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AllianzGI Convertible & Income Message Board

  • par7551 par7551 May 7, 2012 4:46 PM Flag

    8 1/2 cent dividend x-date

    Ncz will go x-date Wensday may 9th. for all you ncz investors. I just bought 1000 shares. Nice 85.00 every month

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    • AGIC Convertible & Income Fund II
      The fund (NCZ) is managed by Allianz Global Investors Fund Management
      LLC with Pacific Investment Management Company LLC
      serving as one of the sub-advisors. The fund has assets of about
      $723 million of which 51% is invested in convertible bonds and
      preferreds and the remainder in non-convertible high-yield bonds
      rated below investment grade. About 80% of its funds are invested
      in below investment grade securities. Of the below investment grade
      investments 49% are invested in securities rated below B, with 21%
      invested in CCC rated securities and rest invested in non-rated securities.
      Although the fund has a great current yield of 11.71%, it
      trades at a premium to its net asset value of 12.86%. The fund is
      leveraged at 36.24%. In a market downtrend, the fund is vulnerable
      to losing its high premium and perhaps going to a discount. In
      addition, the current near zero interest rates the fund borrows can
      increase, cutting into the available income and reduce the payouts. If
      leverage goes too high, the fund will be forced to liquidate its securities
      in a declining market, along with all the other funds in a similar

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