I sold my PTY before the special last year and I'm now back in for 1/3 of what I used to hold (and hoping to acquire more). Agree with the value. The premium is down and while there is still interest rate risk, getting 8.5% return can help soften any further downside.
I agree with you. I'm building a position. PTY & similar Pimco funds have manged through rising rates before, and 2007-2008, with only nominal disruption. They will be survivors, and I think they will support some of my income needs. I have confidence in Gross et al, they'll make mistakes, but on balance they are excellent. JMO