Mike, guessing you meant sentiment "buy"? anyhoo, enjoy the pain, should be long term gains and great income in the meantime. next two mos will be tough, I am betting the fed does not raise now w CN mess till at least Dec. Some creative players w good access to capital at low costs (hedgies/activists) should be ver interested in these huge discounts to NAV's.. Bea
would be a logical beneficiary of supposed housing increases and a new better highway-infrastructure bill if it gets passed. starting to look interesting at 7ish, put on my watch list for a small buy.
from a personal product use level I am not pleased with the card cash back, I use a BAC Visa more now,much better for everyday purchases etc. use DFS for Amazon only really,, have to spend a lot to trigger decent cash backs but not w the Visa which I pay off ea mo.. I do use/still like the higher int savings paying 0.95 for a parking spot on safe cash funds... like the stock div increase history since crisis,, they probably have more room to increase it imo.. I think they could take it to .35q.. still seems a little pricey to me to buy now w rates so low.
if you look on lm cef website, under bwg, there is a tab that says portfolio characteristics.. you can see percentage of assets in currencies then "including hedges" so you get a flavor for some of the hedging
more info on cef's to me only benefits day traders and shorties.. but I hear your frustration.. CN's currency changes throw a new variable into the mix for foreign asset mgrs.. makes it tough for mgr's day to day mgmt.. they are due for a market commentary, they just did one on their cef's for MLP's the other day.. I also own CBA..NG focus MLP cef.
I will say they declared the .13 for Nov 15, which is into the new fiscal year for the fund.. and it appears that more of the "income part of the dist from est 10/31/15 yr end dist/cap gain/roc stmt is more income than I thot,, of course cap gains probably dried up..
17% disc to nav is reassuring somewhat to me now.. Brandywine (BW) is one of the better intl bond mgrs., they don't seem to take the gambles on places like Ukraine that F-T takes.. glta, I am holding. may add a little more soon.
200d ma around 10ish, I think 9.75 is resistance now on the chart, it might take a while, ill take my 8c mo till then,, positive change in sentiment in the bond market could see a spike of 25-35c..
if disc to nav widens and nav holds up, would add a little more. wide CEF discounts indicate a good long term entry point in general imo,, not a short term trader, so this has become a core holding - about 2% of my portf for now..
hedge funds traditionally get attracted to CEF's when you get wide discounts and well supported income streams, w int rates in general so low, the carry interest earned plus potential for disc to nav to narrow gives a great return.
historic disc to NAV way overdone imo I feel hedgies are raiding high yield, there is a concerted hateration on high yield so they can make bank as they have lost elsewhere.. when I look at fund holdings now we have avoided coal/ scary E&P names, most companies are recognizable risks & the economy is still growing slowly, default risks seem low?
dist are covered, UNII is positive? as a long term inv, I avg'd into this twice this year and w dist am not down much.
held my nose, and also bot some ISD, PCN this week, which are interesting and again holdings seem safer than other CEFs in general. no Samson, "Energy Holdings" (former TXU KKR messes etc.)
Personally I think PIMCO should merge some of these CEF's they have too many, a lot of what they are trying to accomplish is overlapping. and that would help narrow the disc. seems like premiums to NAV are gone Bea
bot a little Friday, wage/rent inflation seems to be picking up, of course commodity inflation is no where ( except for eggs and the ongoing fleecing of the consumer with package shrinkflation!!) any/all leveraged cef getting hit. was in STIP, sold, used proceeds for WIW. earning most of it's dist, small cap gain component.. the Market Anthropology blog site makes a case for gold/oil/inflation, feels Japanese exporting of deflation has subsided... I guess we'll see. Bea
agree re bottom, may be yet to come/ long term holding/decision for me. I felt last year that when o/ng crashed, advisors were too soon to put folks into midstream as a sainted hideout, along w xom/cvx and other "large caps." so I held off .. (( I should have said "ng distributors" not producers raising dist's. -as there is very little production in the firms held. ))
I did add a little today. just relieved I did not buy in at 18 when I started following,, w 2 dist I am down a little overall. with thousands of ng/ngl (and oil) wells completed and awaiting tie-ins, storage and other infrastructure, so they can begin generating cashflow and go online, there is probably another good 2-3 yrs of expansion required even at current low pricing to meet potential production.
I would not be surprised if CBA did not raise quarterly from .305 to .31 or so later in year. leverage to asset ratios still very comfortable despite drop in sp of holdings. take care. Bea
may add a little here, around 12.75, looked at all holdings, being hit by ng/ngl slump in midstream mlps,but all producers have raised dist at least 1-2x in last12mo, some just this month, consolidation as well w Williams and Markwest targets now. Dist gets declared around 7/24. Bea
well mgmt. can't control the price of o/ng/ngl.. they should sell the Marcellus to Cabot or someone, they are not a major player in that area. spread too thin.. this company is the definition of the failed CA o/ng dividend model.. the OG of the Canroys. once a blue chip, now a cow chip
interesting that AAV is one that actually did rescue itself from the depths of the Halloween Massacre in 2006 somewhat, dumping Longview, focusing on NG where is is very low cost, dumping dividend, sticking to it's knitting while.. PGH, PWE, ERF do a slow burn to restructure-ville .
dist cut to .1615 monthly, a small decrease of 3.7% to better reflect current market conditions (?) meaning probably low interest rates persisting longer than most think. not much reaction in share price, still hovering around $20 at a nice disc to nav. I would rather have a conservative/realistic monthly dist than ROC. NAV has been holding up pretty well at about $22.
my PFN div was in my Fidelity ac 7/1, I don't hold any other PIMCO's at this time- wondering if you called PIMCO? seems odd to me. Just what PIMCO needs, more bad PR. Bea
starting to look really interesting here sub $18CA (CUF.TO) along w Artis, AX.TO, from a potential consolidation standpoint, probably some currency risk and tax risk in US. Could attract hedgie interest soon w rates staying so low. $3bCA market cap, someone offers $22CA it is probably gone..paid .1225/mo CAN to wait.
they are all getting crushed now no matter the focus, midstream mlp, reit, pfd, long or short bond, domestic or international.. appears to be a good time to avg into some, ISD is also short duration, similar action, pru mgmt.. I think it is this "fear" of lack of liquidity in bonds in general plus interest rate and currency uncertainty. Hedge funds have been buying into some of these, I see Barron's did an article 6/28 on JPS, nuveen cef for pfds. keep your pencils sharp, if you are long term investor I think there are opportunities. Bea
I am in CBA, down a little w distributions (.305q) since I bot it,I guess? I was early.. it has a NG focus, NTG used to, they are changing the rules to allow more non NG MLP's since there are a lot of MLP mergers...I may add a little more CBA, I like Legg Mason CEF's.. when you see NG midstream/mlp's getting hit you know income investments are under pressure! omg... as far as other MLP funds, don't like anything w upstream in them, it seems too risky to me. I did not own but watched SRF go all the way down,, sad.
I think it is more of the "fear" of lack of liquidity now and general market unease. Usually you don't see discounts like this in CEF's until after year end distributions UNLESS market is predicting a fall/ there was a big widening in 2007-2008 prior to the crash. If you are committed to long term and not day trading, fear is good and a nice diversified mix of income CEF's seems like a good nibble to me. Barron's/hedgies pushing cef's lately, they are seeing value,, sunday featured JPS, Nuveen pfd fund. who knows. when you see NG midstream MLP's down, you realize anything income related getting clobbered,,. sharpen your pencils. I may add a little this week on ISD, like GHY as well, a few others, PFN... glta,, Bea
reminds me of Merck and the Vioxx depths of despair times, unloved by all.. $40 seems like where it will bottom then I will buy a little for ira
like any investment you really just have to due your dd/ I use nuveens cef connect site to do some screens and research, from there you can easily connect to the cef sponsor site and see philosophy/feedback, lots of history, current investment composition in the funds etc. I think Morningstar does some cef analysis but you have to pay, sorry I don't pay for stuff, also dividend yield hunter website under preferred tab keeps a cef listing and he is currently bearish on most fixed income other than short term debt preferreds,, so he gives some investment color as well,, then of course seeking alpha has the occasional article on cef's. mostly I use a combination of indepth review and technical analysis/value approach when I make a buy. I see we are down again today and interest rates up.. . sorry to go on, hope this helps. Personally again, i see a lot of opp in the CEF space if you are a long term investor ( where are they?? lol) Bea
it amazes me the massive discounts many funds sell at to NAV,, and then funds that usually at full value or slight premium now at discounts. some of the nuveen pfd cef's have raised their dist this year, have positive UNII and modest leverage and hold mostly bb or better rated issues,,many CEF's are down 20-30% this year and seem worth a nibble.
popped up in my income watchlist w recent drop..these income cef's/pfd cef's are all under pressure of course but could be interesting here. very unusual for cef discounts to be so wide mid-year. at some point this has to attract hedge fund interest in cef's again. Bea