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PIMCO swaps out
Old 12-30-2005, 06:46 AM   #1
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PIMCO swaps out

IRS says gains from swaps are not qualifing income. Big problem for those funds that use swaps like PIMCO's Real Return Commodity Funds (PCRDX PCRIX)

On 12/22 a Morningstar report says PIMCO says don't worry we'll shift to "structured notes" like some others (Janus?) offer.

On 12/28 another report, just to be on the "safe side" Morningstar has removed the fund from the Analyst's Pick List.

With about $11Bil in the fund (some of it mine) and 6 months to comply, we are in for some big changes. Yesterday's 12% tank and the near term crude surpluses, spell problems ahead.

DCA time?


http://news.morningstar.com/article/...fsection=Comm6


http://quicktake.morningstar.com/Fun...A&Symbol=PCRIX
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Re: PIMCO swaps out
Old 12-30-2005, 07:50 AM   #2
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Re: PIMCO swaps out

I think you are getting unnecessarily worked up. There was no "tank" yesterday. Its just a cap gain distribution. PIMCO will just move to structured notes, which is what QRAAX uses.
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Re: PIMCO swaps out
Old 12-30-2005, 07:57 AM   #3
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Re: PIMCO swaps out

Quote:
Originally Posted by brewer12345
I think you are getting unnecessarily worked up.* There was no "tank" yesterday.* Its just a cap gain distribution.* PIMCO will just move to structured notes, which is what QRAAX uses.
Same thing happened on my prwcx the other day. Couldn't help but squirm a little when I saw that.*
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Re: PIMCO swaps out
Old 12-30-2005, 08:15 AM   #4
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Re: PIMCO swaps out

I've been through that a time or two this week - 8-10% one-day drops are scary - until you figure out it's just a CG distribution.
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Re: PIMCO swaps out
Old 12-30-2005, 10:45 AM   #5
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Re: PIMCO swaps out

Quote:
Originally Posted by BUM
On 12/28 another report, just to be on the "safe side" Morningstar has removed the fund from the Analyst's Pick List.
If I had more respect for M*, that would really concern me. M* is so important for publicity, that you've gotta figure that PIMCO would talk details to M*, showing them how they are perfectly prepared to make the transition if needed.
Maybe M* knows something we don't know.

Then again, me and my portfolio are really, really glad--no, ecstatic--that I never followed their advice. Though not as bad as in the past, they've been great about suggesting one buy high and sell low. Some of their commentary has been way offbase. Though getting better, they're still not concerned enough about expense ratios and internal transaction costs. And, most unfortunately, too much of their data is wrong.

I'll admit I cautiously use their data to help make decisions, but I'd take everything from M* with a grain of salt.
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Re: PIMCO swaps out
Old 12-30-2005, 03:22 PM   #6
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Re: PIMCO swaps out

Quote:
Originally Posted by brewer12345
I think you are getting unnecessarily worked up. There was no "tank" yesterday. Its just a cap gain distribution. PIMCO will just move to structured notes, which is what QRAAX uses.
I hope you're right. I'll take a closer look tonight but it seems to me that last years dividend was bigger and the NAV didn't take that big of a hit.
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Re: PIMCO swaps out
Old 12-31-2005, 05:56 AM   #7
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Re: PIMCO swaps out

You guys were right. The capital gains were posted to the account about a week ago but the dividend didn't show up until last night.

Under 15 bucks a share is tempting. Might figure in well at rebalancing time next week.
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Re: PIMCO swaps out
Old 12-31-2005, 11:38 PM   #8
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Re: PIMCO swaps out

not cap gains but dividends on the 30th dec. Cheers!
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