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Post by xray on Jan 20, 2024 17:32:01 GMT
richardsok, anitya, keppelbay, yogibearbull, retiredat48, mnfish, rhythmmethod, Broozer, liftlock, Note 1/20 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 … 4% … +212 ………..… 9.65% … 17.84 on 5/2 ^AVK 12.26 … 12.31/1090 …. 12.59/11.26 … 1% … +114 …………. 10.65% … 11.17 on 12/20 (-7,163sh) CAPL 19.72 … 20.86/19.83 .. 22.02/22.51 … 4% … +101………….. 9.07% … 18.38 on 5/24 FSK 18.97 ……. 25.30/17.50 .. 23.46/19.89 … 3% … +116 …………. 14.06% … 18.97 on 12/10 GBDC xx.xx … xx.xx/xx.xx ….. xx.xx/xx.xx …. 3% … +186 …….…. 10.02% … “NEW” … DIV increase .37 to .39/Qtr ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.67 ….. 3% … +18 …………. 12.38% … 5.04 on 8/23 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.89 …… 4% … +205 ……….… 12.22% … 6.27 on 8/23 … Div increase ,0599 to .0603 GLP 24.88 …… 33.26/34.77 .. 38.41/42.66 ... 4% .. +212 ………. 7.33% … 37.78 on 12/8 GPP 12.37 ….… 13.42/12.96 … 13.68/12.72 …. 0%… +00 ……….… 14.03% … 12.94 on 7/1 … into GPRE (see below)/SOLD ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.96 ….. 2%… +110 …….….. 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 2% … +67 ….……… 7.25% .. none ^IIF xx.xx …..… xx.xx/xx.xx ….. xx.xx/xx.xx ….. 1% … +183 …….…. EOY=>10.02% … “NEW” … none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.66 ….. 4% .. +14 …..……… 9.72% .. 8.84 on 1/10/24 … See below … Div increase ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.21 ….. 3% .. +216 ……….. 7.63% …. none ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.81 ……. 2% …. +36 .…….… 10.34% … none RITM 8.54 ……. 12.10/8.17 …..… 12.32/11.03 …. 4% … +145 ………. 9.47% ….. 9.30 on 9/21 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 1% … +22 ………….. 11.33% .… old Redemption @ 16.39 … NEW 15.84 on 2/3/24 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..2% … +28 ……………. 7.79% …. 13.42 on 10/5 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 ……. 3% .. +84 ………..…. 9.71% ….. 6.06 on 12/8 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/9.86 ….… 3% … +24 …………. 11.85%.… none ^THQ xx.xx …… xx.xx/xx.xx ……. xx.xx/17.95 ….. 4% … +183 ……………. ?? % … 18.25 on 12/28, 18.44 0n 1/2/24 ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.93 ….. 4% … +204 …………. 12.88% … 11.94 on 1/2/24 ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.76 ……. 1% …. +21 ………….. 14.16% … none NEWER SECURITIED added: GBDC - See above “and news item below” IIF - See above * BOOK VALUES ^ 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: 1… NEW YORK, January 17, 2024--(BUSINESS WIRE)--Golub Capital BDC, Inc. ("GBDC," or the "Company"), a business development company (Nasdaq: GBDC), announced today that it entered into a definitive merger agreement with Golub Capital BDC 3, Inc. ("GBDC 3"), with GBDC as the surviving company, subject to certain stockholder approvals and customary closing conditions. Following the merger, GBDC is expected to have $8.5 billion of total assets at fair value and investments in over 340 portfolio companies, on a pro forma basis as of September 30, 2023. The Boards of Directors of both GBDC and GBDC 3 have approved the transaction with the participation throughout by, and the unanimous support of, their respective independent directors. Under the terms of the proposed merger, stockholders of GBDC 3 will receive newly issued shares of GBDC based on a ratio determined shortly before merger close (the "Exchange Ratio"). GBDC 3 stockholders will receive GBDC shares based on a ratio that is the greater of: (a) a NAV-for-NAV exchange of shares with GBDC; or (b) if GBDC shares are trading at a premium to NAV at the closing of the merger, a number of shares of GBDC equal in value to GBDC 3’s NAV per share, plus a premium of up to 50% of any premium to NAV in the trading price of GBDC shares at merger close, with a maximum premium equal to 3% of GBDC 3’s NAV per share. The process for determining the Exchange Ratio is described more fully in the section below under the title "Exchange Ratio." GBDC believes the proposed merger with GBDC 3 is compelling for GBDC stockholders for several reasons: * Increased scale and liquidity. The proposed merger will increase GBDC’s scale meaningfully, with its investment portfolio at fair value expected to increase from approximately $5.5 billion to approximately $8.1 billion, on a pro forma basis as of September 30, 2023. The increased market capitalization of GBDC following the merger is anticipated to provide greater trading liquidity and the potential for greater institutional ownership than GBDC as a stand-alone company. The transaction also is expected to deliver operational synergies by eliminating redundant expenses. * Consistent investment strategy. The combined portfolio is expected to be substantially similar to GBDC’s current portfolio, as over 99% of GBDC 3’s investments overlap with those of GBDC.1 Post-closing, GBDC expects to continue the same investment strategy it has followed since its IPO in 2010: focusing on first lien senior secured and one-stop loans to U.S. middle market companies in resilient industries that are often owned by private equity firms. Credit quality is expected to remain strong and to improve on a pro forma basis as of September 30, 2023: 1) non-accruals as a percentage of GBDC’s total debt investments at fair value are expected to decrease to 0.9% from 1.2%; and, 2) the combined company would expect to see modest improvement in internal performance ratings. 2… 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 retiredat48 on Jan 20, 2024 18:29:34 GMT
Some snippets from recent Capecod post:
As...noted last night that the PIMCO 12/31 holdings reports had been released, and there were some significant changes worth mentioning: the addition of PIMCO short-term floating rate NAV funds as the principal cash investment and big new positions in swap books. As always, the swaps are hard to characterize because their function in the portfolio as a whole is never clear, but net, they APPEAR to be poised to increase NAV as actual Fed funds rates fall. IMO more clearly, the CEF suite appears once again to be beginning the year -- as in 2023 -- with cash allocations large enough to pay distributions for the year by themselves --- PDI 12% PDO 11% PAXS 14% all in the floating rate NAV fund (where NAV fund presumably means a short term investment vehicle that is not a steady $1/share MM fund but rather an actively managed short term fund with a variable NAV.
My GUESS --- REALLY, GUESS! Cash resources have been set aside to maintain steady distributions. The remainder of the portfolio is structured to both generate income but mostly generate accelerated NAV if/as Fed cuts rates a few times. This was my theory on 2023 portfolios as well, but it can't be even quasi-confirmed until we see the 12/31 semiannual reports in early March. Dick.
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R48
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Post by xray on Jan 28, 2024 18:43:59 GMT
rumi, ECE Prof, johnsmith, steelpony10,@fpajerski, retiredat48, uncleharley, Ultima Thule, shridog, richardsok, Note 1/28 SEC . crash ….12/31/22 ……… 12/31/23 …….. 1/28/24 ...%Port …Analysis … Div 1/28/24 …. Insider actions ….. ARCC 18.62 .. 21.46/18.47 … 20.03/19.76 … 19.87/20.56 …4% … +218 ………..… 9.37% … 17.84 on 5/2 ^AVK 12.26 … 12.31/1090 …. 12.59/11.33 … 12.38/11.58 …..1% … +116 …………. 12.15% … 11.17 on 12/20 (-7,163sh) CAPL 19.72 … 20.86/19.83 .. 22.02/22.80 … 22.68/24.01 …4% … +266……….….. 8.75% …. 18.38 on 5/24 FSK 18.97 ……. 25.30/17.50 .. 23.46/19.97 … 22.18/20.68 …3% … +132 …………. 13.54% … 18.97 on 12/10 GBDC xx.xx … xx.xx/xx.xx ….. xx.xx/xx.xx …. xx.xx/15.61 …..3% … +202 …….…… 8.93% … “NEW” … DIV increase .37 to .39/Qtr ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.70 ……. 5.80/4.77 ….. 3% … +118 ………… 12.13% … 5.04 on 8/23 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.93 ……. 7.30/6.05 ……4% … +210 ………… 11.97% … 6.27 on 8/23 … Div increase ,0599 to .0603 GLP 24.88 …… 33.26/34.77 .. 38.41/42.31 ... 39.10/46.36 …4% .. +316 …………… 6.04% … 37.78 on 12/8 … Div increase ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.26 ….. 11.49/8.05 …..2% … +107 …….…… 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 33.10/33.90 ..2% … +187 ….……..… 7.00% …. none ^IIF xx.xx …..… xx.xx/xx.xx ….. xx.xx/xx.xx ….. 27.00/22.15 … 1% … +145 ……..…. EOY=>18.17% … “NEW” … none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.78 ….. 10.32/8.99 …..4% … +186 …..…..…… 9.79% .. 8.84 on 1/10/24 … Div increase ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.32 ….. 17.34/15.37 …3% … +192 ………….. 8.17% …. none … Div increase ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.87 ……. 8.80/7.50 …… 2% …. +87 .………… 10.67% … none RITM 8.54 ……. 12.10/8.17 …..… 12.32/10.68 …. 12.16/10.99 .. 4% … +155 ………… 9.10% .. 9.30 on 9/21 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 16.89/15.85 . 1% … +144 ………… 11.33% .… old Redempt @ 16.39 … NEW 15.84 on 2/3/24 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..16.19/14.31 …. 2% … +158 ……….…. 7.48% …. 13.42 on 10/5 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 ……. 6.72/6.50 …… 3% .. +123 ………..… 10.46% ….. 6.06 on 12/8 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/10.09 ..… 11.10/9.90 ….. 3% … +65 …………. 11.76%. .… none ^THQ xx.xx …… xx.xx/xx.xx ……. xx.xx/18,11 ….. xx.xx/18.10 …. 4% … +143 …….….. 8.43% …. 18.25 on 12/28, 18.44 0n 1/2/24 ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.67 ….. 12.08/12.42 … 4% … +168 ………. 12.88% …. 11.94 on 1/2/24 ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.83 ……. 8.61/7.66 ……. 1% …. +46 …….….. 14.16% …… none NEWER SECURITIED added: GBDC - See above IIF - See above * BOOK VALUES ^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown) Comment: 1… Added some additional information -Added end of year final data -Added current data column 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 $92/barrel Note: 1… Building some cash -Market overbought to normal P/E’s -Deficit now increased to 34B -Qtrly dividends paid out in December with NAV’s and MktPrc’s have been 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… GPP no longer listed and removed from posting (see below) Alerts: 1… 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 richardsok on Jan 29, 2024 9:58:25 GMT
xray --
Appreciate the post. Could you clarify your "analysis" numbers and how you determine them?
TIA
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Post by xray on Feb 4, 2024 23:03:17 GMT
rumi, ECE Prof, johnsmith, steelpony10,@fpajerski, retiredat48, uncleharley, Ultima Thule, shridog, richardsok, 2/4 Update SEC . crash ….12/31/22 ……… 12/31/23 …….. 2/04//24 ...%Port …Analysis … Div 1/28/24 …. Insider actions ….. ARCC 18.62 .. 21.46/18.47 … 20.03/19.76 … 19.87/20.17 … 4% … +218 ………..… 9.37% … 17.84 on 5/2 ^AVK 12.26 … 12.31/1090 …. 12.59/11.33 … 12.38/11.79 …. 2% … +184 …………. 12.15% … 11.17 on 12/20 (-7,163sh) CAPL 19.72 … 20.86/19.83 .. 22.02/22.80 … 22.68/22.13 .. 4% … +266……….….. 8.75% …. 18.38 on 5/24 ^EDF x.xx ….… x.xx/x.xx ……… 4.21/4.16 ……. 4.46/4.38 ….. 2% … +284 ……….… 12.13% … 5.04 on 11/21/83 FSK 18.97 ……. 25.30/17.50 .. 23.46/19.97 … 22.18/20.44 …3% … +132 …………. 13.54% … 18.97 on 12/10 GBDC xx.xx … xx.xx/xx.xx ….. xx.xx/xx.xx …. 17.13/15.28 …..3% … +202 …….…… 8.93% … “NEW” … DIV increase .37 to .39/Qtr ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.70 ……. 5.83/4.86 …. 4% … +246 ………… 12.13% … 5.04 on 8/23 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.93 ……. 7.35/6.12 …… 4% … +284 ………… 11.97% … 6.27 on 8/23 … Div increase ,0599 to .0603 GLP 24.88 …… 33.26/34.77 .. 38.41/42.31 ... 39.10/46.40 … 6% .. +386 …………… 6.04% … 37.78 on 12/8 … Div increase ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.26 ….. 11.35/8.23 ….. 2% … +107 …….…… 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 35.66/34.23 ..3% … +187 ….……..… 7.00% …. none … Div increase to .6343 ^IIF xx.xx …..… xx.xx/xx.xx ….. xx.xx/xx.xx ….. 27.61/22.73 … 1% … +145 ……..…. EOY=>18.17% … “NEW” … none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.78 ….. 10.22/8.71 ….. 4% … +186 …..…..…… 9.79% .. 8.84 on 1/10/24 … Div increase ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.32 ….. 17.83/15.33 …4% … +265 ………….. 8.17% …. none … Div increase ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.87 ……. 8.76/7.47 …… 2% …. +87 .………… 10.67% … none ^OPP xx.xx .….. x.xx/x.xx …….… 9.80/8.68 …… 9.61/8.52 …… 2% … +186 …………. 16.49%. . none insider buying 29687sh @ 8.27 12/21/23 RITM 8.54 ……. 12.10/8.17 …..… 12.32/10.68 …. 12.16/10.56 .. 4% … +184 ………… 9.10% .. 9.30 on 9/21 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 16.96/15.95 . 2% … +238 ………… 11.33% .… old Redempt @ 16.39 … NEW 15.84 on 2/3/24 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..16.20/14.28 … 4% … +316 ……….…. 7.48% …. 13.42 on 10/5 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 ……. 6.80/6.60 …… 4% .. +318 ………… 10.46% ….. 6.06 on 12/8 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/10.09 ..… 10.99/9.92 …. 3% … +65 …………. 11.76%. .… none ^THQ xx.xx …… xx.xx/xx.xx ……. xx.xx/18,11 ….. 21.81/18.48 … 4% … +143 …….….. 8.43% …. 18.25 on 12/28, 18.44 0n 1/2/24 ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.67 ….. 12.17/12.77 …. 4% … +168 ………. 12.88% …. 11.94 on 1/2/24 ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.83 ……. 8.61/7.74 ……. 2% …. +46 …….….. 14.16% …… none NEWER SECURITIED added: ^EDF (EDI merged into EDF) … Insider buying activity 2500sh @ 5.04 on 11/21/83 ^OPP … Insider buying activity 29,681sh @ 8.27 on 12/21/83 * BOOK VALUES ^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown) Comment: 1… Added some additional information -Added end of year final data (NAV/MktPrc) -Added current data column (NAV/MktPrc) 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 $92/barrel Note: 1… Building some cash -Market overbought to normal P/E’s -Deficit now increased to 34B -Qtrly dividends paid out in December with NAV’s and MktPrc’s have been correcting. Next Qtrly payout in March -1st Qtr expected to go lower -Too many unknowns for 100% investing 2… HQH & HQL insider buying activity (“HEALTH” sectors). HQH @ 16.58, 16.93 and HQL @ 13.57, 13.90 respectively Alerts: 1… HESM announced a increase in dividend 2… AVK insider buying activity … 400sh @ 11.86 on 2/2 3… RSF insider buying activity … 43,000sh @ 15.84 0n 2/3 Live Long and Prosper….
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Post by xray on Feb 4, 2024 23:14:36 GMT
richardsok, Your: xray -- Appreciate the post. Could you clarify your "analysis" numbers and how you determine them? Like I said quite a while back... I used to be a computer programmer way back when (IBM360 in the 1950's when I started) and I have been doing my own programming ever since. The program is very sophisticated (with columns interconnected to each other as data changes and changes other columns automatically) as I update it every year to the ever changing markets. I wish I could explain it more fully but I am not even sure, at this point in time, I could refigure it out if I had to do it again. I had a computer crash a while back and I found the data columns no longer aligned properly even though the final data was shown to be correct. Changing a column or two has been a challenge. The crash did something that I have yet to figure out even though I have been trying to.... Live Long and Prosper....
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Post by xray on Feb 5, 2024 16:11:14 GMT
rumi, ECE Prof, johnsmith, steelpony10,@fpajerski, retiredat48, uncleharley, Ultima Thule, shridog, richardsok, 2/5 CEF’s vs “DOLLAR COST AVERAGING”
Very effective “TOOL” when used properly (NAV’s “HIGHER” than current MktPrc’s). … Increases (or decreases in % of portfolio needs to be reviewed on any increases or decreases in dividends or Insider buying/selling activity) IMHO…. … Works well for non-taxable accounts for protection against CapGain and Dividends … New investors or “not sure” Mkt buying activity on any questionable investment should only be “FIRST” made in “TAXABLE” accounts and when proven to be a winner moved over to non-taxable with (usually) down markets…. … Example used is 2% but could be 1% when really in doubt on any questionable investment…
1… Buying Example Only:
First 2% buy at MktPrc of $5.00 at 2% of portfolio
Second 2% buy at MktPrc of $6.00 at 2% more and now total % of portfolio is 4% of portfolio … Average MktPrc paid now $5.50 … Current dividend being paid will “change” with the new MktPrc “average”
Third 2% buy at MktPrc of $7.00 @ 2% more and now total % of portfolio is 6% of portfolio … Average MktPrc paid now $6.00 … Current dividend being paid will “change” with the new MktPrc “average”
2… Selling Example Only:
First 2% selling at MktPrc of $7.00 @ 6% of portfolio (using above example) … Portfolio holding now at 4% with the change … Current dividend being paid will “change” with the new reduced MktPrc “average”
Second 2% selling at MktPrc of $6.00 @ 4% of portfolio (using above example) … Portfolio holding now at 2% with the change … Current dividend being paid will “change” with the new reduced MktPrc “average”
First 2% selling at MktPrc of $5.00 @ 2% of portfolio (using above example) … Portfolio holding now at 0% with the change … Current dividend being paid will “change” with the new reduced MktPrc “average”
Keep in mind there are “many” variations that can be utilized with our individual thinking….
Live Long and Prosper….
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Post by xray on Feb 6, 2024 18:55:08 GMT
rumi , ECE Prof , johnsmith , steelpony10 ,@fpajerski , retiredat48 , uncleharley , Ultima Thule , shridog , richardsok , Answer to a very basic question when a investor is looking at CEF's for the "very first time":INVESTING GUIDE TO MUTUAL FUNDS How a Closed-End Fund Works and Differs From an Open-End Fund By JAMES CHEN Updated February 03, 2024 Reviewed by CIERRA MURRY Fact checked by SUZANNE KVILHAUG Closed-End Fund Investopedia / Julie Bang What Is a Closed-End Fund? A closed-end fund is a type of mutual fund that issues a fixed number of shares through one initial public offering (IPO) to raise capital for its initial investments. Its shares can then be bought and sold on a stock exchange, but no new shares will be created, and no new money will flow into the fund. In contrast, an open-end fund, such as most mutual funds and exchange-traded funds (ETFs), accepts a constant flow of new investment capital. It issues new shares and buys back its own shares on demand. Many municipal bond funds and some global investment funds are closed-end funds. KEY TAKEAWAYS
The initial capital for a closed-end fund is raised through a one-time offering of a limited number of shares in the fund. The shares may then be bought and sold on a public stock exchange, but no new shares can be created. Closed-end funds are usually actively managed, unlike index mutual funds and many ETFs, and typically concentrate on a single industry, sector, or region. Understanding Closed-End Funds Like many mutual funds, a closed-end fund has a professional manager overseeing the portfolio and actively buying, selling, and holding assets. Similar to stocks and ETFs, its shares fluctuate in price throughout the trading day. However, the closed-end fund's parent company will issue no additional shares, and the fund itself won't buy back shares—unless the closed-end fund is an interval fund—which is a type of closed-end fund that can buy back shares. Closed-end funds and open-end mutual funds have many similarities. Both make distributions of income and capital gains to their shareholders. Both charge an annual expense ratio for their services. Moreover, the companies that offer them must be registered with the Securities and Exchange Commission (SEC). Closed-End Funds vs. Open-End FundsClosed-end funds differ from open-end funds in fundamental ways. As noted, a closed-end fund raises a prescribed amount of capital in a one-time offering of a fixed number of shares. Once the shares are sold, the offering is "closed." Most mutual and exchange-traded funds constantly accept new investor dollars, issuing additional shares, and redeeming—or buying back—shares from shareholders who wish to sell. A closed-end fund lists on a stock exchange where the shares trade like stocks throughout the trading day. Open-end mutual funds price their shares only once a day, at the end of the trading day, basing the price on the net asset value of the portfolio. The stock price of a closed-end fund fluctuates according to the usual forces of supply and demand and the changing values of the fund's holdings. Because they trade exclusively in the secondary markets, closed-end funds require a brokerage account to buy and sell. Open-end funds can usually be purchased directly through the fund's sponsoring investment company. ProsDiversified portfolio Professional management Transparent pricing Potential for higher yields ConsSubject to volatility Less liquid than open-end funds Available only through brokers May get heavily discounted Closed-End Funds and Net Asset Value (NAV)Its pricing is one of the unique characteristics of a closed-end fund. The NAV of the fund is calculated regularly and based on the value of the assets in the fund. However, the price that it trades for on the exchange is market-driven. This means a closed-end fund can trade at a premium or a discount to its NAV. A premium price means the price of a share is above the NAV, while a discount is the opposite, below the NAV. There are several reasons for this. A fund's market price may rise because it is focused on a sector currently popular with investors or because its manager is well-regarded among investors. Or, a history of underperformance or volatility may make investors wary of the fund, driving down its share value. Closed-End Fund PerformanceClosed-end funds do not repurchase their shares from investors. That means they don't have to maintain a large cash reserve level, leaving them with more money to invest. They can also make heavy use of leverage—borrowed money—to boost their returns. As a result, closed-end funds may be able to offer higher overall returns than their open-fund mutual fund counterparts. Examples of Closed-End Funds The largest type of closed-end fund, as measured by assets under management, is the municipal bond fund. These large funds invest in the debt obligations of state and local governments and federal government agencies. Managers of these funds often seek broad diversification to minimize risk, but also may rely on leverage to maximize returns. Managers also build closed-end global, international, and emerging markets funds that mix stocks and fixed-income instruments. Global funds combine U.S. and international securities. International funds purchase only non-U.S. securities. Emerging markets funds focus on fast-growing and volatile foreign sectors and regions. One of the largest closed-end funds is the Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG). Founded in 2007, it had total net assets of $2.7 billion as of Dec. 31, 2023. The primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. What Are the Advantages of a Closed-End Fund?
Shares of a closed-end fund trade throughout the day on a stock exchange, and that market-driven price may differ from its NAV. This can provide opportunities for profiting from higher or lower values. How Are Closed-End Funds Different From Open-End Funds?
An open-end mutual fund issues new shares whenever an investor chooses to buy into it and repurchases them when they're available. A closed-end fund issues shares only once. Closed-end funds also tend to use leverage, or borrowed money, to boost their returns to investors. That means higher potential rewards in good times and higher potential risks in bad times. What Is the Downside to Closed-End Funds?
One of the significant downsides to closed-end funds is that no new shares are issued. So, to gain access to a closed-end fund, you'd have to find someone willing to sell shares at a premium or wait until some open up on the market. The Bottom Line
Closed-end funds are funds that only issue shares once. When they are all sold, there are no more available unless an owner decides to sell them. Closed-end funds are generally priced by their net asset value, but prices fluctuate throughout a trading day because they are actively traded. Live Long and Prosper....
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Post by xray on Feb 11, 2024 16:01:52 GMT
rumi, ECE Prof, johnsmith, steelpony10,@fpajerski, retiredat48, uncleharley, Ultima Thule, shridog, richardsok, abrdn Life Sciences Investors (HQL) and abrdn Healthcare Investors (HQH) Announce a 25% Increase in Distribution Rates and abrdn Healthcare Opportunities Fund (THQ) Announces a 60% Increase in Distribution Rateabrdn Life Science Investors Fri, February 9, 2024, 5:23 PM EST In this article: HQH -0.17% THQ -0.05% HQL +0.07% PHILADELPHIA, PA / ACCESSWIRE / February 9, 2024 / abrdn Life Sciences Investors (HQL), abrdn Healthcare Investors (HQH), and abrdn Healthcare Opportunities Fund (THQ) (collectively, the "Funds") each, a closed-end management investment company, announced today its Board of Trustees (each a "Board" and collectively, the "Boards") have approved an increase in each Fund's respective distribution rate and announce payment details for the Funds in the chart directly below. Ticker Exchange Fund Distribution Policy Previous Distribution Policy New Declared Distribution Amount HQH NYSE abrdn Healthcare Investors Annualized rate of 8% of rolling NAV Annualized rate of 10% of rolling NAV $ 0.4800 HQL NYSE abrdn Life Sciences Investors Annualized rate of 8% of rolling NAV Annualized rate of 10% of rolling NAV $ 0.3900 THQ NYSE abrdn Healthcare Opportunities Fund $0.1125 per share per month $0.18 per share per month $ 0.1800 HQL and HQH each distribute quarterly, and THQ distributes monthly all or a portion of its net investment income, including current gains, to common shareholders. Each Fund relies on exemptive relief from the U.S. Securities and Exchange Commission that allows the Fund to distribute long-term capital gains as frequently as monthly in any one taxable year. The distributions for each Fund will be made from net investment income, net realized capital gains and, to any extent necessary, return of capital. abrdn Life Sciences Investors (HQL) & abrdn Healthcare Investors (HQH) 25% Increase HQL and HQH pay a managed distribution policy that is paid quarterly at an annual rate, set once a year, that is a percentage of the rolling average daily net asset value ("NAV") over the previous month-end period on the last day of the month immediately preceding the distribution's declaration date (the "Distribution Policy"). On February 9, 2024, the Board of each, HQL and HQH, determined the rolling distribution rate for HQL and HQH be increased by 25% from 8% to 10% for the 12-month period ("Managed Distribution Policy"). The new Managed Distribution Policy for HQL and HQH will commence with the distribution payable on March 28, 2024, to all shareholders of record as of February 22, 2024 (ex-dividend date February 21, 2024). HQH and HQL each intend to maintain the increased Managed Distribution Policy for at least the next 12 months unless there is significant and unforeseen change in market conditions. HQH and HQL will automatically be paid in newly issued shares of the respective Fund unless otherwise instructed by the shareholder. Shares of common stock will be issued at the lower of the net asset value ("NAV") per share or the market price per share with a floor for the NAV of not less than 95% of the market price. The valuation date for this stock distribution is March 19, 2024. Fractional shares will generally be settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who will have whole and fractional shares added to their account. Shareholders may request to be paid their quarterly distributions in cash instead of shares of common stock by providing advance notice to the bank, brokerage or nominee who holds their shares if the shares are in "street name," or by filling out in advance an election card received from Computershare Investor Services if the shares are in registered form. To receive the quarterly distribution payable in March 2024 in cash instead of shares of common stock, the bank, brokerage or nominee who holds the shares must advise the Depository Trust Company as to the full and fractional shares for which they want the distribution paid in cash by March 18, 2024, and written notification for the election of cash by registered shareholders must be received by Computershare Investor Services prior to March 18, 2024. abrdn Healthcare Opportunities (THQ) - 60% Increase THQ pays a stable distribution policy that provides for monthly distributions at a rate set by the Board of Trustees. On February 9, 2024, the Board of THQ determined that the monthly distribution rate will increase by 60% from $0.1125 per share to $0.18 per share to shareholders of record ("Stable Distribution Policy"). The new Distribution Policy for THQ will commence with the distribution payable onFebruary 29, 2024 to shareholders of record as of February 22, 2024 (ex-dividend date February 21, 2024). THQ intends to maintain the increased Stable Distribution Policy for at least the next 12 months unless there is significant and unforeseen change in market conditions. Based on the NAV as of February 8, 2024 of $22.08 this would equate to an increased distribution on NAV from $0.1125cps to $0.18cps or an NAV distribution rate increase from 6.1% to 9.8%, an increase of approximately 60%. Based on the share price as of February 8, 2024 of $18.84 this would equate to an increased share price distribution rate increase from 7.2% to 11.5%. The NAV however will fluctuate with changes in market conditions which will impact the percentage rate of the monthly distributions. Market Outlook In approving the increase in distribution rates, the Boards of Trustees considered, among other things, each Fund's strong long term positive total return and the Investment Adviser outlook on the healthcare sector. The Investment Adviser is optimistic about the prospects of healthcare and biotechnology investment in any reasonable timeframe given the underpinning of a strong fundamental technological and demographic backdrop. The US population is aging with individuals spending more on healthcare as they get older. Simultaneously, innovation continues in many areas of medicine as evidenced by the number of new scientific papers published, clinical trials undertaken and novel products addressing unmet medical needs approved by regulatory agencies worldwide. The Investment Adviser believes this combination of factors bodes well for the healthcare sector over the intermediate and long term. After a prolonged period of muted returns in the sector, merger and acquisition activity has picked up, clinical trial successes are happening, and specific novel products are being approved. There has been phenomenal success and impact of the recently approved GLP-1 product group on obesity and diabetes and an indication of the prospect and potential impact of the pharmaceutical and biotech sectors on human health and wellbeing. Furthermore, the macroeconomic environment appears to us to be directionally improving. Interest rate increases, which had a negative effect on growth related sectors like biotechnology appear to have peaked followed by the prospect of potential rate cuts which we expect to would provide a tailwind to the sector. The Funds' are poised to take advantage of these trends. Each Fund's policy is expected to provide a steady and sustainable cash distribution to Fund shareholders that may help reduce the Fund's current discount to NAV. There is no assurance that a Fund will achieve these results. Shareholders should not draw any conclusions about each Fund's investment performance from the amount of the distributions or the terms of the Fund's policy.
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Post by xray on Feb 17, 2024 20:29:23 GMT
rumi, ECE Prof, johnsmith, steelpony10,@fpajerski, retiredat48, uncleharley, Ultima Thule, shridog, richardsok, Note 2/17 SEC . crash ….12/31/22 ……… 12/31/23 …….. 2/17//24 ...%Port …Analysis … Div 2/17//24 …. Insider actions ….. ARCC 18.62 .. 21.46/18.47 … 20.03/19.76 … 19.87/20.15 … 2% … +197 ………..… 9.53% … 17.84 on 5/2/23 ^AVK 12.26 … 12.31/1090 …. 12.59/11.33 … 12.33/11.78 …. 4% … +148 …………. 11.94% … 11.86 on 2/2/24 CAPL 19.72 … 20.86/19.83 .. 22.02/22.80 … 22.68/21.96 .. 2% … +212……….….. 9.56% …. 18.38 on 5/24/23 ^EDF x.xx ….… x.xx/x.xx ……… 4.21/4.16 ……. 4.48/4.45 ….. 2% … +186 ……….… 16.40% … 5.04 on 11/21/83 FSK 18.97 ……. 25.30/17.50 .. 23.46/19.97 … 22.18/20.20 ….2% … +164 ………….. 13.86% … 18.97 on 12/10/23 GBDC xx.xx … xx.xx/xx.xx ….. xx.xx/xx.xx …. 17.13/15.83 …..2% … +202 …….….… 9.85% … “NEW” … DIV increase .37 to .39/Qtr ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.70 ……. 5.88/4.96 …. 4% … +254 ……….… 11.67% … 5.04 on 2/13 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.93 ……. 7.43/6.26 ..… 4% … +278 ……….… 11.57% … 6.39 on 2/12 … Div increase ,0599 to .0603 … SOLD…GLP 24.88 …… 33.26/34.77 .. 38.41/42.31 ... 39.10/47.34 … 6% .. +386 …………… 6.04% … 37.78 on 12/8/23 … Div increase ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.26 ….. 11.22/8.09 ….. 2% … +103 …….…… 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 35.66/33.28 ..1% … +117 ….……..… 7.62% …. none … Div increase to .6343 ^IIF xx.xx …..… xx.xx/xx.xx ….. xx.xx/xx.xx ….. 28.07/23.16 … 2% … +212 ……..…. EOY=>18.17% … “NEW” … none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.78 ….. 10.52/8.91 ….. 4% … +221 …..….…… 9.88% .. 8.84 on 1/10/24 … Div increase ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.32 ….. 17.97/15.68 …2% … +201 ………….. 8.00% …. none … Div increase ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.87 ……. 8.67/7.41 …… 1% ….. +96 .………… 10.80% … none ^OPP xx.xx .….. x.xx/x.xx …….… 9.80/8.68 …… 9.41/8.20 …… 2% … +174 …………. 16.49%. . none insider buying 29687sh @ 8.27 12/21/23 RITM 8.54 ……. 12.10/8.17 …..… 12.32/10.68 …. 12.16/10.58 .. 2% … +199 ………… 9.45% .. 9.30 on 9/21/23 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 16.85/15.98 . 4% … +145 ………… 11.33% .… old Redemp @ 16.39 … NEW 15.84 on 2/3/24 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..16.58/14.60 … 2% … +134 ……….…. 7.33% …. 13.42 on 10/5/23 ^TYG xx.xx …… xx.xx/xx.xx ……. xx.xx/xx.xx ... 35.65/27.82 … 2% .. +208 …….…… 9.52% …. 29.47 on 1/9/24 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 …….. 6.87/6.61 …… 2% .. +256 ………… 10.29% ….. 6.06 on 12/8/23 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/10.09 ..… 11.06/10.07 …. 2% … +184 ….……. 11.56%. .… none ^THQ xx.xx …… xx.xx/xx.xx ……. xx.xx/18,11 ….. 22.26/19.44 … 4% … +197 …….….. 8.43% …. 18.25 on 12/28, 18.44 0n 1/2/24 … Div increase ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.67 ….. 12.38/12.66 …. 4% … +192 ………. 12.88% …. 11.94 on 1/2/24 ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.83 …….. 8.53/7.61 ……. 2% …. +78 …….….. 14.16% …… none NEW SECURITIED added: ^TYG … Insider buying activity 400sh @ 29.47 on 1/9/24 SECURITIES SOLD GLP … Took unusually high Capital Gain * BOOK VALUES ^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown) Comment: 1… Added some additional information -Added end of year final data (NAV/MktPrc) -Added current data column (NAV/MktPrc) 2… Market will continue to be volatile 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 $94/barrel Note: 1… Building some cash -Market overbought to normal P/E’s -Deficit now increased to 34B -Qtrly dividends paid out in December with NAV’s and MktPrc’s have been correcting. Next Qtrly payout in March -1st Qtr expected to go lower -Too many unknowns for 100% investing 2… HQH & HQL insider buying activity (“HEALTH” sectors). HQH @ 16.58, 16.93 and HQL @ 13.57, 13.90 respectively Alerts: AVK - Insider buying activity GLO - Insider buying activity GLQ - Insider buying activity RSF - Insider buying activity Live Long and Prosper….
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Post by xray on Feb 26, 2024 19:38:27 GMT
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Post by anitya on Mar 2, 2024 1:27:13 GMT
All the PDX hopefuls,
PIMCO changed its distribution from Quarterly to monthly, starting with the April distribution.
PIMCO increased its distribution to 5.1% p.a. for the March quarter and to nearly 6.7% p.a. starting the April monthly distribution, using today's closing price. None of the anticipated big distribution increases to sync with the distribution of the other PIMCO multi-sectors! I am yet to see a meaningful change in its portfolio that was so anticipated. At 6.7% distribution, it matches the distribution of PFE. Which one should we own?
I still own 400 shares of PDX, after buying a large position at the end of 2023 and quickly realizing that was a mistake and selling out.
No change in distribution for the other PIMCO CEFs.
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Post by steelpony10 on Mar 2, 2024 11:17:55 GMT
anitya , You lost me. What big mistake are you referring to if you care to share? Investing in a managed multisector fund or an individual sector stock? Edit: as pointed out by yogibearbull, anitya, was referring to a multi asset investment not sector.
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Post by retiredat48 on Mar 2, 2024 16:04:27 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
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After several years of spending the dividends (RMD's), changed the PIMCO holdings to "auto divy reinvest", seven months ago. Considering PAXS for potential addition.
Good luck all.
R48
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Post by yogibearbull on Mar 2, 2024 17:04:54 GMT
steelpony10 , PDX mentioned by anitya is the old NRGX and is a multi-asset CEF, not a multisector CEF. This change is too recent to even be fully reflected in its holdings.
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Post by anitya on Mar 2, 2024 19:20:29 GMT
Go back and read the NRGX filings to change its mandate to multi sector and hence change its name and ticker effective Nov 2023. The only thing that changed on time was the name and ticker. They should have changed the name and ticker simultaneous or close to the change in portfolio, yet to occur. This was a failure by PIMCO. I am considering filing a complaint with the SEC.
Luckily, when I realized PIMCO’s negligence, notwithstanding forum comments to the contrary, I sold PDX (and bought PAXS). While I did not loose money on PDX, there was a lot of opportunity cost from diverted attention. Dec 2023 was a great time to position portfolio for the good 2024 run we are seeing and I did not capitalize fully.
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Post by xray on Mar 2, 2024 20:10:45 GMT
rumi, ECE Prof, johnsmith, steelpony10, retiredat48, uncleharley, Ultima Thule, shridog, richardsok, Note 3/3 SEC . crash ….12/31/22 ……… 12/31/23 …….. 3/3//24 ...%Port …Analysis … Div 2/17//24 …. Insider actions ….. ARCC 18.62 .. 21.46/18.47 … 20.03/19.76 … 19.87/20.23 … 4% … +287 ………..… 9.53% … 17.84 on 5/2/23 CAPL 19.72 … 20.86/19.83 .. 22.02/22.80 … 22.68/21.71 … 2% … +212……….….. 9.56% …. 18.38 on 5/24/23 ^EDF x.xx ….… x.xx/x.xx ……… 4.21/4.16 ……. 4.59/4.81 ….. 4% … +286 ……….… 16.40% … 5.04 on 11/21/83 FSK 18.97 ……. 25.30/17.50 .. 23.46/19.97 … 24.46/19.08 ….6% … +164 ………… 13.86% … 18.80 on 2/29/24 GBDC xx.xx … xx.xx/xx.xx ….. xx.xx/xx.xx …. 17.13/15.50 …..2% … +202 …….….… 9.85% … “NEW” … DIV increase .37 to .39/Qtr ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.70 ……. 6.03/5.02 …. 6% … +310 ……….… 11.67% … 5.04 on 2/13 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.93 ……. 7.64/6.38 ..… 6% … +325 ……….… 11.57% … 6.39 on 2/12 … Div increase ,0599 to .0603 ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.26 ….. 11.33/7.79 ….. 4% … +248 …….…… 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 35.66/34.64 ..1% … +117 ….……..… 7.62% …. none … Div increase to .6343 ^IIF xx.xx …..… xx.xx/xx.xx ….. xx.xx/xx.xx ….. 28.53/23.41 … 2% … +212 ……..…. …………EOY=>18.17% … “NEW” … none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.78 ….. 10.81/9.24 ….. 4% … +221 …..….…… 9.88% .. 50,000sh @ 8.84 on 1/10/24 … Div increase ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.32 …. 18.36/16.01 … 2% … +201 ………….. 8.00% …. none … Div increase $0.10459 monthly ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.87 ……. 8.56/7.49 …… 1% ….. +96 .………… 10.80% … none ^NIE xx.xx ….… xx.xx/xx.xx …… xx.xx/xx.xx ... 25.08/22.30 … 4% .. +208 …….…… 10.15% …. ^OPP xx.xx .….. x.xx/x.xx …….… 9.80/8.68 …… 9.41/8.20 …… 2% … +206 …………. 16.49%. . insider buying 29,687sh @ 8.27 12/21/23 RITM 8.54 ……. 12.10/8.17 …..… 12.32/10.68 …. 12.16/10.98 .. 2% … +201 ………… 9.45% …. Insider buying at 9.30 on 9/21/23 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 16.97/16.01 . 4% … +246 ……….… 11.33% .… Redemp @ 16.39 … Insider 43k @ 15.84 on 2/3/24 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..16.82/14.76 … 2% … +212 ……….…. 7.33% …. 13.42 on 10/5/23 ^TYG xx.xx …… xx.xx/xx.xx ……. xx.xx/xx.xx ... 35.77/29.38 … 6% .. +318 …….…… 9.52% …. 400sh at 29.47 on 1/9/24 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 …….. 7.00/6.82 …… 6% .. +316 ………… 10.29% ….. 1200sh at 6.06 on 12/8/23 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/10.09 ..… 11.03/10.14 …. 2% … +209 ….……. 11.56%. .… none ^THQ xx.xx …… xx.xx/xx.xx ……. xx.xx/18,11 ….. 22.17/20.04 … 6% … +345 …….….. 8.43% …. 2,000sh at 18.44 0n 1/2/24 … Div increase ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.67 ….. 12.34/12.82 …. 6% … +354 ………. 12.88% …. 1,000sh at 11.94 on 1/2/24 ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.83 …….. 8.63/7.58 ….. 4% …. +231 …….….. 14.16% …… none ALERTS/News: EDF … $0.0603 monthly for January thru June FSK … NAV announced as $24.46 .… Insider buying activity 2/29 for 11,000sh @ 18.80 GLO … $0.048 monthly for January thru March .… Insider buying activity 2/13 for 20,000sh @ 5.04 GLQ … $0.0603 monthly for January thru March .… Insider buying activity 2/13 for 20,000sh @ 6.39 NIE …. $0.50 Qtrly announced RSF … $.1398 monthly thru March RVT … $0.27 Qtrly announced FCT … $0.097 monthly announced THQ .. $0.18 monthly announced VGI …. $0.08 monthly thru June NEW SECURITIED added: ^NIE … SECURITIES SOLD GLP … Took unusually high Capital Gain * BOOK VALUES ^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown) Comment: 1… Added some additional information -Added end of year final data (NAV/MktPrc) -Added current data column (NAV/MktPrc) 2… Market will continue to be volatile 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 $94/barrel Note: 1… Building some cash with CapGain sales -Market overbought to normal P/E’s -Deficit now increased to 34B -Qtrly dividends paid out in December with NAV’s and MktPrc’s have been correcting. Next (most) Qtrly payout “THIS MONTH” -1st Qtr expected to go lower -Too many unknowns for 100% investing 2… HQH & HQL insider buying activity (“HEALTH” sectors). HQH @ 16.58, 16.93 and HQL @ 13.57, 13.90 respectively Live Long and Prosper….
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Post by liftlock on Mar 2, 2024 21:44:22 GMT
All the PDX hopefuls, PIMCO changed its distribution from Quarterly to monthly, starting with the April distribution. PIMCO increased its distribution to 5.1% p.a. for the March quarter and to nearly 6.7% p.a. starting the April monthly distribution, using today's closing price. None of the anticipated big distribution increases to sync with the distribution of the other PIMCO multi-sectors! I am yet to see a meaningful change in its portfolio that was so anticipated. At 6.7% distribution, it matches the distribution of PFE. Which one should we own? I still own 400 shares of PDX, after buying a large position at the end of 2023 and quickly realizing that was a mistake and selling out. No change in distribution for the other PIMCO CEFs. anitya - Thanks for sharing this. I hadn't seen it until your post. I continue to hold a very large position in PDX and have no short term plans to sell my shares. I view this announcement as a positive change in the right direction. The fund continues to have a large allocation to the energy sector where market prices have been depressed. I suspect the fund may not have wanted to liquidate it's energy positions while prices are depressed. Recently the energy sector has been showing some strength and the price / free cash flows are compelling at 10X. The 3/1/2024 NAV for PDX is $23.49 within $.03 of it's 12 month high of $23.52 on 12/1/23. Adding back the 12/8/2023 dividend of $.22 the fund is really making a new high. Since the 9/22/23 announcement that NRGX would convert to PDX, the NAV and market prices have increased by 19% to 20% when taking into account the $.22 dividend. I like the current discount of 13.71%.
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Post by steelpony10 on Mar 2, 2024 22:59:43 GMT
yogibearbull , Thanks for correcting my wording. It was a 6:00am error. anitya , Thanks for the clarification.
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Post by xray on Mar 23, 2024 20:09:13 GMT
Helpful information…. ——
Keeping in mind that we have been in our normal Qtrly dividend cycle (March), stocks at high’s:
1… Taking/meeting the normal minimum of 2% in Capital Gains and 3% in dividends for the “QUARTER” (Goal of 15%/year minimum with 10% in distributions and 5% in CapGains)…. 2… In capturing Capital gains, using the sell/buy to assure continuity and making any revisions (& changes) in the percentage of holdings…. 3… Taking advantage of early warnings in any “INSIDER” buying /selling activity in our choices we May be using in setting up our revised portfolio for the next Qtr (4/1 to 6/30)… 3… Mutual funds and stocks will be adjusting their portfolio’s and holdings this coming week (for the end of the month and Quarterly reporting to shareholders)…. 4… Took notice that three (3) CEF’s have insiders loading up on some of our favorites and some Of us will normally follow up: ASG - 2 buys 3/11 and 3/20 of 6,000 and 4,000 shares at 5.43 GLO - 2 buys 2/12 and 3/20 for 20,000 shares each time for 5.04 and 5.01 GLQ - 2 buys 2/12 and 3/20 for 20,000 shares each time for 6.39 and 6.42 5… Took notice that FSK also had had buying activity on 2/29 for 18.80 (11,000 shares) 6… Took notice that RVT also had some new buying activity on 3/22 for 7300 shares @ 14.81 7… Took notice that USA continued to have insider buying activity on 3/12 for 4,000 shares at 6.83 8… RSF had a 100 share insider buying activity at 16.10 (probably to get into new Rights offering)
Live Long and Prosper….
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Post by yogibearbull on Mar 29, 2024 14:47:39 GMT
retiredat48 , good that you are on it now. JPI having the old term-structure means that the termination date isn't for sure as a shareholder vote may change that. This may defeat the SA angle of small discount closing up at termination. Even with termination as scheduled, you will have a set liquidation/redemption date (8/31/24) for this holding whether you want it or not. New term-structure CEF NPFD or ETF PFF remain alternatives in this space. There is news on the shareholder vote for terminating JPI. Uncharacteristically, activist Boaz Weinstein of Saba is opposing termination when it has only 1,000 share position that was acquired so late that it cannot even vote. Note that termination will close the small discount, and Nuveen has offered to continue the fund for those who choose not to redeem at termination. Boaz only says that Nuveen uses arcane rules for its advantage, so now is getting the taste of the same medicine, but besides that, it's hard to see what Saba is trying to do here (I do own Saba ETF CEFS). Link may need subscription, but I have summarized the issue. www.barrons.com/advisor/articles/jpi-proxy-vote-nuveen-closed-end-fund-saba-765d0139?refsec=mutual-funds&mod=topics_mutual-funds
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Post by xray on Mar 30, 2024 17:11:02 GMT
Note 3/31
SEC . crash ….12/31/22 ……… 12/31/23 …….. 3/31//24 ...%Port …Analysis … Div 2/17//24 …. Insider actions ….. ARCC 18.62 .. 21.46/18.47 … 20.03/19.76 … 19.87/20.82 … 6% … +312 ………..… 9.53% … 17.84 on 5/2/23 ^ASG x.xx ….… x.xx/x.xx ……… x.xx/x.xx …….. 6.08/5.49 ….. 6% … +412 ………..… 8.00% … “NEW” … 3BUYs/5.43&5.45 in March CAPL 19.72 … 20.86/19.83 .. 22.02/22.80 … 22.68/20.82 … 4% … +318……….….. 9.56% …. 18.38 on 5/24/23 ^EDF x.xx ….… x.xx/x.xx ……… 4.21/4.16 ……. 4.71/5.41 …….. 6% … +307 ……….… 16.40% … 5.04 on 11/21/83 FSK 18.97 ……. 25.30/17.50 .. 23.46/19.97 … 24.46/19.07 ….6% … +274 ………… 13.86% … “NEW” 11,000sh @ 18.80 on 2/29/24 GBDC xx.xx … xx.xx/xx.xx ….. xx.xx/xx.xx …. 17.13/16.63 …..6% … +404 …….….… 9.85% … “NEW” … DIV increase .37 to .39/Qtr ^GLO 5.68 …… 5.68/5.07 …..… 5.74/4.70 ……. 6.16/5.08 …. 6% … +408 ……….… 11.67% … “NEW” 20000sh @ 5.01 on 3/20 ^GLQ 7.01 ……. 7.20/6.51 …..…. 7.21/5.93 ……. 7.83/6.51 ..… 6% … +415 ……….… 11.57% … “NEW” 20,000sh @ 6.42 on 3/20 … Div increase ,0599 to .0603 ^HGLB 11.70 …12.84/9.42 ……. 11.45/7.26 ….. 11.58/7.66 ….. 4% … +287 …….…… 14.00% … none HESM 29.34 .. 30.42/29.92 … 33.04/31.76 …. 35.66/36.13 ..1% … +214 ….……..… 7.62% …. none … Div increase to .6343 ^IIF xx.xx …..… xx.xx/xx.xx ….. xx.xx/xx.xx ….. 28.30/22.94 … 1% … +265 ………. …………EOY=>18.17% … “NEW” … none ^KYN 9.75 …… 10.06/8.56 …… 10.40/8.78 ….. 11.52/10.01 ….. 6% … +436 …..….… 9.88% .. 50,000sh @ 8.84 on 1/10/24 … Div increase ^LGI 15.43 …… 16.01/14.64 ..… 17.78/15.32 …. 18.47/16.33 … 1% … +276 ………….. 8.00% …. none … Div increase $0.10459 monthly ^MFD 9.06 ….… 9.16/8.09 …….. 9.02/7.87 ……. 8.66/7.68 …… 2% .. +167 .………… 10.80% … none ^NIE xx.xx ….… xx.xx/xx.xx …… xx.xx/xx.xx ... 25.03/22.39 … 4% .. +265 …….…… 10.15% …. ^OPP xx.xx .….. x.xx/x.xx …….… 9.80/8.68 …… 9.56/8.62 …… 2% … +275 …………. 16.49%. . insider buying 29,687sh @ 8.27 12/21/23 RITM 8.54 ……. 12.10/8.17 …..… 12.32/10.68 …. 12.16/11.16 … 6% … +398 ……….… 9.45% …. Insider buying at 9.30 on 9/21/23 ^RSF 17.26 …… 17.08/16.93 ……16.74/15.75 ….. 17.02/15.86 . 2% … +324 ……….… 11.33% .… Insider 43k @ 15.84 on 2/3/24+”NEW”100sh @ 16.10 on 3/22 ^RVT 14.35 ….. 14.61/13.26 ….. 16.47/14.56 …..17.10/15.17 …. 2% … +387 ……….…. 7.33% …. “NEW”Insider buying 7300sh @ 14.81 on 3/22 ^TYG xx.xx …… xx.xx/xx.xx ……. xx.xx/xx.xx ... 38.62/30.11 … 4% .. +318 …….…… 9.52% …. 400sh at 29.47 on 1/9/24 ^USA 5.39 ……… 5.90/570 …..… 6.72/6.38 …….. 7.21/7.15 ……. 6% .. +446 ………… 10.29% ….. “NEW”4000sh at 6.83 on 3/12 & “NEW” 4000sh @7.09 on 3/26 ^FCT 10.78 .….. 11.01/9.53 …..… 11.15/10.09 ..… 11.09/10.30 …. 2% … +288 ….……. 11.56%. .… none ^THQ xx.xx …… xx.xx/xx.xx ……. xx.xx/18,11 ….. 22.31/20.10 … 1% … +345 …….….. 8.43% …. 2,000sh at 18.44 0n 1/2/24 … Div increase ^THW 12.89 ….. 13.12/14.65 ….. 11.99/11.67 ….. 12.53/13.23 …. 6% … +354 ………. 12.88% …. 1,000sh at 11.94 on 1/2/24 ^VGI 8.48 …….…. 8.86/7.75 …..… 8.76/7.83 …….. 8.61/7.66 …… 4% …. +231 …….….. 14.16% …… none
ALERTS/News: EDF … $0.0603 monthly for January thru June FSK … NAV announced as $24.46 GLO … $0.048 monthly for January thru March GLQ … $0.0603 monthly for January thru March NIE …. $0.50 Qtrly announced RSF … $.1398 monthly thru March RVT … $0.27 Qtrly announced FCT … $0.097 monthly announced THQ .. $0.18 monthly announced VGI …. $0.08 monthly thru June
NEW SECURITIED added: ^ASG …
* BOOK VALUES ^ Closed End Fund NAV’s (where applicable, otherwise MktPrc shown)
Live Long and Prosper….
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