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What Is It With NIE?

|Includes: AllianzGI Equity & Convertible Income Fund (NIE)

By far the best performing equity fund from Allianz, both on an NAV and market price basis, and yet it cannot buy a bid. Will be close to a -13% discount after today if this keeps up.

Allianz made a huge mistake not raising the distribution. NIE has performed so much better than NFJ or any of their other funds and yet nobody wants to own it because of its relatively low 6.25% yield vs. 10.9% for NFJ & 11% for NAI, two funds that haven't come close to NIE's NAV performance. I'm disgusted by Allianz.

Disclosure: I am long NIE.