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PAXS: An Early Peek At The Next PIMCO CEF

Jan. 05, 2022 5:26 AM ETPIMCO Access Income Fund (PAXS)NRGX, PDO18 Comments


  • PIMCO appears to be set to launch a new fixed-income CEF - PAXS - in the coming year.
  • PAXS will have an overweight in real estate securities and a term structure.
  • We discuss our playbook for PAXS when it begins trading.
  • I do much more than just articles at Systematic Income: Members get access to model portfolios, regular updates, a chat room, and more. Learn More »
Trading Charts on a Display

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This article was first released to Systematic Income subscribers and free trials on Dec. 29.

In this article, we take a sneak peek at the PIMCO Access Income Fund (NYSE:PAXS) - what looks to be a new entrant into the

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This article was written by

ADS Analytics profile picture

At Systematic Income our aim is to build robust Income Portfolios with mid-to-high single digit yields and provide investors with unique Interactive Tools to cut through the wealth of different investment options across BDCs, CEFs, ETFs, mutual funds, preferred stocks and more. Join us on our Marketplace service Systematic Income.

Our background is in research and trading at several bulge-bracket global investment banks along with technical savvy which helps to round out our service. 

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Comments (18)

sacking profile picture
Now that an initial dividend of $0.1167 has been announced, do you have any additional insights on PAXS that you'd like to share?
ADS Analytics profile picture
@sacking Not a ton of info available yet e.g. allocation info. One thing we've touched on on the service is that it didn't make a ton of sense buying this one at $20 given where the market was and while the greenshoe was active. And here we are at $19.55.
sacking profile picture
@ADS Analytics Dividend yield of around 7.16% at this price. That seems low compared to other PIMCO funds, but then as you said, this has a different allocation. More weighted towards Real Estate.
ADS Analytics profile picture
@sacking True but recall that PDO also got going last year at a NAV yield of 7.10%. PDO distribution is $0.1184 and PAXS is at $0.1167 - both NAVs IPO'd at $20.
PDO $ 17.46 is REVERSAL ... If Hold ... will move Up
and If Not... :(
PierreK profile picture
PAXS is trading today and I took a small position at $20, if only to be able to check one off of my bucket list: buy something on its first trading day.🙂
Fingers crossed, though I have significant confidence in Pimco.
@PierreK I did that with NRGX, that didn't turn out so well.
PierreK profile picture
@ny44 I hear ya... Got in NRGX too early, still somewhat underwater, though in all fairness, (almost) the entire energy sector was decimated in the last two years.
Like I said, it was mostly to do something I hadn't done before. GLTY!
@PierreK I did buy a ton when it went to $6 bucks, to get my average cost down. I am in the profit now. However, hard lesson to learn with that one. PDO wasn't was bad.
Can anyone explain why some people think a fund trading at a premium is somehow not warranted?
You can show them premium management teams. Premium returns over long periods of time. The inability to replicate the funds holdings. Who isn't used to paying a premium for premium results? The best teams in most fields earn their premium status. The bench warmers are bench warmers for a reason.
Was very happy to see your focus on fees. I think a very under rated aspect of CEFs and PIMCO. Doesn't stop me from investing but attention to it allows for us to get a clearer picture of what has been happening.
Excellent analysis given the limited information available....you certainly have pointed out potential risks. Well done and thanks
oh boy, another overpriced PIMCO fund....yipeeee
NV_GARY profile picture
Oh yeah- they should open at less than NAV.... Ha
Many thanks for making this article public. Any thoughts as to when PAXS will be launched?
Question please:
Your 1st chart shows that PDI has a 5 yr NAV return of approx 60%.
When I look at the chart on cefconnect it looks flat.
($25 five yrs ago and about the same now. FYI - I own PDI)


What am I missing?
ADS Analytics profile picture
@Ron1634 You are confusing NAV with total NAV return. One is the net asset value per share. The other is the cumulative return over time including dividends.
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