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Participant ○○

Re: Snapshot of trading in some large CEFs

Most CEFs are now up big:

      sym  mkt_ret  NAV_ret  premium      mkt      NAV    mkt_time    nav_time
    NRGX    25.20   -10.69    -19.55     4.57     5.68 03-19@13:51 03-18@20:01
     PCI     7.55    -4.42    -13.98    15.81    18.38 03-19@13:50 03-18@20:00
     PDI     2.75    -4.52     -9.68    20.02    22.16 03-19@13:49 03-18@20:01
     PFL    10.63    -4.37    -18.03     7.00     8.54 03-19@13:46 03-18@20:00
     PCM     6.01    -3.53    -18.68     6.88     8.46 03-19@13:48 03-18@20:00
     PCN     6.41    -3.48    -10.99    10.62    11.93 03-19@13:50 03-18@20:00
     PFN     8.09    -3.96    -18.23     6.34     7.76 03-19@13:50 03-18@20:00
     PHK    -1.02    -3.02    -16.62     4.02     4.82 03-19@13:50 03-18@20:00
     PKO    10.84    -4.59    -17.59    16.26    19.73 03-19@13:50 03-18@20:01
     PTY     5.46    -4.81     -4.01    11.01    11.47 03-19@13:50 03-18@20:00
     RCS    -8.91    -4.25     -1.95     5.52     5.63 03-19@13:50 03-18@20:00
     DSL    13.82    -5.27    -18.05    11.94    14.57 03-19@13:51 03-19@09:57
     DBL    11.56     0.00    -10.71    17.18    19.24 03-19@13:49 03-19@09:57
     NEA     2.60    -1.75    -21.09    11.52    14.60 03-19@13:51 03-18@20:00
     NAD     2.24    -1.86    -21.66    11.59    14.80 03-19@13:50 03-18@20:00
     NVG    -0.08    -2.11    -20.15    12.60    15.78 03-19@13:47 03-18@20:00
     NZF     2.82    -2.81    -20.86    12.03    15.20 03-19@13:43 03-18@20:00
     NMZ     4.40    -3.23    -17.06    10.45    12.60 03-19@13:49 03-18@20:00
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Re: Snapshot of trading in some large CEFs

An up day for a change. All NAV data is from yesterday, and the premium is based on today's close and yesterday's NAV.

      sym  mkt_ret  NAV_ret  premium      mkt      NAV    mkt_time    nav_time
    NRGX    30.14   -10.69    -16.37     4.75     5.68 03-19@16:00 03-18@20:01
     PCI     9.32    -4.42    -12.57    16.07    18.38 03-19@15:59 03-18@20:00
     PDI     4.06    -4.52     -8.53    20.27    22.16 03-19@15:59 03-18@20:01
     PFL    17.59    -4.37    -12.88     7.44     8.54 03-19@15:59 03-18@20:00
     PCM    14.79    -3.53    -11.94     7.45     8.46 03-19@15:59 03-18@20:00
     PCN     8.72    -3.48     -9.05    10.85    11.93 03-19@16:00 03-18@20:00
     PFN    17.21    -3.96    -11.34     6.88     7.76 03-19@15:58 03-18@20:00
     PHK     1.97    -3.02    -14.11     4.14     4.82 03-19@15:59 03-18@20:00
     PKO    17.72    -4.59    -12.47    17.27    19.73 03-19@15:59 03-18@20:01
     PTY     7.76    -4.81     -1.92    11.25    11.47 03-19@15:59 03-18@20:00
     RCS    -2.81    -4.25      4.62     5.89     5.63 03-19@15:57 03-18@20:00
     DSL    19.54    -5.27    -13.93    12.54    14.57 03-19@16:00 03-19@09:57
     DBL    12.34     0.00    -10.08    17.30    19.24 03-19@15:53 03-19@09:57
     NEA     5.08    -1.75    -19.18    11.80    14.60 03-19@15:59 03-18@20:00
     NAD     5.60    -1.86    -19.09    11.97    14.80 03-19@15:59 03-18@20:00
     NVG     0.48    -2.11    -19.71    12.67    15.78 03-19@15:59 03-18@20:00
     NZF     5.13    -2.81    -19.08    12.30    15.20 03-19@15:59 03-18@20:00
     NMZ     8.69    -3.23    -13.65    10.88    12.60 03-19@15:59 03-18@20:00
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Re: Snapshot of trading in some large CEFs


@ElLobo wrote:

I calculate PCI closing today at a 24% discount to NAV ($14.70 close, $19.23 NAV) on 4.5 million volume, 2X normal 2.24 million.  It will be interesting to see what the NAV does tomorrow.  If much lower, that indicates, I believe, de-leveraging.  I'm not sure what bonds, in general, did today, however!

If PCI continues to pay it's regular $2.09 distribution, and I see no reason to cut it, unless deleveraging is going on, then PCI is currently yielding 14.2%.  How's THAT for 'reaching for yield?"  8-))


If PCI is receiving the same dividend from its holding, I don't see why they would need to de-leverage.  It is simply borrowed money at a very low historic low current rate, and the reason why the fund exists.

If an underlying holding goes bad, managers should sell it!

Is this correct??  If PCI sells everything and goes to 100% cash, and it is leveraged 2X1 with borrowed money at 0% rate, then the NAV is frozen in price.  No income earned, but no declining NAV!

BTW B-man, thanks for the charts and data.

R48

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Re: Snapshot of trading in some large CEFs


Is this correct??  If PCI sells everything and goes to 100% cash, and it is leveraged 2X1 with borrowed money at 0% rate, then the NAV is frozen in price.  No income earned, but no declining NAV!


Delevering might or might not have an impact on NAV. Take a simple example of a fund with $200 million assets, $50 million debt and 10 million shares. It's NAV would be (200-50)/10 = $15 per share. If it sold $50 million of assets to pay off the $50 million debt, it would then have $150 million assets and no debt. That would make it's NAV 150/10 = $15 per share, i.e. no change.

Sometimes there might be a fee to get out of a credit agreement early. If that's the case, delevering could cause NAV to decrease. In the example above, if the fee was $1 million, NAV after delevering would be $14.90. Another case where delevering could make NAV decrease is where preferred shares have a call premium.

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Re: Snapshot of trading in some large CEFs

Poor NAV returns today (3/19), perhaps because credit did poorly today, even though stocks were flat and Treasuries up.

    % Change          Trade Time
SPY    0.229 2020-03-19 16:00:01
HYG   -2.247 2020-03-19 16:00:00
LQD   -4.941 2020-03-19 16:00:00
MUB   -2.300 2020-03-19 16:00:00
TLT    2.723 2020-03-19 16:00:01
     sym  mkt_ret  NAV_ret     diff  premium      mkt      NAV    mkt_time    nav_time
    NRGX    32.05     5.81     26.24   -19.80     4.82     6.01 03-19@16:02 03-19@20:01
     PCI     9.32    -6.31     15.63    -6.68    16.07    17.22 03-19@16:02 03-19@20:00
     PDI     3.95    -5.64      9.59    -3.16    20.25    20.91 03-19@16:02 03-19@20:01
     PFL    16.95    -2.93     19.88   -10.74     7.40     8.29 03-19@16:02 03-19@20:00
     PCM    14.64    -6.86     21.49    -5.58     7.44     7.88 03-19@15:59 03-19@20:00
     PCN     7.41    -3.35     10.77    -7.03    10.72    11.53 03-19@16:02 03-19@20:00
     PFN    15.84    -2.96     18.81    -9.69     6.80     7.53 03-19@16:02 03-19@20:00
     PHK     1.72    -3.11      4.84   -11.56     4.13     4.67 03-19@16:02 03-19@20:00
     PKO    16.56    -3.45     20.01   -10.24    17.10    19.05 03-19@15:59 03-19@20:01
     PTY     7.28    -3.57     10.85     1.27    11.20    11.06 03-19@16:02 03-19@20:00
     RCS    -3.30    -4.97      1.67     9.53     5.86     5.35 03-19@16:02 03-19@20:00
     DSL    20.02    -5.27     25.29   -13.59    12.59    14.57 03-19@16:02 03-19@20:00
     DBL    12.73    -1.82     14.55    -8.10    17.36    18.89 03-19@16:02 03-19@20:00
     NEA     5.08    -5.00     10.08   -14.92    11.80    13.87 03-19@16:02 03-19@20:00
     NAD     5.64    -4.86     10.51   -14.91    11.98    14.08 03-19@16:02 03-19@20:00
     NVG     0.48    -5.77      6.24   -14.79    12.67    14.87 03-19@16:02 03-19@20:00
     NZF     4.96    -5.79     10.75   -14.25    12.28    14.32 03-19@16:02 03-19@20:00
     NMZ     8.59    -5.87     14.46    -8.35    10.87    11.86 03-19@16:02 03-19@20:00
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Re: Snapshot of trading in some large CEFs

Muni bonds up because

Fed Expands Emergency Program to Include Muni Funds After Rout
By Christopher Condon
Bloomberg
March 20, 2020, 11:00 AM EDT Updated on March 20, 2020, 11:15 AM EDT

VTEB, which I mentioned in the thread ETFs are the new CEFs, is up a lot. 

     % Change          Trade Time
SPY    -1.003 2020-03-20 12:44:26
HYG    -0.799 2020-03-20 12:44:25
LQD     3.194 2020-03-20 12:44:20
MUB     1.161 2020-03-20 12:44:04
VTEB    4.475 2020-03-20 12:43:34
TLT     5.065 2020-03-20 12:44:20

sym mkt_ret NAV_ret premium mkt NAV mkt_time nav_time NRGX 11.03 5.81 -10.96 5.35 6.01 03-20@12:37 03-19@20:01 PCI 0.06 -6.31 -6.62 16.08 17.22 03-20@12:40 03-19@20:00 PDI 0.12 -5.64 -3.04 20.27 20.91 03-20@12:41 03-19@20:01 PFL 5.00 -2.93 -6.27 7.77 8.29 03-20@12:38 03-19@20:00 PCM 5.51 -6.86 -0.38 7.85 7.88 03-20@12:31 03-19@20:00 PCN 4.48 -3.35 -2.86 11.20 11.53 03-20@12:36 03-19@20:00 PFN 4.85 -2.96 -5.31 7.13 7.53 03-20@12:41 03-19@20:00 PHK 2.69 -3.11 -9.18 4.24 4.67 03-20@12:41 03-19@20:00 PKO 4.19 -3.45 -6.47 17.82 19.05 03-20@12:41 03-19@20:01 PTY 8.57 -3.57 9.95 12.16 11.06 03-20@12:40 03-19@20:00 RCS -4.61 -4.97 4.49 5.59 5.35 03-20@12:41 03-19@20:00 DSL 4.29 -5.63 -4.51 13.13 13.75 03-20@12:41 03-20@09:16 DBL 1.96 0.00 -6.30 17.70 18.89 03-20@12:31 03-20@09:16 NEA 7.67 -5.00 -8.40 12.71 13.87 03-20@12:42 03-19@20:00 NAD 5.76 -4.86 -10.01 12.67 14.08 03-20@12:42 03-19@20:00 NVG 5.03 -5.77 -10.51 13.31 14.87 03-20@12:40 03-19@20:00 NZF 4.64 -5.79 -10.27 12.85 14.32 03-20@12:41 03-19@20:00 NMZ 1.95 -5.87 -6.56 11.08 11.86 03-20@12:41 03-19@20:00

 

 

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Re: Snapshot of trading in some large CEFs

The NAV returns of PIMCO taxable bond CEFs continue to be terrible. Their market prices may have crashed this week because some traders correctly predicted that the NAVs would crash.

     % Change          Trade Time
SPY    -4.059 2020-03-20 16:00:02
HYG    -2.242 2020-03-20 16:00:00
LQD     1.609 2020-03-20 16:00:00
MUB     0.768 2020-03-20 16:00:00
VTEB    2.336 2020-03-20 16:00:00
TLT     7.520 2020-03-20 16:00:00

      sym  mkt_ret  NAV_ret     diff  premium      mkt      NAV    mkt_time    nav_time
    NRGX     1.66     5.32     -3.66   -22.59     4.90     6.33 03-20@16:02 03-20@20:01
     PCI    -1.43    -5.28      3.85    -2.88    15.84    16.31 03-20@16:02 03-20@20:00
     PDI    -3.11    -4.50      1.38    -1.75    19.62    19.97 03-20@16:02 03-20@20:01
     PFL     4.86    -1.45      6.31    -5.02     7.76     8.17 03-20@16:02 03-20@20:00
     PCM     2.55    -7.36      9.91     4.52     7.63     7.30 03-20@15:59 03-20@20:00
     PCN     4.29    -2.25      6.55    -0.80    11.18    11.27 03-20@15:59 03-20@20:00
     PFN     3.97    -1.59      5.56    -4.59     7.07     7.41 03-20@16:02 03-20@20:00
     PHK     5.57    -1.50      7.07    -5.22     4.36     4.60 03-20@16:02 03-20@20:00
     PKO     3.22    -1.89      5.11    -5.56    17.65    18.69 03-20@16:02 03-20@20:01
     PTY     6.61    -1.99      8.60    10.15    11.94    10.84 03-20@16:02 03-20@20:00
     RCS    -3.58     0.37     -3.96     5.21     5.65     5.37 03-20@15:59 03-20@20:00
     DSL     2.62    -7.69     10.31    -3.94    12.92    13.45 03-20@16:02 03-20@20:00
     DBL    -1.50    -2.22      0.73    -7.42    17.10    18.47 03-20@15:59 03-20@20:00
     NEA     3.14    -4.18      7.32    -8.43    12.17    13.29 03-20@16:02 03-20@20:00
     NAD     1.92    -4.19      6.11    -9.49    12.21    13.49 03-20@16:02 03-20@20:00
     NVG     1.82    -4.57      6.39    -9.09    12.90    14.19 03-20@16:02 03-20@20:00
     NZF     1.95    -4.54      6.49    -8.41    12.52    13.67 03-20@16:02 03-20@20:00
     NMZ     1.10    -4.47      5.57    -3.00    10.99    11.33 03-20@16:02 03-20@20:0

 

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Re: Snapshot of trading in some large CEFs


@jmrdnc wrote:

Beliavsky,

Remember back when you posted about PCI serving as an annuity. I cautioned you about volatility. It's not just price but NAV and dividend cuts to consider. I still own the same CEFs.


@jmrdnc @Beliavsky 

Hindsight is what it is.  One could still make the case, that if an investor rides out the bad times, the dividend cuts and gains could even out.  However, from an opportunity standpoint, I agree about the concern about dividend cuts.  The next whipsaw will be dividend cuts and the shock it causes will impact prices accordingly.  I've bought some Muni CEFs because the impact on income won't be as severe, but other bonds won't be as fortunate.  So, I will wait for the other shoe to fall, before putting much money to work on credit CEFs.    

Beliavsky, 

Thanks for the chart info!

ctyankee

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Re: Snapshot of trading in some large CEFs

Ugh. The LQD jump up is surprising given the falls in SPY and TLT. I think CEFs are falling because of the SPY fall and because of the bad NAV returns on Friday. 

     % Change          Trade Time
SPY    -2.439 2020-03-23 09:46:33
HYG    -0.559 2020-03-23 09:46:33
LQD     6.005 2020-03-23 09:46:32
MUB    -0.323 2020-03-23 09:46:30
VTEB   -0.896 2020-03-23 09:46:27
TLT    -0.508 2020-03-23 09:46:31
      sym  mkt_ret  NAV_ret  premium      mkt      NAV    mkt_time    nav_time
    NRGX   -10.82     5.32    -30.96     4.37     6.33 03-23@09:45 03-20@20:01
     PCI   -12.50    -5.28    -15.02    13.86    16.31 03-23@09:46 03-20@20:00
     PDI   -11.62    -4.50    -13.17    17.34    19.97 03-23@09:46 03-20@20:01
     PFL    -8.95    -1.45    -13.52     7.07     8.17 03-23@09:46 03-20@20:00
     PCM    -9.83    -7.36     -5.75     6.88     7.30 03-23@09:45 03-20@20:00
     PCN    -8.53    -2.25     -9.34    10.22    11.27 03-23@09:44 03-20@20:00
     PFN    -8.91    -1.59    -13.09     6.44     7.41 03-23@09:46 03-20@20:00
     PHK    -9.63    -1.50    -14.35     3.94     4.60 03-23@09:46 03-20@20:00
     PKO   -12.70    -1.89    -17.55    15.41    18.69 03-23@09:46 03-20@20:01
     PTY   -17.28    -1.99     -8.88     9.88    10.84 03-23@09:46 03-20@20:00
     RCS    -4.84     0.37      0.13     5.38     5.37 03-23@09:43 03-20@20:00
     DSL   -10.64    -7.69    -14.16    11.54    13.45 03-23@09:46 03-20@20:00
     DBL    -4.48    -2.22    -11.57    16.33    18.47 03-23@09:46 03-20@20:00
     NEA    -6.82    -4.18    -14.67    11.34    13.29 03-23@09:46 03-20@20:00
     NAD    -5.16    -4.19    -14.16    11.58    13.49 03-23@09:46 03-20@20:00
     NVG    -7.02    -4.57    -15.47    11.99    14.19 03-23@09:46 03-20@20:00
     NZF    -6.55    -4.54    -14.41    11.70    13.67 03-23@09:46 03-20@20:00
     NMZ    -6.28    -4.47     -9.09    10.30    11.33 03-23@09:44 03-20@20:00

 

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Re: Snapshot of trading in some large CEFs

Market prices and NAVs for 3/23. Regarding the taxable bond CEFs, what's a cheap level for a CEF when the NAV falls a few percent a day?

     % Change          Trade Time
SPY     -2.56 2020-03-23 16:00:01
HYG     -1.61 2020-03-23 16:00:00
LQD      7.39 2020-03-23 16:00:00
MUB      1.90 2020-03-23 16:00:00
VTEB     4.44 2020-03-23 16:00:00
TLT      4.12 2020-03-23 16:00:00
      sym  mkt_ret  NAV_ret     diff  premium      mkt      NAV    mkt_time    nav_time
    NRGX   -11.22    -6.64     -4.59   -26.40     4.35     5.91 03-23@16:02 03-23@19:04
     PCI    -9.85    -3.00     -6.84    -9.73    14.28    15.82 03-23@16:02 03-23@19:46
     PDI    -9.58    -3.36     -6.23    -8.08    17.74    19.30 03-23@15:59 03-23@18:58
     PFL    -5.93    -2.57     -3.36    -8.29     7.30     7.96 03-23@16:02 03-23@18:45
     PCM   -18.22    -7.36    -10.86   -14.52     6.24     7.30 03-23@15:59 03-23@18:45
     PCN    -6.09    -2.31     -3.78    -4.72    10.49    11.01 03-23@16:02 03-23@18:45
     PFN    -5.09    -2.43     -2.66    -7.19     6.71     7.23 03-23@16:02 03-23@18:45
     PHK    -8.26    -1.96     -6.30   -11.31     4.00     4.51 03-23@16:02 03-23@19:12
     PKO    -5.33    -2.68     -2.65    -8.14    16.71    18.19 03-23@15:59 03-23@18:58
     PTY   -12.56    -2.40    -10.16    -1.32    10.44    10.58 03-23@16:02 03-23@18:45
     RCS    -8.14     0.37     -8.52    -3.35     5.19     5.37 03-23@16:02 03-23@18:45
     DSL   -13.31    -5.28     -8.03   -12.09    11.20    12.74 03-23@16:02 03-23@19:14
     DBL    -1.23    -3.90      2.67    -4.85    16.89    17.75 03-23@16:02 03-23@19:42
     NEA    -5.09     0.38     -5.47   -13.42    11.55    13.34 03-23@16:02 03-23@18:56
     NAD    -3.85     0.30     -4.15   -13.23    11.74    13.53 03-23@16:02 03-23@18:56
     NVG    -2.90     0.21     -3.11   -11.91    12.53    14.22 03-23@15:59 03-23@18:56
     NZF    -6.23    -0.29     -5.94   -13.87    11.74    13.63 03-23@16:02 03-23@18:56
     NMZ    -5.82    -0.18     -5.65    -8.49    10.35    11.31 03-23@16:02 03-23@18:56
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Re: Snapshot of trading in some large CEFs

Well, if PDI PCI and PTY market price are dropping 2x or 3x the drop in NAV, then maybe it's not totally terrible. At least the NAV isn't tanking 5% or more. Makes it sound like more retail investors throwing in the towel. 

And Beliva, if you could add HPI JPS and RNP to your chart, I'd appreciate it. Preferred issues seems to be especially vulnerable and REITs as well. 

It's just a blood bath that won't stop. 

Thanks for your insights. 

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Re: Snapshot of trading in some large CEFs

Thanks @Beliavsky 

I haven't invested in CEFs in a couple of years, but I'm starting to pay attention. It seems like CEF buyers as a group are becoming more buy and hold than it used to be. I suspect that back then the old CEF investors would have pretty much gone to cash by now and the discounts would be a lot higher. But we're approaching the point where there may be bargains to be found. Thanks for posting!

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Re: Snapshot of trading in some large CEFs

@astrokng wrote:

Well, if PDI PCI and PTY market price are dropping 2x or 3x the drop in NAV, then maybe it's not totally terrible. At least the NAV isn't tanking 5% or more. Makes it sound like more retail investors throwing in the towel. 

And Beliva, if you could add HPI JPS and RNP to your chart, I'd appreciate it. Preferred issues seems to be especially vulnerable and REITs as well. 


I added the requested CEFs and PFF, a preferred ETF.

     % Change          Trade Time
SPY     -2.67 2020-03-23 16:00:01
HYG     -1.61 2020-03-23 16:00:00
PFF     -5.55 2020-03-23 16:00:02
LQD      7.39 2020-03-23 16:00:00
MUB      1.90 2020-03-23 16:00:00
VTEB     4.44 2020-03-23 16:00:00
TLT      4.12 2020-03-23 16:00:00
      sym  mkt_ret  NAV_ret     diff  premium      mkt      NAV    mkt_time    nav_time
    NRGX   -11.22    -6.64     -4.59   -26.40     4.35     5.91 03-23@16:02 03-23@20:01
     PCI    -9.85    -3.00     -6.84    -9.73    14.28    15.82 03-23@16:02 03-23@20:00
     PDI    -9.58    -3.36     -6.23    -8.08    17.74    19.30 03-23@15:59 03-23@20:01
     PFL    -5.93    -2.57     -3.36    -8.29     7.30     7.96 03-23@16:02 03-23@20:00
     PCM   -18.22    -7.36    -10.86   -14.52     6.24     7.30 03-23@15:59 03-23@20:00
     PCN    -6.09    -2.31     -3.78    -4.72    10.49    11.01 03-23@16:02 03-23@20:00
     PFN    -5.09    -2.43     -2.66    -7.19     6.71     7.23 03-23@16:02 03-23@20:00
     PHK    -8.26    -1.96     -6.30   -11.31     4.00     4.51 03-23@16:02 03-23@20:00
     PKO    -5.33    -2.68     -2.65    -8.14    16.71    18.19 03-23@15:59 03-23@20:01
     PTY   -12.56    -2.40    -10.16    -1.32    10.44    10.58 03-23@16:02 03-23@20:00
     RCS    -8.14     0.37     -8.52    -3.35     5.19     5.37 03-23@16:02 03-23@20:00
     DSL   -13.31    -5.28     -8.03   -12.09    11.20    12.74 03-23@16:02 03-23@20:00
     DBL    -1.23    -3.90      2.67    -4.85    16.89    17.75 03-23@16:02 03-23@20:00
     NEA    -5.09     0.38     -5.47   -13.42    11.55    13.34 03-23@16:02 03-23@20:00
     NAD    -3.85     0.30     -4.15   -13.23    11.74    13.53 03-23@16:02 03-23@20:00
     NVG    -2.71     0.21     -2.92   -11.74    12.55    14.22 03-23@15:59 03-23@20:00
     NZF    -6.23    -0.29     -5.94   -13.87    11.74    13.63 03-23@16:02 03-23@20:00
     NMZ    -5.82    -0.18     -5.65    -8.49    10.35    11.31 03-23@16:02 03-23@20:00
     HPI   -17.29   -11.04     -6.25    -1.08    11.00    11.12 03-23@15:59 03-23@20:00
     JPS   -11.37    -4.56     -6.81   -17.10     5.38     6.49 03-23@16:02 03-23@20:00
     RNP    -3.75    -6.23      2.48   -12.05    12.84    14.60 03-23@16:02 03-23@20:00

 

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Re: Snapshot of trading in some large CEFs

Thanks @Beliavsky .

Do mind adding DLY between DBL and DSL?  

Also, if you do not mind adding DFP, FPF and JPI in the preferreds that will be great.

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Re: Snapshot of trading in some large CEFs


@Anitya wrote:

Thanks @Beliavsky .

Do mind adding DLY between DBL and DSL?  

Also, if you do not mind adding DFP, FPF and JPI in the preferreds that will be great.


I added the requested preferreds but not DLY, because Yahoo Finance does not yet recognize XDLYX as an NAV symbol.

      sym  mkt_ret  NAV_ret     diff  premium      mkt      NAV    mkt_time    nav_time
    NRGX   -11.22    -6.64     -4.59   -26.40     4.35     5.91 03-23@16:02 03-23@20:01
     PCI    -9.85    -3.00     -6.84    -9.73    14.28    15.82 03-23@16:02 03-23@20:00
     PDI    -9.58    -3.36     -6.23    -8.08    17.74    19.30 03-23@15:59 03-23@20:01
     PFL    -5.93    -2.57     -3.36    -8.29     7.30     7.96 03-23@16:02 03-23@20:00
     PCM   -18.22    -7.36    -10.86   -14.52     6.24     7.30 03-23@15:59 03-23@20:00
     PCN    -6.09    -2.31     -3.78    -4.72    10.49    11.01 03-23@16:02 03-23@20:00
     PFN    -5.09    -2.43     -2.66    -7.19     6.71     7.23 03-23@16:02 03-23@20:00
     PHK    -8.26    -1.96     -6.30   -11.31     4.00     4.51 03-23@16:02 03-23@20:00
     PKO    -5.33    -2.68     -2.65    -8.14    16.71    18.19 03-23@15:59 03-23@20:01
     PTY   -12.56    -2.40    -10.16    -1.32    10.44    10.58 03-23@16:02 03-23@20:00
     RCS    -8.14     0.37     -8.52    -3.35     5.19     5.37 03-23@16:02 03-23@20:00
     DSL   -13.31    -5.28     -8.03   -12.09    11.20    12.74 03-23@16:02 03-23@20:00
     DBL    -1.23    -3.90      2.67    -4.85    16.89    17.75 03-23@16:02 03-23@20:00
     NEA    -5.09     0.38     -5.47   -13.42    11.55    13.34 03-23@16:02 03-23@20:00
     NAD    -3.85     0.30     -4.15   -13.23    11.74    13.53 03-23@16:02 03-23@20:00
     NVG    -2.71     0.21     -2.92   -11.74    12.55    14.22 03-23@15:59 03-23@20:00
     NZF    -6.23    -0.29     -5.94   -13.87    11.74    13.63 03-23@16:02 03-23@20:00
     NMZ    -5.82    -0.18     -5.65    -8.49    10.35    11.31 03-23@16:02 03-23@20:00
     HPI   -17.29   -11.04     -6.25    -1.08    11.00    11.12 03-23@15:59 03-23@20:00
     JPS   -11.37    -4.56     -6.81   -17.10     5.38     6.49 03-23@16:02 03-23@20:00
     RNP    -3.75    -6.23      2.48   -12.05    12.84    14.60 03-23@16:02 03-23@20:00
     DFP    -9.21    -5.87     -3.35    -9.29    14.65    16.15 03-23@16:02 03-23@20:00
     FPF   -13.16    -4.60     -8.56   -16.69    13.13    15.76 03-23@15:59 03-23@20:01
     JPI    -6.75    -4.04     -2.71   -10.50    14.23    15.90 03-23@15:59 03-23@20:01
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Re: Snapshot of trading in some large CEFs

Preferreds, which people asked me to add the list last night, are up big.

     % Change          Trade Time
SPY      6.21 2020-03-24 09:53:52
HYG      2.44 2020-03-24 09:53:51
PFF      7.25 2020-03-24 09:53:53
LQD      1.84 2020-03-24 09:53:52
MUB      1.32 2020-03-24 09:53:52
VTEB     1.30 2020-03-24 09:53:39
TLT     -1.97 2020-03-24 09:53:52
      sym  mkt_ret  NAV_ret  premium      mkt      NAV    mkt_time    nav_time
    NRGX    16.78    -6.64    -14.04     5.08     5.91 03-24@09:53 03-23@20:01
     PCI     5.04    -3.00     -5.18    15.00    15.82 03-24@09:53 03-23@20:00
     PDI     8.40    -3.36     -0.36    19.23    19.30 03-24@09:53 03-23@20:01
     PFL     2.33    -2.57     -6.15     7.47     7.96 03-24@09:52 03-23@20:00
     PCM     9.42    -3.15     -3.42     6.83     7.07 03-24@09:44 03-24@08:00
     PCN     1.62    -2.31     -3.18    10.66    11.01 03-24@09:53 03-23@20:00
     PFN     2.68    -2.43     -4.70     6.89     7.23 03-24@09:52 03-23@20:00
     PHK     8.50    -1.96     -3.77     4.34     4.51 03-24@09:53 03-23@20:00
     PKO     3.86    -2.68     -4.59    17.35    18.19 03-24@09:52 03-23@20:01
     PTY     7.14    -2.40      5.72    11.19    10.58 03-24@09:53 03-23@20:00
     RCS     9.44    -0.93      6.77     5.68     5.32 03-24@09:53 03-24@08:00
     DSL    11.96    -5.28     -1.57    12.54    12.74 03-24@09:53 03-23@20:00
     DBL     2.15    -3.90     -2.80    17.25    17.75 03-24@09:53 03-23@20:00
     NEA     1.13     0.38    -12.44    11.68    13.34 03-24@09:53 03-23@20:00
     NAD     1.79     0.30    -11.68    11.95    13.53 03-24@09:53 03-23@20:00
     NVG     1.55     0.21    -10.55    12.72    14.22 03-24@09:53 03-23@20:00
     NZF     2.68    -0.29    -11.56    12.05    13.63 03-24@09:53 03-23@20:00
     NMZ     3.57    -0.18     -5.22    10.72    11.31 03-24@09:53 03-23@20:00
     HPI    14.82   -11.04     13.58    12.63    11.12 03-24@09:53 03-23@20:00
     JPS     8.24    -4.56    -10.27     5.82     6.49 03-24@09:53 03-23@20:00
     RNP     6.00    -6.23     -6.78    13.61    14.60 03-24@09:52 03-23@20:00
     DFP     7.17    -5.87     -2.79    15.70    16.15 03-24@09:48 03-23@20:00
     FPF    12.62    -4.60     -6.17    14.79    15.76 03-24@09:53 03-23@20:01
     JPI     6.82    -4.04     -4.40    15.20    15.90 03-24@09:52 03-23@20:01
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Participant ○

Re: Snapshot of trading in some large CEFs

Wow, HPI was down 17% yesterday and NAV was down 11%. 

That's gotta hurt the dividend.

Thanks for your updates. 

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Re: Snapshot of trading in some large CEFs

Thank you, Beliavsky, for adding my requests.  A

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Re: Snapshot of trading in some large CEFs

 

     % Change          Trade Time
SPY      9.06 2020-03-24 16:00:01
HYG      4.12 2020-03-24 16:00:00
PFF      7.94 2020-03-24 16:00:02
LQD      2.05 2020-03-24 16:00:00
MUB      2.19 2020-03-24 16:00:00
VTEB     1.53 2020-03-24 16:00:00
TLT     -1.86 2020-03-24 16:00:01
      sym  mkt_ret  NAV_ret  premium      mkt      NAV    mkt_time    nav_time
    NRGX     9.89    -6.64    -19.12     4.78     5.91 03-24@16:02 03-23@20:01
     PCI    11.20    -3.00      0.38    15.88    15.82 03-24@16:02 03-23@20:00
     PDI     8.74    -3.36     -0.05    19.29    19.30 03-24@16:02 03-23@20:01
     PFL     4.25    -2.57     -4.40     7.61     7.96 03-24@16:02 03-23@20:00
     PCM    10.90    -3.15     -2.12     6.92     7.07 03-24@15:59 03-24@08:00
     PCN     9.91    -2.31      4.72    11.53    11.01 03-24@16:02 03-23@20:00
     PFN     2.98    -2.43     -4.43     6.91     7.23 03-24@16:02 03-23@20:00
     PHK    15.00    -1.96      2.00     4.60     4.51 03-24@16:02 03-23@20:00
     PKO     7.78    -2.68     -0.99    18.01    18.19 03-24@16:02 03-23@20:01
     PTY    10.82    -2.40      9.36    11.57    10.58 03-24@16:02 03-23@20:00
     RCS     9.06    -0.93      6.39     5.66     5.32 03-24@16:02 03-24@08:00
     DSL     3.84    -5.28     -8.71    11.63    12.74 03-24@16:02 03-23@20:00
     DBL     6.51    -3.90      1.35    17.99    17.75 03-24@15:59 03-23@20:00
     NEA     3.29     0.38    -10.57    11.93    13.34 03-24@16:02 03-23@20:00
     NAD     2.30     0.30    -11.23    12.01    13.53 03-24@16:02 03-23@20:00
     NVG     1.71     0.21    -10.41    12.74    14.22 03-24@16:02 03-23@20:00
     NZF     4.00    -0.29    -10.42    12.21    13.63 03-24@15:59 03-23@20:00
     NMZ     3.67    -0.18     -5.13    10.73    11.31 03-24@16:02 03-23@20:00
     HPI    15.82   -11.04     14.57    12.74    11.12 03-24@16:02 03-23@20:00
     JPS    15.24    -4.56     -4.47     6.20     6.49 03-24@16:02 03-23@20:00
     RNP     6.15    -6.23     -6.64    13.63    14.60 03-24@16:02 03-23@20:00
     DFP    11.33    -5.87      0.99    16.31    16.15 03-24@15:59 03-23@20:00
     FPF    18.35    -4.60     -1.40    15.54    15.76 03-24@16:02 03-23@20:01
     JPI    12.09    -4.04      0.31    15.95    15.90 03-24@16:00 03-23@20:01
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Re: Snapshot of trading in some large CEFs

Now with 3/24 NAVs:

     % Change          Trade Time
SPY      8.54 2020-03-24 16:00:01
HYG      4.12 2020-03-24 16:00:00
PFF      7.94 2020-03-24 16:00:02
LQD      2.05 2020-03-24 16:00:00
MUB      2.19 2020-03-24 16:00:00
VTEB     1.53 2020-03-24 16:00:00
TLT     -1.86 2020-03-24 16:00:01
      sym  mkt_ret  NAV_ret     diff  premium      mkt      NAV    mkt_time    nav_time
    NRGX     9.89     2.03      7.85   -20.73     4.78     6.03 03-24@16:02 03-24@20:01
     PCI    11.20    -0.38     11.58     0.76    15.88    15.76 03-24@16:02 03-24@20:00
     PDI     8.74     0.10      8.63    -0.16    19.29    19.32 03-24@16:02 03-24@20:01
     PFL     4.25     0.63      3.62    -4.99     7.61     8.01 03-24@16:02 03-24@20:00
     PCM    10.90    -3.42     14.32    -1.84     6.92     7.05 03-24@15:59 03-24@20:00
     PCN     9.91     0.45      9.46     4.25    11.53    11.06 03-24@16:02 03-24@20:00
     PFN     2.98     0.55      2.43    -4.95     6.91     7.27 03-24@16:02 03-24@20:00
     PHK    15.00     0.44     14.56     1.55     4.60     4.53 03-24@16:02 03-24@20:00
     PKO     7.78     0.71      7.07    -1.69    18.01    18.32 03-24@16:02 03-24@20:01
     PTY    10.82     0.28     10.54     9.05    11.57    10.61 03-24@16:02 03-24@20:00
     RCS     9.06    -0.37      9.43     5.79     5.66     5.35 03-24@16:02 03-24@20:00
     DSL     3.84    -1.26      5.10    -7.55    11.63    12.58 03-24@16:02 03-24@20:00
     DBL     6.51    -2.20      8.71     3.63    17.99    17.36 03-24@15:59 03-24@20:00
     NEA     3.29     1.72      1.57   -12.09    11.93    13.57 03-24@16:02 03-24@20:00
     NAD     2.30     1.63      0.67   -12.65    12.01    13.75 03-24@16:02 03-24@20:00
     NVG     1.71     1.69      0.02   -11.89    12.74    14.46 03-24@16:02 03-24@20:00
     NZF     3.66     1.17      2.49   -11.75    12.17    13.79 03-24@15:59 03-24@20:00
     NMZ     3.67     1.59      2.08    -6.61    10.73    11.49 03-24@16:02 03-24@20:00
     HPI    15.82    15.56      0.26    -0.86    12.74    12.85 03-24@16:02 03-24@20:00
     JPS    15.24     4.16     11.08    -8.28     6.20     6.76 03-24@16:02 03-24@20:00
     RNP     6.15     8.42     -2.27   -13.90    13.63    15.83 03-24@16:02 03-24@20:00
     DFP    11.33     7.99      3.34    -6.48    16.31    17.44 03-24@15:59 03-24@20:00
     FPF    18.35     3.55     14.80    -4.78    15.54    16.32 03-24@16:02 03-24@20:01
     JPI    12.09     4.34      7.75    -3.86    15.95    16.59 03-24@16:00 03-24@20:01
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