CEF Holdings --- March 2026

My CEFs at 14% of portfolio. Was above 40% at one time in last 4 months. Cash at 26% right now. And, of course, I am on the road to Kings Bay, GA while all this goes on today:)
 
I am 33% CEF's right now, but only about 15% Cash. Wishing I had pared a little more off a couple of weeks ago now.

Flieger
 
Well, just to join the crowd, my bondish CEF Holdings are down to 48%. But since these are just leveraged bond portfolios --- not hand grenades --- I hope to be back at 100% with a higher portfolio yield when the selling stops.
Regards, Dick
 
COcheesehead said:
I don’t think I can ever recall a blowout like FSCO.
Click to expand...
Here is a reply in the comments section of Armchair Income's latest video on MDST with regard to FSCO:

@armchairincomechannel
1 day ago
The FSCO recent dividend cut is disappointing.

Reviewing page 15 of the recently released 2025, Q4 earnings, a couple of basic observations regarding year over year changes…ie 2024 vs 2025:

1/ NAV was down moderately from $7.15 to $7.11
2/ NII was down more significantly from $ 0.87 to $0.67
3/ Distributions increased from $0.71 to $0.80.

As such, a distribution cut makes sense. FSCO was over distributing and if they continue to over distribute, it will further reduce the NAV.

What to do?

If FSCO was trading at a price close to its historical price to NAV, I’d sell. However, it’s currently trading at a huge discount to NAV. So much so, that a March 6th Seeking Alpha article rates FSCO a “Buy” at the current price (ie its oversold). Therefore, I’ll continue to hold for now. My yield on cost is approximately 11%, and it continues to deliver an acceptable income stream. I plan to patiently wait for FSCO to settle into a valuation that aligns more closely with its NAV, and then re-assess.

Lessons Learned for future investments:

1/ Smaller allocations to individual companies.
2/ Increased preference for funds/companies with long performance histories
 
COcheesehead said:
GOF is nearing a 20% distribution at these levels and almost trading at equal to its NAV. Everytime it’s gotten to these levels it bounces higher.
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Just
Semi-Retyrd said:
Here is a reply in the comments section of Armchair Income's latest video on MDST with regard to FSCO:

@armchairincomechannel
1 day ago
The FSCO recent dividend cut is disappointing.

Reviewing page 15 of the recently released 2025, Q4 earnings, a couple of basic observations regarding year over year changes…ie 2024 vs 2025:

1/ NAV was down moderately from $7.15 to $7.11
2/ NII was down more significantly from $ 0.87 to $0.67
3/ Distributions increased from $0.71 to $0.80.

As such, a distribution cut makes sense. FSCO was over distributing and if they continue to over distribute, it will further reduce the NAV.

What to do?

If FSCO was trading at a price close to its historical price to NAV, I’d sell. However, it’s currently trading at a huge discount to NAV. So much so, that a March 6th Seeking Alpha article rates FSCO a “Buy” at the current price (ie its oversold). Therefore, I’ll continue to hold for now. My yield on cost is approximately 11%, and it continues to deliver an acceptable income stream. I plan to patiently wait for FSCO to settle into a valuation that aligns more closely with its NAV, and then re-assess.

Lessons Learned for future investments:

1/ Smaller allocations to individual companies.
2/ Increased preference for funds/companies with long performance histories
Click to expand...
The article should also have urged prospective investors to question FSCO NAV.
Have utter junk loans that float at index +600bps to +1000bps(!) REALLY escaped the signicant markdowns experienced by far better credits that float at index +100-300? (...rendering discounts from "NAV" a flawed indicator)
Regards, Dick
 
Added to GOF, PDI, PHK.
Added a chunk of FSCO at 4.32 to mitigate losses on small position.

Edit: Will reassess FSCO when/if it pops up to what will surely be resistance around 5.
 
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DrVenture said:
Sometimes all of those clucks signal it is time to check the henhouse for predators. If one waits until a correction (10-19%) you may lose quite a few egg producers. For many investors, the lower it goes, the harder it becomes to sell.

It does depend quite a bit on ones age. One of our more notable voices sold weeks ago. It may have been construed as a hint.
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Why would one panic and sell based on values if you invest in CEF’s for income? One should invest more or go back to CD’s. I understand why Dick does because all his eggs are in one basket. From what I’ve read the rest of us are dabblers. For me that’s 35%, probably pretty high.

Cap gain capture in our IRA when I traded. I used to find a loser even if it was a high confidence one and exchange it for a current higher yielding loser that lost more value in other words. This can be done without sacrificing distribution or better yet gain distribution. This works to capture cap gains from the first loser because everything withers at an uneven rate. So there is dividend and cap gain capture techniques in small amounts for different markets.

Those nickels and dimes add up. So what about the values you lost in total?Those paper profits? You never cashed those in so they just became a fantasy, an afterthought.

So right now all our CEF’s and high yield holdings, the whole team, are down in value a whole 4%. Two weeks ago they were up 1-2%. I just watch distributions which are usually based on the economy.
 
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Steelpony said:
Why would one panic and sell based on values if you invest in CEF’s for income? One should invest more or go back to CD’s. I understand why Dick does because all his eggs are in one basket. From what I’ve read the rest of us are dabblers. For me that’s 35%, probably pretty high.

Cap gain capture in our IRA when I traded. I used to find a loser even if it was a high confidence one and exchange it for a current higher yielding loser that lost more value in other words. This can be done without sacrificing distribution or better yet gain distribution. This works to capture cap gains from the first loser because everything withers at an uneven rate. So there is dividend and cap gain capture techniques in small amounts for different markets.

Those nickels and dimes add up. So what about the values you lost in total?Those paper profits? You never cashed those in so they just became a fantasy, an afterthought.

So right now all our CEF’s and high yield holdings, the whole team, are down in value a whole 4%. Two weeks ago they were up 1-2%. I just watch distributions which are usually based on the economy.
Click to expand...
I am, at this moment, at 72% in the Roth. At 99% in PDI in the IRA
But, thanks to previous distributions and a bit of selling there is a large amount of $$$ to buy if the market tanks.
The thing is: I understand the panic. If, like me, who has everything I own in Pimco PDI, PAXS, PDO, PHK-----and--- the whole thing is way under a million, then if I were to lose the principle, I would have not money to reinvest when the market rights itself.
These present conditions are so shaky. There is no reliable leadership.
I read a piece of an interview w/ Ivascyn from yesterday and it was clear to me that he was struggling to make sense of a direction for investing. It was all: if this, then this, if that then that.... To my eye he was unable to size up this present political landscape.
I lack the ability to envision a Trillion company like Pimco disappearing. So-----hope to hang in there. But I will have to liquidate if it drops below my principle. I'm 78 and time is not on my side.
 
Yes- its a teeth gritter.

I have put maybe 5% of my investable assets in PDI (in a taxable account no less) as a form of income generation. Essentially for me, required income for tax/ACA/HSA purposes for next year and maybe beyond.

Not much I can do but wait it out as I still need the income produced from it, or I have to go do some actual work for income:)

pwf
 
PlayinwithFIRE said:
Yes- its a teeth gritter.

I have put maybe 5% of my investable assets in PDI (in a taxable account no less) as a form of income generation. Essentially for me, required income for tax/ACA/HSA purposes for next year and maybe beyond.

Not much I can do but wait it out as I still need the income produced from it, or I have to go do some actual work for income:)

pwf
Click to expand...
well, all I can say is you and I are hanging out w/ millionaires
we must be crazy
I hope you don't have to go out and earn income
 
marget said:
well, all I can say is you and I are hanging out w/ millionaires
we must be crazy
I hope you don't have to go out and earn income
Click to expand...
Yes-thank you. Been thru 9-11, dot coms, COVID, etc etc...but normally had a long timeline need
on the $$ so didnt react. Now my timeline is shortening and I have to pay more attention to these things.

pwf
 
Well! That made for an interesting day.
 
marget said:
I am, at this moment, at 72% in the Roth. At 99% in PDI in the IRA
But, thanks to previous distributions and a bit of selling there is a large amount of $$$ to buy if the market tanks.
The thing is: I understand the panic. If, like me, who has everything I own in Pimco PDI, PAXS, PDO, PHK-----and--- the whole thing is way under a million, then if I were to lose the principle, I would have not money to reinvest when the market rights itself.
These present conditions are so shaky. There is no reliable leadership.
I read a piece of an interview w/ Ivascyn from yesterday and it was clear to me that he was struggling to make sense of a direction for investing. It was all: if this, then this, if that then that.... To my eye he was unable to size up this present political landscape.
I lack the ability to envision a Trillion company like Pimco disappearing. So-----hope to hang in there. But I will have to liquidate if it drops below my principle. I'm 78 and time is not on my side.
Click to expand...
Well I’ve been dealing with this stuff since the mid 70’s. If you have everything in PIMCO maybe you should spread things out more, look at other CEFs or lower distributing less volatile CEF’s or funds. You can always just stop investing any more in CEF’s.


So my point is it sounds like you’re extended beyond your tolerance for risk and too concentrated in a higher risk area. Just back off and wait for the recovery then. Cash fled to accounts that lose money over time. It has to come back someday.

I really don’t expect capital gains from basically IOU’s. You’re upset over a random event which occurs every day in various degrees.You invested at a random time. Values will vary.

I see this stuff as another great sale. This is a time to invest in good values.

.
 
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I
Steelpony said:
Well I’ve been dealing with this stuff since the mid 70’s. If you have everything in PIMCO maybe you should spread things out more, look at other CEFs or lower distributing less volatile CEF’s or funds. Make sure you have a 2-3 years or more as a cash cushion. You can always just stop investing in CEF’s, shut the TV off and concentrate on other interests.

So my point is it sounds like you’re extended beyond your tolerance for risk. Just back off and wait for the recovery then. Cash fled to accounts that lose money over time. It has to come back someday.

CEF’s have been around since the 1880’s. There’s a ton of institutional knowledge. PIMCO is royalty in this area.The wall of woe will move on. All my CEF’s are under water like I said, 4%. I’ve seen -15% to +15%. Some monthly cash still flows which is the reason I invested there.

I really don’t expect capital gains from basically IOU’s. You’re upset over a random event. Cap gains come from rising earnings of well run companies. Hopefully you know how to make money there also.

.
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I am a preretiree (this year), not nearly as wealthy as many here, so I follow a semi conservative pattern similar to what you have laid out. I divided my portfolio in thirds. One third is 2-3 years of stable cash like investments yielding ~ 5%, another third yielding between 7.5%-8%, and another third yielding over 10%. Lots of positions, and I manage them as sleeves. I am building out my cash-ish “sleeve” a bit to prep for retirement at the end of the year, and I take all divis in cash for strategic monthly deployment. If I don’t see anything. It goes into my cash-ish sleeve. When the market hiccups, I sell a little in that sleeve and nibble if I don’t have divis lying around. I have gradually deployed this strategy over the last 2 years with decent results.
 
Changing the subject - some info for all, particularly those at Schwab - which is a bit of a pain to deal with to get DRIP programs in place. I went thru the drill today to add PAXS that I had failed to do previously. And also found out that three of my lesser positions away from PIMCO also have discounted programs. Maybe most/all of you already knew this but in case not -- WDI and GOF and OXLC all have discounted DRIPs.
 
Hello. I am invested in PCN. I am hearing news about the private credit issue from Blackrock and my question is will this Blackrock issue cause problems with Pimco?
 
not that i know anything at all - i will point out that it's been around for 25-years and, so far, it's dividend has never been reduced. should that be comforting? often, when it is said ''this time it's different'' - guys get hoisted by one's own petard - like i said, i know nothing
 
The questions now -- (a) to buy beaten down funds before indicators reverse or to play it conservatively and wait for short term moving average to cross, (b) which funds and how aggressively to buy? (c) when to unload commodities and inverse hedges? (d) In taxable accounts, take losses now to load up on WHICH cefs instead?

If there was ever a moment to definitely decide which are / are not covering distributions, the time is now. Wish I had sold as aggressively as Dick did, but there may be a oppty to recoup by buying with similar confidence. PMetals seem too volatile to count on signals, but there's a host of other funds that look opportune.

Don't know why no one is interested in TLTW.
 

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