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Company Description
At least 80% of its assets are invested in below investment grade debt securities, loans and preferred stocks. These securities are rated Ba/BB or lower or are unrated. Junk bonds are generally considered speculative. The investment objective is a high lev
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Wednesday, Oct 102012, 12:41 PMNot limited to mortgage REITs, panic grips another favorite of income investors, closed-end investment funds - notably those trading far above NAV for seemingly no other reason than their fat yield. The payouts on many of these are sustained by digging into capital rather than by earning a return on it. PGP -7.5%, PHK -7.8%, PHT -5.5%. |Wednesday, Oct 102012, 12:41 PM| 8 Comments
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Monday, Oct 82012, 3:25 PMBlinded by fat yields, investors continue to bid closed-end funds far higher than their NAVs. 66% of taxable and 73% of muni-bond funds trade above NAV now, compared to just 30% a year ago, with often the funds with the highest distributions having the highest premiums. "We believe that an excessive premium for the fund is not likely to be sustainable," says Gabelli of one of its funds. Are investors listening? |Monday, Oct 82012, 3:25 PM| 35 Comments
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Shane Blackmon:: tomorrow at a reasonable price (no discount), it would only be worth $8.38 the NAV for PHK
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Nicholas Marshi:
Sold out all positions in JNK and PHT just in case there is a global contagion story. Junk bonds have been slowly deflating recently - View all 0 replies