announcement] could be useful as a considered entry point [after careful analysis of the security in question if already on our watch list]....

Example: KYN just made their announcement today of $015/Qtr [$0.60/Yr] and at a current MktPrc of 6.73 [COB Friday] would give a income investor >9%. KYN has a current NAV of 7.86. The oil sector has been hit hard so many investors have already sold out of the oil sector and have been waiting for a new entry point into the oil sector [KYN is currently considered undervalued and oversold]....

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Contributor ○

Re: June distribution announcements

6/11

RIF decreased 69%

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Frequent Contributor

Re: June distribution announcements


@xray wrote:

Suggestion: 

If/when posting reductions in dividends and/or distributions, posting the current dividend and distribution %, and current MktPrc, "after" the cut would be useful. We must always consider that the dividends or distributions that were currently being paid were not sustainable and that the current MktPrc [after the cut announcement] could be useful as a considered entry point [after careful analysis of the security in question if already on our watch list]....

Example: KYN just made their announcement today of $015/Qtr [$0.60/Yr] and at a current MktPrc of 6.73 [COB Friday] would give a income investor >9%. KYN has a current NAV of 7.86. The oil sector has been hit hard so many investors have already sold out of the oil sector and have been waiting for a new entry point into the oil sector [KYN is currently considered undervalued and oversold]....


acamus (and others) provides a great, continuous service posting the dividend changes...immediately.  

IMO, for Al to add more info seems would be a big burden.  If investors own CEFs, they should be able to assess for themselves their own fund(s) situation, and investment aspects, of a dividend cut.

R48

 

 

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Explorer ○○

Re: June distribution announcements

Yes, you are correct. With the huge number of securities reporting changes in their distributions and dividends, it would be a additional burden to add the additional information in a timely manner....

 xray

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Explorer ○○

Re: June distribution announcements

 We must keep in mind that a lot of CEF's have their NAV's tied to their distributions. If/when the NAV declines during any Qtr, the next distribution announcement will also decrease. Not good to have "distributions" which are variable  [vs dividends which are fixed] in any down market....

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Participant ○○○

Re: June distribution announcements


@xray wrote:

 We must keep in mind that a lot of CEF's have their NAV's tied to their distributions. If/when the NAV declines during any Qtr, the next distribution announcement will also decrease. Not good to have "distributions" which are variable  [vs dividends which are fixed] in any down market....


If the fund has to make an ROC distribution, it has to sell assets to make the distributions.   As a pure economic matter, in an overvalued market receiving ROC makes sense and in a depressed market, it is an economic detriment.   So, fixed distributions are not necessarily good.  Fixed distributions also cause the manager to take risks that are not consistent with maximizing total returns in favor of trying to find income in unimaginable and unhealthy places.  Something to consider.

Investors that invest in funds that do not provide any predictable distributions are less trigger happy, presumably causing the fund prices to swing less. 

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Explorer ○○

Re: June distribution announcements

Anitya:

Your: 

If the fund has to make an ROC distribution, it has to sell assets to make the distributions.   As a pure economic matter, in an overvalued market receiving ROC makes sense and in a depressed market, it is an economic detriment.   So, fixed distributions are not necessarily good.  Fixed distributions also cause the manager to take risks that are not consistent with maximizing total returns in favor of trying to find income in unimaginable and unhealthy places.  Something to consider.Investors that invest in funds that do not provide any predictable distributions are less trigger happy, presumably causing the fund prices to swing less. 

 ROC has been and will continue to be a debatable conversation. With that said....
 I, and many others, watch the NAV's [including book values] and totally disregard the ROC component of a distribution [especially since it is always changeable and not final until 12/31/20]. Add to this that if/when the NAV is "always" increasing [wk-to-wk], the ROC previously reported [looking backwards and not forward] has no value meaning in any forward looking analysis [IMHO]....
 One single opinion of many I am sure....

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Contributor ○

Re: June distribution announcements

6/19

MSD decreased 19%

EDD decreased 8%

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Participant ○○○

Re: June distribution announcements

LDP announced cut of 8% effective for their July distribution. 

This surprised me and disappoints me for Cohen & Steers. LDP has been around since 2012 and had a steady monthly distribution the whole time. Here's one financial crisis that they hit and right away they cut the dividend 8%. Somehow to me this doesn't reflect well on the portfolio managers that they couldn't navigate this short crisis. This fund is limited duration and preferred stocks. 

It's in my top 5 holdings, so I'm pretty ticked off. 

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Contributor ○○○

Re: June distribution announcements

Both VDE and VTI have cut the dividends. I calculated the cut for VDE today, since I got the cash today.  I found that the cut is 8%. Banks are going to cut their divs also. So, be happy for the small cut. I expect more cuts, even from PIMCO funds.

Look at the bright side. Your taxes will go down. I know that my taxes will go down.  So I sold some shares of VIG after 10 years and took some hefty CG two weeks ago.


@astrokng wrote:

LDP announced cut of 8% effective for their July distribution. 

This surprised me and disappoints me for Cohen & Steers. LDP has been around since 2012 and had a steady monthly distribution the whole time. Here's one financial crisis that they hit and right away they cut the dividend 8%. Somehow to me this doesn't reflect well on the portfolio managers that they couldn't navigate this short crisis. This fund is limited duration and preferred stocks. 

It's in my top 5 holdings, so I'm pretty ticked off. 


 

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Contributor ○

Re: June distribution announcements

6/25

HEQ decreased 23%
LDP decreased 8%
PSF decreased 9%

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Contributor ○

Re: June distribution announcements

6/29

OXLC decreased 50%

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Contributor ○○○

Re: June distribution announcements

OXLC has reclassified its distributions for 2018 tax year. I will get another $5 refund if I file an amended return for 2018 based on the new corrected 1099-Div from Vanguard that I recived two days ago.

It is a big mess. Look at the price decline over a one year period. You will get the picture.


@acamus wrote:

6/29

OXLC decreased 50%


 

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Explorer ○○

Re: June distribution announcements

ECEPROF

 ORC and OXLC have been collapsing for quite a while now. Not a surprise they went belly up [IMHO]. There are too many securities out there that appear undervalued and better performers with dividends [or distributions] >10%....

 Sorry you were in that security and no one gave you a recent warning [heads up] on both....

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