Last bear market this funds discount to NAV grew to be rather large. It was a great buying time back in late 2008-early 2009. That might be happening again.
Put another way back in 2008-2009 the price fell more then the NAV did by a lot.
The last time we had a bear market all the pfd CEF went down as the NAV fell and the discount to NAV grew rather large. I bought this CEF back in late 2008 when the discount grew to almost 30% of NAV.
When people panic they sell.
People are panic selling now. The decline of this is 2x the decline of oil.