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Post by chang on Feb 18, 2021 19:16:20 GMT
Adding a little VEXAX (Extd Market index). Basically BTD, using funds from my earlier VIMAX sale.
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Post by JR.FA on Feb 18, 2021 22:09:03 GMT
Unlike other Pimco FI funds, this one will emphasize CMBS - commercial paper - that is being decimated. PDI concentrated on RMBS - non-agency residential mortgages after 2008 blood bath. PCI - a more diversified offering, tilted later to residential mortgages as well (this one seemed more as AUM grab.) Recently bought a bucket of PDO, PIMCO Dynamic Income Opportunities Fund, paying a small premium. PDO is a new issue. The prospectus says: • Seeks current income as a primary objective and capital appreciation as a secondary objective in a limited term structure. • PIMCO’s first multi-sector credit U.S. listed closed-end fund (CEF) since 2013; the fund will seek to capitalize on what PIMCO believes to be attractive market dynamics that are reminiscent of the environment following the 2008 global financial crisis • Opportunistic approach to pursue high conviction income-generating ideas across both public and private credit markets A termination date in 2033-2035 is also advertised. From another poster: "My impression has been that since CEFs usually trade at a discount, CEF IPOs are usually a lousy deal. Since PIMCO CEFs seem to trade at a premium lately, might a PIMCO fund's IPO be the exception to that rule?"My thoughts also. Price trend since opening, is up. I have a touch of "ready, shoot, aim" here. That is I will assess fully along the way, and leave if I don't care for what is happening. R48 They have so many similar strategies, they are running out of names! "PIMCO’s first multi-sector credit U.S. listed closed-end fund (CEF) since 2013" - intellectually dishonest of PIMCO but hey they are in the business of making money. They raised billions in CEF wrapper since 2013 in secondary and private placement offers. Additional info from PIMCO - "The fund will normally invest at least 25% of its total assets in mortgage-related assets issued by government agencies or other governmental entities or by private originators or issuers. The fund may invest up to 30% of its total assets in securities and instruments that are economically tied to “emerging market” countries; however, the fund may invest without limitation in short-term investment grade sovereign debt issued by emerging market issuers. The fund may normally invest up to 40% of its total assets in bank loans (including, among others, senior loans, delayed funding loans, covenant-lite obligations, revolving credit facilities and loan participations and assignments). It is expected that the fund normally will have a short to intermediate average portfolio duration (i.e., within a zero to eight year range), although it may be shorter or longer at any time depending on market conditions and other factors."
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Post by retiredat48 on Feb 18, 2021 22:47:57 GMT
At richardsok and JR...
Well, we now have PDO at +7.5% above IPO price...so these purchases are paying off.
I was watching Mars landing, and congress testimony, that I missed today's up-move--or I would have bought more.
I don't know where a new PIMCO bond fund will settle in premium or price...but a nice gain, considering a good year for standard issue bond funds is 2.75% in interest.
R48
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Post by anitya on Feb 19, 2021 4:30:27 GMT
Unlike other Pimco FI funds, this one will emphasize CMBS - commercial paper - that is being decimated. PDI concentrated on RMBS - non-agency residential mortgages after 2008 blood bath. PCI - a more diversified offering, tilted later to residential mortgages as well (this one seemed more as AUM grab.) Thanks, JR. There is still no clarity on which decimated sectors of the economy will fully go back to the pre-pandemic way of commerce. So, I did not think PIMCO would want to wade into that mess. Buying busted RMBS was such a no-brainer; humans will always want a home - all you have to do is wait for more household formations, unless you hold RMBS in geographies that people were fleeing from. It was not that difficult to see population shifts. If what you say is correct, then PDO is CMBS and EM emphasis! In that case, PDO is a high risk high reward gamble. I hope they navigate this better than what they did with NRGX. DMO back is broken from CMBS bits it has and it is not able to recover. PGZ obviously is far worse. Thanks for the insight. I sent you a message thru the Messages tool in the menu.
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Post by anitya on Feb 19, 2021 5:18:47 GMT
At richardsok and JR... Well, we now have PDO at +7.5% above IPO price...so these purchases are paying off. I was watching Mars landing, and congress testimony, that I missed today's up-move--or I would have bought more. I don't know where a new PIMCO bond fund will settle in premium or price...but a nice gain, considering a good year for standard issue bond funds is 2.75% in interest. R48 Its price gain is half of what you say - seems like you are dividing the price gain by 50% of IPO price! It looks like you did not buy it for its NAV, which has gained 0.4% in three weeks.
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Post by chang on Feb 19, 2021 7:00:51 GMT
Order placed for my third buy of GPMCX this week. Kind of a "rapid-fire DCA". Ordinarily I would say this is a silly thing to do, but their website has a $25,000 limit per investment. (Might or might not be "per day"; I haven't tested it.)
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Post by retiredat48 on Feb 19, 2021 7:12:32 GMT
anitya posted:"(R48)...Its (PDO) price gain is half of what you say - seems like you are dividing the price gain by 50% of IPO price! It looks like you did not buy it for its NAV, which has gained 0.4% in three weeks.
You are correct...senior moment. However, Where do you get +0.4% gain in three weeks?
close was 20.75, minus 20.00, which I get +3.75% gain. It's 2:11 am here, maybe I'm sleeping!
R48
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Post by cactusjack on Feb 19, 2021 15:53:33 GMT
Sold LIT today at a decent profit, though I should have sold a couple of days earlier. I am now out of MJ, ICLN, and LIT. I still think they were all good for a longer term hold, but the volatility of all three was giving me a bad case of whiplash. All were bought with "mad money" but I think I will look around for something more age-appropriate.
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Post by retiredat48 on Feb 19, 2021 16:27:50 GMT
Added small amounts to SLV and PDO this morning.
PDO sure seems marching to a typical premium for a PIMCO offering.
R48
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Post by richardsok on Feb 19, 2021 16:54:22 GMT
Took minimal gains in half my NRGX as technicals seem to newly falter. (Hope to return should trend reverses to bullish again.) Also took small post-div gains in DMO. With the cash, returned to YYY for another monthly div cap and added to PDO. SLVO, GLDI and USOI all went their big ex-divs. Sold GLDI as chart resumes ugly. Small net loss after the div stream. Gold is a mystery to me. Watching the other two..
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Post by anitya on Feb 19, 2021 18:55:19 GMT
anitya posted:"(R48)...Its (PDO) price gain is half of what you say - seems like you are dividing the price gain by 50% of IPO price! It looks like you did not buy it for its NAV, which has gained 0.4% in three weeks. You are correct...senior moment. However, Where do you get +0.4% gain in three weeks? close was 20.75, minus 20.00, which I get +3.75% gain. It's 2:11 am here, maybe I'm sleeping! R48 It is past lunch time for you and your coffee has not kicked in yet? Please re-read my post you quoted above. I do not think it is a Senior moment. I suspect it is the opposite - like a kid in a candy store?
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Post by cactusjack on Feb 19, 2021 19:18:47 GMT
After surveying the landscape for a more conservative alternate to my recent sales, I decided to make an initial entry into PDO. The chart looks pretty good, Pimco has generally treated me well, and the discussions by JR, R48, and Rich have added insight.
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Post by Chahta on Feb 19, 2021 21:01:39 GMT
Sold the last bit of BAGIX in my IRA today for profit. Will buy UST GSY or ICSH on Monday. Also sold SWNTX a muni core plus fund in my taxable. Most likely will buy UST too with proceeds. Rising rates are killing most bonds these days. Just hard to watch!
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Post by anitya on Feb 19, 2021 21:27:41 GMT
Pair of orders placed to add to GPMCX and GPGIX. Funds from cash but indirectly from last week's sells. Years ago you observed that after a fund closes it usually underperforms and never to invest in closed funds. I thought that was a good observation and I have been following it (may be others too). Care to explain why you are making an exception and that too quite enthusiastically? I think you also observed that when a fund opens is a good time to put more money into it. Is that still good?
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Post by steadyeddy on Feb 19, 2021 21:54:48 GMT
Added a little more to FGDFX (Fidelity Disruptors Fund) today... the new shiny toy in my hands. Last 12 months look great so the next 12 months should be too, right?
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Post by chang on Feb 21, 2021 4:48:21 GMT
Selling (order placed for Monday's close): all PIGIX. The B&H thread about IT bonds spurred me to review PIGIX and DODIX, which I have owned for over 10 years. They have both behaved quite well. But PIGIX is down > 2% YTD, about double DODIX's loss, and it's maintaining an 8-year duration. (DODIX is more flexible, and has shorted Treasuries in the past.) The road ahead is probably not going to be easy for PIGIX (see here). Buying with proceeds: Most of the proceeds will go into VUSFX, my cash parking lot. A portion will go into the (unpopular) VWEAX to help make up for the lost income.
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Post by rhythmmethod on Feb 21, 2021 14:38:03 GMT
chang , "Buying with proceeds: Most of the proceeds will go into VUSFX, my cash parking lot. A portion will go into the (unpopular) VWEAX to help make up for the lost income."Interesting option. I'll be interested to see how it compares to PIMIX over 6-12 months. Good luck!
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Post by chang on Feb 22, 2021 9:11:12 GMT
With futures tanking, I placed an order to add to VEXAX.
I sold off a large position in VIMAX 1-2 weeks ago (at a higher price than now) in order to reduce overall equity, but I am dribbling some of that back into SC/MC in the form of VEXAX. I don't want to fall into an "averaging down" trap, so I won't take this too far — on the contrary, if the market falls out of bed I will resume selling. But I don't mind building up a minor position in VEXAX if the market remains stable.
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Post by chang on Feb 22, 2021 12:23:44 GMT
Also adding a smidgen to FSPHX (HC) on today's dip. I still can't figure out why HC is lagging. FSPHX is down 1.8% in the last month and up only 11% over the last 1Y.
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Post by acksurf on Feb 22, 2021 13:10:02 GMT
Bought a bit more SCHD and Fidelity Emerging Markets (FEMKX). Just shifting a bit to what has a bit of momentum and trying to up my foreign to about 20% of equity (at least as an initial goal, maybe higher).
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Post by richardsok on Feb 22, 2021 14:49:44 GMT
OK< Monday morning, bright & sunny. Shortly after the open:
Sold entire stake in EURN for a wash (except for one good ex-div). Stock has been languishing, and am glad to dump it for my buy price. Sold ACP (small gain) post div, and rolled it over into more FCT for div cap in a few days. Finally, added a bit -- yet again -- to SLV.
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Post by rhythmmethod on Feb 22, 2021 15:30:34 GMT
Added to MSFT and PRWAX on diplet.Why - BTD. May do more as day progresses.
Indeed I did. I gave a little love to the ugly duckling EDV. Reference XLE that all the cool guys at the bar made fun of this spring/summer. I bought her a drink just before closing then. She packed on another 3.5% today. Also added to CNRG - I’m adding small bits on one day drop of 5% or more.
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Post by Deleted on Feb 22, 2021 15:56:21 GMT
Bought a little TSLA. I have been itching to buy something risky for some time now.
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Post by uncleharley on Feb 22, 2021 17:16:21 GMT
Sold my position in MJ and used the proceeds to buy a position in SILJ. It looks like a faster horse, especially in a margin acct.
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Post by cactusjack on Feb 22, 2021 19:18:01 GMT
Continuing to lower the risk. Sold all ARKK. Added to existing positions in PDO and SCHD. Tired of racehorses. Looking for Clydesdales.
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Post by richardsok on Feb 23, 2021 15:49:56 GMT
Lightened QQQJ before losses accumulate. Short term technicals becoming uglier.
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Post by cactusjack on Feb 23, 2021 16:56:06 GMT
Still lightening up on the high flyers. Sold about half of my positions in BSTZ, VGT, and XT. Made nice short term profit. Valuations getting extreme, technicals not looking so good, dividends not enticing. Getting chicken in my old age.
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Post by Chahta on Feb 23, 2021 17:33:57 GMT
Lightened QQQJ before losses accumulate. Short term technicals becoming uglier. Sold that earlier this year. Looking to reenter at some point.
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Post by chang on Feb 23, 2021 20:43:50 GMT
Buying more GPMCX today, getting close to a "full" position.
Also another small buy of VEXAX, gently building up a small cap position.
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Post by steadyeddy on Feb 24, 2021 0:08:25 GMT
Added more to actively managed IT core plus bonds in my 401(K)....
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