CEF Holdings --- June 2026

Not much changed...

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Flieger
 
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In my non-taxable I am currently holding BBN*, FFC*, OPP*, DSL, BHK, JFR, EFR, BMEZ*, ETW*, and BME*

In my taxable, I am currently holding NBH*, MUA*, MQY*, and PML (all tax exempt munis)

....those with * I am slowly reducing and not adding at the moment

Just now finding this thread (don't really browse all the different forums and more into individual bond purchases) and appreciate the ideas to consider.
 
The week ended 5/29 was a generally good one for bondish CEFs as interest rates fell with the price of crude and products. The following have gone on (recently more useful) DAILY MACD buy signals: PAXS PHK PDO PCN RCS PFN. On both daily and weekly buy signals we have WDI and JFR. But we are basically trading off oil prices and related inflation expectations that can turn on a dime --- so close attention to that news flow is in order.

Under the hood ---- way way down in base rate territory --- Fed funds futures have retreated from a sure hike to 3.8% near year end back to just maybe. The year bill one year forward is now 4.23%, and the Fed favorite 5yr inflation breakeven 5 years forward is a benign 2.27%.

Unfortunately, last week's economic data continued to contribute to the mild stagflation story. Home prices were flatish but sales dropped more than expected in the "spring selling season." Consumer confidence was flat near record lows. Core durable goods orders fell along with construction spending, and GDP was revised down from a 2-handle to a 1-handle.
THEN on Thursday we learned personal income was "up" ZERO, while spending ran at a 0.5% pace and naturally the savings rate fell to an unusual low. Finally, the PCE deflator and core did not accelerate but are clearly too high for Fed at 3.8% and 3.3%.

Next week is Jobs Week. The Wednesday ADP release is estimated at +118,k while the Friday official data is estimated +85k, with hourly earnings slipping down to a 3.4% rate of increase. Wrap all this stuff up and we see REAL consumption very low AND REAL incomes falling ---- and no matter how hard I look, I can't find signs of the gigantic AI infrastructure build-out anywhere ---- UNLESS it actually IS there and everything else has fallen into a hole.

So what's an investor do? Well clearly many ARE buying (at least some hot) stocks --- but many of those are in such speculative nosebleed territory that minor positive or negative data (or just stories) result in instantaneous plus or minus 20%/30+% moves. But over in the interest rate/bondish CEF corner of the world, uncertainty and fear continue to dominate trading as we dance up and down in an actually rather modest INTEREST RATE band with energy prices. FWIW, I am once again fully invested in bondish income CEFs. At Fed funds PLUS 9-12%, 10yr Treasurys PLUS 8+% TO 11+%, and inflation PLUS the same, relative value has seldom been as high. Bondish CEFs are broadly at the same rates they were when Fed funds were 5.3% near the top of the last Fed tightening cycle. I am going to TRY being unresponsive to up/down jiggles in energy prices and my CEFs. Sure, SOMETHING might make selling at current yields wise, but it's really hard to imagine the "asteroid from hell" that justifies STARTING to sell at yields last seen JUST AFTER Fed tightened by 5%.
Regards, Dick
 
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CEFs: (26% of PV)
XLG: PDI & DNP*
LG: GOF, PAXS, DMO & PDO
MED: PHK, ASGI, ADX & WDI
SM: FSCO, BDJ, TYG, JFR, NMCO^, NMT^ & NBXG

ETFs: (17% of PV)
LG: MLPI*, SPYI*, QQQI* & IYRI
MED: IWMI*, BTCI, SPMO & NIHI
SM: AVDV, XQQI*, AVUV, XSPI*, SETM, JIVE, IAUI, VYMI & VXUS

* Both taxable & non-taxable accounts
^ Taxable account only
 
Same old same old. All held in a TIRA. Each distributes around the same amount in an attempt to minimize the effects of any distribution cuts with a goal of steady cash flow. Allocations then are all around 6.7% each:

PTY, PCM, PDI, PHK, PFL, PFN, PAXS, GOF, AOD, RIV, WDI, KIO, ECAT.

TWO REITS: AGNC, DX. Looking at PDO.

Taxable account holds NEA, NVG. Coincidently? both about 6.7% in a much larger account with more of a free flow plan. Something in my process comes up with the same result. Creepy.😂

Added excess cash to needs back into PAXS this month. Cash = <3%.
 
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Having begun accumulating PDI back in oh, Oct or so, my cost basis was around $18.50.
I did sell some at a loss and rebought near the recent low ($16.50 or so), which has brought my cost basis down to $18.00.

Now I gotta wait awhile for those dividends to cover that loss :)

So far this experiment hasn't gone well for me!

pwf
 
PDI 15% GOF 14%
PFN and PTY 9% each
PAXS PDO PHK WDI 6 to 7% each

MREITs: = 0
Sr Loan/CLO: ECC = 2%
Equity: = 6% (open end funds, ETFs)

Cash: 15%

Best,
Bill
 
CEF'S: PDI 21%, WDI 10%, PHK 10%, PFL 8%, GOF 7%, PTY 6%, PAXS 6%, NRO 4%, PDO 4%
MREIT: DX 9%
BDC: BBDC 2%
CASH: 13%
 
Yikes! An old economist friend just pointed out: New Fed Chair Warsh believes the BEST measure of inflation is/has been the Dallas Fed trimmed mean PCE deflator. You can look it up if you are interested in computational details, but the news is that in April the year over year increase was 2.3%!! If Kevin can infuse this baby into FOMC target thinking, hello recently abandoned candy canes, sugar plums, and rate cuts.......
FWIW, Dick
 
CEFs: GOF 11.5%, PDI 10.5%, ECAT 8.5%, QQQX 6.5%, BRW 5%, TYG 5%, GNT 3%, JRI 3%
BDCs: MAIN 3%, BXSL 3%
ETFs: TSPY 10%, TDAQ 10%, TSYX 5%, TDAX 5%, MLPI 5%, OVF 3%, IWMI 3%
 
PlayinwithFIRE said:
Having begun accumulating PDI back in oh, Oct or so, my cost basis was around $18.50.
I did sell some at a loss and rebought near the recent low ($16.50 or so), which has brought my cost basis down to $18.00.

Now I gotta wait awhile for those dividends to cover that loss :)

So far this experiment hasn't gone well for me!

pwf
Click to expand...
Everybody likes that I lost $ .. heh
 
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 merger)
PDO
PFN
PTY


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

Note 2: Seems like a couple decades now I have been following, and posting with, a guy from Capecod, MA re CEFs!

Good luck all.

R48
 
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CEFs 57.18%
ACP 2.54%
AOD 1.58%
BCIC 1.33%
CLM 29.97%
ECC 3.22%
EIC 1.22%
GOF 2.09%
HRZN 1.27%
OCCI 1.55%
OPP 1.09%
OXLC 1.68%
PDI 2.69%
RIV 2.57%
TPVG 2.04%
TRIN 2.32%

Let me know if I mis categorized anything. I had to look each one up.
 
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CEFs are 10% of my portfolio at present. Still reinvesting. Income appears to be ~$87,000 annually.
That, plus SS, is about twice what we need for annual expenses. CEFs are in a tax-deferred account.
Of that 10%:
PDO. 40%
PDI. 30%
PFN. 20%
WDI. 5%
GOF. 5%

Considering swapping PFN for PAXS. And adding to WDI and GOF. Possibly from PDO.
 
PlayinwithFIRE said:
Having begun accumulating PDI back in oh, Oct or so, my cost basis was around $18.50.
I did sell some at a loss and rebought near the recent low ($16.50 or so), which has brought my cost basis down to $18.00.

Now I gotta wait awhile for those dividends to cover that loss :)

So far this experiment hasn't gone well for me!

pwf
Click to expand...
I have had the exact same experience with most of my CEF purchases. It is annoying. Right now, I am waiting on my late 2025 PDI purchases to go green. My timing generally stinks on these.
 
DrVenture said:
I have had the exact same experience with most of my CEF purchases. It is annoying. Right now, I am waiting on my late 2025 PDI purchases to go green. My timing generally stinks on these.
Click to expand...
My JFR and YYY are in the green. I am way in the hole with GOF and PDI.
 
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