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PIMCO Corporate & Income Strategy Fund Reports Results for the Fiscal Quarter and Nine Months Ended July 31, 2013Business Wire (Sep 30, 2013)
PIMCO Corporate & Income Strategy Fund Reports Results for the Fiscal Quarter and Six Months Ended April 30, 2013Business Wire (Jun 27, 2013)
PIMCO Corporate & Income Strategy Fund Reports Results for the Fiscal Quarter Ended January 31, 2013Business Wire (Mar 27, 2013)
Business Wire (Dec 28, 2011)
PCN vs. ETF Alternatives
Thursday, Oct 1712:17 PM
Thursday, Oct 1712:17 PM| 4 Comments
- I see no reason for long-term rates to head higher, says Jeff Gundlach, appearing on CNBC. He doesn't see the taper coming soon - incomes are falling, the labor force participation rate is stuck, and inflation is non-existent. Further, why would Janet Yellen take the Fed helm and immediately begin to reverse a policy she's so supportive of?
- Without the taper, he notes, QE is actually expanding on a relative basis thanks to a smaller budget deficit and less Treasury issuance needing to be mopped up by the central bank.
- The best opportunity in fixed income continues to be closed-end funds trading at discounts to net asset value (his DBL being one of them). You can put together a basket of these, he says, yielding 8-9% and with a discount to NAV of 10%. Others possibilities (though we haven't checked their prices vs. NAV): PDI, PTY, PCI, PHK, PKO, PCN, PCI, PFN, PFL.
- Treasurys continue their big rally, the yield on the 10-year now all the way down to 2.60%. TLT +0.8%, TBT -1.6%.
- Turning to stocks: I don't like $300B market cap companies trading at 20x forward earnings, he says, suggesting GOOG be "harvested" for gains.
- On TSLA: There's something wrong with this picture, he says, noting the company's $23B valuation while GM and Ford are hitting new highs. These massive Tesla sales being priced into the stock have to come from somewhere.
Friday, Sep 133:45 AM
Friday, Sep 133:45 AM| 2 Comments
- Pimco and BlackRock (BLK) reportedly scooped up over 25% of Verizon's (VZ) mammoth $49B bond sale on Wednesday, helping the telecom carrier to raise all the money it wanted to at once rather than in chunks, as it had originally intended.
- Bill Gross' firm bought $8B in bonds and BlackRock $5B, with the two companies also influential in persuading Verizon to price the debt at an above-market rate.
- Pimco funds: PCI, PTY, PDI, PHK, BOND, PKO, PCN, PCI, PFN
Thursday, Sep 1211:21 AM
Thursday, Sep 1211:21 AM| Comment!
- That bond funds - specifically Pimco bond funds - have tumbled in value as rates flew higher this summer isn't news. Instead, it's the vanishing "Pimco premium" in the firm's closed-end offerings.
- The Dynamic Credit Income Fund (PCI +0.9%) is off nearly 18% since its launch earlier this year as an initial premium of 9% is now a 9% discount. Others include PDI now at a 8.2% discount vs. a previous average of -2.4%.
- Others still trade at premiums, but of vastly smaller size. PTY is at 6.6% premium vs. a 3-year average of 17.8%. PHK remains at a whopping 50.7% premium, but down from 75% last year.
- "Was (it) the epoch that made the man as opposed to the man that made the epoch," wrote Bill Gross (BOND), wondering if his success was the result of being in the right place at the right time (the 30-year bond bull market).
- Others of note: PKO, PCN, PCI, PFN.
Saturday, Jun 229:00 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. |Saturday, Jun 229:00 AM| 1 Comment
Tuesday, May 281:01 PMHeavy 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%). |Tuesday, May 281:01 PM| 3 Comments
Wednesday, Jan 1610:02 AMThe FDA approves St Jude's (STJ -1.9%) next-generation Merlin.net Patient Care Network (PCN), a system for cardiac patients with implanted medical devices that allows doctors to monitor them via the Internet and "detect heart failure symptoms earlier than ever before." Information is sent to doctors via the "Merlin@home" Transmitter and a patient's Internet connection. (PR) |Wednesday, Jan 1610:02 AM| Comment!
Monday, Dec 32012, 4:23 PM
Monday, Oct 152012, 3:04 PM"Eat(ing) his own cooking," Bill Gross puts his own money into two Pimco closed-end offerings trading at premiums to their NAV. PCN and PTY sell at "just" 17%. and 18.5% premiums, respectively, but Gross notably did not pick up any PHK or PGP, both trading at more than 50% over NAV even after the recent sell-off. |Monday, Oct 152012, 3:04 PM| 1 Comment
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