CEF Holdings ---- April 2026

[fjpajerski]

Retired aged buy-and-monitor passive income-investor ... yada, yada, yada. Shown in the attachment are CEFs and others in a Fido IRA-Rollover account. The priority here is "income" as I live on the distributions. Excess distributions are selectively re-invested monthly except for the DRIP'ed PIMCOs of course.
Did much rethinking about this all after quarter-end, became unhappy with a heavy PIMCO concentration. So significantly reduced the PIMCOs for added CEFs and ETFs (and two BDCs !!) with better yields and TRs while staying away from NAV-erosion.
What's shown are the TR's via a M* watchlist (which is all that I visit M* for). For yields, I look at the Fido "dividend" report as well as at SA. For this account I see a 11+% yield on cost. Note that two Neos ETFs are less than a year-old which can distort their numbers.
edit: the target allocations in this account are SPAXX 1% and the 17 holdings 5-6% each. At month-start, anything that has grown to 8% I sell down to the target to realize the gain. I have a very short-term view of things for obvious reasons.
--- Frank

 

[wallygator69]

Retired aged buy-and-monitor passive income-investor ... yada, yada, yada. Shown in the attachment are CEFs and others in a Fido IRA-Rollover account. The priority here is "income" as I live on the distributions. Excess distributions are selectively re-invested monthly except for the DRIP'ed PIMCOs of course.
Did much rethinking about this all after quarter-end, became unhappy with a heavy PIMCO concentration. So significantly reduced the PIMCOs for added CEFs and ETFs (and two BDCs !!) with better yields and TRs while staying away from NAV-erosion.
What's shown are the TR's via a M* watchlist (which is all that I visit M* for). For yields, I look at the Fido "dividend" report as well as at SA. For this account I see a 11+% yield on cost. Note that two Neos ETFs are less than a year-old which can distort their numbers.
--- Frank

Sorry to kind of Hijack but is there a "fund" you folks would recommend that is actively managed and holds a diversified group of CEFS. I'm talking 10-20% of portfolio to generate some dividends without too much heavy lifting....

(edited) just found CEFS but are there any ya'll would specifically recommend

Thanks,

Wally

 

[joejetski]

Sorry to kind of Hijack but is there a "fund" you folks would recommend that is actively managed and holds a diversified group of CEFS. I'm talking 10-20% of portfolio to generate some dividends without too much heavy lifting....

(edited) just found CEFS but are there any ya'll would specifically recommend

Thanks,

Wally

I like FOF, have held and added over time. It is a CEF of CEFs. CEFS is an ETF. Other “fund of funds” include PCEF, RIV and AOK. I prefer and own FOF and CEFS. Not a recommendation, do your own DD.

 

[BuckeyesRC]

Sorry to kind of Hijack but is there a "fund" you folks would recommend that is actively managed and holds a diversified group of CEFS. I'm talking 10-20% of portfolio to generate some dividends without too much heavy lifting....

(edited) just found CEFS but are there any ya'll would specifically recommend

Thanks,

Wally

FOF, itself a CEF, is a fund of funds from Cohen and Steers that has done well. There are others that may be a little more activist in nature, you might want to research: RIV, PCF (not the same as PCEF, which is an ETF index of CEFs along with YYY), and SPE. None of those are recommendations but might fit what you are looking for.

 

[AG-YH]

Sorry to kind of Hijack but is there a "fund" you folks would recommend that is actively managed and holds a diversified group of CEFS. I'm talking 10-20% of portfolio to generate some dividends without too much heavy lifting....

(edited) just found CEFS but are there any ya'll would specifically recommend

Thanks,

Wally

Check out YYY.

 

[dickoncapecod]

Sorry to kind of Hijack but is there a "fund" you folks would recommend that is actively managed and holds a diversified group of CEFS. I'm talking 10-20% of portfolio to generate some dividends without too much heavy lifting....

(edited) just found CEFS but are there any ya'll would specifically recommend

Thanks,

Wally

Nope. Just double-checked. Page 1 for 3/31 matches page 1 for 12/31 ... filled with info and no room for this portfolio info. Column 1 has fund objectives and return info, column 2 has fund info such as asset size, managers, market/NAV price and premium as of 3/31, # of shares, etc. Page 2 has large blank areas when portfolio/holdings info would appear. If I did want such info now, I go to the fund itself and click on a tab for this info. Hopefully, I successfully attached the 3/31 PAXS fund card (which downloads as a PDF) to show this.
Anyway, just another mystery and there's other more important stuff to deal with now. Thanks for the time.
--- Frank

Hi. What you attached appears to be the fund card. I was unclear. Try going to pimco.com, query for PDI and open it. THOSE PDI pages will have all the info you seek.
Regards, Dick

 

[joejetski]

Check out YYY.

Another decent one. Thanks for the follow up.

 

[AG-YH]

The guys at Matisse have put up good numbers, but I've never been a big fan of quantitative strategies in regards to owning CEFs. Especially one's that look only at the discount variable as the criteria for buying.

We own a 'Core Portfolio' of about 13 CEFs that align with our macro views and sector avoidance strategy. Sometimes it's more about what you DON'T own as opposed to what you do own.

We've pushed the avoidance of CLOs and the floating rate loan category for some time now.

 

[richardsok]

Right now I like SABA. Decent distrib coverage and showing just the type of "up-from-support" chart momentum I like best. Might buy some today.
.
As ever, do your own yada-yada.

 

[joejetski]

Right now I like SABA. Decent distrib coverage and showing just the type of "up-from-support" chart momentum I like best. Might buy some today.
.
As ever, do your own yada-yada.

SABA the fund, or SABA the firm? If the fund, what is your thesis? Any thoughts on CEFS?

 

[BuckeyesRC]

Right now I like SABA. Decent distrib coverage and showing just the type of "up-from-support" chart momentum I like best. Might buy some today.
.
As ever, do your own yada-yada.

I like SABA, but it is hard for me to invest in it when you can get twice the yield from BRW with the same management and similar discount, but also the option to use leverage. Especially since the failed merger of the two, there seems to be some value potential in both, but especially BRW.

 

[richardsok]

Agree. BRW appears a good choice as well.

 

[dickoncapecod]

Ran up some cash to 16%, realizing profits across holdings. It's been a nice ride from the "V" bottom. But the conflict continues, energy deficit continues to grow...basically nothing has changed. Considering this small cash allocation as an opportunity reserve.
Regards, Dick

 

[dickoncapecod]

Caught myself doing the self-criticized "kiss your sister" trade---- so I ran cash up to 27% where the move might actually make a difference.
Regards, Dick

 

[AG-YH]

Did you sell your MSFT calls?

I trimmed my tech exposure back by selling some QQQ, I also sold out of my NMAR position, the Innovator buffer ETF on the Qs.

I also have some dream sell orders out there on my largest equity CEF positions (not a big equity CEF investor but these were deals) BST and BSTZ.

I detailed recently how these are good tools for retail investors to gain access to private equity companies like Databricks, PSI Quantum, Anduril, Grubmarket, etc.

 

[marget]

weekly MACD has not yet crossed up & over.
PAXS--- a mere 5% correction for where it's at right now 14.75 brings it to close to 14.00. So, I am not close to being ready to reinvest more into PAXS at this time. With a 15% correction at 14.75 ='s 12.54.
Somehow, this doesn't seem like a dark foreboding type of thinking. It's seems reasonable at this point in time. That 15% correction of today's price is 12.54 and that does come close to the 10/23 low of 12.57 which at that time 10/23 was a 16.6% correction.

PDI at it's present 17.45 w/ a 10% correction would be at 15.71. So given the way PDI reacts in such a similar manner as the growth stocks (when it tanks), 10% does not seem crazy negative to me. In 10/23 it was 20.9% down. In 4/25 it was 20.3% down. In 3/26 it was down 13%.
So w/ only a 10% correction at 17.4 it comes out as 15.71.

I fully know you all don't reason the way I do. fine. But, what i'm seeing is that there is a correction in the making. The weekly MACD is starting to point upwards. There has been no FTD but a base is trying to build. A 10% correction at this time is not in the works. I see it as a building up towards a correction in 4-8 weeks. Now, a PDI correction of 10%(only) at 18 would = 16.20. This is beginning to look more correct b/c it is lower than the 3/26 low and going closer to the 4/25 low.

Ok, edit: I don't like spending time trying to figure out correction numbers. I have never done it b/f. But, for me, I'm trying to get a handle on what I see as being exactly what Dick is posting. It's a bit like: ...and when sh...t hits the fan.... kind of thing. I just don't seen any lights in the tunnel that signal it's ending.

 

[AG-YH]

I like SABA, but it is hard for me to invest in it when you can get twice the yield from BRW with the same management and similar discount, but also the option to use leverage. Especially since the failed merger of the two, there seems to be some value potential in both, but especially BRW.

BRW is a leveraged widget of SABA with a lot of overlap among the holdings. Both funds have significant exposure to digital currency - a la' bitcoin/Ethereum. The Grayscale Ethereum ETF is top 3 position in both funds. Stone Ridge Opp is Ross Stevens' fund. They manage upwards of $30B in assets.

Stone Ridge, for people that don't know, is a unique 'invest in anything' fund. This is becoming more prevalent out there in the ether. It has things like individual homes that they rent out, art (AARTX for those that know that strategy), an insurance piece, a lending business, crypto, an energy business, as well as other esoteric stuff. The time horizon on this type of fund is very long - decade or longer - and the fees are high on already expensive funds.

The discounts of BRW and SABA are largely a function of the opacity of the LPs owned within the funds. Stone Right, New Holland, Alt Capital, etc. are illiquid and fee laden. Add the fee structure of the funds' themselves and you have a heavy fee CEF.

Discounts on CEFs, especially equity CEFs (and a portion of these funds certainly fit in that bucket), are largely a function of the capitalization of the expenses of the fund. A higher fee, all else equal, will result in a wider discount. The discounts are thus naturally going to be wider.

 

[dickoncapecod]

Did you sell your MSFT calls?

I trimmed my tech exposure back by selling some QQQ, I also sold out of my NMAR position, the Innovator buffer ETF on the Qs.

I also have some dream sell orders out there on my largest equity CEF positions (not a big equity CEF investor but these were deals) BST and BSTZ.

I detailed recently how these are good tools for retail investors to gain access to private equity companies like Databricks, PSI Quantum, Anduril, Grubmarket, etc.

Hi. Oh, yeah. I always sell equity calls to early --- because I can't believe other investors will keep buying this stuff (stocks). Made some nice dough, but.....
Regards, Dick

 

[BuckeyesRC]

BRW is a leveraged widget of SABA with a lot of overlap among the holdings. Both funds have significant exposure to digital currency - a la' bitcoin/Ethereum. The Grayscale Ethereum ETF is top 3 position in both funds. Stone Ridge Opp is Ross Stevens' fund. They manage upwards of $30B in assets.

Stone Ridge, for people that don't know, is a unique 'invest in anything' fund. This is becoming more prevalent out there in the ether. It has things like individual homes that they rent out, art (AARTX for those that know that strategy), an insurance piece, a lending business, crypto, an energy business, as well as other esoteric stuff. The time horizon on this type of fund is very long - decade or longer - and the fees are high on already expensive funds.

The discounts of BRW and SABA are largely a function of the opacity of the LPs owned within the funds. Stone Right, New Holland, Alt Capital, etc. are illiquid and fee laden. Add the fee structure of the funds' themselves and you have a heavy fee CEF.

Discounts on CEFs, especially equity CEFs (and a portion of these funds certainly fit in that bucket), are largely a function of the capitalization of the expenses of the fund. A higher fee, all else equal, will result in a wider discount. The discounts are thus naturally going to be wider.

Good write up! I know that for many, SABA is a little more attractive right now in its larger discount because of a friendlier fee structure with fees being levied out of net assets when you are getting access to nearly the same portfolio in either fund. In my portfolio allocations I care a little less about maximizing these inefficiencies.

 

[FlyingCircus]

A 10% correction at this time is not in the works. I see it as a building up towards a correction in 4-8 weeks.

FWIW - I concur with your trend assessment; absolute & relative strength is improving. Where you're going to drive yourself crazy - IMO - is trying to predict when the trend is going to change. With the current market environment partially driven by algorithm reaction to the latest rage tweet, it's not a high percentage play. Watch, play defense or offense on a bi-weekly or monthly basis based on dispassionate trend assessment, yes. Enough said on that. FC

 

[marget]

FWIW - I concur with your trend assessment; absolute & relative strength is improving. Where you're going to drive yourself crazy - IMO - is trying to predict when the trend is going to change. With the current market environment partially driven by algorithm reaction to the latest rage tweet, it's not a high percentage play. Watch, play defense or offense on a bi-weekly or monthly basis based on dispassionate trend assessment, yes. Enough said on that. FC

The trend will b/c extended. When it gets extended from the 10 ema is a signal for me to keep an eye on it. As long as the trend hugs the 10 ema, I don't much bother further. Like PAXS a few days back started to separate from the 10 ema, but now it's back on it. If you do a chart for the 10 ema, 21 ema, you can see how easy it is to see it getting extending.
PDI is the same w/ regard to the 10 ema. Pull up a chart for PDI and every single time it gets extended from the 10 ema, it corrects. On 10/8/25 it was at 21.17 and it was very extended from the 10 ema. What happened is PDI corrected 14% to 17.32. But where did it start that correction? From 20.17 where it was very extended. Then again on 2/11/26 the same extension was again clearly there. The c-stick from that day also said: enuff, I can do no more. That correction was 13%

When one of the CEFs I own starts getting extended from the 10 ema, I take note of what the c-sticks are saying and note the volume. Seems simple enuff for me but that's probably I don't know the depth of all this stuff. Anyway, it's working for my buying and selling. It became just too much to deal w/ it when it comes to stocks; I was in way over my head.

 

[Flieger]

Still holding same, some movement within:

Flieger

 

[marget]

SharpCharts | StockCharts.com

StockCharts.com's SharpCharts Workbench

stockcharts.com

day

SharpCharts | StockCharts.com

StockCharts.com's SharpCharts Workbench

stockcharts.com

PDI from 17.64 w/ a 7% correction puts it at 16.40. That darn trend line is very clear and it points to 16.40.
Also for strict interpretation, the 20.17 is still the high b/c it has never established a FTD or base from that point. It could not hold 19.00. So, using the newest high of 17.64, a small correction of 7% puts it right at that mark of 16.40. 1) it's directly on the trend line. 2) it's flirting w/ the low of 16.50.

To my eye, it is unable to establish a base and if it tanks (not correct) it will (for reasons I have no understanding of) go below that 16.50. IBD said that IF a stock can't hold a FTD, it will generally go below the previous low. So, I've seen this to be factual for PDI. It is not building a base, nor has it produced a FTD and it's only 7% from 16.40, which would put it below that low of 16.50.

I will wait. I am tired of ignoring and not trusting the marks (which are not my imagination marks). I am meeting the monthly income goal. I can wait. Why? Because I strongly believe that Pimco, as a company, will not tank. It will pay the monthly distribution,
Plus, the ex-date set-up is very very nice. It is easy to work w/ for a few reasons. Where else could anyone buy 2 trading days ahead of the ex-date and then sell a day after and still collect the distribution for the next month. Somehow it seems so clear-cut to me. But, again, I may not be knowing all the stuff I should know?

 

[joejetski]

I

SharpCharts | StockCharts.com

StockCharts.com's SharpCharts Workbench

stockcharts.com

day

SharpCharts | StockCharts.com

StockCharts.com's SharpCharts Workbench

stockcharts.com

PDI from 17.64 w/ a 7% correction puts it at 16.40. That darn trend line is very clear and it points to 16.40.
Also for strict interpretation, the 20.17 is still the high b/c it has never established a FTD or base from that point. It could not hold 19.00. So, using the newest high of 17.64, a small correction of 7% puts it right at that mark of 16.40. 1) it's directly on the trend line. 2) it's flirting w/ the low of 16.50.

To my eye, it is unable to establish a base and if it tanks (not correct) it will (for reasons I have no understanding of) go below that 16.50. IBD said that IF a stock can't hold a FTD, it will generally go below the previous low. So, I've seen this to be factual for PDI. It is not building a base, nor has it produced a FTD and it's only 7% from 16.40, which would put it below that low of 16.50.

I will wait. I am tired of ignoring and not trusting the marks (which are not my imagination marks). I am meeting the monthly income goal. I can wait. Why? Because I strongly believe that Pimco, as a company, will not tank. It will pay the monthly distribution,
Plus, the ex-date set-up is very very nice. It is easy to work w/ for a few reasons. Where else could anyone buy 2 trading days ahead of the ex-date and then sell a day after and still collect the distribution for the next month. Somehow it seems so clear-cut to me. But, again, I may not be knowing all the stuff I should know?

buying just ahead of ex date and selling the day after, is this just a PIMCO phenomenon?

 

[marko]

Is buying just ahead of ex date and selling the day after, is this just a PIMCO phenomenon?

I must be missing something.