I definately agree with that.. NJADroid
Here on Friday, June 26, it ker-ploppped all the way down to $20.15
Never thought i'd see that. Who'd be sellin' their pci at a 13% discount. Wow
The nav is $23.16
I always check Market Pulse since the traders always post insider purchases. This one was posted on June 11.
It makes me feel a bit more confident that I chose an income vehicle that I can hold for the next five years. I wanted something to hold through the entire rate cycle, given I expect the NAV to drop, but eventually expect the monthly payout to increase as bonds turn over in the portfolio.
you can find the barrons story on a barrons website (no registration needed), but when I entered the link, my post disappeared.
So, is management more interested in keeping its fees intact as compared to increasing shareholder values????
If management buys back stock the AUM goes down and they earn less in fees, it's not going to happen. If you didn't sell after the vote, may be best to hold on enjoy the dividend and wait for things to "get right again"
The price of pci has declined more than the market as the DISCOUNT increases. That extra decline, and the discount itself, can be reversed immediately, if management either liquidates the fund or has substantial tender offer at nav. But of course, current management is apparently oppossed to either option.
The decline in price of PCI has nothing to do with management and everything to do with the Wall Street herd stampeding mindlessly out of all fixed income holdings - just as they stampeded mindlessly into them before. As usual these lemmings throw out the babies with the bathwater setting up great buying opportunities for those who know what they're doing.
It's all about whether the Fed is going to raise interest rates sooner rather than later - even though if they do raise interest rates by a single token .25% it will have negligible affect on all but the most highly leveraged players. There is no way the Fed or the government can afford to raise interest rates significantly with the economy still bumping along the bottom (averaging no more than 1% increase in real final sales since the Great Recession, continued decline in the percentage of Americans with jobs, and no overt wage inflation pressures. Nor can this or any other government afford even to pay significantly higher interest on the immense national debt. The only way interest rates are going to rise significantly is after the government counterfeiting operations are reduced to cutting checks for the masses to keep them at bay, which will trigger runaway inflation and currency collapse, and there is no way of telling at present when that's going to happen. Until then, investments like PCI are the best and safest in an irrational and shaky financial universe, and when that changes, which may happen abruptly, the only thing worth dumping your increasingly worthless dollars for will be physical gold and silver.
I hope those that voted against ironsides, based on managements arguments, see that the price and discount are getting worse, and that as of now current management has not provided any plan to increase shareholder value.
pre market is now 20.24, discount close to 12.
It's just due to robot Wall Street traders dumping and shorting everything that pays a high dividend, on the pretext that the Fed is finally going to hike interest rates. Even if they do, though, there is no way that they're going to do so significantly with the continued punk economy, and the soaring out of control dollar.
This is a great buying opportunity for all those who seek to actually earn a decent, inflation-adjusted return from their investments.
Well here on Friday, June 5, it plunked all the way back down to the mid 20.50s again.
I thought we were beyond this.... ( low price )
Jobs report was good. 280k new jobs. economists thought 220k.
This may mean the first FED rate hike in October ( market had thought December )
I noticed that spreads are tightening between HY and Investment grade bonds which should bode well for your PCI investment.
Not surprising that management won--
If retail was smart they would not pay up to 80% premiums for some pimco funds, while paying 10% discounts for very similar funds.
And if all funds were fairly priced, I would not be able to make an profits on buying and selling mispriced funds.
do you know who won last years super bowl too ? To be honest I found out on Tuesday the results but the average retail investor didn't know the day of the vote did you ? why share OLD NEWS with us the day they issued the press release ? get real pal, I've been around awhile. good luck.
The nominees proposed by Ironsides Partners did not prevail.
HJC, you weren't aware of that ?