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UTG vs. ETF Alternatives
Monday, Jan 279:55 AM
Monday, Jan 279:55 AM| 3 Comments
- 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.
Wednesday, Dec 182013, 9:05 AM|Wednesday, Dec 182013, 9:05 AM| Comment!
Tuesday, Oct 82013, 6:40 AM|Tuesday, Oct 82013, 6:40 AM| Comment!