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Leverage. Preffered shares are down 40% on the average this fund was leveraged at 30% which adds another 12% down ect.Leverage also is what will cause this thing to bounce back a lot faster if the preffered market ever recovers
I've tried reading their prospectus but I'm no good at it. Does JQC have a lot of subprime mortgage exposure??
probably not,,but i suspect they had a ton of fannie and freddy mae preferred stock which is now worthless as i understand it..