The way I approach markets is to look for relative value and sometimes this is discovered on the Short side, which is not the most popular way on this platform, but in this article I will Analyst's Disclosure: I/we have a beneficial short position in the shares of CCD either through stock ownership, options, or other derivatives. 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 comp ...

In our last Municipal CEF update in June, we highlighted that we viewed the sector as very attractive owing to high nominal and real rates, wide discounts and high and rising distributions. Since then, the sector has outperformed nearly all other fixed-income Check out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets. Read our Investor ...

文章核心观点 - 公司预计未来10年内零售中心和租赁协议的收入将达到2.5亿美元 [2] 公司收入情况 - 公司2021年12月31日的收入为1.06亿美元 [2] - 公司2022年12月31日的收入预计为1.04亿美元 [2] - 公司2023年12月31日的收入预计为1.01亿美元 [2] - 公司2024年5月10日的收入预计为2.13亿美元 [2]

文章核心观点 - 公司预计未来10年内零售中心和租赁协议的收入将达到2.5亿美元 [2] 公司收入情况 - 公司2021年12月31日的收入为1.06亿美元 [2] - 公司2022年12月31日的收入预计为1.04亿美元 [2] - 公司2023年12月31日的收入预计为1.01亿美元 [2] - 公司2024年5月10日的收入预计为2.13亿美元 [2]

In this article, we highlight the recently launched CEF Sound Point Meridian Capital (NYSE: SPMC ). The fund is focused on the CLO Equity sector, which we track on our service - an extract from our CEF Tool is shown below. Check out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets. Read our Investor Guides: to CEFs, Preferreds and PIMCO ...

After mostly smooth sailing in the first part of the year, volatility in the CEF market has increased recently. In this article, we take a look at the likely moves in CEF discounts over the medium term, as well as their potential Check out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets. Read our Investor Guides: to CEFs, Preferreds an ...

文章核心观点 - 文章主要讨论了PIMCO封闭式基金（CEF）套件的最新动态，特别是关于分配覆盖率的变化以及Dynamic Income Strategy Fund（PDX）的投资策略调整[1][2][4][8] 分配覆盖率更新 - 基于六个月的滚动数据，税收和免税套件的分配覆盖率持续增长[2] - PDO基金的六个月覆盖率达到116%，是唯一覆盖率超过100%的税收PIMCO CEF，其余税收套件的平均覆盖率为73%[2] - 市政基金的覆盖率平均上升至113%，所有PIMCO市政CEF的覆盖率均超过100%[4] - 尽管短期利率（杠杆成本的锚定）尚未大幅变化，市政基金的覆盖率上升仍是一个谜[4] - 可能的驱动因素包括市政收益率下降、基金转向高息市政债券以及转向成本较低的杠杆设施[5] - 市政基金的覆盖率上升与回购几乎所有拍卖利率优先股（ARPS）同时发生，ARPS非常昂贵[6] - 股东报告显示的高水平返还资本（ROC）不支持100%以上的覆盖率，公司认为基金实际上过度分配[6] 投资策略与分配 - PDX基金在2023年底从“能源和战术信用机会”更名为“动态收入策略基金”，并调整了投资策略[8] - 尽管名称变更，PDX基金并未转变为更多以信用为重点的基金，而是保持了较大的普通股和MLP股权配置[8][9][10] - 基金的整体股票配置接近投资组合的一半，能源配置约为投资组合的65%，远高于25%的最低要求[10] - 投资者不应期望PDX基金在短期内迅速调整其配置，当前配置完全符合其策略指南[11] 回报与估值 - 今年表现最强的税收PIMCO基金是PAXS和PDO（CMBS重仓）以及PGP（股票重仓）[12] - PIMCO CEF平均表现优于多部门同行，尽管PDX的折价稳定，但由于MLP行业的强势，仍表现出色[12] - 税收PIMCO CEF的平均溢价相当高，尽管低于历史水平，平均溢价约为18%，高于税收CEF市场的其余部分[13][14][15] - 市政PIMCO CEF的估值与更广泛的市政CEF部门相差不远，之前的分配削减和高杠杆导致的令人失望的表现使投资者对套件的看法恶化[15] - RCS基金在税收套件中溢价最高，尽管其过去五年的总NAV复合年增长率（CAGR）为3.5%，但仍吸引了大量投资者[15] - 自2022年以来，税收基金的NAV大幅下降，由于分配未调整，这反而使基金对一些投资者更具吸引力，因为其分配率上升[18] 市场环境与展望 - 公司之前强调了对PDX和PGP的偏好，这些基金在今年表现良好，提供了高质量/长期持有的吸引力，如市政和优先股基金[19] - CEF的表现不仅受特定因素驱动，还受更广泛的市场环境影响，公司对当前市场环境持谨慎态度[20] - 公司的CEF估值“旋风图”显示，当前CEF估值非常昂贵，与2021年底的情况相似，但折价略宽，名义利率高于2021年，这表明中期内可能会出现更好的CEF入场点[20][21]

0.000 Adam Smigielski Welcome to another installment of our CEF Market Weekly Review, where we diseuss closed-end fund ("CTF") market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the fourth week of August. Be sure ...

thad In his 2004 work, The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, author James Surowiecki explores case studies that prove large groups of people are more intelligent than the elite few. Crowds are better at solving complex problems, creating innovation, coming to wise decisions, and predicting the future. The book's brilliance stems from its simplicity. As a trader in markets since the early 1980s, Surowiecki's Wi ...

shih-wei Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up – highlighting individual fund news and events – as well as the top-down – providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the third week of August. Be sure to check out o ...