CEF Holdings --- July 2026

[dickoncapecod]

Wow! The first half is over. Here's my portfolio as we begin H2-2026.

PDI 28% PTY 20% PAXS 17% PHK 15% PFN 11% RCS 7% CASH 2%

I'll be fully invested after July distributions and ex-dates are announced. I'll also post my unimpressive first half results and analysis tomorrow after Fido grinds out the numbers.
Regards, Dick

 

[Flieger]

CEF Holdings going in to the 2H26:

Flieger

 

[PaulR888]

Same old for me: GOF, PTY, HQL. I add these %s to my equity %s to keep track of how much equity-like vol I have in my portfolio. All together, these add up to mid 60%s. So I really have more vol than the typical 50:50 investor I claim to be.

 

[COcheesehead]

PDI, GOF - about 6% ish of the portfolio. Generates about $85,000/year. All divies reinvested.
Small position in a fund of CEFs, YYY.
Down overall in PDI and GOF
Up slightly in YYY.

 

[PaulR888]

CEF Holdings going in to the 2H26:

View attachment 64602

Flieger

Hi Flieger .... I can't find EICC anywhere. I find an EIC but it has much higher yield. Also, I notice CEFS has a high BST allocation which you also have. Is this the only duplication in your holdings? Just curious.

Edit: Ah, now I see it's a Preferred Stock of EIC. Seems a safer play than EIC.

 

[marko]

PDI 8% of portfolio. Drip.
28% of total portfolio is income which generates 146% of spending needs.

Last month I consolidated small stakes of PTY and PDO into PDI.

 

[eniacpalm]

ADX - 7.8 %
GAM - 3.6 %
JOF - < 1%
TWN - <1%
UTF - 1.1 %
UTG - < 1%

 

[keppelbay]

No changes in June.
PDI: 14% PV
PDO, PFN, FFC, DBL, DMO all 2-3%
KIO, GOF <1%. I'll get rid of these one day soon (maybe).

 

[Flieger]

Hi Flieger .... I can't find EICC anywhere. I find an EIC but it has much higher yield. Also, I notice CEFS has a high BST allocation which you also have. Is this the only duplication in your holdings? Just curious.

Edit: Ah, now I see it's a Preferred Stock of EIC. Seems a safer play than EIC.

Sorry, I forgot to take the 0% holdings out of that CEF list..... No EICC, ARDC or GOF at the moment.

The Income Investment Results - July thread has correct list (inclusive of some BDC's and CC funds.

Flieger

 

[dickoncapecod]

Okay.....
My portfolio total return for H1-2026 was 6.44%. Simplistingly doubling that would result in a 12.9% annual return ---- which IMO would be okay for an investor who shuns equity risk. Apples and oranges: S&P500 was up 9.33%.

The saving grace in H1 was my avoidance of a large percentage of the unpleasant drawdowns suffered by most income products, and that resulted in two positives:
1. All current holdings have positive marks to market and
2. The average monthly portfolio income in H1 was up $2.2k over 2025.

Side note: while it doesn't affect current investment performance stats, our significant intergenerational gifting program IS a drag on future performance --- like any drawdown in
go-forward portfolio principal.
Regards, Dick

PS. Amateur equity market view: I'm inclined to think most AI-related stocks will suffer badly in the not too distant future as 1) supply chain and/or power constraints begin to delay the execution of the multi-trillion dollar borrowed money enema into imagined productive assets and 2) a recognition that many firms are spending trillion$ to achieve the same end where service and product pricing is unknown, possibly commoditized), future demand is unguessable, and where several firms will likely end up attempting to service trillion$ in debt after losing the race. So I'm researching strategies for placing a bet on an equity downturn.

Talking heads say we are only in the 2nd-3rd inning of the AI game. I think we are in the 7th-8th inning of a double header.
D

 

[shridog]

PTY 3.2%, PFN 3.0%, PDI 2.5%, PAXS 2.0%, WDI 2.0%, UTF 1.2%, JFR 1.0% and FOF 0.2%. Total is 15.1% of Portfolio NAV.

 

[PaulR888]

Okay.....
My portfolio total return for H1-2026 was 6.44%. Simplistingly doubling that would result in a 12.9% annual return ---- which IMO would be okay for an investor who shuns equity risk. Apples and oranges: S&P500 was up 9.33%.

The saving grace in H1 was my avoidance of a large percentage of the unpleasant drawdowns suffered by most income products, and that resulted in two positives:
1. All current holdings have positive marks to market and
2. The average monthly portfolio income in H1 was up $2.2k over 2025.

Side note: while it doesn't affect current investment performance stats, our significant intergenerational gifting program IS a drag on future performance --- like any drawdown in
go-forward portfolio principal.
Regards, Dick

PS. Amateur equity market view: I'm inclined to think most AI-related stocks will suffer badly in the not too distant future as 1) supply chain and/or power constraints begin to delay the execution of the multi-trillion dollar borrowed money enema into imagined productive assets and 2) a recognition that many firms are spending trillion$ to achieve the same end where service and product pricing is unknown, possibly commoditized), future demand is unguessable, and where several firms will likely end up attempting to service trillion$ in debt after losing the race. So I'm researching strategies for placing a bet on an equity downturn.

Talking heads say we are only in the 2nd-3rd inning of the AI game. I think we are in the 7th-8th inning of a double header.
D

Somehow your prognosis for the equity market echos with my thoughts for the budget for my State and for our Federal Governments. The outcome seems locked in, the timing is what is hard to predict.

 

[dennis5502]

Our IRA's
GOF 18.2%; PDI 16.52; WDI 13.48; PHK 9.71; PAXS 8.84; KIO 8.37; PDO 7.03; PTY 5.46; PFL 5.31; PCM 5.13; CASH 2.67; DSL 2.41.

Sold about 15% of portfolio on JUNE18 and bought back according to best prices. E.G. sold PAXS $14.19 and bought back in lots at 14.03 to 14.12. Other decent buys were KIO and PTY. Reduced PCM by about half at a loss due to lack of liquidity.

Dennis

 

[PaulR888]

Okay.....
My portfolio total return for H1-2026 was 6.44%. Simplistingly doubling that would result in a 12.9% annual return ---- which IMO would be okay for an investor who shuns equity risk. Apples and oranges: S&P500 was up 9.33%.

The saving grace in H1 was my avoidance of a large percentage of the unpleasant drawdowns suffered by most income products, and that resulted in two positives:
1. All current holdings have positive marks to market and
2. The average monthly portfolio income in H1 was up $2.2k over 2025.

Side note: while it doesn't affect current investment performance stats, our significant intergenerational gifting program IS a drag on future performance --- like any drawdown in
go-forward portfolio principal.
Regards, Dick

PS. Amateur equity market view: I'm inclined to think most AI-related stocks will suffer badly in the not too distant future as 1) supply chain and/or power constraints begin to delay the execution of the multi-trillion dollar borrowed money enema into imagined productive assets and 2) a recognition that many firms are spending trillion$ to achieve the same end where service and product pricing is unknown, possibly commoditized), future demand is unguessable, and where several firms will likely end up attempting to service trillion$ in debt after losing the race. So I'm researching strategies for placing a bet on an equity downturn.

Talking heads say we are only in the 2nd-3rd inning of the AI game. I think we are in the 7th-8th inning of a double header.
D

Pretty good performance in bond land, Dick. My 4 core bond OEFs averaged only 1.75%.

 

[dickoncapecod]

Somehow your prognosis for the equity market echos with my thoughts for the budget for my State and for our Federal Governments. The outcome seems locked in, the timing is what is hard to predict.

Well, your state might get a downgrade someday, but states are required by law to have balanced budgets. On the Federal Govt, sovereigns that issue debt in their own currency cannot default.

 

[Steelpony]

In no particular order:

TIRA : PDI,GOF,PTY,PCN,KIO,WDI,PAXS,PFL,AOD. Dumped ECAT,DX,AGNC,RIV, PFN and PHK elsewhere. First big overhaul since 2009-10.

TAXABLE: NEA

Back to buy and hold for another 17 years.

 

[retired at 48]

My Current CEF Holdings: (CEF's only/all in IRAs)...My approach to the fixed income allocation is to be diversified...Diversified as including owning various high-yield assets as part of the mix. The high yielders include junk bond funds, preferred stock funds, Master Limited Partnerships Funds (pipelines-now none), leveraged FI CEFs, and Income-Builder (stock) Funds (TIBIX).

HPS
JPI
PAXS...opened a starter position last day of 2024.
PDI...largest holding (largest was PCI until the long-ago merger)
PDO
PFN
PTY


Note: These are longer term holdings, not trading accounts. However, will actively manage same at extremes. Reinvesting all dividends currently.

Good luck all...

R48

 

[Texas Proud]

Well, your state might get a downgrade someday, but states are required by law to have balanced budgets. On the Federal Govt, sovereigns that issue debt in their own currency cannot default.

Well, some that have had hyperinflation might disagree in principal... an effective default...

I remember reading about a South American country when I was young... workers demanded to be paid twice a day and would go out and buy bread etc. during lunch so they would not have to pay the higher price after work.. was it true? Who knows...


The Post-World War II hyperinflation of Hungary held the record for the most extreme monthly inflation rate ever – 41.9 quadrillion percent (4.19×1016%; 41,900,000,000,000,000%) for July 1946, amounting to prices doubling every 15.3 hours

 

[38Chevy454]

July 1st CEFs:
PFFA 1.74%
PDO 0.61%
PAXS 0.60%
PFN 0.47%

 

[dickoncapecod]

Well, some that have had hyperinflation might disagree in principal... an effective default...

I remember reading about a South American country when I was young... workers demanded to be paid twice a day and would go out and buy bread etc. during lunch so they would not have to pay the higher price after work.. was it true? Who knows...


The Post-World War II hyperinflation of Hungary held the record for the most extreme monthly inflation rate ever – 41.9 quadrillion percent (4.19×1016%; 41,900,000,000,000,000%) for July 1946, amounting to prices doubling every 15.3 hours

Okay, you are free to worry about hyperinflation as much as you like! This morning on a panel the Central Bank head from Canada made a really smart observation, (Paraphrase) anal-ists quacking about stagflation are nuts. STAGFLATION was coined to describe an environment with 11-12% inflation and 10+% unemployment. Current US inflation is a lagged 3-4% on a now-past oil price spike and unemployment is 4.3:
Regards, Dick

 

[Old Dog Seeks New Tricks]

across three a/c's IRA (72% of total)/Taxable/Small inherited IRA -
Stocks 51%, led by very long-held positions in JPM, LLY, BRK/B, GOOG,GS
CEFs = 27%, led by PDI, PHK, PFN, WDI
Cash/MMFs = 22%

 

[IncomeOriented]

Approximately Equal weight of GOF PDI PCN PTY PHK. Increasing cash today to 25%

 

[Flyfish1]

Numerous CEF's each less than 2 % of the portfolio, still sitting with my cadre of PIMCO's. Today I sold a profitable position in ETG and moved it to GPIX ( an ETF). Quarterly YOY income is up a bit over last year.

 

[mykes2025]

As of July 1. During June I added to WDI, ERH & BDJ. I initiated a new position in NXG. I sold approximately 30% of my PDI position during June.

CEFs are 10% of my equity portfolio.

CEF Ticker	% of CEF Basket
DNP	5.8%
AIO	7.1%
BME	9.7%
UTG	5.7%
THQ	6.6%
BST	7.5%
BDJ	7.9%
EOS	5.0%
CSQ	6.1%
ASGI	2.9%
NBXG	6.7%
ERH	5.1%
PDI	8.5%
WDI	7.6%
GOF	5.4%
NXG	2.3%

 

[southpoint]

PDI 4% ETV 3% PAXS 2%.

My only trade was to bulk up on PDI June 12 ($16.28) and sell same June 29 ($16.60). I rarely do such short-term trades, but the silly-cheap light bulb lit.