CEF Holdings --- March 2026

[PlayinwithFIRE]

Recent comments on this thread have given me pause as I just began my CEF
experiment a few months back. Probably because the CEF techno-jargon is still foreign to me and its still a bit of looking between the tea leaves for me. Ive only used PDI and most in the 18-19 range on drip. I will continue this way and average my way down if it continues to slide. I have time to wait barring any unforeseen money issues.

Its hard to tell from some of the cryptic messaging if folks are just trying to improve their position or running for the hills.

War stuff- hmm..not sure how much effect I think it will have since just before opening up the Middle East wound we secured the Venezuela heavy crude supply for ourselves. Thinking it was done somehow to help the world..would be a...naive stretch in my estimation.

Yes it is a paltry 1 million barrels/day compared to our 6 million barrels per day import....but it seems like it can be cranked up to soften the blow at least locally and extend the US supply timeline.

There is roughly 400 million barrels of crude in US stockpile. At current Venzuela rate and stockpile, we burn thru it all in 80 days. If Venezuela ramps, this extends out further.

3 months will tell if this was poorly calculated, perhaps sooner.

pwf

 

[aja8888]

I used, in the late 90's, to drive up from Houston to Granbury to help my Aged P's with my twin, who was failing rapidly. I am an extremely lucky person; the genes could have got me or both of us, but just my fraternal twin
However, they were fracking the Barnett Shale, so everytime I drove up, usually every two weekends, I would see more drill teams, particularly out off of FM 6, which was the shortcut to Granbury. Now they are starting to re-frack the Barnett (fracking is far more sophisticated than in the 90's). We can produce a lot, but refining is another question. Make of this what you will. My take is that the longer the Straits are shut, the worse it will be for US and foreign stocks. Call me Captain Obvious.

Rob, 30 years in the oil/gas business here and it's still complicated (more so now), especially now that we export more refined products (a lot of distillates, and LNG). I worked the Barnett area back in the early days of discovery and the gas wells were immense and quick to drop off in production. It's mostly nat gas in that shale (and a lot of water).

But you are right about the refining slates being hard to change as those kinds of projects take many months and many, many dollars, all of which is hard to justify by normal project accounting. So we are stuck with our refining mix of crude and still import crude (and some gasoline via trades).....mostly crude from our "friends" up north and then from some dozen or so other countries.

 

[Steelpony]

I just saw someone casually mention Stagflation that’s all. This stuff doesn’t last forever unless tactics change. A big hint could be “running out of targets”.

Anyway for fear of slipping into a political crater. Short term decisions based on instinct seem shaky to me. All that cash as we’ve seen multiple times in the past has to come back sometime.

Markets that go Oh, Oh often quickly skyrocket out of that hole. What one saved may disappear for some from higher reentry points. That’s sort of a problem with market timing. Quick to leave slow to reenter.

 

[joejetski]

Hi. The youngins really have nothing to be concerned about. It's really important not to let casual references to extraordinary and rare historical events color serious investment decisions. Inflation is running about 3% and is likely to rise a bit because of obvious war effects. Fed funds are at 3.62% and Fed isn't likely to change its policy rate for months, and then in its typical measured and well-telegraphed pace. The economy surprised by only growing 1+% last quarter --- that's: GREW 1+%. And it's estimated to be running at 2+% this quarter.

This is not 1973 or 1981, it's not the crash of '87 or the 2008 GFC. We are feeling the impact of a war-related oil price increase, but instead of being reliant on oil imports, the US is the #1 or #2 global oil PRODUCER and a net energy exporter.
FWIW, Dick

I can also remember just a few years back when gas was over $5 in VA (currently $3.63), that the people in charge were saying “just buy an EV”.

 

[COcheesehead]

Recent comments on this thread have given me pause as I just began my CEF
experiment a few months back. Probably because the CEF techno-jargon is still foreign to me and its still a bit of looking between the tea leaves for me. Ive only used PDI and most in the 18-19 range on drip. I will continue this way and average my way down if it continues to slide. I have time to wait barring any unforeseen money issues.

Its hard to tell from some of the cryptic messaging if folks are just trying to improve their position or running for the hills

I’ve reduced my holdings and have been clear about that. Going from 35% down to now about 13% over the last 6 months or so.
However, things have changed. If you look at the premiums these things used to have and compare them to where they are today, GOF for example is selling at almost NAV. To sell something like that now in my opinion is not wise. PTY went from a 24% premium down to near its near term low at 6%. PDI’s premium has fallen, but not as much as the other two I’ve mentioned.
I continue to hold at my current levels.

 

[Flieger]

Does this statement mean I MISSED the Div?

YOU BOUGHT EX-DIV DATE 03/18/26RECORD DATE 03/18/26PAYABLE DTE 03/20/26 NEOS ETF TRUST NASDAQ 100 HIGH (QQQI) (Cash)

Different than this one:

YOU BOUGHT NEOS ETF TRUST NEOS S&P 500 HI (SPYI) (Cash)

Flieger

 

[COcheesehead]

Does this statement mean I MISSED the Div?

YOU BOUGHT EX-DIV DATE 03/18/26RECORD DATE 03/18/26PAYABLE DTE 03/20/26 NEOS ETF TRUST NASDAQ 100 HIGH (QQQI) (Cash)

It’s financial speak. A human would write this :
Hi friend, you just bought NEOS, whose ex date is 3/18/26 and the cool thing is they will pay you on the 20th.

If your transaction has settled, you should get the divy.

 

[Flieger]

It’s financial speak. A human would write this :
Hi friend, you just bought NEOS, whose ex date is 3/18/26 and the cool thing is they will pay you on the 20th.

If your transaction has settled, you should get the divy.

That's what I thought, but why not the same statement for SPYI? Both bought within minutes of each other.


Flieger

 

[COcheesehead]

That's what I thought, but why not the same statement for SPYI?

Flieger

I get statements like that for some, but not all. As long as I own it prior to the ex date, I don’t worry.

 

[Flieger]

I get statements like that for some, but not all. As long as I own it prior to the ex date, I don’t worry.

Thanks. I was concerned that because in an IRA it might be different.

Both are already showing in my Fidelity positions, but in the Activity and Orders section it shows settlement date of 3/18/26.

I'm assuming I get the Div. If not, live and learn.

Flieger

 

[COcheesehead]

Thanks. I was concerned that because in an IRA it might be different.

Both are already showing in my Fidelity positions, but in the Activity and Orders section it shows settlement date of 3/18/26.

I'm assuming I get the Div. If not, live and learn.

Flieger

The settlement date might be a gotcha.

 

[Flieger]

The settlement date might be a gotcha.

I wonder though, since they are "charging me" the pre Ex-Div price on the holding. That would suck.

Flieger

 

[COcheesehead]

I wonder though, since they are "charging me" the pre Ex-Div price on the holding. That would suck.

Flieger

We’ll all find out soon.

 

[COcheesehead]

I wonder though, since they are "charging me" the pre Ex-Div price on the holding. That would suck.

Flieger

Do they state a record date?

 

[IncomeOriented]

At this "cliffhanger" time, I'm reminded of a contrarily confident post of IncomeOriented's last November -
I could hold it for a year and be 18% wrong and break even.

OTOH, I did a crude backtest of a monthly "sell PDI at close ex-div / buy back 5 days before xdiv", during the IR spike crash of '22. Total return (including divs) was about -12 to -13%, dominated by ugly months in April, May, June and October. TR of buy & hold starting mid-January 22: -13 to -14%. So, a wash. Staying out in cash throughout that environment was the much better play. Many caveats with that fixed-date fixed-approach historical, of course.

Yes, the Great Interest Rate Spike, aka bond crash, was very different, IMO it was a unique set of problems of coming from extreme low interest rates. Because rates were Soooo low the bond principal loss was mathematically just not an easily survivable event. Plus there were no CEF's paying 15+% yield at the time. This caused so much more pain than any rate increase in my investment lifetime since the Volcker Fed 18% inflation buster rates.

And to your point, I sold all my CEF's and went to 100% cash for quite a while during this period. Not my preferred method but IMO absolutely necessary at the time. There was no safe haven, the bond and the equity markets both sucked. Even gold, my preferred commodity, did nothing special at the time.

As the Fed lowered rates, I reinvested in 20-25% increments as rates lowered. Interestingly, most of my reinvestments were unknowingly poorly timed. The last big purchase was particularly brilliant, timed right before the tariff tantrum.

My market timing expertise is something that most people could profit from, by doing the OPPOSITE of what I do. But such is life. We take risks to make our lives better, it's always a matter of trying to have more winners than we losers.
Cheers! Those were the days my friend... - Gary

 

[Flieger]

Do they state a record date?

Nope. But they don't on any of the transactions. I just thought the difference in the Activity and Orders for the 2 transactions was odd.

YOU BOUGHT EX-DIV DATE 03/18/26RECORD DATE 03/18/26PAYABLE DTE 03/20/26 NEOS ETF TRUST NASDAQ 100 HIGH (QQQI) (Cash)

Different than this one:

YOU BOUGHT NEOS ETF TRUST NEOS S&P 500 HI (SPYI) (Cash)

Flieger

 

[COcheesehead]

Nope. But they don't on any of the transactions. I just thought the difference in the Activity and Orders for the 2 transactions was odd.



Flieger

This stuff usually seems clear to me, but I am as confused as you.

 

[DrVenture]

GOF is at a 1.85% premium and distributing almost 20%. Does anyone have anything informative regarding GOF? Or PFN, which is now below NAV?

 

[dickoncapecod]

GOF is at a 1.85% premium and distributing almost 20%. Does anyone have anything informative regarding GOF? Or PFN, which is now below NAV?

They are both excellent income portfolio buys as long as you believe a bottom will form near here, frightened selling is completed, and NAVs will stop declining.
Regards, Dick

 

[DrVenture]

I don't necessarily believe any of that (bottom forming, selling completed, declines over), I have no idea. But doesn't a NAV "support floor" indicate they will almost certainly recover at some point? Or is that naive?

For instance, If GOF Pays 20% for two years, then finds it's way back to NAV value, doesn't that mitigate a whole lot of risk?

 

[dickoncapecod]

I don't necessarily believe any of that, but doesn't a NAV "support floor" indicate they will almost certainly recover at some point? Or is that naive?

For instance, If GOF Pays 20% for two years, then finds it's way back to NAV value, doesn't that mitigate a whole lot of risk?

Well sure, sorta. But pull up the cefconnect front page chart for PFN and help me identify a NAV floor.
Regards, Dick

 

[upwiththesun]

Well sure, sorta. But pull up the cefconnect front page chart for PFN and help me identify a NAV floor.
Regards, Dick

I think it will be at or near the bottom unless there's a crawl space under there.

 

[DrVenture]

Ok, bad terminology. I am assuming that NAV is what the underlying assets are fairly valued at. Is that not correct? Or can it change significantly and permanently to the downside?

I know that any asset can trade, short term, below true value. But if the market is truly efficient, it will eventually recover, correct?

Understand that I am not making an argument, rather unsure of the principle.

 

[COcheesehead]

I don't necessarily believe any of that (bottom forming, selling completed, declines over), I have no idea. But doesn't a NAV "support floor" indicate they will almost certainly recover at some point? Or is that naive?

For instance, If GOF Pays 20% for two years, then finds it's way back to NAV value, doesn't that mitigate a whole lot of risk?

If you reinvest the divy, why even worry. The history of these is notoriously volatile. We are low, could get lower, but someday they’ll be higher and you get paid to wait, just don’t get too far out over your ski tips as a portion of your portfolio.

 

[DrVenture]

LOL - people keep telling me "not to worry". I am honestly, not worried. I am always making decisions on where is the best place to invest, at any particular moment. I do think that my questions may induce worry in some quarters.

For instance, If I am sitting on a pile of cash, where/when to deploy. I can always hold cash for a better entry level into bond CEFs, growth equities, even bond oefs. Better understanding the nature of an asset seems key to making a decision.

In this particular case, I am curious about the downside risk of adding to GOF or PFN at this moment in time. I own both. My current sense is to wait a bit longer.