apparently they are hedging the EU and Poland, not other currencies. currency wars as countries export deflation massively. this will probably not end well.. think of all the countries w US$ denom debt now having to pay 20-40% more in interest etc.. even a lot of CN companies are hurting w Loonie down 20% .. looking at ASA for some small added gold shares exposure now. they have been around forever and focus on better gold miners, CEF at a discount. thank you for JGH, I like Nuveen, a good operator, will look into it to diversify intl bond exposure a little.. glta. Bea
sorry, what I was saying is his influence in PIMCO is no more and time to move thinking he is remotely involved or can sway shares .. there are 137m shares outstanding of this fund alone, w over 500k avg daily volume, market could easily absorb 1-2m shares, if he sold all at once, it would probably be to an institutional investor..no one will have enuf shares to change the bylaws. biggest holders are institutions. better to focus on the opportunity the share price seems to represent now in many CEF's w market in interest rate/FED/ currency-forex/ EU/JP/CA QE flux. good article in Barrons by Guggenheim guy this week about op's in floating/high yield etc. personally I added some PFN and BWG this week .Bea
gross is no longer a factor here, enjoy the fact that his exit has given us a great entry point in many of the Pimco funds and good managers who have been doing the heavy lifting in most of the CEF's for years. I wonder if gross had to pay the huge loads when he put his 700mil or so in Janus like everyone else has to pay to get in,,looked into the unconstrained bond fund he is pushing has a 4.5% front end load,,no thanks.
well I am hoping there is clear law precedent over these reserve capacity reservation fees that one NG producer is trying to hold us hostage for.. should be a simple matter of the contract language and case law history --but the lawyers will have at it. Enduro itself (not the trust) is part of Riverstone Partners which is a very well heeled bunch not to be messed with,,it may be resolved quicker. It is always something with these trusts, even the perpetual ones like CRT, w nonsense now being required to reserve some funds for admin expenses and XTO/XOM saying expenses to produce outweigh royalty interests on some wells. .. in the long run these are blips and now probably mostly a function of low prices,,producers looking at all angles to stay afloat. oh well, a few cents here, a few cents there this year. will be interesting to see what the OXY Lost Tank wells coming online produce, plus one more PXD Rocker well will be producing in 2015.. all noise with the prices so low. Seeking alpo shorts also on the bandwagon keeping price down from a recent hater article 3/12.. capex will be low this year, when prices recover, there will be many proposals to grow production well into the future at lower costs with better technology and infrastructure in place. looking interesting to add a little for long term. Bea
I did not own in 2014, but the presentation says tax efficient, owners receive a 1099, simple tax structure, no depletion can be claimed etc? for ROYT..NDRO seems different.. I guess I broke my own rule I do not like to make any tax recommendations as it is so complicated. always best to consult an advisor ( and get 10 different answers usually!) I know my total income is way below 1,000.. the way things are going on both NDRO, ROYT, it seems like a big capital loss to me! when o/ng/ngl recover, these things should shoot up pretty quickly imo. glta. Bea
take a look at the Fund Holdings spreadsheet on Pimco's site, I guess it is more avg risk/yield than high yield overall, a very nice mix of many debt instruments and industries, credit ratings imo. seems ok. Here is a breakdown i cut and pasted, you can't post url's in yoohoo posts..
Government Related 13.29 Morgage 27.67 Non-Agency Mortgage 21.95 Agency MBS 5.72 9
High Yield Credit 9.78 Non-U.S. Developed 9.16 Emerging Markets2 12.28 Invest. Grade Credit 11.17 Municipal 5.22 Other 2.06 Net Other Short Duration Instruments 9.38
I feel pretty the mgrs. that took over from Gross have a handle on it as part of a diversified income portfolio for me that includes PFN, BWG recent adds. glta Bea
been waiting since the Barron's recommend article for it to drop back under 10, high yield under pressure again w fed talk and energy bankruptcies in the news, not much exposure to energy and like that it is only 20% levered and earning it's .08/mo. some brazil exposure but not much at about 8%.
NAV over $18,, wondering how they will deploy the $50mil they raised in the Feb pfd offering,, there should be a lot of opportunities with world financial markets adjusting to big news daily ( int rate changes, currency devaluations, EU QE, Brazil stuff etc.) this should help income side of dist go up, hopefully they can keep up their cap gain record.. . I added a little today. They seem to do a good job hedging. will be an interesting year in this fund.. seems like energy bankruptcies are picking up. PBR seems like a real mess in Brazil, we have 14percent exposure to Brazil so it is probably hurting NAV/ w NAV down $2 so far in 2015.
there is a tax booklet on the trust website on the right hand side for 2014 with instructions (complicated!) on how to file for taxable accounts. If you hold in IRA/Roth IRA/401k no tax filing needed or taxes due.
they are all rushing to market while Mr. Market still has an energy appetite for debt/equity and before he shuts the door on them all. it is a bearish signal that indicates to me they feel the pain in the o/ng/ngl/service/transportation patch will be longer than most anticipate -so raise money now before it is too late-- and there will probably be better entry points in most of these names. Bea
its on the website now. I own a small amount in my roth ira , so no tax issues annually. I do own other energy in my taxable acct and every year seems like they get later and later and hold up my tax filing. omg. Bea
looks like a day trader pumper dumper type. doesn't seem to be anyone invests for the long term anymore. just looks like a bunch of charts he feels were interesting for trading..the share price seems to be hanging in here in the $5 range. will be a tough year although capex will be lower and costs should be coming down, servicers are getting a lot of pressure to cut costs.
you might enjoy recent Market Anthopology blog site article out Friday 2/27 calling for a further jump in silver/gold stocks among other things. Erik has called the turn in Japan, China, Treasury#$%$ new lows among other things. He feels based on charts and historical comparisons coupled with some admittedly heavy writings and thots that copp er/gold/silver/oil are bottoming and the dollar is topping. it is interesting stuff. also Kimble Charting solutions saying silver pretty much bottomed at $15ish. I use technical along w fundies to try to catch long term investment entry/exit points. w the market being run by activists, day traders, optionists, hedgies and computers, these chartists can help catch patterns. I think PAAS is among the better run silvers and will probably enter soon along w CEF, ASA as my metal holdings. I agree it may be a little better to buy in april/mayish. of course, FCX is a way to play the rebound in gold/copper/oil if you feel that is coming..even though I think it not the best run company.. they sure called the top in Oil w their purchase in that space. glta, Bea
lol! I enjoyed that. I think many don't realize limited duration means it ends, they think it holds securities which are like term debt ending at some point.. which it does not...but again I don't think it will anyway, they will merge or change it before then, none of these mgrs. give up any assets they don't have to.. who can think that long term like we used to back in the day when we "invested". the avg investor is a trader at best anymore. Bea
I don't think the pain is over yet in o/ng.. they are all growing production for the most part in 2015, no real shut in's in production.. so really, new lows have to be tested again imo and there will be better entry points to add for longer term investors. encouraged by the squeeze they are putting on the servicers and other cost cutting measures. w bigger scale w KOG buy, they have more clout in the oil patch. way too early to be buying into these names.
I think the fact that PAA, NFX, CVE, ARC.TO even little Emerald Oil can sell energy related equity in this market should be viewed as a positive indication that we in a bottoming and consolidation process in the energy space. so.. you have a toll taker, NG E&P firm, oil sands producer, CA oil/ng company and small E&P company all raising equity in this difficult environment. how smart does PXD look having raised a billion $$ late last year for their war chest before the bottom fell out. capital efficiencies that have become necessary finally in this space will help all the companies long term and strengthen the North American oil producers as they gird against the new threat in the oil patch over and above supply and demand ; the weaponization of o/ng. the shares will probably be in the low 50's by 3/15. Bea
I read today that rig count in N Mx is up while other states are down. it is possible that this area of the Permian is more net profitable and continues to attract interest even at these low commodity prices. as most know, remaining rigs out there are shifting to the better opportunities. sadly to me it means this will keep a lid on commodity prices for the foreseeable future as there is just not enough cut back in production. Bea
like GGN/GNT? small fund pays .048mo CA w buy/write gold option strategy, again, like GGN/GNT seems an interesting entry point here. Bea
agree.. nice to have an intelligent convers. on these boards like you are "supposed to"..thank you. I have been following PGZ, just raised their dist again, 2x since issue, disc to nav.. reit heavy plus CMBS, interesting, I like Principal as well as a mgr, know them from my ins days.. they do a good job on things.. reits seem frothy, not adding just yet. still reeling from some energy losses but diversified.. everything seems expensive to me, bonds, stocks,,some CEF's like BWG seem good. maybe PCI which is down.. global recession/depression would crush BWG like energy mess crushed SRF.. does not seem likely w all the currency devalu's and int rate cuts/stimulus/ I guess that is why I am leary of too much leverage, some of the CEF's use 40% or more, we should be ok in the mid 30's. take care. diversify and stay nimble as you know! feel badly for the SRF folks, I was almost tempted on that one but their track record on SRV was not good. Bea