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Post by richardsok on Jul 16, 2022 12:29:22 GMT
June UNII/Coverage numbers are out for Pimco CEFs. (Google "Pimco UNII" within last 24 hrs)
Interesting to compare May UNII with June UNII numbers.
PAXS was .14 for May. June UNII .33 Appears to be doing very well operationally. 173% 3-mo rolling coverage
PDO .82 .80 It raised dist last month, but interesting to see UNII didn't climb. Three-month rolling coverage "only" at 212% though previously 259%. Implying relatively lackluster June. Bears watching.
PDI .71 .76 161% three-mo coverage
PTY .32 .39 154% coverage
Nevertheless most trend lines continue bearish. PAXS already at 11% discount. When these funds finally find support, there are going to be some compelling buys. PDO is showing some firmness lately. Its discount has shrunk down to 3%. PTY & PDI both still premium, of course. Am full up on PDO and am watching PAXS..... really ugly chart, though.
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While we're on CEFs, I see Schwab has a new numbers display. Enter a CEF and on Schwab's data page it will list what percentage of the CEF's distribution is earned income and Cap Gains, and ROC. Good numbers to have, of course, but probably not 100% accurate, I'm guessing. Still, if Schwab didn't have some confidence in its published data, seems doubtful they would display them at all. Reputations have been mucked for much less.
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Post by retiredat48 on Jul 16, 2022 20:11:55 GMT
@fpajerski, Fearchar, ...Fearchar...you are the original thread poster. If you desire to keep this thread to the actual PIMCO UNNI monthly report/data ONLY, without any related posts, please acknowledge. Thanks. BTW I considered, since PIMCO UNNI deals with a host of CEFs, and the CEF posting world is a known community, I considered the one paragraph post by Capecod, and his 33% selling action, would be useful information. So I posted it. R48
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Post by ECE Prof on Jul 16, 2022 21:17:48 GMT
I agree with Frank's assessment and happy with PDI's good numbers. The premium should be higher, and the premium will jump in October because there is likely to be an extra payment in December, as per law.
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Post by Fearchar on Jul 17, 2022 16:12:04 GMT
@fpajerski , Fearchar , ...Fearchar...you are the original thread poster. If you desire to keep this thread to the actual PIMCO UNNI monthly report/data ONLY, without any related posts, please acknowledge. Thanks. BTW I considered, since PIMCO UNNI deals with a host of CEFs, and the CEF posting world is a known community, I considered the one paragraph post by Capecod, and his 33% selling action, would be useful information. So I posted it. R48 Fearchar: Yes; I would like this thread to keep on topic, but reasonably related post on PIMCO CEFs are fine with me. Later today, I'll be able to get to my spreadsheet and update it with the most recent UNII info. Appreciate it when the updates are pointed out.
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Post by nobhead on Jul 17, 2022 21:59:33 GMT
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Post by Fearchar on Jul 18, 2022 0:16:26 GMT
Here's my spreadsheet; now with PAXS . Pretty heady covered distributions and undistributed income levels.
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Post by ECE Prof on Jul 18, 2022 1:19:42 GMT
Here's my spreadsheet; now with PAXS View Attachment. Pretty heady covered distributions and undistributed income levels. They are also relatively cheaper now. I do not need anymore because I have more than I can chew (close 1/2 million) in PDI.
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Post by xray on Jul 18, 2022 18:12:50 GMT
richardsok, Your: Nevertheless most trend lines continue bearish. When these funds finally find support, there are going to be some compelling buys. PDO is showing some firmness lately. Its discount has shrunk down to 3%. PTY & PDI both still premium, of course. Am full up on PDO... ____ Trying to understand the rationale for any continued buying of either PDI or PDO that so many investors (and insiders) are buying into. Looking at my current data (sole opinion), I continue to see very negative data and a current avoid currently. I agree at some point there may be some positive buying signals but continually buying and following them down in MktPrc (month-to- month) is considered (IMHO) lost money (single opinion) and maybe buying some (considered) undervalued securities a better choice. Buying a initial position and then holding it for the "bottom" (if following trend data charts) appears to be the better choice. With that said.... MktPrc's: PDI Trend data: February 25.14 March 22.78 April 21.34 May 21.34 June 20.76 Current mktPrc 20.16 PDO Trend data: September (2021) 20.79 December (2021) 19.60 January (2022) 18.70 February 18.10 March 16.76 April 16.10 May 15.60 June 15.08 Current mktPrc 14.53 Just a single opinion and just not understanding what is going on with these particular CEF's .... Live Long and Prosper....
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Post by ECE Prof on Jul 18, 2022 19:00:37 GMT
I understand that Bond CEFs have the interest rate jitters, especially during the FED interest rate hikes because the market values of the bonds keep going down. I am not an expert, but that is my understanding. They behave like stocks, too. I am not worried about this because my PDI shares came from merging of PCI, some 25% of shares were bought by me at deep discounts during the pandemic. Buts, looking at the income numbers posted here, they look pretty good, and since the payouts can sustain, I am not worried about anything. The actual value of the security has no relevance to the payout, as it proved during the pandemic, a sort of managed payouts, just like annuities.
I also have ECC, a loan CEF, and CLM, an equity CEF. I bought ECC recently, an old favorite of mine, when the price dropped by about 25% from its peak, and the yield went up. Unless there is a fundamental change, I am sitting tight, in fact, reinvesting most of my income, thus buying at cheaper prices with a growing income every month. Many retirees are worried about market and decline in the income, but I have an opposite effect.
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Post by richardsok on Jul 19, 2022 0:51:43 GMT
richardsok , Your: Nevertheless most trend lines continue bearish. When these funds finally find support, there are going to be some compelling buys. PDO is showing some firmness lately. Its discount has shrunk down to 3%. PTY & PDI both still premium, of course. Am full up on PDO... ____ Trying to understand the rationale for any continued buying of either PDI or PDO that so many investors (and insiders) are buying into. Looking at my current data (sole opinion), I continue to see very negative data and a current avoid currently. I agree at some point there may be some positive buying signals but continually buying and following them down in MktPrc (month-to- month) is considered (IMHO) lost money (single opinion) and maybe buying some (considered) undervalued securities a better choice. Buying a initial position and then holding it for the "bottom" (if following trend data charts) appears to be the better choice. With that said.... MktPrc's: PDI Trend data: February 25.14 March 22.78 April 21.34 May 21.34 June 20.76 Current mktPrc 20.16 PDO Trend data: September (2021) 20.79 December (2021) 19.60 January (2022) 18.70 February 18.10 March 16.76 April 16.10 May 15.60 June 15.08 Current mktPrc 14.53 Just a single opinion and just not understanding what is going on with these particular CEF's .... Live Long and Prosper.... ACP, BOAT and PDO have had dismal charts for the past six months but do appear to have found possible support the final week of June. PDI is more problematic as it is more volatile. Since I made my initial PDO & PDI buy in May it should not take me too many months to break even on distributions alone. I agree with you; there's much I do not understand about what's going on under the hood, but whatever the Pimco elves are doing is certainly working. So why have the funds, outearning their dists, nevertheless done so poorly? Perhaps they have gone down merely because they went down -- small investors were just spooked, pure and simple. If PDI breaks through its recent low, I'll be sorely tempted to sell --- but so far have stayed focused on those terrific UNII numbers and am holding. (Won't buy more, though.) Now paying attention to PAXS which only now may be finding some support.
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Post by retiredat48 on Jul 19, 2022 5:21:52 GMT
One aspect of owning funds such as PDI, are the ownership of MORTGAGES.
During H1, 2022, partly in response to the fed rate hikes planned, the mortgage rates had one of their fastest rises in history, going like from 3.5% to 6% peak.
The effect of this, is that many more homeowners will not buy up, or exchange their current home for another...and have to give up a 3.5% already-refinanced mortgage, for a 6% one.
The effect of this is people stay put, not selling...thus they hold their mortgage farther than the typical average of 7 years.
The effect of this is to increase the DURATION of mortgages held by investors.
The effect of this is, as rates rise, the bond rule of rate rise times duration, gives the NAV price change risk. Like, if homeowners really held their 3.5% mortgages for a full thirty years, this would be very detrimental to NAV prices.
PIMCO also has lots of mortgages bought at below par...or less than $1.00 for each dollar of mortgage...like 85 cents on the dollar. As mortgages are paid off, they are paid off 100 % to par, thus potential year end cap gains/payments to shareholders. But if homeowners never sell, PIMCO can't realize such gains from the mortgage paybacks...until contractual maturity.
Thus we saw swift NAV price declines, followed by a stabilizing as mortgage rates have fallen a little in past few weeks.
I may have it all wrong, also...!
R48
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Post by Deleted on Aug 13, 2022 23:04:40 GMT
Not quite the monthly UNII report yet, but "fund card" info as of 30Jun2022 has finally appeared for the PIMCO CEFs (except for the new PAXS). Some here may find helpful this four-page overview of various aspects of a fund. Start at www.pimco.com/en-us/resources/explorer . --- Frank
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Post by richardsok on Aug 19, 2022 23:45:41 GMT
New Pimco numbers are out ending in July. I went back to previous months and inserted a couple of past UNIIs so we could see trends.
Yield July UNII JUNE UNII MAY UNII 3mo coverage 6mo coverage
PTY 10 .34 .39 .32 118 % 131 %
PDI 11.9 .89 .76 .71 140 144
PDO 10 .90 .80 .82 178 186
PAXS 8.3 .42 .33 .14 171
PGP 10 .18 .10 .17 114 92
RCS 10.7 (.03) .01 (.02) 120 130
PFN 11 .05 92 124
Observations: 1. RCS coverage and UNII numbers don't seem to agree. If coverages were so strong, why isn't UNII higher? 2. PDO increased its distribution recently, yet UNII remains nosed ahead of PDI on a much cheaper/sh CEF. On a percentage basis, a possible EOY special distribution could be quite bigger with PDO than PDI. 3. PAXS is a new fund. Appears to be doing very well. Hasn't gotten much chatter that I have seen. 4. All in all, excellent numbers continue. Would be great if a late summer swoon would drag these pups down again.
MEMO: PGP "The Fund's investment objective is to seek total return comprised of current income, current gains, and long-term capital appreciation. The Fund may engage in investment strategies, including those that employ the use of paired swaps transactions, the use of interest rate swaps to seek to capitalize on differences between short-term and long-term interest rates and other derivatives transactions. The Fund invests in securities, such as corporate bonds and notes, United States government agencies, loan participations and assignments, short-term instruments, non-agency mortgage-backed securities, asset-backed securities, preferred securities, sovereign issues, municipal bonds, and notes and other. It invests in various sectors, including banks, gaming, technology, health care, electric utility, and airlines, among others."
MEMO: PAXS "The Fund seeks current income as a primary objective and capital appreciation as a secondary objective. The Fund seeks to achieve its investment objectives by utilizing a dynamic asset allocation strategy among multiple sectors in the global public and private credit markets, including corporate debt, mortgage-related and other asset-backed instruments, government and sovereign debt, taxable municipal bonds and other fixed-, variable- and floating-rate income-producing securities of United States and foreign issuers, including emerging market issuers and real estate-related investments."
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Post by retiredat48 on Aug 20, 2022 0:54:45 GMT
R
My memory is that PDO had a special year end distribution last December...that surprised me...for a new fund.
(I own some PDO)
R48
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Post by ECE Prof on Aug 20, 2022 1:28:35 GMT
PDI seems to be rocking, based the spreadsheet that I downloaded. Do not pay attention to the click biters. I will be minting cash.
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Post by anitya on Aug 20, 2022 20:05:17 GMT
richardsok, Thanks for the UNII table. Do you mind adding PCM and PFN to it? P.S.: I currently do not own any of these pups but likely returning to them in a few months. Thanks
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Post by nobhead on Aug 20, 2022 21:10:42 GMT
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Post by ECE Prof on Aug 20, 2022 21:58:29 GMT
richardsok , Thanks for the UNII table. Do you mind adding PCM and PFN to it? P.S.: I currently do not own any of these pups but likely returning to them in a few months. Thanks You can download the entire list from PIMCO in the xlsx format directly. It is easy.
PIMCO California Municipal Income Fund PCQ 31-Dec-22 $0.41 ($0.08) $0.065000 74.37% 83.34% 83.69% PIMCO California Municipal Income Fund II PCK 31-Dec-22 $0.25 $0.00 $0.032000 91.09% 100.67% 100.79% PIMCO California Municipal Income Fund III PZC 31-Dec-22 $0.30 $0.09 $0.038000 92.33% 102.86% 103.15% PIMCO Municipal Income Fund PMF 31-Dec-22 $0.41 $0.10 $0.054000 93.66% 100.99% 100.49% PIMCO Municipal Income Fund II PML 31-Dec-22 $0.36 ($0.06) $0.059000 75.72% 83.19% 83.03% PIMCO Municipal Income Fund III PMX 31-Dec-22 $0.35 $0.04 $0.046000 93.60% 101.96% 101.81% PIMCO New York Municipal Income Fund PNF 31-Dec-22 $0.27 ($0.05) $0.042000 78.03% 85.67% 84.73% PIMCO New York Municipal Income Fund II PNI 31-Dec-22 $0.29 $0.04 $0.040045 87.08% 96.41% 96.00% PIMCO New York Municipal Income Fund III PYN 31-Dec-22 $0.25 ($0.03) $0.035490 80.57% 90.05% 89.75% PCM Fund Inc. PCM 30-Jun-23 $0.07 ($0.01) $0.080000 87.54% 94.43% 89.31% PIMCO Corporate & Income Opportunity Fund PTY 30-Jun-23 $0.10 $0.34 $0.118800 118.23% 131.34% 80.69% PIMCO Corporate & Income Strategy Fund PCN 30-Jun-23 $0.15 $0.24 $0.112500 119.96% 134.40% 134.07% PIMCO Dynamic Income Fund* PDI 30-Jun-23 $0.30 $0.89 $0.220500 140.82% 144.65% 134.78% PIMCO High Income Fund PHK 30-Jun-23 $0.06 $0.06 $0.048000 117.71% 118.41% 123.22% PIMCO Income Strategy Fund PFL 30-Jun-23 $0.12 $0.13 $0.081400 113.59% 135.81% 139.55% PIMCO Income Strategy Fund II PFN 30-Jun-23 $0.09 $0.05 $0.071800 92.10% 124.26% 123.66% PIMCO Strategic Income Fund, Inc. RCS 30-Jun-23 $0.02 ($0.03) $0.051000 120.65% 130.17% 38.86% PIMCO Global StocksPLUS® & Income Fund PGP 30-Jun-23 $0.13 $0.18 $0.069000 114.49% 92.03% 184.84% PIMCO Dynamic Income Opportunities Fund PDO 30-Jun-23 $0.20 $0.90 $0.118400 178.80% 186.81% 159.21% PIMCO Access Income Fund (a) PAXS 30-Jun-23 $0.20 $0.42 $0.116700 170.78% N/A 170.43%
The heading did not work well. Do it directly from PIMCO.
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Post by liftlock on Aug 20, 2022 23:32:29 GMT
I wonder why there is never any UNNI reported for NRGX. It's my only Pimco CEF.
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Post by nobhead on Aug 21, 2022 0:35:15 GMT
richardsok , Thanks for the UNII table. Do you mind adding PCM and PFN to it? P.S.: I currently do not own any of these pups but likely returning to them in a few months. Thanks You can download the entire list from PIMCO in the xlsx format directly. It is easy.
PIMCO California Municipal Income Fund PCQ 31-Dec-22 $0.41 ($0.08) $0.065000 74.37% 83.34% 83.69% PIMCO California Municipal Income Fund II PCK 31-Dec-22 $0.25 $0.00 $0.032000 91.09% 100.67% 100.79% PIMCO California Municipal Income Fund III PZC 31-Dec-22 $0.30 $0.09 $0.038000 92.33% 102.86% 103.15% PIMCO Municipal Income Fund PMF 31-Dec-22 $0.41 $0.10 $0.054000 93.66% 100.99% 100.49% PIMCO Municipal Income Fund II PML 31-Dec-22 $0.36 ($0.06) $0.059000 75.72% 83.19% 83.03% PIMCO Municipal Income Fund III PMX 31-Dec-22 $0.35 $0.04 $0.046000 93.60% 101.96% 101.81% PIMCO New York Municipal Income Fund PNF 31-Dec-22 $0.27 ($0.05) $0.042000 78.03% 85.67% 84.73% PIMCO New York Municipal Income Fund II PNI 31-Dec-22 $0.29 $0.04 $0.040045 87.08% 96.41% 96.00% PIMCO New York Municipal Income Fund III PYN 31-Dec-22 $0.25 ($0.03) $0.035490 80.57% 90.05% 89.75% PCM Fund Inc. PCM 30-Jun-23 $0.07 ($0.01) $0.080000 87.54% 94.43% 89.31% PIMCO Corporate & Income Opportunity Fund PTY 30-Jun-23 $0.10 $0.34 $0.118800 118.23% 131.34% 80.69% PIMCO Corporate & Income Strategy Fund PCN 30-Jun-23 $0.15 $0.24 $0.112500 119.96% 134.40% 134.07% PIMCO Dynamic Income Fund* PDI 30-Jun-23 $0.30 $0.89 $0.220500 140.82% 144.65% 134.78% PIMCO High Income Fund PHK 30-Jun-23 $0.06 $0.06 $0.048000 117.71% 118.41% 123.22% PIMCO Income Strategy Fund PFL 30-Jun-23 $0.12 $0.13 $0.081400 113.59% 135.81% 139.55% PIMCO Income Strategy Fund II PFN 30-Jun-23 $0.09 $0.05 $0.071800 92.10% 124.26% 123.66% PIMCO Strategic Income Fund, Inc. RCS 30-Jun-23 $0.02 ($0.03) $0.051000 120.65% 130.17% 38.86% PIMCO Global StocksPLUS® & Income Fund PGP 30-Jun-23 $0.13 $0.18 $0.069000 114.49% 92.03% 184.84% PIMCO Dynamic Income Opportunities Fund PDO 30-Jun-23 $0.20 $0.90 $0.118400 178.80% 186.81% 159.21% PIMCO Access Income Fund (a) PAXS 30-Jun-23 $0.20 $0.42 $0.116700 170.78% N/A 170.43%
The heading did not work well. Do it directly from PIMCO.
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Post by richardsok on Aug 21, 2022 14:03:44 GMT
richardsok , Thanks for the UNII table. Do you mind adding PCM and PFN to it? P.S.: I currently do not own any of these pups but likely returning to them in a few months. Thanks Ani -- To my mind, the enormous premiums priced into PCM and PCN make them virtually uninvestable, but per yr request I have added PFN into the mix in my original post above. Was not able to find past UNII numbers, but if I can find them I will patch them in. I will continue reporting PFN in the future. Meanwhile, in groping about searching for Pimco past reports, I stumbled across a Nuveen page showing interesting coverages for two of their Preferred & Income CEFs. They are JPT 111% and JPS 109% LIFTLOCK ----------------- NRGX is indeed a mystery. Only UNII number I have is 21 cents back on Dec 2021. CEFdata reports its income at .10/qtr but distribs .22/quarter, but that's only at the most basic. No telling what creative trading the Pimco elves are doing under the hood. Technically, for the past nine months it has swung wildly up to the 14-15 range, only to plunge back down to 12-ish. It's repeated that pattern five or six times now in quick succession. As NRGX is now at 15.38 I wouldn't touch it with a barge pole. But, hey. That's me, McFee. Good luck.
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Post by yogibearbull on Aug 21, 2022 15:46:57 GMT
Pimco has 21 CEFs, 19 are bond CEFs, 2 are oddballs, 1 bond-equity-futures hybrid PGP and 1 energy NRGX. Pimco UNII table that has been referred to has 20/21 CEFs, so all but NRGX. I searched "NRGX UNII" and only found the CefData link that showed 21c in 12/2021 (as also mentioned by richardsok). Pimco weboape on NRGX doesn't mention UNII anywhere. SA has an article on NRGX and discusses NII under-coverage. So, may no UNII to talk about? SA Excerpts as the article may have access restrictions, "(SUMMARY) PIMCO funds are often trading at significant premiums to their net asset value; that isn't the case with NRGX. NRGX is a deeply discounted fund with a 13.70% discount; last year, the fund even hit a 35%+ discount. The fund gets no love because it is an energy focused fund, which PIMCO is more known for their multisector bond funds. This idea was discussed in more depth with members of my private investing community, CEF/ETF Income Laboratory. (LATER), Based on these figures, NII distribution coverage last came to 46.4%. The remainder would have been made via capital gains and/or return of capital. Unrealized gains are up significantly during that fiscal year, though realized losses continued." www.pimco.com/en-us/investments/closed-end-fundscefdata.com/funds/nrgx/seekingalpha.com/article/4455410-pimco-nrgx-fund-never-gets-love
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Post by Deleted on Aug 21, 2022 17:13:45 GMT
"LIFTLOCK ----------------- NRGX is indeed a mystery. Only UNII number I have is 21 cents back on Dec 2021. CEFdata reports its income at .10/qtr but distribs .22/quarter, but that's only at the most basic. No telling what creative trading the Pimco elves are doing under the hood. Technically, for the past nine months it has swung wildly up to the 14-15 range, only to plunge back down to 12-ish. It's repeated that pattern five or six times now in quick succession. As NRGX is now at 15.38 I wouldn't touch it with a barge pole."
In scanning the NRGX prospectus, in portfolio, I noticed what seemed like a large number of shares in Rivian. Seems like an unusual position for an income fund.
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Post by anitya on Aug 21, 2022 19:18:23 GMT
I own less than 1K shares of NRGX now, down from a large position. When I visited Fidelity community for a brief period, we discussed Rivian and other matters of NRGX, including my sale. NRGX is a wild cocktail. Pays quarterly dividends. The June div was paid 46% from NII, zero from realized gains, and 54% ROC. The NII div has fluctuated between 40-60%, with the remaining coming from ROC. It is not an income focused fund, given it set a <5% distribution yield goal (or 22c per quarter) after March 2020, and as such the managers can be forgiven for not releasing UNII information. To say an energy focused fund is not an income focused fund is probably oxymoronic for many. richardsok , Thanks for adding PFN. My request for PCM had to do with it historically being the most MBS focused fund in that stable and thus to track the fluctuations in its UNII. It is OK to leave it out. I too am unlikely to go back to owning it anytime soon. The traditional residential MBS with their convexity are a weird instrument but most of the legacy non-agency residential MBS may be easier to predict in their price behavior - I have not owned PDI or PCM in more than a year but I am guessing both own large chunks of the latter kind.
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Post by Deleted on Aug 21, 2022 20:29:31 GMT
I own less than 1K shares of NRGX now, down from a large position. When I visited Fidelity community for a brief period, we discussed Rivian and other matters of NRGX, including my sale. NRGX is a wild cocktail. Pays quarterly dividends. The June div was paid 46% from NII, zero from realized gains, and 54% ROC. The NII div has fluctuated between 40-60%, with the remaining coming from ROC. It is not an income focused fund, given it set a <5% distribution yield goal (or 22c per quarter) after March 2020, and as such the managers can be forgiven for not releasing UNII information. To say an energy focused fund is not an income focused fund is probably oxymoronic for many. Is NRGX's stated purpose oxymoronic as you stated above? COMPANY DETAILS PIMCO Energy and Tactical Credit Opportunities Fund (the Fund) is a non-diversified, limited term, closed-end management investment company. The Fund's primary investment objective is to seek total return, with a secondary objective to seek to provide high current income. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments linked to the energy sector and in investments linked to the credit sectors. Under normal circumstances, the Fund invests, directly or indirectly, at least 66% of its net assets in Energy Investments. The Fund may also invest in a wide range of credit sectors, including, without limit, corporate debt, including fixed-, variable-, and floating rate bonds, loans and debt securities issued by United States and foreign corporations, including emerging market issuers. The Fund's investment manager is Pacific Investment Management Company LLC.
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Post by anitya on Aug 22, 2022 1:21:09 GMT
I own less than 1K shares of NRGX now, down from a large position. When I visited Fidelity community for a brief period, we discussed Rivian and other matters of NRGX, including my sale. NRGX is a wild cocktail. Pays quarterly dividends. The June div was paid 46% from NII, zero from realized gains, and 54% ROC. The NII div has fluctuated between 40-60%, with the remaining coming from ROC. It is not an income focused fund, given it set a <5% distribution yield goal (or 22c per quarter) after March 2020, and as such the managers can be forgiven for not releasing UNII information. To say an energy focused fund is not an income focused fund is probably oxymoronic for many. Is NRGX's stated purpose oxymoronic as you stated above? COMPANY DETAILS PIMCO Energy and Tactical Credit Opportunities Fund (the Fund) is a non-diversified, limited term, closed-end management investment company. The Fund's primary investment objective is to seek total return, with a secondary objective to seek to provide high current income. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments linked to the energy sector and in investments linked to the credit sectors. Under normal circumstances, the Fund invests, directly or indirectly, at least 66% of its net assets in Energy Investments. The Fund may also invest in a wide range of credit sectors, including, without limit, corporate debt, including fixed-, variable-, and floating rate bonds, loans and debt securities issued by United States and foreign corporations, including emerging market issuers. The Fund's investment manager is Pacific Investment Management Company LLC. The fund's stated purpose is not oxymoronic for me and I did not say it is.
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Post by Fearchar on Aug 22, 2022 23:18:30 GMT
Just updated my spreadsheet; was away for the weekend: I own shares in PDI and PDO. 3 month rolling coverage ratios: PDI PDO February 107% 126% March 118% 169% April 148% 195% May 180% 259% June 161% 212% July 141% 179% Too early to get overly excited, but both are trending towards less than 100% by December.
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Post by ECE Prof on Aug 22, 2022 23:36:30 GMT
I was away for the weekend. Just updated my spreadsheet: View AttachmentI own shares in PDI and PDO. 3 month rolling coverage ratios: PDI PDO February 107% 126% March 118% 169% April 148% 195% May 180% 259% June 161% 212% July 141% 179% Too early to get overly excited, but both are trending towards less than 100% by December. Did you notice that UNII of PDI keeps growing? The estimate that PDI's income for this month is $0.30, while the distribution is only $0.2208, the UNII will only grow, and the coverage ratio is unlikely to go below 100%, even if the FED increases the interest rate, because PDI (and I assume PDO also) will earn more, not less.
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Post by mnfish on Aug 23, 2022 22:56:11 GMT
FWIW -
First Guaranty, a company that according to court papers is majority owned by fixed-income giant Pacific Investment Management Co., filed for bankruptcy, saying it failed after it made loans earlier this year that dropped in value. It was holding onto those loans until it had enough to bundle into bonds and sell to investors, and it had been temporarily funding them with a line of credit.
Once interest rates started to climb, lending volume shrank across the industry, according to court papers. That meant the company could no longer find enough new loans to bundle, or get enough financing to keep operating, said First Guaranty’s chief executive officer, Aaron Samples. Firms included Flagstar Bank and Customers Bank are owed about $418 million, according to court documents.
First Guaranty employed 600 people before it filed bankruptcy in June and made $10.6 billion in loans last year, according to court records. Days before seeking court protection, the company fired 471 workers because it couldn’t get enough financing to overcome a cash crunch.
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Post by ECE Prof on Aug 23, 2022 23:15:00 GMT
"First Guaranty employed 600 people before it filed bankruptcy in June"
How is that PDI's UNII keeps growing, if it is that bad. I am sure PIMCO has some insurance for such failures. That is what people were talking PIMCO's ownership of Russian bonds. PIMCO got paid, because PIMCO had insurance. These bad news items will keep coming. I am not alarmed about it, because those guys know how to manage the problems. I remember the "Argentine" bankruptcy. That is when I accumulated a lot of PCI shares (something 10 thousand shares of PCI). Do I regret? No.
If you are scared, sell the PDI shares. If they go down enough in price so that it goes on discount, I will buy more.
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