Pimco Income Opportunity Fund Reports Results for the Fiscal Quarter and Year Ended October 31, 2013Business Wire (Dec 30, 2013)
The Funds investment objective is to seek current income as a primary focus and also capital appreciation. The Fund will seek to achieve its objective and produce total return for shareholders by investing in a global portfolio of corporate debt, governmen
Monday, Dec 232013, 10:01 AM
Monday, Dec 232013, 10:01 AM| 7 Comments
- The Pimco Corporate & Income Strategy Fund (PCN +2.3%), $0.95 per share from net long-term capital gain.
- The Pimco Corporate and Income Opportunity Fund (PTY +3.6%), $1.84 per share from net long-term capital gain.
- The Pimco Income Opportunity Fund (PKO +1.1%), $0.60 per share from net income.
- The PCM Fund (PCM +0.3%), $0.135 per share from net income.
- The Pimco Dynamic Income Fund (PDI +1.4%), $1.31 per share - $1.21 from net income, $0.05 from net short-term capital gain, and $0.05 from net long-term capital gain.
- The Pimco Dynamic Credit Income Fund (PCI +0.5%), $0.36 per share - $0.12 from net income and $0.24 from net short-term capital gain.
- The distributions will be payable on January 17 to holders of record on December 30. The ex-dividend date is December 26.
- Press release
Thursday, Oct 172013, 12:17 PM
Thursday, Oct 172013, 12:17 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 132013, 3:45 AM
Friday, Sep 132013, 3:45 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 122013, 11:21 AM
Thursday, Sep 122013, 11:21 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.
Tuesday, May 282013, 1:01 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 282013, 1:01 PM| 3 Comments
Monday, Dec 32012, 4:42 PM
Wednesday, Nov 142012, 11:31 AMThey'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. |Wednesday, Nov 142012, 11:31 AM| 10 Comments