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Post by Chahta on Mar 2, 2023 22:10:18 GMT
I own only PTY to spice my bond OEFs up a little in my TIRA.
I am quite surprised on this thread. Who owns what is interesting/surprising.
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Deleted
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Post by Deleted on Mar 2, 2023 22:47:55 GMT
Great thread for a soon to be retired individual. Reverse engineering is so much easier than original thought.
Lots of member owner overlap with PDI, PDO, & PFN - duly noted.
PFN's overall portfolio looks a lot like PDI, only with less securitized and more cash. PDO's overall portfolio is distributed across categories similar to PDI, but with far less IG holdings.
It seems like a CEF portfolio could be arranged using just these three, weighted according to one's own risk preference. Favoring PDI for less risk, PFN for a bit more risk and PDO for higher risk.
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Deleted
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Post by Deleted on Mar 3, 2023 13:54:29 GMT
Added PDO to my list. PDI RCS PFN DSL PDO
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Post by retiredat48 on Mar 3, 2023 14:05:13 GMT
My Current CEF Holdings:
(CEF's only)...
DSL (small holding)
HPS
JPI
NTG
PDI...largest holding
PFN
PDO
PTY
-------------------------------------------------------------------
Past month...no changes; bought some PDI for my youngest brother's recent-retiree account conversion from growth, to more income.
R48
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Post by Broozer on Mar 12, 2023 20:26:29 GMT
I bought PCI in 2019, and let it run into PDI. I also have GOF and HYI. Together they make up about 24% of my portfolio, all roughly about 8% each. The retirement income just from them is great. I met my first RMDs from my SEP-IRA last year, but I didn't start the monthly withdrawals until May. Without those three CEFs I would have had to sell some assets; as it was I didn't have to sell anything.
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Deleted
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Post by Deleted on Apr 2, 2023 3:50:33 GMT
Retired with IRA-Rollover/Roth accounts tailored toward passive (but not comatose) income-investing. These CEF investments have values similar in size. All wrap FI assets except for UTF. Their monthy distributions (yielding at 10+% of cost) are 25% in excess of normal living expenses with this excess reinvested soon after month-start.
PAXS multisector
PDO multisector
WDI multisector
PFN corporate
PTA preferreds
ARDC high-yield / CLOs / senior loans
XFLT CLOs / senior loans
UTF utilities / infrastructure
In early March .... added to ARDC, PAXS, PTA, XFLT
--- Frank
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rumi
Ensign
Posts: 40
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Post by rumi on Apr 7, 2023 20:25:52 GMT
I bought a minuscule GOF position. I don’t like distributions are often made up chunks of ROC. Nor do I like the fact that it’s always trading at a super high premium. But I do like the distribution yield.
Edit: This is in addition to my several PIMCO holdings
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Post by steelpony10 on Apr 8, 2023 0:55:43 GMT
I bought a minuscule GOF position. I don’t like distributions are often made up chunks of ROC. Nor do I like the fact that it’s always trading at a super high premium. But I do like the distribution yield. Edit: This is in addition to my several PIMCO holdings GOF has been one of our top holdings for years. Their manager is one of the best. ROC is ok for awhile during market stress. The next step would be a distribution cut if poor market conditions persist. As buy and hold investors, we’ve received our initial investments back by now (72/11-14%) so I’d like to thank you for contributing some of you’re cash (ROC) to our retirement. 👍 I interpret high premiums as I do high PE’s everybody wants to invest because they’re perceived as able to provide a more sure return, by me anyway. Remember “no free lunch”? I actually screen for premium and market capitalization first. I want what the professionals or the herd wants. This leads you to areas you might not want to go. Check out CRF and CLM, around since the 80’s. Like hotdogs many like the big payout despite the continual horrible reviews. A couple of small bites won’t kill you if you’re relatively financially healthy.
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comlb
Lieutenant
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Post by comlb on Apr 14, 2023 21:13:14 GMT
similar to @fpajerski, PTA, PDO, PAXS, WDI, ARDC
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Deleted
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Post by Deleted on Jun 1, 2023 3:46:05 GMT
An income-focused portfolio with mostly-FI CEFs in IRA Rollover and Roth accounts:
multisector: PAXS, PDI, PDO, PFN, WDI
preferred: PTA
CLO/HY: ARDC, XFLT
infrastructure/utilities: UTF
and ... BDCs ARCC,TSLX
Monthly income is 25% in excess of needs, and excess is reinvested soon after month-start. So minimal time thinking/worrying about all this, and sleep well at night.
and, just in case, a smaller amount in dividend-growth ETFs SCHD, DGRO, SDY .
--- Frank
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Post by xray on Jun 4, 2023 21:10:21 GMT
Chahta,@jovan, retiredat48, Broozer,@fpajerski, rumi, steelpony10, comlb, The market has had many up/down cycles (minor & major) in the past year. I had my computer (single opinion of course) look at all of these up/down cycles (of everything I currently track)and give me 12 of the best performers (with DISCOUNTS, dividends and distributions, NAV'S, and BOOK VALUES " LOOKING FORWARD" and not >7 months historical as part of the equation). Interesting results (with the caveat that markets and security performance is always changing so todays analysis data is only good for Monday).... Top 12: By data selection GLP LGI * FSK RVT* RITM (NRZ) GLO* GPP AVK* USA* ARCC GLQ* KYN* * = a CEF I then added a new additional criteria to identify any of the above securities listed that increased their NAV (for CEF's) and MktPrc (for those securities without NAV's) by 2% or more this past Friday when the market jumped substantially: RVT +3% USA +2% KYN +2% This indicated to me that these three CEF's were currently undervalued by the market on Friday and some investors, who had these particular securities on their watch lists, exercised a "BUY" on Friday when the market turned positive (again IMHO).... Live Long and Prosper....
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Post by retiredat48 on Jun 5, 2023 4:10:51 GMT
My Current CEF Holdings:
(CEF's only)...
DSL (small holding)
HPS
JPI
NTG
PDI...largest holding
PDO
PFN
PTY
-------------------------------------------------------------------
Past month...after a couple years of spending the dividends (RMD's), changed the PIMCO holdings to "auto divy reinvest.".
Good luck all.
R48
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Post by richardsok on Jun 5, 2023 13:54:31 GMT
CEF holdings in order of size (largest first):
FLC PTA PDI JPC HFRO HIX PHD PFO PSF
(Largest position, FLC is 8% of PV.) Almost all funds are relatively new positions, as I have been aggressively scooping up preferreds and discounted debt-oriented CEFs that seem to find support at deep lows. Let me add to my list a position in FSCO, which I just bought Friday. I am confident in all these positions except PDI which, as Fearless points out, has poor coverage numbers. All the others on my list appear to toss off fully earned distributions.
However, I am persuaded PDI MIGHT be so positioned to sacrifice coverage now in order to reap great rewards later this year. (See dickcod's statements as posted by R48). So put PDI in the speculative column. If it cuts its payouts even 30%, it will still be distributing over 9% -- good enough for a long term IRA. (What could POSSIBLY go wrong? ) Hyuk.
Still looking at ACP.
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Post by xray on Jun 9, 2023 17:39:06 GMT
rumi, ECE Prof, johnsmith, steelpony10,@fpajerski, retiredat48, uncleharley,@jovan, Ultima Thule, xray, shridog, richardsok, richardsok, Your: Still looking at ACP --------- My current analysis data indicates ACP is still below any current buying activity. ACP would have to rise to 7.24 before another analysis is required for buying. Had in portfolio some time back but sold it when a past analysis had a sell signal (last year) and their NAV fell <8.00.... Live Long and Prosper....
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Post by xray on Jun 10, 2023 14:06:24 GMT
rumi, ECE Prof, johnsmith, steelpony10,@fpajerski, retiredat48, uncleharley,@jovan, Ultima Thule, xray, shridog, richardsok, Supercharge Your Passive Income With These 2 Ultra-High-Yielding Dividend Stocks By Courtney Carlsen – Jun 8, 2023 at 5:59AM Business development corporations offer attractive yields However, these stocks come with some risks that investors should be aware of before buying. NASDAQ: ARCC Ares Capital Stock Quote Market Cap Today's Change (0.16%) $0.03 Current Price $19.11 Price as of June 9, 2023, 4:00 p.m. ET You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More Ares Capital and FS KKR Capital have yields north of 10%. Everyone dreams of generating income when they sleep. Passive income is a coveted goal for many individuals, and one effective way to achieve it is through dividend stocks. Dividend stocks come in all shapes and sizes. Some companies offer modest payments and yields that have the potential to grow steadily over time. Others that offer lofty payouts can be appealing to investors willing to take the extra risks. Ares Capital (ARCC 0.16%) and FS KKR Capital (FSK) each yield 10% or more annually based on their current share prices and payout levels. Both are business development companies (BDC) -- regulated investment companies that are required by U.S. law to distribute 90% of their net investment income to shareholders every year through interest, dividends, or capital gains. Because of this tax structure, BDCs can be an excellent source of high-yielding dividends to shareholders. As such, these stocks could potentially supercharge your passive income, but consider these risks that could make the dividend payments more volatile before adding them to your portfolio. Market Cap Day's Range $18.97 - $19.18 52wk Range $16.51 - $20.69 Volume 3,190,717 Avg Vol Gross Margin 78.22% Dividend Yield N/A 1. Ares Capital: 10% dividend yield Ares Capital provides loans and makes equity investments in middle-market companies in the U.S. It believes middle-market companies are attractive investments because banks have sharply reduced their willingness to fund them in the recent decades. According to S&P Capital IQ LCD, U.S. banks' share of senior secured loans, like those made to middle-market companies, has declined from 33% in 1995 to just 8% in 2021. Banks prefer to lend to larger clients because these loans tend to be less risky and more liquid than middle-market loans. Ares Capital is the largest BDC in the U.S. and primarily invests in loans to companies with annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of between $10 million and $250 million. These loans aren't without risks. If companies' earnings suffer in a weakening economy, they could be unable to repay their loans. Today, companies are dealing with elevated uncertainty because the Federal Reserve has aggressively raised interest rates to combat inflation. To mitigate some of this risk, Ares Capital invests in first-lien and second-lien loans, so its debts would get priority over those of other lenders and stakeholders in the event of a bankruptcy liquidation. Its loans are spread across industries, with software and services, diversified financials, and healthcare services comprising the three sectors it lends the most to. Dividends from BDCs can vary based on income year to year, making these payments more volatile. If there is a downturn that affects its net investment income, its payout will drop as a result. Another thing to remember is that much of the returns investors gain from BDCs are due to their high dividend payouts. Over the past five years, Ares Capital Corporation has delivered 80% returns (with redividends invested), while the stock price has risen just 12%. Ares Capital delivers a stellar dividend yielding about 10% and can be a solid high-return dividend stock if you are OK with the risks. ---- Market Cap Day's Range $19.84 - $19.95 52wk Range $16.54 - $22.29 Volume 1,233,022 Avg Vol Gross Margin 79.19% Dividend Yield N/A 2. FS KKR Capital: 14% dividend yield FS KKR Capital also makes similar investments in privately held middle-market companies in the U.S. What makes it appealing is that 70% of its loans have variable interest rates, meaning when interest rates rise, so does the yield on its portfolio. The average annual yield on its debt investments jumped from 8.7% in 2021 to 11.2% by the end of 2022. FS KKR Capital has more than 68% of its assets invested in senior secured first-lien and second-lien loans, prioritizing it in the event of a liquidation. The BDC faces risks similar to those faced by Ares Capital, in that if companies cannot keep up with their rising costs of debt in a challenging environment, then it could be hit by a wave of defaults. Its business hasn't been showing signs of being under too much stress this year. At the end of the first quarter, 4% of its loans were underperforming, where it is concerned about recovering its principal or interest. That was up slightly from 3% in the same quarter last year. Investors will want to keep a close eye on this metric in the coming quarters, as continued upticks would indicate that more companies are having difficulty repaying their debts. Over the past five years, the BDC has delivered 25% returns (with dividends reinvested), while the actual stock price has fallen by 36%. FS KKR's lofty 14% yield makes it another appealing ultra-high-yielding dividend stock for income investors willing to take on the associated risks. ---------- Comments: "Always" follow "Book values and NAV's" and never MktPrc's (IMHO) as investors/traders tend to over react on negative news without calculating the news against current book values or NAV's. Drops in MktPrc's are normally entry points or adding shares when analysis tells us to take advantage of the situation.... Live Long and Prosper....
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Post by richardsok on Jun 10, 2023 16:46:44 GMT
Thank you, X.
ARCC & KKR each score a top-drawer TipRanks 10/10. Chart technicals strong.
I own ARCC .... but then again some think I'm overboard at times.
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Post by xray on Jun 15, 2023 17:29:50 GMT
richardsok, The Motley Fool Buffett might not need income, but he's getting plenty of it with these stocks. Many income investors own ultra-high-yield dividend stocks. You probably wouldn't expect Warren Buffett to be in that group. After all, he doesn't exactly need the income these stocks generate. However, the Oracle of Omaha is actually in that group. Believe it or not, Buffett owns three dividend stocks with yields of over 8%. 1. Ares CapitalYou won't find Ares Capital (ARCC 0.38%) included in Berkshire Hathaway's (BRK.A 1.74%) (BRK.B 1.17%) regulatory filings that disclose its holdings. Buffett still owns shares of the business development company (BDC), though. Ares Capital is one of several stocks held by New England Asset Management, a subsidiary of Berkshire Hathaway. Ares Capital ranks as Buffett's highest-yielding dividend stock of all. Its dividend yield currently tops 10%. This attractive dividend isn't a fluke. Ares has paid stable or growing dividends every quarter for more than 13 years.NASDAQ: ARCC Ares Capital Today's Change (0.38%) $0.07 Current Price $18.61 Is Ares Capital an ultra-high-yield dividend stock that might appeal to other investors? It could be for aggressive income investors. I expect the company will be able to continue paying its dividend, at least at current levels. Its business prospects should be good as businesses look for alternative financing solutions with credit tightening. The company and stock also have great track records. Ares Capital is the biggest publicly traded BDC, with a portfolio that's more diversified than its peers. Its stock has trounced the S&P 500 and most other BDCs over the long term as well.
---------- Live Long and Prosper....
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Deleted
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Post by Deleted on Jul 4, 2023 6:39:56 GMT
retired aged passive (but not comatose (yet)) income-investor with these FI CEFs (which reliably monthly distribute 25% more than I need) in IRA-Rollover/Roth accounts. The excess distribution is re-invested soon after month-start.
Multi-Sector PAXS, PDI (small), PDO, WDI
Preferreds PTA
Loans ARDC, XFLT
and .....
BDCs ARCC, CGBD, TSLX
for grins, the dividend-growth ETFs DGRO, SCHD, SDY
In June, eliminated PFN and UTF. Don't like seeing 19a's nor a distribution-dependency on cap gains.
--- Frank
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Post by xray on Aug 3, 2023 20:08:45 GMT
richardsok, An Irrefutable Bull Market Is in Sight. Here's the Best Ultra-High-Yield Dividend Stock to Buy and Hold. By Keith Speights – Aug 2, 2023 at 5:52AM Major market indexes could soon reach new all-time highs and begin an irrefutable new bull market. The best ultra-high-yield dividend stock to buy and hold must meet several key criteria. One stock appears to especially stand out. Ares Capital Stock Quote Market Cap Today's Change (0.80%) $0.15 Current Price $19.54 Price as of August 3, 2023, 3:36 p.m. ET This stock checks off all the boxes. An irrefutable bull market is in sight. But let me explain what I mean by that. Many investors believe we're already in a new bull market. The major market indexes are all at least 20% above their lows after falling at least 20%. That's a bull market for some. Others think that the market indexes must check off those boxes plus reach a new all-time high. They haven't achieved this yet, but they're close. That's why I maintain that an irrefutable bull market -- one that everyone can agree on -- is in sight. There will be plenty of growth stocks to pile into if an indisputable new bull market begins and picks up momentum. But what about ultra-high-yield dividend stocks? I think some of those stocks will be good picks as well. There's one ultra-high-yield dividend stock I think is the best to buy and hold in a new bull market. My criteria Before I get to that top pick, let's look briefly at the criteria that I used in my selection process. First, I define "ultra-high yield" as a yield that's at least four times greater than the yield of the SPDR S&P 500 ETF Trust. Since SPY's yield currently stands at 1.47%, my ultra-high yield threshold is 5.88%. That's the easy part. The harder part is defining "best." In my view, the best ultra-high-yield dividend stock has a truly ultra-high yield -- closer to 10% than the cut-off of 5.88%. That dividend, though, must be sustainable. The company should be able to fund its dividend now and in the future. A solid track record of paying (and preferably growing) dividends is also a big plus. While dividends are great, total returns are even more important. The best ultra-high-yield dividend stock should provide both. With those criteria established, my vote for the best ultra-high-yield dividend stock goes to... Ares Capital (ARCC 0.80%). Sure, there are other impressive contenders. However, I believe that Ares Capital rises to the top. NASDAQ: ARCC Ares Capital Today's Change (0.80%) $0.15 Current Price $19.54 YTD 1W 1M 3M 6M 1Y 5Y PRICE VS S&P ARCC KEY DATA POINTS Market Cap Day's Range $19.28 - $19.57 52wk Range $16.51 - $20.69 Volume 1,930,514 Avg Vol Gross Margin 76.43% Dividend Yield 9.91% Ares Capital's dividend yield currently stands above 9.8%. No one is going to quibble about whether or not the yield is ultra-high. The company has also declared steady or growing regular dividends for 56 consecutive quarters. This solid track record is a testament to Ares Capital's underlying business strength. Ares Capital ranks as the largest publicly traded business development company (BDC). It provides financing to middle-market businesses and arguably is the best in the industry. Ares Capital is highly selective about the transactions it funds. Its average closing rate is around 5%. The BDC avoids deals with companies in especially volatile industries. Its portfolio is diversified across more investments than its peers. As a result of this superior risk management, Ares Capital's loss rate is well below the industry average. The company operates in a growing market. Many banks have pulled back from direct lending to middle-market businesses over the years. These businesses have increasingly turned to BDCs such as Ares Capital. Finally, Ares Capital has generated total returns that have handily beaten the S&P 500 since the company's initial public offering in October 2004. But that outperformance isn't only due to strong total returns in its early days. Ares Capital has beaten the S&P 500 over the last three years and five years as well. What if the bull market fades? While an irrefutable bull market is in sight, it hasn't arrived yet. There's a chance that the major market indexes won't reach new all-time highs. Even if they do, it's possible that the new bull market could quickly fade. Would Ares Capital still be the best ultra-high-yield dividend stock to buy and hold if that happens? I think so. The stock fared better than the S&P 500 did during last year's market sell-off. Those juicy dividends helped cushion Ares Capital's decline considerably, too. Importantly, Ares Capital stock isn't overvalued like many stocks are these days. Its shares trade at a forward price-to-earnings ratio of only 8.5x. By comparison, the S&P 500's forward earnings multiple is 19.6x. I expect that Ares Capital's attractive valuation would keep it from falling as heavily as many other stocks during a downturn. There are other stocks that could deliver better total returns during bull markets. There are others that could outperform during bear markets. But if you're looking for the best ultra-high-yield dividend stock to buy and hold with a new bull market in sight, I think that Ares Capital is it. ---------- Comment: During the last four crash events, ARCC had a MktPrc range of 17.85-19.59. Computer also indicates that ARCC normally does badly in down markets. Current MktPrc is 19.51 in early trading.... Live Long and Prosper....
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Post by judger on Aug 3, 2023 22:10:44 GMT
I am trying to clean up a very large investment in CEF's. Moving to near-total Pimco portfolio but I have a couple others. I recently "discovered" PDO that I had been ignoring due to its youth and assumed low return NOT TRUE about return due to very large December distributions for 2 years!
I replaced a big chunk of RIV that was bought for return and is now down. I am also trying to purge YYY because it seems to keep adding more borrowed funds and I do not want to participate. Whereas RIV and YYY pay a very nice rate at today's price, I bought them at a price that provides closer to 9%. I also looked at the replacement choices compared to these in order to prove at least as good recent price appreciation and in some cases much better. I also look very closely at the current returns/distributions of the replacements for few or no distribution reductions and hopefully no capital gains or ROC.
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Post by steelpony10 on Aug 3, 2023 22:44:59 GMT
judger , The next 16 months or longer may provide many investing opportunities but markets could be all over the place. I add small parts relative to portfolio value year round based on my cost basis and stop when values get higher then the basis. It’s a lot easier to keep values on the plus side. I also only invest above the 10% mark which requires bad markets like now to keep the cost basis down. Instead of selling CEF’s and losing income I invest more in other areas to lower the percentage invested in CEF’s. ROC isn’t a dirty word to me but that can signal a future distribution adjustment. I wouldn’t trust and numbers you pull off the internet either. Wait until a factual distribution cut does occur then adjust if you want. I handle that situation by having a great deal more cash flow then needed along with some cash if I need to do anything. My experience is a majority of distribution cuts (and raises) occur in the first quarter of the year. We also deal with PIMCO mostly, the class of that area by far to date.
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Post by judger on Aug 3, 2023 23:45:50 GMT
steelpony10, using your example I am also investing excess income in an S&P 500 mutual fund - easy in and out. Since many equity securities are at 52 week highs, I am moving excess income to a MMF paying about 5%. However, in our longer term accounts, I have started using the very easy process at our brokerage firm to move income to my large investment Roth and return owned S&P 500 mutual funds shares to the long-term accounts. This allows me to build dry powder awaiting S&P 500 drops and cheaper prices than income averaging might allow.
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Post by retiredat48 on Aug 4, 2023 13:29:37 GMT
My Current CEF Holdings: (CEF's only/all in IRAs)...The following are not a major holding allocation, as my approach to the fixed income allocation is to be diversified...Diversified as including owning various high-yield assets as part of the mix. The high yielders include junk bond funds, preferred stock funds, Master Limited Partnerships (pipelines) ETFs, and leveraged FI CEFs. Currently own zero REIT funds.
DSL (small holding)
HPS
JPI
NTG
PDI...largest holding
PDO
PFN
PTY
-------------------------------------------------------------------
After a couple years of spending the dividends (RMD's), changed the PIMCO holdings to "auto divy reinvest", two months ago.
Good luck all.
R48
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Post by uncleharley on Aug 5, 2023 1:16:00 GMT
I currently own positions in JFR, KIO, PDI, PFN, RNP, & WDI. My largest position is RNP with PFN a close 2nd. The others a roughly equal in size.
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Post by gman57 on Aug 5, 2023 1:45:59 GMT
I recently sold BBN, GBAB, PDO -- all going into PIMIX. Have a 60 day sell in for UTG -- going into VTSAX
no more CEFS
Simplifying....
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sgra
Lieutenant
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Post by sgra on Aug 5, 2023 2:37:40 GMT
CEFs are 12.8% of my total portfolio. Here's the breakdown amongst them: ETV 28% PFN 14% UTF 13% PDI 13% BME 9% BUI 8% IGD 7% PDO 6% CII 2%
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Post by steelpony10 on Aug 5, 2023 10:42:29 GMT
I recently sold BBN, GBAB, PDO -- all going into PIMIX. Have a 60 day sell in for UTG -- going into VTSAX no more CEFS Simplifying.... Up in age or don’t think you need the monthly income anymore?
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Post by Chahta on Aug 5, 2023 10:46:09 GMT
I recently sold BBN, GBAB, PDO -- all going into PIMIX. Have a 60 day sell in for UTG -- going into VTSAX no more CEFS Simplifying.... Up in age or don’t think you need the monthly income anymore? But...but...but...PIMIX provides income. Don't you take income from PIMIX/PONAX?
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Post by gman57 on Aug 5, 2023 13:49:23 GMT
I recently sold BBN, GBAB, PDO -- all going into PIMIX. Have a 60 day sell in for UTG -- going into VTSAX no more CEFS Simplifying.... Up in age or don’t think you need the monthly income anymore? Simplifying big time. Don't need the volatility anymore. Max drawdown for the CEFs is mid 30's% -- max drawdown for PIMIX 11%. They are more like equities in their behavior. I may be crazy but when I'm done I'll have VTSAX, PIMIX, and MM, that's it. I have one account that's been simplified for the last 5+ years and it's my best performer so... the rest of my accounts will now be the same.
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Post by acksurf on Aug 5, 2023 21:50:15 GMT
I have PDI @ <3% and PDO <1% of portfolio. I don't currently need income but as I get closer to retirement slowly increase these and other income generating investments. I also hold some individual REITs and some BDCs.
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