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PowerShares Financial Preferred ETF Message Board

  • longdistanceoriole longdistanceoriole Sep 17, 2008 8:12 AM Flag

    lehman exposure

    looks like one of the top holdings is lehman - is it fair to assume this is toast and there is no asset value nor dividends to come from this holding?

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    • I copied the following holdings from Invesco as of 9/17. I don't see Lehman in the portfolio. Not sure which source is correct for PGF holdings.

      PGF - Financial Preferred Portfolio
      As of 9/17/2008
      Fund Holdings are subject to change Download


      Coupon Rate Rating % Weight
      BANK OF AMERICA PREFERRED 8.20% CALLABLE 8.20% A+/A+ 9.49%
      HSBC HLDGS PLC (HSBC) 8.1250% SERIES 8.13% A/A 5.87%
      METLIFE INC 6.5%, 9/15/10 6.50% BBB/BBB 5.02%
      MERRILL LYNCH 8.625% 8.63% BBB+/BBB+ 4.76%
      BARCLAYS BK PLC (BACR) 8.1250 % SERIES 8.13% A+/A+ 4.63%
      CREDIT SUISSE GUERNSEY 7.90% A/A 4.52%
      BANK OF AMERICA PREFERRED STOCK (BAC) 7.75% A+/A+ 4.49%
      ING GROEP NV 8.50% 8.50% A/NR 4.37%
      ALLIANZ SE PFD 8.375% 8.38% A+/A+ 4.29%
      CITIGROUP INC 8.50% SERIES F 8.50% A/A 3.71%
      ING PREFERRED STOCK (ING) 7.38% A/A 3.46%
      BANK OF AMERICA CORP 6.20% A+/A+ 2.93%
      ROYAL BK SCOTLND GRP PLC 7.25% A/A 2.89%
      GOLDMAN SACHS GROUP INC 6.20%, 10/31/10 6.20% A/A 2.68%
      US BANCORP PREFFERED 7.875% 4/15/2013 7.88% A+/A+ 2.64%
      NATIONAL BK GREECE SA 9.00% 9.00% BBB-/NR 2.59%
      ING GROEP NV 6.38% A/A 2.57%
      WACHOVIA CORP PFD 8.00% A-/A- 2.41%
      AEGON NV PFD 7.25% A-/A- 2.28%
      SANTANDER FINANCE PREFERRED STOCK (SANTAN) 6.50% A+/A+ 2.04%
      AEGON NV 6.3750% 06/15/15 6.38% A-/A- 1.90%
      ING GROEP NV 6.13% A/A 1.84%
      ROYAL BK OF SCOT GRP PLC 6.40% A/A 1.76%
      HSBC FINANCE CORPORATION 6.36% A/A 1.70%
      SANTANDAER FIN PFD SA UNI 6.80% A+/A+ 1.60%
      ROYAL BANK SCOTLAND 6.60% A/A 1.60%
      ROYAL BK OF SCOT GRP PLC PFD 6.35% 6.35% A/A 1.59%
      HSBC USA INC 6.50% A/A 1.38%
      ROYAL BK OF SCOTLAND PLC 6.75% A/A 1.21%
      AEGON NV 6.88% A-/A- 1.08%
      PARTNERRE LTD 6.75%, 5/8/08 6.75% BBB+/BBB+ 1.01%
      RENAISSANCERE HOLDINGS L 6.60%, 12/1/11 6.60% BBB+/BBB+ 0.93%
      AEGON NV PREFERRED STOCK 6.20% A-/A- 0.92%
      PRUDENTIAL PLC 6.50% A-/A- 0.78%
      AXIS CAPITAL HOLDINGS 7.25% BBB-/BBB- 0.76%
      RENAISSANCERE HLDGS LTD 6.08% BBB+/BBB+ 0.72%
      PRUDENTIAL PLC 6.75% A-/A- 0.61%
      CIT GROUP INC 6.35%, 9/15/10 6.35% BBB-/BBB- 0.57%
      ROYAL BK OF SCOT GRP PLC 6.25% A/A 0.41

    • If you are looking at the portfolio listed on Yahoo, it is quite old. If you go on the Invesco website and check the PGF portfolio as of 9/15, the fund had no exposeure to Lehman. There is exposure to B of A, CitiGroup, MetLife and others who are in the news today, but I think the current price of PGF is way oversold. Worst case, I suppose one (or even several) of the holdings may suspend their dividend until this blows over, but I have to think PGF is a good investment at these levels. Am I missing something?

    • yes, but that has been the case all week and lehman is not 40% of this etf so why it is going down like this is crazy.

 
PGF
18.25+0.05(+0.27%)Aug 28 4:00 PMEDT