CEF Holdings --- March 2026

[RobLJ]

I view all y'all as friends, which I judge is the point of the politics thing, and this is to the credit of the site.
To be clear.
I grew up in Oklahoma and thought Will Rogers's "never met a man I didn't like" pretty much summarized my Okie Grandad, so this applies to all y'all.

 

[Flyfish1]

Yeah - I like this site because in general politics stays out of it . Let's keep it that way.

 

[DrVenture]

The last couple weeks have certainly shown how volatile these bond oefs can be during periods of uncertainty in markets. The relatively quick recovery has been encouraging,

 

[marget]

ROTH

PAXS--15.985%
PDI-----19.80%
PDO---19.81%
PFN---18,67%
cash---18%

adbe--123 shares 7.48%--- I just like that name--not joking ---sincere

IRA

PDI---56.70%
Cash---43.30%

IRA

PDI---99.98%
cash?---0

GOALs:
1. meet monthly amounts
2. have enuff $$$ to buy more as the opportunity presents itself
3. income goals met--this month check.

 

[COcheesehead]

The relatively quick recovery has been encouraging,

?
I am still way underwater in PDI and GOF.

 

[Randy145]

?
I am still way underwater in PDI and GOF.

I'm up 2% on PDI and down 5 on GOF. Will get more of both on Friday. A little concerning that both NAVs seem to be rolling over some, presumably due to large exposure to high yield and/or declining interest rates (which may be going nowhere for awhile). Please correct me if I'm wrong.

 

[COcheesehead]

I'm up 2% on PDI and down 5 on GOF. Will get more of both on Friday. A little concerning that both NAVs seem to be rolling over some, presumably due to large exposure to high yield and/or declining interest rates (which may be going nowhere for awhile). Please correct me if I'm wrong.

Top graphic is PDI. Bottom is GOF. If you know why the NAV is dropping, you are a better man than I. The holdings are gibberish to me.

 

[Randy145]

Top graphic is PDI. Bottom is GOF. If you know why the NAV is dropping, you are a better man than I. The holdings are gibberish to me.


View attachment 62302View attachment 62303

It's those long horizontal bars at the bottom of the credit quality charts that I'm referring to. High yield indexes (or is it indices?) trending down since the latest geopolitical maelstrom may be involved here.

 

[marget]

If you own Pimco CEFs for -income- then it's all very easy when it comes to buy/sell stuff
Trying to own them for income and cgs can get somewhat complicated.
Take PDI: for my peace of mind and for income I will NOT buy PDI if it starts trading in the mid-$18 range. Every single share I own is in the $17 to $18.01 range.
But the caveat here is: I have not taken any large cgs. Result? Very low cost basis w/ pretty high cgs.
It's like this for the other CEFs I own,
Nothing reached any of the cost basis marks this time around. BUT, this only happened b/c I gave up the cgs. Why? income and income only
Result:
Over the recent years, after suffering many setbacks learning, they are producing more $$ than I need. So, there is the needed income plus $$$ to buy when the marks are reached.
PDI: the mark was 17.58 this time around and it reached 17.38. I added then. But the cost basis for this fund is at is at $15.32 w/ the add at 17.58. Due to reinvesting the distributions. There is almost 13k of cgs in the Roth for PDI. MAIN Thing: do not under any circumstances sacrifice the principle.
I don't think this sets well w/ most of you here.

But, this is the first time I trusted the marks (not my marks)---ok? The chart marks and trend lines. I don't bother w/ charts most of the time other than to keep an eye out. RSI, Volume stuff, VIX
However, when after all the news & analysis & Dick's understandings are rolled up into a ball---- when that ball gets a kick and starts rolling downhill---- the chart marks become very very telling. It's as though the C-sticks and the previous marks (even from years past) start to speak very loudly. ...as in HERE I am, i've been waiting for you! ...I am not an impossible-to-reach mark....!

I am amazed and grateful that there is 50+% of cash to invest and yet the monthly goal of income is being met. BUT--- just like a stock that has lost 8% of the original money, O'Neil said: sell.

There is one other thing here: it seems to me that the most brilliant minds in the investment world are the folks who deal in debt and leverage. For some number of years now Pimco is the best of the best. I don't feel any need to analyze or figure out what they do. Why? Because every time I have listened to any of the head managers speak, they are down-to-earth type of speakers.
But, every thing moves in cycles. It seems that the main folks at Pimco are all around my age group. And, my age group is headed out the door......

 

[Randy145]

If you own Pimco CEFs for -income- then it's all very easy when it comes to buy/sell stuff
Trying to own them for income and cgs can get somewhat complicated.
Take PDI: for my peace of mind and for income I will NOT buy PDI if it starts trading in the mid-$18 range. Every single share I own is in the $17 to $18.01 range.
But the caveat here is: I have not taken any large cgs. Result? Very low cost basis w/ pretty high cgs.
It's like this for the other CEFs I own,
Nothing reached any of the cost basis marks this time around. BUT, this only happened b/c I gave up the cgs. Why? income and income only
Result:
Over the recent years, after suffering many setbacks learning, they are producing more $$ than I need. So, there is the needed income plus $$$ to buy when the marks are reached.
PDI: the mark was 17.58 this time around and it reached 17.38. I added then. But the cost basis for this fund is at is at $15.32 w/ the add at 17.58. Due to reinvesting the distributions. There is almost 13k of cgs in the Roth for PDI.
I don't think this sets well w/ most of you here.

But, this is the first time I trusted the marks (not my marks)---ok? The chart marks and trend lines. I don't bother w/ charts most of the time other than to keep an eye out. RSI, Volume stuff, VIX
However, when after all the news & analysis & Dick's understandings are rolled up into a ball---- when that ball gets a kick and starts rolling downhill---- the chart marks become very very telling. It's as though the C-sticks and the previous marks (even from years past) start to speak very loudly.

I am amazed and grateful that there is 50+% of cash to invest and yet the monthly goal of income is being met. BUT--- just like a stock that has lost 8% of the original money, O'Neil said: sell.

There is one other thing here: it seems to me that the most brilliant minds in the investment world are the folks who deal in debt and leverage. For some number of years now Pimco is the best of the best. I don't feel any need to analyze or figure out what they do. Why? Because every time I have listened to any of the head managers speak, they are down-to-earth type of speakers.
But, every thing moves in cycles. It seems that the main folks at Pimco are all around my age group. And, my age group is headed out the door......

I think I agree with you, mostly. It's good to try to figure out the whys and wherefores, though. What else is there for old men to talk about besides the weather, grandkids and their portfolios ?

 

[DrVenture]

?
I am still way underwater in PDI and GOF.

Apologies, I did not mean a full recovery, but decent percent gains, as opposed to big drops and tiny gains. PDO jumped nearly a full percent today. PFN a half percent. PDI and GOF were a bit disappointing. I am a newcomer to both.

As a person who is generally a long term investor, I do pay attention to longer term returns. The 3-yr for PDO is 14.15%, PFN is 11.21% and PDI is 13.50%. Those are my three largest bond CEFs, in order.

I've had PDO about 3.5 years and have a 40% gain, due to reinvestment. I have had PFN 2 years and am sitting on a 21% gain. PDI is slightly underwater at -1.5%, but I have only owned it about 6 months.

Like a few of us, I am down a bit ( a couple grand) on a small GOF allocation, but I have only owned it 1 month. Poor timing. If it continues to show signs of weakness, I will sell it for greener pastures.

 

[COcheesehead]

Apologies, I did not mean a full recovery, but decent percent gains, as opposed to big drops and tiny gains.
PDO jumped nearly a full percent today. PFN a half percent.

As a person who is generally a long term investor, I do pay attention to longer term returns. The 3-yr for PDO is 14.15%, PFN is 11.21% and PDI is 13.50%. Those are my three largest bond CEFs, in order.

I've had PDO about 3.5 years and have a 40% gain, due to reinvestment. I have had PFN 2 years and am sitting on a 21% gain. PDI is slightly underwater at -1.5%, but I have only owned it about 6 months.

Like you, I am down a bit ( a couple grand) on a small GOF allocation, but I have only owned it 1 month. Poor timing. If it continues to show signs of weakness, I will sell it for greener pastures.

For anyone who owned PDI or GOF last October, we took a big hit.

 

[joejetski]

For anyone who owned PDI or GOF last October, we took a big hit.

Yup, I bought it near its high, thankfully not a full position. I have gradually nibbled consistently on downturns to where I am <1% down. However as I have said before, PDI is one of 5 positions in my high income sleeve which make up around 12% of my income portfolio.

 

[GaltintheGulch]

My portfolio is basically 5% Cash, 90% CEF's, and 5% alternatives (that are new positions recently, bought them right before "I-ran" them into the ground.

The CEF's are:
GOF, PCN, PDI, PHK, PTY in near equal amounts.

My biggest losers were GOF and PTY through this last dip.
Fortunately, that was premium compression and they held above NAV's through this.

[mod edit]

Dick's decision to build cash, would have been a better idea. Thank you Dick for sharing this. Kills me I missed the opportunity to buy low on my fav's, and increase my yield in the process. On the other hand, turned out to be a survivable market tantrum, this time.

Buy on bad news when everyone is selling, sell on good news (within reason). Know your time horizon.

 

[GaltintheGulch]

The last couple weeks have certainly shown how volatile these bond oefs can be during periods of uncertainty in markets. The relatively quick recovery has been encouraging,

take a deep breath...............

 

[DrVenture]

For anyone who owned PDI or GOF last October, we took a big hit.

This has been my journey in CEFs, each time I started a position, it was underwater soon after, then eventually recovered. My timing has utterly sucked. I am not looking to add more to CEFs right now, so I will just ride it out for now.

My mistake was shifting funds from PDO and PFN to PDI and GOF. Or not buying PDI much sooner. But essentially, all that I have given up in both PDI and GOF were gains from PDO and PFN. To be fair, even my PIMIX took a small hit in the last month.

 

[DrVenture]

take a deep breath...............

It would be a mistaken inference to think that I am worried. Just BSing, really.

I lost more money on a couple small software positions this year, than GOF and PDI combined. This stuff doesn't bother me. My total portfolio return from Jan 1 2023 to now is around +65%. It is more about proper positioning, going forward, than anything else. I.e. - planning.

 

[Steelpony]

Actually I don't know what is or isn't "political" but as a PolySci/English major, everything is political, including non-political. But I appreciate the peeps watching us, since i would be thrown out as a leftist, otherwise, so I appreciate all of your patience with me. I try to watch my posts, to be in agreement, but I sometimes slip. so forgive me my failings, all y'all. I try to comply, but "the spirit is willing but the flesh is weak" as my Church of Christ minister father used to quote (Matthew 26:41).
And I love all of y'all and all the moderators, so this isn't criticism, just a point of reality, which is that everything is political, including the non-political.

Well 1 of the top 5 or six things that have a great influence on equity values is politics. Washington chat, tariffs, taxes, deficits, rumored legislation endless talk shows etc. are constant. The whole picture has to be considered when investing.

I suppose since there’s so many initials floating around already maybe adding a W to talk about you know what. Like “I’m waiting until W gets straightened out before investing more”. Or W “is providing a great entry point at the present time”. So no real info other than that.

 

[FD1000]

69% looks good to me.
I'm at 99% MM since Monday, March 2nd. See Market calls

I will start investing when I see better markets and signals. Since Monday I saved more bonds declining.
There is no way to know how long I will be out. As usual, I'm not in a rush.
Next Monday, we are going on a 2+ week European vacation, and I will monitor it from there.

We are on vacation in Greece and I still don't see buy signals.
VIX is still high and with high volatility.
The unique global of high oil prices still exist.

 

[Steelpony]

@DrVenture at times like this consider the real money distributions you’ve received so far and will continue to receive compared to any temporary paper losses.

All those who cashed out of bond types income investments are getting .25% interest or so now. You still get paid way more than that. They have to market time their way back in.

If you hold equity positions cap gains disappeared. That’s equivalent to distribution cuts. Those people are frozen in place waiting for a reason to make any decision.

 

[DrVenture]

@DrVenture at times like this consider the real money distributions you’ve received so far and will continue to receive compared to any temporary paper losses.

All those who cashed out of bond types income investments are getting .25% interest or so now. You still get paid way more than that. They have to market time their way back in.

If you hold equity positions cap gains disappeared. That’s equivalent to distribution cuts. Those people are frozen in place waiting for a reason to make any decision.

Mostly, mine are simply the musings of a portfolio perfectionist.

 

[Steelpony]

Mostly, mine are simply the musings of a portfolio perfectionist.

Ahh the hunt for the holy grail. A true believer.

 

[FD1000]

@DrVenture at times like this consider the real money distributions you’ve received so far and will continue to receive compared to any temporary paper losses.

All those who cashed out of bond types income investments are getting .25% interest or so now. You still get paid way more than that. They have to market time their way back in.

If you hold equity positions cap gains disappeared. That’s equivalent to distribution cuts. Those people are frozen in place waiting for a reason to make any decision.

One month chart shows that PDI already lost about 4% including the distributions.
Remember, total returns is the only thing that counts.
To make it simple one million is worth now just $960K. I already locked in 4% YTD.

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Frozen and waiting? Not here. I have been doing it over 25 years.

 

[zaharaone]

FWIW, I bought some of every holding back today but I'm very cautious --- the PIMCO NAVs were d7sappointing yesterday as were today's 19a's.
Regards, Dick

But Dick, don't you discount the 19a's? Just tax related. Or has something changed? Cheers, Paul

 

[zaharaone]

Hmmm, I thought they did. I don't have a clue, then, about Spock's issue on this. Just anecdotally speaking, I've noticed a hole or two in Fidelity's operations recently...hope that's just a passing thing.

I have seen a few holes myself.