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Business Wire (Sep 30, 2013)
PIMCO Income Strategy Fund Reports Results for the Fiscal Quarter and Nine Months Ended April 30, 2013Business Wire (Jun 27, 2013)
PIMCO Income Strategy Fund Reports Results for the Fiscal Quarter and Six Months Ended January 31, 2013Business Wire (Mar 27, 2013)
Business Wire (Dec 28, 2012)
Business Wire (Sep 24, 2012)
PIMCO Income Strategy Fund Reports Results for the Fiscal Quarter and Nine Months Ended April 30, 2012Business Wire (Jun 22, 2012)
PIMCO Income Strategy Fund Reports Results for the Fiscal Quarter and Six Months Ended January 31, 2012Business Wire (Mar 26, 2012)
Business Wire (Dec 28, 2011)
at MarketWatch.com (Jul 7, 2011)
at MarketWatch.com (Jul 7, 2011)
PFL vs. ETF Alternatives
Thursday, Oct 1712:17 PMGundlach still a bull on Treasurys
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.
Thursday, Aug 291:02 PMGundlach turns bullish on mREITs; Apple's "dead money"
Thursday, Aug 291:02 PM| 35 Comments
- In a major about-face, Jeff Gundlach turns bullish on the mortgage REIT sector (REM +0.7%), telling CNBC he spots value as many are trading at 10% or more discounts to net asset value. He specifically mentions Annaly (NLY +1.3%) as being a buy. Reported book value as of June 30 is $13.03 vs. the current price of $11.50.
- Other popular names trading at big discounts (though not mentioned by Gundlach): AGNC, ARR, IVR, HTS, CYS, CMO, MTGE, DX, WMC, JMI, EARN, to name a few.
- Other mREIT ETFs: MORT, MORL.
- He's also a fan of closed-end income funds trading at wide discounts to NAV. None are mentioned, but PDI, PFN, and PFL come to mind. DoubleLine's own DBL is trading right about at NAV.
- Of Apple's (AAPL +0.6%) big run to $500? "All the easy money has been made ... It's kind of dead money."
Tuesday, Aug 1312:44 PMIncome favorites hit by higher rates
Tuesday, Aug 1312:44 PM| Comment!
- 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 .
Tuesday, Aug 612:30 PMTime to get greedy in fixed income?
Tuesday, Aug 612:30 PM| 3 Comments
- 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.
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
Monday, Dec 32012, 4:45 PM
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