Jun. 4, 2015, 8:52 AM
- The U.S. 10-year Treasury yield flew to a 2015 high of 2.43% earlier this morning - up from 2.12% at the start of the week - but has reversed, and is now lower by four basis points on the session to 2.33%.
- European yields are following suit - after jumping above 1% earlier, the German 10-year Bund yield is now down two bps on the session to 0.87%.
- Previously: Circuit breakers for Treasurys? (June 3)
- ETFs: AGG, BND, BOND, PTY, RCS, MIN, BIV, DBL, BTZ, HTR, BLW, PCM, SCHZ, JHI, PIM, BHK, TAI, LAG, JMM, ICB, VBF, ARMF, FBND, PAI, SAGG, GBF, GVI, IUSB, VBND
Sep. 26, 2014, 11:49 AM
- Pimco's closed-end funds and ETFs are plunging in the wake of Bill Gross' exit to Janus: PHK -8.7%, PGP -8.5%, PTY -6.2%, PCN -4.2%, RCS -4.3%, PFL -3.6%, PFN -2.7%, PKO -2.5%, PDI -2.2%, PCI -1.4%, BOND -0.2%.
- "A lot of people bought into Pimco because of Bill Gross, who was the face of the organization, and so they’re shooting first and asking questions later,” says Motley Fool Asset Management CIO Bill Mann. "Investing is a personal business, and the market is saying it trusted Bill Gross.”
- Meanwhile, headlines indicate Dan Ivascyn, Pimco's (OTCQX:AZSEY, OTCPK:ALIZF) deputy chief investment officer, will succeed Gross and take over portfolio management; WSJ had written earlier this week that Ivasycn already was growing in popularity among Pimco investors, who had been putting more money into his fund even as they were pulling it from Gross’ fund.
Aug. 19, 2013, 3:09 PM
- A solid selloff in mortgage REITs (REM -3.7%) turns into a rout as the 10-year Treasury yield takes out another 2-year high at 2.89%. Looking at the short end, September 2015 Eurodollar futures at 98.65 are pricing in more than 100 bps of rate hikes between now and then.
- American Capital (AGNC -5.8%), Armour (ARR -7.5%), Apollo (AMTG -4.9%), Ellington (EARN -4.8%), Anworth (ANH -5.5%), Western Asset (WMC -5.7%), Arlington Asset (AI -4.7%), Dynex (DX -5.1%), Newcastle (NCT -2.3%).
- Mentioned before as starting to look very cheap, Annaly (NLY -4.9%) losses deepen with the stock at $10.72 - its lowest price since 2001 (the dividend fell to $0.25 at the end of 2000 before rising to $0.68 by the start of 2002).
- Tumbling income funds include (KFN -2%), and (PTY -2.1%).
- Among equity REITs, Realty Income (O -1.8%), Medical Properties (MPW -2.4%), and Simon Property Group (SPG -1%) lead down, but HCP (HCP +0.6%) remains green.
Aug. 13, 2013, 12:44 PM
- Tumbling Treasury prices - with TLT carving out a new 52-week low today - are again hitting income favorites.
- Leading mREITs (REM -1.4%) lower are Invesco (IVR -3.3%), Annaly (NLY -2.3%), American Capital (AGNC -2%), and Western Asset (WMC -1.6%).
- A number of income CEFs not long ago were so much in favor they commanded large premiums to NAV. They're now at seemingly growing-by-the-day discounts. Among the movers today is the Pimco Dynamic Income Fund (PDI -1.4%) selling for $27.45 against yesterday's closing NAV of $30.23. Others include: PCI, PFN, and PFL.
- Still trading at premiums to NAV are the Pimco High Income Fund (PHK -0.9%) and the Pimco Corporate & Income Fund (PTY -1.1%).
- Municipals (MUB -0.6%) slip as well, hitting Muni CEFs: NXZ -0.9%, IIM -1.2%, VKQ -0.7%.
- Related ETFs: MORT, MORL, SUB, MUNI, PVI, PZA, SHM, TFI, VRD, HYD, ITM, MLN, PRB, SMB, GMMB, SMMU, RVNU, NY .
May 28, 2013, 1:01 PM
Heavy selling hits a number of Pimco income funds, notably the High Income Fund (PHK -4.3%) with heavy exposure to high-yield paper and the financial sector. The decline narrows the fund's premium to NAV to a still-whopping 34%. The Income Opportunity Common Fund (PKO -2.2%) trades at just a slight premium, while the Dynamic Income Fund (PDI -2.8%) sells for about a 5% discount. Others: (PTY -3.6%), (PCN -2%), (PGP -5.3%), (PFN -1.5%).| May 28, 2013, 1:01 PM | 3 Comments
Nov. 14, 2012, 11:31 AM
They're getting there. Closed-end investment funds take it on the chin again, with the PIMCO High Income Fund (PHK -6.6%) leading. At $10.56, the fund no longer sports a ridiculous near-75% premium to NAV, but with NAV currently at $8.32, there remains a wide gulf.| Nov. 14, 2012, 11:31 AM | 10 Comments