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Post by richardsok on Dec 18, 2023 18:14:17 GMT
CEF positions PDI is conspicuously absent. If Pimco were planning a dist cut, January would be a good month to do it. IMHO. please elaborate your apprehension why there could be a cut now. PDI held its distribution thru the rate storm. I would have thought if there was a good time to cut that would have been when FF rates crossed 5% with higher rate threat. Thanks. Ani -- There's a concept in coaching sports called "playing within your skill set". Don't pitch the ball so hard you start to lose control.... Don't try to punch the ball out of the running back's arms lest you miss the tackle in trying to cause a fumble. Don't flail wildly trying for a final round knock-out. With my limited understanding of PDI, I try to trade on those facts which I DO see and DO clearly understand. Like you, I have read the many suppositions on why PDI might be able to continue its current distributions, but even the most skilled analysts couch their terms in "could bes" and "probably cans", etc. I'm the first to admit I lack skills to evaluate the analysts we both read.... so I tend to rely on those facts I DO clearly see and understand -- among them are coverage ratios, NAV trends, and technical indicators. I am glad to see PDI has evidently started to rally its NAV -- but if I have limited funds to invest, I elect to deploy them where coverages are better. For me, that is PAXS and PHK, with a speculative bit in PDX. Add to that, the new Merrill Lynch 2024 report on CEFs lists PHK as a "buy" but PDI as "neutral". I devoted an entire chapter of my book on PDI and its behavior during early 2021. All that time (when its coverage was much better than it is today) our highly followed Cod was taunting anyone who expressed concern about it -- and yet PDI continued dropping, dropping. I don't pretend to understand all that goes on under the hoods of these very complicated funds -- but I've been able to trade successfully by following what I do understand. While I miss opportunities every day, I find I do better staying in my lane. Brass tacks: What reason do I have to fear a dist cut? Only that I dislike PDI's insufficient coverage for months at a time. |
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Post by anitya on Dec 18, 2023 22:07:10 GMT
richardsok, Thanks for the entertaining reply. This is what I do to "play within my skill set." I do not read any analysts' reports (I also do not know where one goes to find them). I stopped reading SA stuff long time ago. Most of my reading is this forum and MFO and an occasional foray into Fidelity Community but I have not followed anyone (or Capecod) on fixed income CEF trades in many, many years. Even here I have about 20 posters on Ignore - not because I dislike all their writings but I just do not have the bandwidth to read everyone. By now, you probably know whose posts I read. You probably know I only own PDX in CEFs, that too in a trading account.
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Post by keppelbay on Dec 18, 2023 22:37:46 GMT
richardsok, well said. Moving to something where you perceive risk to be lower, for any reason, can make sense. PDI and sibs are opaque. The observable monthly NII coverage ratios and UNII are only part of the story. There are a lot of things that the funds can do that we cannot track. Whatever you think about Dick's style, he understands the nature of the tools they have at their disposal better than most. I take the style as the 'price of admission' to the tutorial. ADS analytics at seeking alpha is also very good on this stuff. Neither of them can answer the underlying question, but the ongoing discussion has been interesting. Some time back Dick started pointing out that PDI was generating extra cash by selling new shares into the market when the fund traded at a premium to NAV. The premium is 'free' money that can be used to invest in new assets, reduce debt or fund distributions. Recently, ADS pointed out that this has become a significant income stream for the fund and cautioned that it would dry up if the fund stopped trading at a premium. So loss of the premium could indirectly increase the risk of a cut. This is out of PIMCOs control. It was also pointed out that as of 9/30 the fund was carrying a lot of cash that could be used to fund distributions. The cash cushion mitigates risk of a cut - unless they need it for something more important than keeping the distribution at current levels. Evidently, this cash is not classified as UNII. Comparing observables: Among the multisector CEFs PDI's yield on NAV is among the highest (16.3% at the last report, vs 12.7% for PAXS and 12.4% for PHK). All else equal, this sets a higher bar to meet each month = more risk. PDI is not making the hurdle with NII. The hurdle is lower for the other funds, but the same problem exists - where to get cash flow. Aside perhaps from some legacy MBS, PDI doesn't have a special sauce that the others cannot access. We can't see cash flow the non-NII income sources, except in retrospect. An example of the non-transparency: PAXS has recently been using monthly NII in excess of the monthly distribution in ways that have not resulted in an increase in UNII. They are doing something with the 'extra' NII that we can't see. I trust that we will benefit fom this by more secure future cash flow. The other funds do similar stuff, I just happen to have done the arithmetic for PAXS. Personal view: this is where comfort level with the 'black box' comes in. The fund where the income hurdle is closer to being met with NII feels safer. I'm not selling PDI, but am not adding to it. I have been adding to PAXS.
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Post by richardsok on Dec 19, 2023 1:02:42 GMT
Thanks, keppel.
Your post elucidates two facts which are, frankly, mysteries to me. You write --
".... as of 9/30 the fund was carrying a lot of cash..."
I thought CEFs were required to distribute their cash. How can there be cash on hand to maintain dividends down the road but no UNII?
"... PDI was generating extra cash by selling new shares into the market..."
Again, I don't doubt the veracity of your statement, but wonder how PDI could be "creating" new shares. Aren't the number of shares a closed end fund issues CLOSED? I understand that is a critical difference between CEFs and ETFs.
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Post by yogibearbull on Dec 19, 2023 1:43:01 GMT
CEFs can hold cash for asset allocation purposes. But they are required to distribute most of their income, as other funds. But CEFs can hang on to some undistributed income and may accumulate it to a limited extent under UNII. If distributions are higher than income, 19a are issued for tentative ROCs, but the ROCs are final only after the yearend.
Several CEFs have filed shelf-registrations for new shares so they can issue additional shares when they deem appropriate. This is preannounced, preapproved by the SEC and also known to the public through Edgar/SEC filings. No further advance announcements are required for these purchases. It isn't a huge activity - secondaries are more appropriate for large numbers of new shares. On the other hand, for ETFs, creations/redemptions may be quite frequent, even multiple times daily for active ETFs.
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Post by keppelbay on Dec 19, 2023 7:29:04 GMT
Hi folks - a quick update with a correction.
The article on the contribution of share sales to PDI cash flow was authored by Alpha Gen Capital at SA. I incorrectly attributed it to ADS. Apologies to both authors - in case they are looking, and to you all.
Here are the cash flow numbers he takes from the PDI annual report (in millions).
NII 545
distributions -803
share sales 751 (including 91K from dividend drip program)
Observations:
- the distribution exceeded NII by more than 250M, but this 'shortfall' was easily covered by proceeds from the share sales.
- 38572 shares were sold, bringing the total to >265M. I don't think we need to worry too much about dilution if it goes on at this scale.
- Since June the share count has gone up to 282M. As long as the ATM sales work, there should continue to be 'excess' cash to sustain the distribution.
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Post by richardsok on Dec 19, 2023 9:45:26 GMT
Hi folks - a quick update with a correction. The article on the contribution of share sales to PDI cash flow was authored by Alpha Gen Capital at SA. I incorrectly attributed it to ADS. Apologies to both authors - in case they are looking, and to you all. Here are the cash flow numbers he takes from the PDI annual report (in millions). NII 545 distributions -803 share sales 751 (including 91K from dividend drip program) Observations: - the distribution exceeded NII by more than 250M, but this 'shortfall' was easily covered by proceeds from the share sales. - 38572 shares were sold, bringing the total to >265M. I don't think we need to worry too much about dilution if it goes on at this scale. - Since June the share count has gone up to 282M. As long as the ATM sales work, there should continue to be 'excess' cash to sustain the distribution. Checking the arithmetic. PDI distributed $250million more than it earned. (And never mind the shortfall is so massive. Might we be missing a decimal somewhere?) Because management created & sold 38,572 additional shares for, let's say, $18/sh = $694,276, or no more than a rounding error of the reported shortfall. (It's less than 1% of the shortfall.) Something SERIOUSLY doesn't compute. |
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Post by keppelbay on Dec 19, 2023 11:41:10 GMT
Hi folks - a quick update with a correction. The article on the contribution of share sales to PDI cash flow was authored by Alpha Gen Capital at SA. I incorrectly attributed it to ADS. Apologies to both authors - in case they are looking, and to you all. Here are the cash flow numbers he takes from the PDI annual report (in millions). NII 545 distributions -803 share sales 751 (including 91K from dividend drip program) Observations: - the distribution exceeded NII by more than 250M, but this 'shortfall' was easily covered by proceeds from the share sales. - 38572 shares were sold, bringing the total to >265M. I don't think we need to worry too much about dilution if it goes on at this scale. - Since June the share count has gone up to 282M. As long as the ATM sales work, there should continue to be 'excess' cash to sustain the distribution. Checking the arithmetic. PDI distributed $250million more than it earned. (And never mind the shortfall is so massive. Might we be missing a decimal somewhere?) Because management created & sold 38,572 additional shares for, let's say, $18/sh = $694,276, or no more than a rounding error of the reported shortfall. (It's less than 1% of the shortfall.) Something SERIOUSLY doesn't compute.
richardsok , you are absolutely right. It doesn't compute because I am an idiot!
The share number is 38,572 thousand not 38,572. For whatever reason, I missed that it was also given in thousands. 750,893 thousand in proceeds from 38,572 thousand shares = an average of 19.46. This is reasonable.
Now the dilution works out to 14.5% (38,572/265130). This is far from trivial, and I apologize for messing this number up. The ongoing increase this year is in the same order of magnitude (from 265M to 282M in the 1st half of the fiscal year). I seriously understimated the potential impact of the sales on the funds prospects for future coverage.
The other figures are OK. 751M from share sale + 545M NII, leaves almost 500M cash after the distribution. Lets hope that enough of this is going into ways to sustainably increase NII and other cash flow. They would need about 15% more income per year to service distribution for the new shares. For sense of scale 500M / 4578M of net assets (after liabilities) = 11%.
Richard - thanks for catching this (ouch!!).
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Post by yogibearbull on Dec 19, 2023 11:55:25 GMT
Companies also use shelf-registrations and their justification is that they have to use shares for incentives and bonuses, and have to keep the equity roughly uniform. The SEC buys that argument. When people complain about inflated stock compensation, they miss this aspect that almost promotes it via self-registration issuances of stock.
I am guessing that the CEFs use a similar argument with a twist - they are using shares for ROC to keep managed-distribution policy going and have to use shelf-registrations keep the capital roughly the same.
There wink-wink arrangements are a win-win for all except the stockholders.
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Post by richardsok on Dec 21, 2023 1:34:40 GMT
I'm no longer sure Pimco's monthly UNII report is as important to track as I once thought.
Nevertheless here are some taxable Nov 30 numbers; many appearing to have dropped since October:
3-Mo COVERAGES %
PTY 74
PDI 72
PHK 85
RCS 94
PGP 84
PAXS 98
PDX not reported
PAXS coverage appears to have dropped sharply. In previous months it was up around 130%.
None of the funds report any UNII.
FWIW
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Post by retiredat48 on Dec 21, 2023 3:05:00 GMT
richardsok,...interesting re PAXS. It was the darling of PIMCO CEFs but seemed lagging in performance and sold at a discount. Now perhaps we see why...big decline in UNII. These CEFs are black boxes as there is no visibility how this happened. Did somebody know something? I was considering starting a foothold position in PAXS...now...not so fast! I suspect if PIMCO announces a dividend cut in PDI et al and none for PAXs, may be a good time to buy PAXS if it sells off any. R48
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Post by xray on Dec 26, 2023 21:18:35 GMT
richardsok, anitya, keppelbay, yogibearbull, retiredat48,
SECURITIES 12/3
SEC .crash .12/31/22 .12/25/23 .NAV/MktP .%PORT .ANALYSIS. .Div 12/3 .Insider
ARCC 18.62 … 18.47 … 19.76 … 21.93*/19.92 … 6% … +45 …… 9.65% … 17.84 on 5/2
^AVK 12.26 … 12.31 …. 12.59 … 11.93/10.65 ….. 2% … +20 ….. 10.65% …12.29 on 12/14
CAPL 19.72 … 19.83 …. 22.51 … 22.84/23.15 … 6% … +100+… 9.07% … 18.38 on 5/24
^DPG 11.21 …. 12.45 … 10.65 … 10.91/9.64 …… 2% ….. +99 … 10.06% … none
EFC 13.56 …… 12.37 …..12.93 … 14.33/12.80 …. 0% … +000 … SOLD … none ….. SOLD … Merged into AAIC
FSK 18.97 ……. 17.50 …. 19.89 … 24.89*/19.91 … 6% … +22 …. 14.06% … 18.97 on 12/10
^GLO 5.68 …… 5.81 ….… 5.74 …… 5.61/4.68 …… 4% … +20 …. 12.38% … 5.04 on 8/23
^GLQ 7.01 ……. 7.20 ….… 7.21 ……. 7.02/5.88 …… 4% … +29 … 12.22% … 6.27 on 8/23
GLP 24.88 ….. 34.77 …. 42.66 ... 33.12/37.36 …. 6% +200+ .. 7.33% … 37.78 on 12/8
GPP 12.37 …… 12.96 ….. 12.72 … 13.64/12.97 …… 6%… +000 . 14.03% … 12.94 on 7/1
^HGLB 11.70 …12,84 ….. 11.45 … 11.49/8.32 …….. 2%… +25 …. 14.00% … none
HESM 29.34 .. 29.92 …. 31.76 …. 30.32/32.74 …. 2% … +300 …. 7.25% .. none
^KYN 9.75 ….. 10.06 …… 10.40 …. 9.93/8.12 ……. 6% …. +64 ….. 9.72% .. 8.39 on 3/29 … KMF merged into KYN
^LGI 15.43 ….. 16.01 …… 17.78 …. 16.28/13.67 ….. 4% … +100+ … 7.63% …. none
^MFD 9.06 …… 9.16 ……. 9.02 …… 8.83/7.74 ……. 2% …. +68 .… 10.34% …..none
RITM 8.54 ……. 8.17 …… 11.03 ….. 12.32*/9.78 …. 6% … +100+ … 9.47% ….. 9.30 on 9/21
^RSF 17.26 …. 17.08 .. …16.74 ….. 16.65/15.63 ….. 2% .. +20 ….. 11.33% .… Redemption 16.39
^RVT 14.35 … 14.61 ….. 16.47 ….. 15.44/13.73 ….. 4% … +56 ……. 7.79% …. 13.42 on 10/5
^USA 5.39 …… 5.90 …… 6.72 ……. 6.46/6.18 ….… 6% …. +36 ……. 9.71% ….. 6.06 on 12/8
^FCT 10.78 .… 11.01 …… 11.15 …… 11.03/9.82 ……. 6% … +000 …. 11.85% …… none
^THW 12.89 .. 13.12 ….. 12.99 ….. 11.62/11.45 …… 4% … +000 … 12.88% ….. none
^VGI 8.48 ….…. 8.86 …… 8.76 ……. 8.50/7.44 ….… 2% …. +23 …. 14.16% …… none
* BOOK VALUE
^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown)
Comment:
1… Added some additional information
2… Market will remain volatile this week
3… Book values and “NAV’s” should be followed and “NOT” MktPrc’s. NAV’s reflect “current value” vs MktPrc’s reflect investor “emotion”
4… Crash data shown is in NAV and not MktPrc for CEF’s
5… Currently showing oil “value” at $93/barrel at current inflation data and the <80 should be analyzed further
Live Long and Prosper….
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Post by xray on Dec 27, 2023 18:41:49 GMT
richardsok, anitya, keppelbay, yogibearbull, retiredat48Note 12/27 SECURITIES 12/3 SEC . crash ….12/31/22 ……… 12/25/23 …%PORT .ANALYSIS.… Div 12/3 ….Insider …….. ARCC 18.62 .. 21.46/18.47 … 22.84/19.76 … 6% … +86 ………..… 9.65% … 17.84 on 5/2 ^AVK 12.26 … 12.31/1090 …. 12.59/11.26 … 2% … +22 …………. 10.65% …12.29 on 12/14 CAPL 19.72 … 20.86/19.83 .. 22.02/22.51 … 6% … +100+……….. 9.07% … 18.38 on 5/24 ^DPG 11.21 …. 12.45/13.51 … 10.65/9.11 …… 0% …. +000 …..….. 10.06% … none … Div cut … SOLD EFC 13.56 …… 13.42/12.37 ….13.02/12.93 … 0% …. +000 ……….. SOLD ..… none .. SOLD … Merged into AAIC FSK 18.97 ……. 25.30/17.50 .. 23.46/19.89 … 6% … +78 …………. 14.06% … 18.97 on 12/10 ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.67 ….. 4% … +32 …………. 12.38% … 5.04 on 8/23 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.89 …… 6% … +48 ……….… 12.22% … 6.27 on 8/23 GLP 24.88 …… 33.26/34.77 .. 38.41/42.66 ... 8% .. +300+ ………. 7.33% … 37.78 on 12/8 GPP 12.37 ….… 13.42/12.96 … 13.68/12.72 …. 6%… +100 ………… 14.03% … 12.94 on 7/1 ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.96 ….. 2%… +20 ………….. 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 2% … +300+ ….…… 7.25% .. none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.66 ….. 6% …. +100 ………… 9.72% .. 8.39 on 3/29 … Div increase ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.21 ….. 4% … +200+ ……….. 7.63% …. none ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.81 ……. 4% …. +34 .………… 10.34% … none RITM 8.54 ……. 12.10/8.17 …..… 12.32/11.03 …. 8% … +200+ ………. 9.47% ….. 9.30 on 9/21 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 2% … +41 ………….. 11.33% .… Redemption 16.39 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..4% … +56 ……………. 7.79% …. 13.42 on 10/5 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 ……. 6% .. +100+ ……..…. 9.71% ….. 6.06 on 12/8 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/9.86 ….… 6% … +100 …………. 11.85%.… none ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.93 …. 4% … +31 ……………. 12.88% … none ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.76 ……. 2% …. +23 ………….. 14.16% … none * BOOK VALUE ^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown) Comment: 1… Added some additional information 2… Market will remain volatile this week 3… Book values and “NAV’s” should be followed and “NOT” MktPrc’s. NAV’s reflect “current value” vs MktPrc’s reflect investor “emotion” 4… Crash data shown is in NAV and not MktPrc for CEF’s 5… Currently showing oil “value” at $88/barrel Live Long and Prosper….,
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Post by anitya on Dec 29, 2023 18:04:20 GMT
Latest post from Dick at Fidelity Community about PDX -
"PIMCO would typically have announced any year end extras between the 5th and 10th of the month, based on history. I currently have no position in PDX and want to see what (if anything) they announce with the regular monthlies next Tuesday after the close. While the discount remains attractive, I think it's possible that any announcement could disappoint. Any position I'd sell to buy PDX yields 11+% to 12+%, and I'm uncertain the initial monthly PDX distribution would compete with that. I suspect I'll own it sometime, but not sure when.
Regards, Dick"
My own take -
SABA owns a ton of this and may lean into PIMCO to increase annual dividend rate and / or change to monthly.
I sold 2/3rd of the PDX position at $20.49 and moved the proceeds into PAXS @$14.31.
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Post by mnfish on Dec 30, 2023 14:04:19 GMT
FWIW - Wells Advisors recommended CEF's
It seems they still like the Loan peer group category and the following all yield over 10%
ARDC EFR
DSU EFT
FRA JFR
BGB JQC
VVR
They still list the following PIMCO CEF's as Sunset/Sell and as news to me, after reading the fine print, are unavailable for clients to purchase.
PDI
PTY
PCN
PHK
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Post by keppelbay on Jan 3, 2024 1:37:01 GMT
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Post by anitya on Jan 3, 2024 19:36:30 GMT
Section 19(a) notice for PDX - "PIMCO Dynamic Income Strategy Fund (NYSE:PDX) (the “Fund”) Cusip: 69346N107 This notice provides shareholders with information regarding Fund distributions, as required by applicable securities laws. The following table sets forth an estimate of the sources of the Fund’s distribution payable January 2, 2024 to shareholders of record on December 11, 2023. Net Investment Income $0.152988 69.54% Capital Sources [ROC] $0.067012 30.46% Total (per common share) $0.220000 100.00%" I deleted some non-information text to be able to format easily here. materials.proxyvote.com/Approved/MC0059/20231211/19A_557518.PDF |
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Post by keppelbay on Jan 3, 2024 20:30:28 GMT
19(a)s also for PDI and PAXS for the Dec distribution (others may follow)... These are just the state of play for the past month (or quarter for PDX). Remains to be seen whether there will be tax basis return of capital at fiscal year end (June 29th, this year for PDI & friends).
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Post by rhythmmethod on Jan 3, 2024 22:22:27 GMT
I haven't played this game in a while. CEFs and cousins are below:
My CEFs are as follows % of total portfolio. I have been adding to all of these via re-invest and some cash buys of PAXS.
1 PDI 4.57%
2. PDO 3.04
3.BME 3.3
4.PFN 2.10
5. UTG 1.7
6. RNP 1.67
7. PAXS 1.29
- - -
PIMIX - 10.11 (CHICKEN MOVE)
JEPI 4.5
ARCC 0.61 (going slow with this one)
Good luck, all - RM
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Post by richardsok on Jan 4, 2024 10:11:05 GMT
I own three large and stable positions for income: PAXS, KYN and PHK.
All the others are very short term to trade opportunistically (I hope). At the moment they are: LDP VVR JPC CPZ HPS, HIX, DLY
(May I add xray's list of positions make for very interesting reading. He was certainly correct beating the drum for CAPL.)
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Post by retiredat48 on Jan 5, 2024 2:32:21 GMT
My Current CEF Holdings: (CEF's only/all in IRAs)...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 (low position currently), preferred stock funds, Master Limited Partnerships Funds (pipelines) (now none), and leveraged FI CEFs. Currently own zero REIT funds.
DSL (small holding)
HPS
JPI
PDI...largest holding (largest was PCI until the merger)
PDO
PFN
PTY
-------------------------------------------------------------------
After several years of spending the dividends (RMD's), changed the PIMCO holdings to "auto divy reinvest", five months ago. Assessing PAXS for potential addition.
Good luck all.
R48
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Post by Broozer on Jan 5, 2024 17:33:43 GMT
I own three large and stable positions for income: PAXS, KYN and PHK. All the others are very short term to trade opportunistically (I hope). At the moment they are: LDP VVR JPC CPZ HPS, HIX, DLY (May I add xray's list of positions make for very interesting reading. He was certainly correct beating the drum for CAPL.) By "stable," I assume you mean the income from them is stable? |
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Post by richardsok on Jan 5, 2024 18:43:24 GMT
I own three large and stable positions for income: PAXS, KYN and PHK. All the others are very short term to trade opportunistically (I hope). At the moment they are: LDP VVR JPC CPZ HPS, HIX, DLY (May I add xray's list of positions make for very interesting reading. He was certainly correct beating the drum for CAPL.) By "stable," I assume you mean the income from them is stable? Zackly. But also that the positions themselves are stable in my portfolio. I'm not actively trading them. |
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Post by Broozer on Jan 5, 2024 19:18:21 GMT
By "stable," I assume you mean the income from them is stable? Zackly. But also that the positions themselves are stable in my portfolio. I'm not actively trading them. Ok thanks. 
I put PHK on my list of future picks.
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Post by xray on Jan 6, 2024 18:55:17 GMT
richardsok, anitya, keppelbay, yogibearbull, retiredat48, mnfish, rhythmmethod, Broozer, Note 1/6 SEC . crash ….12/31/22 ……… 12/25/23 …%Port .Analysis ….… Div 12/3…. Insider actions ….. ARCC 18.62 .. 21.46/18.47 … 22.84/19.76 … 6% … +245 ………..… 9.65% … 17.84 on 5/2 ^AVK 12.26 … 12.31/1090 …. 12.59/11.26 … 1% … +00 …………. 10.65% … 11.17 on 12/20 (-7,163sh) CAPL 19.72 … 20.86/19.83 .. 22.02/22.51 … 6% … +214………….. 9.07% … 18.38 on 5/24 FSK 18.97 ……. 25.30/17.50 .. 23.46/19.89 … 4% … +74 …………. 14.06% … 18.97 on 12/10 ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.67 ….. 2% … +18 …………. 12.38% … 5.04 on 8/23 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.89 …… 4% … +24 ……….… 12.22% … 6.27 on 8/23 GLP 24.88 …… 33.26/34.77 .. 38.41/42.66 ... 4% .. +284 ………. 7.33% … 37.78 on 12/8 GPP 12.37 ….… 13.42/12.96 … 13.68/12.72 …. 4%… +96 ……….… 14.03% … 12.94 on 7/1 ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.96 ….. 1%… +11 ………….. 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 2% … +148 ….…… 7.25% .. none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.66 ….. 6% . +237 ………… 9.72% .. 8.39 on 3/29 … Div increase ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.21 ….. 2% … +126 ……….. 7.63% …. none ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.81 ……. 2% …. +134 .………… 10.34% … none RITM 8.54 ……. 12.10/8.17 …..… 12.32/11.03 …. 4% … +166 ………. 9.47% ….. 9.30 on 9/21 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 1% … +22 ………….. 11.33% .… Redemption 16.39 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..2% … +15 ……………. 7.79% …. 13.42 on 10/5 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 ……. 2% .. +76 ………..…. 9.71% ….. 6.06 on 12/8 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/9.86 ….… 4% … +87 …………. 11.85%.… none ^THQ xx.xx …… xx.xx/xx.xx ……. xx.xx/17.95 ….. 4% … +143 ……………. ?? % … 18.25 on 12/28, 18.44 0n 1/2/24 ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.93 …. 6% … +183 …………. 12.88% … none ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.76 ……. 1% …. +23 ………….. 14.16% … none * BOOK VALUE ^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown) Comment: 1… Added some additional information 2… Market will remain volatile this week 3… Book values and “NAV’s” should be followed and “NOT” MktPrc’s. NAV’s reflect “current value” vs MktPrc’s reflect investor “emotion” 4… Crash data shown is in NAV and not MktPrc for CEF’s 5… Currently showing oil “value” at $88/barrel Note: 1… Building some cash -Government may shut down later this month -Deficit now increased to 34B -Qtrly dividends paid out in December with NAV’s and MktPrc’s correcting. Next Qtrly payout in March -1st Qtr expected to go lower -Too many unknowns 2… HQH & HQL insider buying activity (“HEALTH” sectors). HQH @ 16.58, 16.93 and HQL @ 13.57, 13.90 respectively 3… THQ/THW also doing well in “HEALTH” sector Live Long and Prosper….
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Post by richardsok on Jan 6, 2024 21:58:04 GMT
XRAY --
How do you determine the "value" of oil is $88? I'm showing $74.
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Post by xray on Jan 15, 2024 20:14:20 GMT
richardsok,
I follow the energy market with (all of) the guru's comments (war evaluations vs debt vs market conditions) and then take the average # for a SWAG reading (scientific wild ass guess). Not a current actual #.
Live Long and Prosper....
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Post by xray on Jan 15, 2024 20:15:04 GMT
richardsok, anitya, keppelbay, yogibearbull, retiredat48, mnfish, rhythmmethod, Broozer, Note 1/15 SEC . crash ….12/31/22 ……… 12/25/23 …%Port .Analysis ….… Div 12/3…. Insider actions ….. ARCC 18.62 .. 21.46/18.47 … 22.84/19.76 … 6% … +245 ………..… 9.65% … 17.84 on 5/2 ^AVK 12.26 … 12.31/1090 …. 12.59/11.26 … 1% … +00 …………. 10.65% … 11.17 on 12/20 (-7,163sh) CAPL 19.72 … 20.86/19.83 .. 22.02/22.51 … 6% … +214………….. 9.07% … 18.38 on 5/24 FSK 18.97 ……. 25.30/17.50 .. 23.46/19.89 … 4% … +74 …………. 14.06% … 18.97 on 12/10 ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.67 ….. 2% … +18 …………. 12.38% … 5.04 on 8/23 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.89 …… 4% … +24 ……….… 12.22% … 6.27 on 8/23 GLP 24.88 …… 33.26/34.77 .. 38.41/42.66 ... 4% .. +284 ………. 7.33% … 37.78 on 12/8 GPP 12.37 ….… 13.42/12.96 … 13.68/12.72 …. 4%… +96 ……….… 14.03% … 12.94 on 7/1 … into GPRE (see below) ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.96 ….. 1%… +11 ………….. 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 2% … +148 ….…… 7.25% .. none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.66 ….. 6% . +237 ………… 9.72% .. 8.84 on 1/10/24 … Div increase … (see below) ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.21 ….. 2% … +126 ……….. 7.63% …. none ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.81 ……. 2% …. +134 .………… 10.34% … none RITM 8.54 ……. 12.10/8.17 …..… 12.32/11.03 …. 4% … +166 ………. 9.47% ….. 9.30 on 9/21 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 1% … +22 ………….. 11.33% .… Redemption 16.39 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..2% … +15 ……………. 7.79% …. 13.42 on 10/5 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 ……. 2% .. +76 ………..…. 9.71% ….. 6.06 on 12/8 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/9.86 ….… 4% … +87 …………. 11.85%.… none ^THQ xx.xx …… xx.xx/xx.xx ……. xx.xx/17.95 ….. 4% … +143 ……………. ?? % … 18.25 on 12/28, 18.44 0n 1/2/24 ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.93 …. 6% … +183 …………. 12.88% … 11.94 on 1/2/24 ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.76 ……. 1% …. +23 ………….. 14.16% … none * BOOK VALUE ^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown) Comment: 1… Added some additional information 2… Market will remain volatile this week 3… Book values and “NAV’s” should be followed and “NOT” MktPrc’s. NAV’s reflect “current value” vs MktPrc’s reflect investor “emotion” 4… Crash data shown is in NAV and not MktPrc for CEF’s 5… Currently showing oil “value” at $91/barrel Note: 1… Building some cash -Government may shut down later this month -Deficit now increased to 34B -Qtrly dividends paid out in December with NAV’s and MktPrc’s correcting. Next Qtrly payout in March -1st Qtr expected to go lower -Too many unknowns 2… HQH & HQL insider buying activity (“HEALTH” sectors). HQH @ 16.58, 16.93 and HQL @ 13.57, 13.90 respectively 3… THQ/THW also doing well in “HEALTH” sector 4… KYN, THQ, THW buying activity starting in new year 2024 (see above) 5… GPP no longer listed and will be removed in next posting (see below) Alerts: Green Plains Inc. GPRE has announced the completion of the acquisition of Green Plains Partners LP. Under the terms of the agreement, Green Plains acquired all of the publicly held common units of the Partnership that it and its affiliates did not own for 0.405 shares of Green Plains common stock along with $2.00 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter to the closing date for each outstanding common unit representing a limited partner interest in the Partnership, as determined in accordance with the Merger Agreement, without interest.
The Partnership became an indirect fully owned subsidiary of Green Plains as a result of the merger. The Partnership's common units will no longer be listed on the Nasdaq and will be deregistered under the Securities Exchange Act of 1934. Live Long and Prosper….
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Post by liftlock on Jan 20, 2024 2:55:09 GMT
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Post by keppelbay on Jan 20, 2024 5:18:01 GMT
Interesting. It seems they are taking it slow. We didn't see the rapid large scale reconfiguration that many folks were expecting after the shift to the new mandate on Nov 21st. Also, consistent with the 1st post-transition distribution remaining unchanged in amount and frequency. |
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