CEF Holdings ---- April 2026

[COcheesehead]

I submitted a Feedback at Fidelity explaining my displeasure with the amount of time it takes for the dividends to reinvest for the PIMCO CEFs I own. Here is what they told me:

It looks like the pending reinvestment dividends are all within PIMCO; the payout date was 4/1 for all of them however the company did not release these payments to Fidelity until today, the 8th. These dividends should reinvest as of today when market opens.

Thank you! Does Fidelity have any way of communicating back to PIMCO that your client's take issue with them taking a week to send the funds? I mean seriously, this is not good, for them to hold the money(mine) this long.

Erin
Of course, I can understand the frustration. The fastest way to get feedback submitted is using the tab on the right hand side of the website near the scroll bar (labeled feedback). We do appreciate hearing from our clients.

oh well

 

[GaltintheGulch]

yep!!!
we're in the hands of the media epidemic of tweets
my window for PDI is 16.50--17.50 and sinking lower as I type this

going back up!

 

[COcheesehead]

Watch the market.

 

[IncomeOriented]

Lots of relief today.

…a good day to gather ye cash while ye may.

 

[Old Dog Seeks New Tricks]

still no pimco divs at schwab

 

[dcowboys101]

I wish Vanguard would do it . I would not care how many days it took.

 

[marko]

Same slow updating with TROWE, but at least when it finally does, it's registered retroactively to the 1st of the month.

 

[MRG]

Mine on Fidelity are updating now.

 

[rthiru]

Sold a lil Pimco CEF high cost lots to free up cash for future swoons

 

[dickoncapecod]

I submitted a Feedback at Fidelity explaining my displeasure with the amount of time it takes for the dividends to reinvest for the PIMCO CEFs I own. Here is what they told me:

It looks like the pending reinvestment dividends are all within PIMCO; the payout date was 4/1 for all of them however the company did not release these payments to Fidelity until today, the 8th. These dividends should reinvest as of today when market opens.

Thank you! Does Fidelity have any way of communicating back to PIMCO that your client's take issue with them taking a week to send the funds? I mean seriously, this is not good, for them to hold the money(mine) this long.

Erin
Of course, I can understand the frustration. The fastest way to get feedback submitted is using the tab on the right hand side of the website near the scroll bar (labeled feedback). We do appreciate hearing from our clients.

Two observations:
Distributions are reinvested AS OF 4/1, not today.
Fidelity has no control over PIMCO. Complaints should be directed to PIMCO through their website.
Regards, Dick

 

[Budswhizzer]

Two observations:
Distributions are reinvested AS OF 4/1, not today.
Fidelity has no control over PIMCO. Complaints should be directed to PIMCO through their website.
Regards, DickJ

Hi,
Thanks for the observations! If you don't DRIP you receive the dividend on 4/1. Do you know why it takes so long for the transactions to complete to where you see your reinvested shares in Fidelity? Most have shown up today with the exception PDI last time I checked.
Thanks,
Todd

 

[dickoncapecod]

Hi,
Thanks for the observations! If you don't DRIP you receive the dividend on 4/1. Do you know why it takes so long for the transactions to complete to where you see your reinvested shares in Fidelity? Most have shown up today with the exception PDI last time I checked.
Thanks,
Todd

Hi Todd. Reinvesting distributions requires some accounting work and coordination with the custodian and trustee around the issuance of new shares. Plus, a lot of quarterly reports are due soon after 3/31. I'd guess the fund accounting and ops folks are handed a schedule based on priority. As they push though their quarter end, working late, I suspect they might look up and say, "If you want the dough faster, just take it in cash. This reinvestment stuff is a pain in...."
Regards, Dick

 

[DrVenture]

Not being coy: what do you mean by / how do you assess riskiness?
Regards, Dick

As I implied, I am not confident at all about how I assess risk. Why I am totally open to other views on that.

I did look things over, as a result of your question, because I have not assessed risk for quite a while. And I can see why you asked. And why PDI is so favored by so many. It actually looks like the least risky to me. I am basing this on average credit rating, duration, downside performance over time and long term performance.

When I initially performed this exercise, I knew a lot less than I may know now. And was considering the premium as an indicator of excess risk, erroneously it seems. I am now thinking, from least risky to most risky: PDI, PDO, PFN.

I am still open to other views. One of the main reasons that I post comments is to attain relevant feedback.

 

[MRG]

Hi Todd. Reinvesting distributions requires some accounting work and coordination with the custodian and trustee around the issuance of new shares. Plus, a lot of quarterly reports are due soon after 3/31. I'd guess the fund accounting and ops folks are handed a schedule based on priority. As they push though their quarter end, working late, I suspect they might look up and say, "If you want the dough faster, just take it in cash. This reinvestment stuff is a pain in...."
Regards, Dick

Priority is money coming in vs money going out. The float on what moves through these systems is amazing.

 

[marko]

Hi Todd. Reinvesting distributions requires some accounting work and coordination with the custodian and trustee around the issuance of new shares. Plus, a lot of quarterly reports are due soon after 3/31. I'd guess the fund accounting and ops folks are handed a schedule based on priority. As they push though their quarter end, working late, I suspect they might look up and say, "If you want the dough faster, just take it in cash. This reinvestment stuff is a pain in...."
Regards, Dick

Dick: You certainly know 1000 times more about this than I do but I'm surprised that these sort of transactions aren't fully automated by now and quarter close is just another day. I guess not.
I was thinking along the lines of @MRG where there was some inclination to 'manage' float.

 

[Old Dog Seeks New Tricks]

schwab now updated -
here are the prices i DRIP at / have not yet checked if 5% discount hit on any -
PDI 16.54 rounding each
PFL 7.72
PFN 6.91
PHK 4.50
RCS 5.22

QUICK look seems that those at premium got the 5% discount, others, as expected, not.
always good to check me on anything math related

 

[richardsok]

CEF Approx Percentages of total port value:
PDX .7
PDI 7
PGP 2
PFN 7.5
BRW 4
PHK 4
PAXS 8
GNT 2
BGH 4
LDP 3
GGN 1
FPF 2
FTF 3
PDO 2
_______________
50% +/-

 

[dickoncapecod]

Priority is money coming in vs money going out. The float on what moves through these systems is amazing.

CEFs are individual investment companies owned by shareholders. Nobody outside the investment company / nobody other than shareholders benefits from "float" because there is none. Monies distributed are invested in something --- most likely money market funds ---- earning interest for shareholders as payment and/or reinvestment dates approach.
Regards, Dick

 

[UnLiberate]

schwab now updated -
here are the prices i DRIP at / have not yet checked if 5% discount hit on any -
PDI 16.54 rounding each
PFL 7.72
PFN 6.91
PHK 4.50
RCS 5.22

QUICK look seems that those at premium got the 5% discount, others, as expected, not.
always good to check me on anything math related

Hi, Just wondering how you got PDI at 16.54 at Schwab anf my price was market price on July1. May be it is answered somewhere in this thread but i could not find it. Thanks

 

[MRG]

CEFs are individual investment companies owned by shareholders. Nobody outside the investment company / nobody other than shareholders benefits from "float" because there is none. Monies distributed are invested in something --- most likely money market funds ---- earning interest for shareholders as payment and/or reinvestment dates approach.
Regards, Dick

I agree there's no funny stuff. I'm sorry that comment could be interpreted that way.

For 3 decades I worked for the transfer agent who serviced this provider. I worked on many audits as a technical resource to explain the processes to both internal and external audits. The SEC, FINRA and FDIC auditors all starch their underwear..

I also know that purchases are done prior to redemptions!

 

[dickoncapecod]

I agree there's no funny stuff. I'm sorry that comment could be interpreted that way.

For 3 decades I worked for the transfer agent who serviced this provider. I worked on many audits as a technical resource to explain the processes to both internal and external audits. The SEC, FINRA and FDIC auditors all starch their underwear..

I also know that purchases are done prior to redemptions!

If you enjoyed the friendly ministrations of the SEC FDIC and FINRA stormtroopers, you would LOVE the examiners from the Deutsche Bundesbank. They entered the room screaming! ;0)
Regards, Dick

 

[dickoncapecod]

schwab now updated -
here are the prices i DRIP at / have not yet checked if 5% discount hit on any -
PDI 16.54 rounding each
PFL 7.72
PFN 6.91
PHK 4.50
RCS 5.22

QUICK look seems that those at premium got the 5% discount, others, as expected, not.
always good to check me on anything math related

Note that 6.91 was PFN NAV on 4/1 because there was no premium.
Regards, Dick

 

[Old Dog Seeks New Tricks]

Hi, Just wondering how you got PDI at 16.54 at Schwab anf my price was market price on July1. May be it is answered somewhere in this thread but i could not find it. Thanks

CEFConnect had price on April 1 at $17.41 -
I am enrolled in the 5% discount DRIP plan at Schwab. $17.41 X 95% = $16.54 (rounding)
You wrote July but I think you meant April

 

[FlyingCircus]

PDI actually looks like the least risky to me. I am basing this on average credit rating, duration, downside performance over time and long term performance.

When I initially performed this exercise, I knew a lot less than I may know now. And was considering the premium as an indicator of excess risk, erroneously it seems. I am now thinking, from least risky to most risky: PDI, PDO, PFN.

FWIW I set up a prototype risk/reward metric to help prioritize between various fund choices - for learning, like you. The risk ratings are a composite of leverage, discount/premium, Z-Stat, and NII dividend coverage. Each factor rated from 1 lowest to 4 highest in risk.
- For reward, it's absolute distribution % on NAV (not price).
- Then reward to risk is: NAV D% / composite risk.
- Ranking the reward to risk, invest in the highest ratios.

Ex: PDI has the highest "risk" at current because its premium has spiked back up to 9% and its NII div coverage is just "fair". With its top-of-class yield on NAV currently at 15.1%, my (cute and probably inaccurate) metric is a 1.7 risk/reward ratio. PHK has 2.1 because better NII coverage and lower leverage with a 12.9% yield.

 

[COcheesehead]

FWIW I set up a prototype risk/reward metric to help prioritize between various fund choices - for learning, like you. The risk ratings are a composite of leverage, discount/premium, Z-Stat, and NII dividend coverage. Each factor rated from 1 lowest to 4 highest in risk.
- For reward, it's absolute distribution % on NAV (not price).
- Then reward to risk is: NAV D% / composite risk.
- Ranking the reward to risk, invest in the highest ratios.

Ex: PDI has the highest "risk" at current because its premium has spiked back up to 9% and its NII div coverage is just "fair". With its top-of-class yield on NAV currently at 15.1%, my (cute and probably inaccurate) metric is a 1.7 risk/reward ratio. PHK has 2.1 because better NII coverage and lower leverage with a 12.9% yield.

I would be curious how GOF would fair under your metric. It has a very high distribution, low coverage, but also low premium.