The list of holdings is a little old, but they did list holdings in Fannie, Freddie, Istar, and I think AIG. Does anyone know if they were able to sell those before all of them imploded? If you add them up, they still are a small part of their total holdings.
All of these holdings are in preferred stock, not common and at 6/30/08. None exceeds 1% of holdings. With regards to Fannie and Freddie, I may be wrong, but I have not heared anything (as of yet) that will impair the preferreds. But could happen in the future. With regards to AIG, same there. But we will see. Fannie Mae (rate?) .76% AIG (rate?).57% Fannie Mae (rate?) .23% Freddie Mac (rate?) .19%
I just finished going over RNP's latest holdings from the end of June. Here are a list of the weakest holdings.
Citi 2.17%, WB 1.17%, AIG .97%, Istar .43%, Morgan stanley .20%, FNM .99%, Freddie .19%, LEH .64%, and WM .06%
6.82% of the total portfolio. All of these holdings are in pref or debt of some sort. Of course one can debate about the risk associated with each of these holdings. I personally think the mister market has gone to far in knocking RNP down.