From other sites
There are no Transcripts on PML.
Fri, Mar. 21, 11:30 AM
- "When times get tough, on Wall Street or in Newport Beach, Calif., the tough turn on each other," writes David Weidner, not seeing anything too unusual in the Pimco saga. These sorts of ugly partings happen all the time amid the massive egos on Wall Street. Consider Citigroup with Sandy Weil and Jamie Dimon, Morgan Stanley with Phil Purcell and John Mack, and Bear Stearns with Jimmy Cayne and Warren Spector.
- "In every case, the splits occurred under tremendous pressure. Much like a marriage headed for divorce, long simmering incompatibilities, jealousies and flaws rose to the surface ... When push comes to shove, it is always better to be king. No. 2’s instinctively need to watch their backs. You want normal? That is normal."
- Allianz (AZSEY)
- Pimco CEFs: PTY, PDI, PMF, PGP, PKO, PFL, PFN, PCN, PCM, PHK, RCS, PMF, PML
- Previous: Gross becoming "increasingly illogical and irrational."
Thu, Mar. 20, 4:42 PM
- It turns out it was three, not two lined up to be deputy CIOs to Bill Gross amid the departure of Mohamed El-Erian. One - Marc Seidner - resigned in January just hours before he was to be publicly announced in his new position. Seidner - who followed El-Erian to Pimco in 2009 - reportedly had found working there increasingly difficult over the last 18 months, with Gross becoming "increasingly illogical and irrational."
- In other news Pimco has lost a $1.3B bond fund mandate to TCW.
- Pimco's parent: Allianz (AZSEY)
- Among Pimco's closed-end offerings are: PTY, PDI, PMF, PGP, PKO, PFL, PFN, PCN, PCM, PHK, RCS, PMF, PML. There's also the ETF version of Bill Gross' Total Return Fund: BOND.
Wed, Mar. 19, 12:22 PM
- “There is a heightened level of uncertainty in the post El-Erian era surrounding the questions of whether Pimco’s latest senior staffing transitions will prove beneficial to investors [and] whether recent and future senior-level departures indicate a persistent side effect of the firm’s pressure-cooker culture," says analyst Eric Jacobsen cutting Pimco's "stewardship" rating to C from B and the "parent pillar score" - which examines manager turnover, investment culture, and fee levels - to Neutral from Positive.
- It's not automatic, but look for the big-picture rating changes to quickly filter through to the ratings of individual Pimco funds, says Morningstar.
- Among Pimco's closed-end offerings are PTY, PDI, PMF, PGP, PKO, PFL, PFN, PCN, PCM, PHK, RCS, PMF, PML. There's also the ETF version of Bill Gross' Total Return Fund: BOND.
- Pimco parent Allianz SE (AZSEY -2%)
Mon, Jan. 27, 9:55 AM
- A trio of closed-end funds selling at discounts to NAV get early boosts after Bill Gross recommends them at the Barron's Roundtable over the weekend.
- The Pimco Dynamic Income Fund (PDI +2.1%) launched in May 2012 near the low in interest rates, but is still 20% higher today, in addition to making hefty payouts. One of the managers is Daniel Ivascyn who was just elevated to Pimco's deputy CIO after the resignation of Mohamed El-Erian. Magazine cover indicator types will want to know Ivascyn was just named to Morningstar's Fixed Income Managers of the Year.
- PDI yields 7.85%, but a special dividend boosted 2013's return to 12%. It is slightly levered and invests in nonagency MBS. "The fund could have a lot of firepower if the housing market holds up."
- For those with interest in tax-free income, Gross suggests the Pimco Municipal Income Fund II (PML +1.5%), trading at a slight discount to NAV and holding no debt of Puerto Rico or Detroit.
- Selling at an 8% discount to NAV at last check is the Reaves Utility Income Fund (UTG +1.2%).
- For high yield debt, Gross suggests an ETF, the Pimco 0-5 Year High-Yield Corporate Bond Index (HYS +0.1%) - the shorter duration should limit risk if spreads widen.
Jun. 22, 2013, 9:00 AMBill Gross rejiggers some of his family money amid the bond market rout which hit Pimco's closed-end income funds particularly hard thanks to their tendency to trade at wide premiums to NAV. He picked up more than $4M worth of the Pimco Corporate & Income Strategy Fund (PCN) last week, and this week sold shares in the Pimco Municipal Income Fund II (PML) and the Pimco Income Strategy Fund (PFL). Last month, Gross unloaded a stake in another fund - PTY - when it was trading at a 21% premium to NAV. | 1 Comment
PML vs. ETF Alternatives
Under normal market conditions, the Fund will invest substantially all (at least 90%) of its total assets in municipal bonds that pay interest that is exempt from federal income taxes. At least 80% of its net assets are invested in investment grade quality
Other News & PR