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Pimco High Income Fund Pimco Hi Message Board

  • investor_dr investor_dr Aug 30, 2009 3:08 PM Flag

    Some facts about PHK

    I am following this board for some time. I know that emotions run high here.
    I own PTY, NCZ, and NCV. I follow PHK closely. Not ready to buy it yet for following reasons:

    Since Bill Gross has become the manager, he has not bought any PHK. Most of his money is in PTY.

    For at least two months in a row, they are issuing section 19 notices:
    http://www.allianzinvestors.com/documentLibrary/closedEndFunds/productLiterature/Section%2019%20Notices/phk_sec19.pdf
    Last month $ 0.103125 was “paid-in capital in excess of par.”
    Check their web site on September second or third for August’s new statement.

    The shares held by institutions decreased by 96%. I remember that number was 75% just four weeks ago.
    http://finance.yahoo.com/q/it?s=phk

    As of August 11, there are still 4.12 M shares short, 0.24 M less that prior month.
    http://finance.yahoo.com/q/ks?s=PHK

    These poor shorts are paying ($0.1219 X 4.12 M) $0.502 M monthly to keep their positions. Are they out of their minds?

    The violent price action around Ex-dividend days (look at March 15 to April 1 or May 7 to May 13 or June 8 to June 15 or June 7 to June 10) has stopped. There was not much price action around August 10 and 11, relatively. Any explanation? I think the institutions were selling those days and finally they are out. They are holding now only 3.4%.
    http://finance.yahoo.com/q/ks?s=PHK

    I appreciate your comments.
    Thanks

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    • all institutions realize the roc will come back to a major sell off when the management stops the capital payout. will occur when junk portfolio peaks which can be any day. we do not know if bonds are at/near par in portfolio.

    • jdfunnell@sbcglobal.net jdfunnell Aug 30, 2009 11:31 PM Flag

      First, you got the dividend and the ROC backwards from the last Sec 19. The Roc was $0.01875. The number you cited was the earned dividend.

      Second, I don't own this and would not buy this, but if I did, I would not sell.

      Maybe if they dropped the dividend and the price dropped too much, I might dabble.

      That's my take, Magiv........Dave

 
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