CEF Holdings --- March 2026

[Onda]

Ha. Ha. That intruder and a few others on here migrate from other forums just crave a response. I think when they’re ignored they move on. [mod edit]

Even sadder are the people who sit here all day long, replying to every thread over and over.

I don't mean you.

 

[GaltintheGulch]

Why I have done pretty well since 2000.
1. Big Picture Thinking:I focus on identifying unique markets or situations that have the potential to influence the world.

• Examples:
  • 2000: The dot-com bubble
  • 2008: The MBS fiasco
  • 2020: COVID-19 pandemic
  • 2022: Inflation and the Fed’s rate hike promises
  • 2025: "Liberation Day"
  • 2026: The Iran conflict and rising oil prices

2. Market Confirmation: My approach requires that these trends be reflected in the market itself. This includes factors like a high VIX (Volatility Index) if both stocks and bonds lose and other proprietary indicators that signal market conditions.

Once these conditions are met, I act based on technical analysis (TA) and define my maximum loss for each fund. Each position typically represents at least 30% of my portfolio.

What I don’t do:

1. Follow Opinions and Forecasts: I don’t pay attention to the myriad of opinions, articles, or forecasts about the economy. These are often not in real-time and have little correlation with how the market will behave over the next one week to six months.
2. Economists are often the least accurate predictors, and a Nobel Prize doesn’t change that. Run as far and fast as you can.
3. Trade Small Percentages: Trading small percentages of my portfolio doesn’t meaningfully impact my returns or provide enough protection for my portfolio.

----------------------------------------------

Since selling everything on March 2nd and locking in a 4+% gain for the YTD, that's where I stand today.

I have stayed the course and so far my portfolio gains went from 12.4% down to 6.5%

 

[IncomeOriented]

Even sadder are the people who sit here all day long, replying to every thread over and over.

I don't mean you.

I’m going to take a chance here.
Edit: this is for everyone here.

Let’s just talk about investing our money, not each other. That sort of thing usually doesn’t work well for groups that try to openly share ideas.

Seriously, Please. Everyone.

 

[COcheesehead]

I’m going to take a chance here.
Edit: this is for everyone here.

Let’s just talk about investing our money, not each other. That sort of thing usually doesn’t work well for groups that try to openly share ideas.

Seriously, Please. Everyone.

I have found the ignore user feature to be of great value on here and the key to the next level of happiness

 

[MichaelB]

I’m going to take a chance here.
Edit: this is for everyone here.

Let’s just talk about investing our money, not each other. That sort of thing usually doesn’t work well for groups that try to openly share ideas.

Seriously, Please. Everyone.

A very nice post and most appropriate.

 

[MichaelB]

Thank you @MichaelB. I am still puzled about simple question like:

Correct me if I’m wrong: You had to own the shares no later than March 11 to receive the dividend on March 12. Closing prices: 17.94 - 17.47 = 0.47, so the market value fell by 47 cents while you received 21 cents in taxable income, which, when reinvested through DRIP, gives you about 1 extra cent of profit.

I would not want it.

The thread has close to 700 responses, so it is clearly of interest to some. If you don’t get it, maybe post in another thread. Thats what I do.

 

[Lawrencewendall]

OXLC vs OXSQ
The most recent Raymond James's BDC Weekly Insight of Total Dividend Yield (https://www.raymondjames.com/-/medi...tment-banking/industry-insight/bdc_update.pdf) lists Oxford Square Capital Corp (OXSQ) as #2 performer (slide 6). I have Oxford Lane Capital Corp (OXLC) and was trying to determine the difference as it appears they are sister investments. I've read about their size and risk difference. I understand that OXLC is listed as a CLO whereas OXSQ is listed as a BDC. When I go to their sites (www.oxfordlanecapital.com/... and www.oxfordsquarecapital.com/... they read the same. OXSQ may be structured as a BDC but operating as a CLO. Bottom line is, is there enough difference be in both or not. OXLC is having some drama right now. Thank you.

 

[stefansm]

Professor Siegel commentary:

Weekly Siegel Commentary - Weekly Siegel Commentary

resources.wisdomtree.com

It was interesting to see it lines up with my system indicators status: short term technicals are negative, but long term fundamentals are positive => we have a correction and not a bear market.

Here is the same basic assessment, from his commentary above:

"The economy itself is not yet signaling recession. Jobless claims have remained constructive, weekly labor data still look decent, and there is no sign of broad-based layoffs. That matters. It means this is not a classic demand collapse story. It is a risk-premium story, driven by energy, long rates, and uncertainty."

 

[stefansm]

CNN Fear & Greed Index => Extreme Fear. This is a contrarian indicator, so probably we are getting close to another rally:

 

[Chicago-Alpha]

I always take the DRIP and if I want to reallocate, I sell the dividend. Who wouldn’t want an extra 5%?

How does it works at Fido, for CEF at premium, we get extra 5%, what about Pimco CEF that are now selling at a discount - DRIP is at NAV or Market Price?

 

[eniacpalm]

2 brief observations:

1. My system technical indicators, all short term and some long term, have turned unfavorable (red). But all the fundamental indicators (economic, sentiment, other) are solid green. This means what we have now is just a correction, not an economic downturn/recession/crisis.
My allocation, of 50/50 CEFs/Managed Futures helped this week to keep my portfolio flat. CEFs were down adn Managed Futures up. I may increase it a smidgeon towards defensive, to 45/55 next week, if the LT tech indicators show the same at the of the month.

2. Now on to speculation . All that follows is just TA guess work of the highest probability path. Not investment advice. I do not use this in my allocation, but I find it helpful, psychologically, to have some idea of what the future my bring.
This is a correction in an uptrend. How far down and how long? Look at the chart below. The price is in a well defined down channel. The most probable support is at the 38.2% Fibonacci retracement of the whole uptrend since the 2025 low (point C on the chart). When will this happen? Well, the channel bottom (red line) meets the green support line on April 17 => 3 more weeks. Maybe something will happen in 3 weeks ?
Also, the volume is increasing on the downside, so , for now, the trend is downward:

View attachment 62669

Nice - waiting for April 6th and Kharg Island

 

[zaharaone]

Reminder: unrealized losses affect long term total returns in exactly the same way as realized losses

@dickoncapecod 's view on the effect of mark-to-market vs realized losses makes sense given that he trades to optimise returns and minimze losses.

For discussion purposes, there is another way to look at things for a different type of investor: Let's consider an imaginary portfolio comprising 10,000 shares of PDI. Cash flow is a constant $2,205/month independent of fluctuations in the portfolio market value.

An investor who wishes to treat this portfolio as a long-term pension 'equivalent' - never to be sold - can take the view that fluctuations in market price have no meaningful impact on their future returns.

TR on the initial investment will go up and down with mkt price (though the proportional impact of that will decrease over time as distributions add up). Unrealized TR gains or losses might impact putative heirs (unless they choose to hold and treat it like a pension...).

That's is correct -- and an important distinction, one that reinforces how different a true income investor is from a total return investor.

 

[marko]

That's is correct -- and an important distinction, one that reinforces how different a true income investor is from a total return investor.

Yes. I've held some income producers for almost 30 years. I consider most of my income funds as annuities (almost, but not quite)...as long as the checks keep coming in, I'm happy. The "price of entry" is money gone--again, almost but not quite.

Sure, I track the prices but I'm not obsessed by them and I have made tweaks along the way, but my primary criteria is if that income holds steady. Despite that, my portfolio has more than tripled over the past 20-25 years.

It's a strategy that's served me well for several decades and I've only got one or two more decades to worry about.

I've noted before that my motivation is to maintain my (fat) lifestyle, not die with a maximized, highly efficient portfolio. Maybe I'm just lazy.

 

[IncomeOriented]

Marko , The annuity idea of cef income is a good one. The big difference is when you annuitize a fixed guaranteed annuity, the principal is completely gone on day one, the income is substantially less, it’s irrevocable and you can’t change your mind later.

 

[COcheesehead]

How does it works at Fido, for CEF at premium, we get extra 5%, what about Pimco CEF that are now selling at a discount - DRIP is at NAV or Market Price?

The discount, if any, is applied when the market price is at a premium. I would suggest reading the prospectus of any fund you are interested in for more details. They explain the entire process.

 

[COcheesehead]

GOF’s divy is pending reinvestment as of this morning

 

[marko]

How does it works at Fido, for CEF at premium, we get extra 5%, what about Pimco CEF that are now selling at a discount - DRIP is at NAV or Market Price?

AFAIK, market price.

 

[dickoncapecod]

The discount, if any, is applied when the market price is at a premium. I would suggest reading the prospectus of any fund you are interested in for more details. They explain the entire process.

I'm taking PIMCO discounts off reinvest this month on this theory: PIMCO cannot issue new shares AT A DISCOUNT FROM NAV. Consequently, reinvest of those distributions must fall to your/our vendor --- in my case FIDO. Since I don't know what they might do, I'll take this month's cash myself and deal with it.
Regards, Dick

 

[dickoncapecod]

That's is correct -- and an important distinction, one that reinforces how different a true income investor is from a total return investor.

But guys, does anyone NOT try to optimize returns and minimize losses As I write this, I realize the answer may be yes......as the Church Lady on SNL said, "Never mind..."
Regards, Dick

 

[keppelbay]

I believe FIDO buys in the open market when the fund trades at a discount. IIRC execution left something to be desired... DIY.

 

[marko]

But guys, does anyone NOT try to optimize returns and minimize losses As I write this, I realize the answer may be yes......as the Church Lady on SNL said, "Never mind..."
Regards, Dick

Sure. But the growth side and the income side have different criteria.

 

[GaltintheGulch]

I'm taking PIMCO discounts off reinvest this month on this theory: PIMCO cannot issue new shares AT A DISCOUNT FROM NAV. Consequently, reinvest of those distributions must fall to your/our vendor --- in my case FIDO. Since I don't know what they might do, I'll take this month's cash myself and deal with it.
Regards, Dick

I always take the cash

 

[dickoncapecod]

I always take the cash

Hi. Since I hold mostly PIMCO products that (once upon a time!) traded at premiums, the 5% discount on reinvestment was worth about $15k per year ---- easy money. The immediate future is less clear, but imagine what happens to competitor CEF prices if PIMCOs DON'T return to premiums.....
Regards, Dick

 

[Semi-Retyrd]

How does it works at Fido, for CEF at premium, we get extra 5%, what about Pimco CEF that are now selling at a discount - DRIP is at NAV or Market Price?

This question comes up from time to time on this thread. The detailed answer is in the attached PIMCO document below. The salient points are as follows. First Fido automatically enrolls their customers in this plan when they choose to reinvest dividends on the Fido website. Some other brokers do not.

Once enrolled in the dividend reinvestment plan there are three cases which can occur.

1) When the premium to NAV is greater than 5%, PIMCO issues new shares at a 5% discount to the market price on the ex-dividend date. Since these new shares are issued at prices above NAV, this action is accretive to the PIMCO fund and can represent a significant extra revenue source which can be used to to cover a portion of the cash distribution to those who do not reinvest and increase the NAV.

2) When the premium to NAV is between 0% and 5%, PIMCO issues new shares at the NAV. This helps cash flow, but is not accretive to the fund.

3) When the market price is at a discount to NAV, then PIMCO sends the cash distribution to Fido and FIdo buys shares at the market price for those who wish to reinvest dividends. This is the worst case for the fund as it requires the maximum cash flow out of the fund. If the distribution is larger than cash on hand, then PIMCO is forced to sell some of its holdings forcing it to realize losses or gains on whatever positions are sold.

IMO this method of reinvestment can feed momentum to either the upside or the downside of market price movement of PIMCO funds.

 

[marget]

I'm taking PIMCO discounts off reinvest this month on this theory: PIMCO cannot issue new shares AT A DISCOUNT FROM NAV. Consequently, reinvest of those distributions must fall to your/our vendor --- in my case FIDO. Since I don't know what they might do, I'll take this month's cash myself and deal with it.
Regards, Dick

CEF Connect shows PDI at a 3.36% premium for 3/30/26

One thing I noticed is that turning reinvestments on/off have taken a full month to take effect at Fidelity.