Time to get greedy in fixed income?

With equity guys greedy and fixed income fans fearful, maybe it's time to go the other way.

Portfolio manager David Tepper (not that David Tepper), finds 10 closed-end bond funds who have negative YTD and Y/Y returns even as their net asset values have risen over the same periods: TAI, HIX, HHY, HIO, FTF, HAV, HIH, PIM, PPT, FMY.

Several other closed-end funds run by high-profile names used to command hefty premiums, but now trade at discounts to net asset value. Among them are Jeff Gundlach's DBL and DSL and Pimco's PCI, PDI, PFN, and PFL.

Comments (4)
  • January24
    , contributor
    Comments (115) | Send Message
    I love my PCI. Get some while the price is cheap and the net asset value is high. A true bargain.
    6 Aug 2013, 12:54 PM Reply Like
  • jwill53
    , contributor
    Comments (431) | Send Message
    HIX has not been a good performer as of late, maybe the reason it is being called out here. On the fence regarding adding to my position or selling and moving into something else.
    6 Aug 2013, 02:16 PM Reply Like
  • Humble Value Miner
    , contributor
    Comments (463) | Send Message
    HIX has been under NAV only in March 2009 (not Feb, not Apr; and performed better than almost any peer during the recession). It is really very undervalued now. Please sell if you want, so weak hands will be washed out and we will move on.
    6 Aug 2013, 03:29 PM Reply Like
  • smurf
    , contributor
    Comments (5795) | Send Message
    HIO has had a negative trendline on share price and NAV since 4/13.


    Additionally, they recently cut the distribution yield from $.0355 to .0342.


    Have started returning capital also on distributions paid and announced from June to November '15.
    25 Aug 2015, 09:12 PM Reply Like
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