Alex Filonov's  Instablog

Alex Filonov
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I was born in 1956 in USSR. After graduation from college in 1979 I worked full-time as an IT specialist. Until 1990 I worked for different companies in the Soviet military industrial complex. I created a small software business in 1991, which failed in 1993. I worked for Oracle Corp in 1995 in... More
My blog:
Muddling Investor
  • Reducing Fixed Income Positions 0 comments
    Mar 21, 2012 5:56 PM | about stocks: NLY, HMH

    According to plan outlined in my Annual Portfolio Review, I closed two positions today.

    Annaly Capital Management (NYSE:NLY): REIT with a huge dividend, which lately is coming down. Stock price is coming down as well. I think this dynamic is unavoidable. Annaly is an agency mREIT, making money by buying mortgage notes supported by government agencies. mREITs have been able to buy these notes at a big discount during crisis, and used low yields to borrow cheap. Now a lot of mortgages were refinanced or defaulted. mREITs are forced to buy current notes, yielding less and at a smaller discount. Today stock popped because dividend reduction was smaller than expected. Good time to sell.

    Helios Multi-Sector High Income Fund (NYSE:HMH). Last corporate bond closed-end fund I had in my portfolio. Yield became too low (so low that muni CEFs have better yields, taking taxes into account). Besides, stock trades close to net asset value.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: I have positions in several muni closed-end funds and in one more mREIT: AGNC.Positions can change any time.

    Stocks: NLY, HMH
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