CEF Holdings ---- October 2025

[dickoncapecod]

Here we go into Q4-2025......

PDI 25% PFN 15% PAXS 10% PHK 9% PDO 7% WDI 5% GOF 5% PCN 2% CASH 22%

I plan to be fully invested before ex-dates, sooner if ADP employment is weak as forecast tomorrow morning. 815 am....be there or be square!
Regards, Dick

 

[Flieger]

I am new to the forum. I am a long time CEF investor. I owned CEFs for at least 20 years. I own currently 16 CEFs which represents 40% of my portfolio. My largest (moneywise) are PDI, EDD, CRF, GGT, GOF WDI and AGD. Altogether (the 16 CEFs) pay me 12% per year.
I do not really worry about discounts, leverages or management fees as long they pay their dividend. I did not care when their value was down 50% in 2008. They paid the same dividend and eventually they recovered to where they were before. Occasionally I dump a bad CEF while continuously look for good ones.
But that's me. I do not advise anyone to do the same.

Brought this over from the CEF Holdings April thread (recently posted) as I like the message, especially the highlighted portion!

Flieger

 

[Koolau]

Brought this over from the CEF Holdings April thread (recently posted) as I like the message, especially the highlighted portion!

Flieger

Of course, that means, just like other investors, you have to choose your holdings well. No matter one's investment goals, choosing the right holdings is still key.

As the old Knight in "Indiana Jones and the Holy Grail" said: "You have chosen - well."

 

[COcheesehead]

The big ones: PAXS, PDI, PHK, NZF, GOF. All current holdings
Little ones: OXLC
Traders: WDI, FSCO, currently do not hold these.

 

[mykes2025]

I added ASGI, NBXG and ERH in Sept. Total CEF basket is now 6.45% of equity portfolio with a goal of getting to 10%.

Ticker	% of CEF basket
DNP	8.8%
AIO	9.1%
BME	13.7%
UTG	9.2%
THQ	9.1%
BST	10.2%
BDJ	8.9%
EOS	7.8%
CSQ	8.4%
BUI	5.2%
ASGI	4.4%
NBXG	2.6%
ERH	2.6%

 

[marget]

Roth: PDI--20.26%.....PAXS--16.74%.......PDO--18.66%........PHK--17.31% CASH---18.56%

IRA1: PDI--86.81%---reinvesting distributions

IRA2: PDI--36.98%----reinvesting distributions----CASH---63%

The cash is there. I will not invest if I don't see certain marks and it also depends on the news.

 

[surprising]

Roth: PDI--20.26%.....PAXS--16.74%.......PDO--18.66%........PHK--17.31% CASH---18.56%

IRA1: PDI--86.81%---reinvesting distributions

IRA2: PDI--36.98%----reinvesting distributions----CASH---63%

The cash is there. I will not invest if I don't see certain marks and it also depends on the news.

Some things I've read recently:

It took 4 years from Greenspan's 'Irrational exuberance' speech in 1996 before the market crashed. Powell recently said the stock market was 'fairly highly valued.'

During previous crashes, gold was not at a high, as everyone poured all their money into the stock market. There might be too much caution today, which might suggest we have a ways to go.

I have about 50% in CEFs currently, and the rest in equities. Honestly I have no idea what to do. My gut tells me to raise cash, but we could be years away before a sustained correction.

 

[keppelbay]

Very little changed in September. Small add to DMO.

CEF portfolio:
v large: PDI
medium: PDO, PFN, PAXS, DMO, DBL, FFC
too small to matter (should dump or commit...): PHK, KIO, JFR, OXLC

Cash is unusually high. But, as I have more cash flow than I need at present, I can wait until some energetic selling brings the PIMCO premium levels back down.

 

[Semi-Retyrd]

Opened my eyes briefly to check the new thread. Noticed PDI, PDI, PDI, PDI in nearly every post. Checked to see if my only CEF, PDI is still in DRIP mode - Yup. Closed my eyes.

 

[Ozz]

Thanks, Dick, for keeping this thread going.

Very few changes.
PDI 12.1%
PAXS 10.9%
PFL 7.9%
PHK 7.5%
GOF 7.4%
PDO 7.2%
PFN 6.8%
WDI 6.2%
DNP 5.0%
KIO 4.9%
AGNC 4.0%
PCN 3.4%
OXLC 3.2%
DMO 2.2%
SCD 1.8%
FSCO 1.3%
UTG 0.7%
ADX 0.2%
Cash 7.3%

 

[Steelpony]

Some things I've read recently:

It took 4 years from Greenspan's 'Irrational exuberance' speech in 1996 before the market crashed. Powell recently said the stock market was 'fairly highly valued.'

During previous crashes, gold was not at a high, as everyone poured all their money into the stock market. There might be too much caution today, which might suggest we have a ways to go.

I have about 50% in CEFs currently, and the rest in equities. Honestly I have no idea what to do. My gut tells me to raise cash, but we could be years away before a sustained correction.

Being cautious by nature and adding politics with the state of the world, I see a complete disaster looming.

In the past everything reverts to long term historical averages is all I can add. When and how long who knows. CEF and bond distributions along with dividends helped a lot during Stagflation.

Main holdings largest to smallest by distributions:

PTY,PDI,GOF,PAXS,PFN,PFL,PCN,PHK,PDO + a few stragglers as I consolidate.

REITS : AGNC and DX.

Dispersing excess cash to needs into sleep well holdings at this time.

 

[Bill E]

Multi sector: PDI 21% PAXS 14 PDO 14
Credit: PFN 13% PHK 13

MREITs: AGNC NLY DX = 15%

Sr Loan/CLO: = 0%

Equity: QLENX = 6%

Cash: 5%

Not much change from last month.

Best,
Bill

 

[Flieger]

CEF holdings as of today.

Flieger

 

[GBcycling]

Thankyou Dick for your insights and vigilance.

No big changes for the last couple months. Moved from about 10% CEF in July to roughly 16% by reducing equity exposure and cash. Although equities have grown back to where I harvested gains previously I have not trimmed but have diversified away from mag 7.

PDI @ 5.4%
PHK @ 4.7%
FSCO @ 2.1%
PFL @ 1.6%
KIO, PAXS, PFN, DMO @ 1% or less

 

[marget]

Some things I've read recently:

It took 4 years from Greenspan's 'Irrational exuberance' speech in 1996 before the market crashed. Powell recently said the stock market was 'fairly highly valued.'

During previous crashes, gold was not at a high, as everyone poured all their money into the stock market. There might be too much caution today, which might suggest we have a ways to go.

I have about 50% in CEFs currently, and the rest in equities. Honestly I have no idea what to do. My gut tells me to raise cash, but we could be years away before a sustained correction.

my gut also is telling me the same thing.
I have my marks for the CEFs I am holding.
The situation at this time and place feels unstable to my gut
Plus: it is generating what I have determined I need monthly w/o needing to invest that cash.

 

[marget]

Opened my eyes briefly to check the new thread. Noticed PDI, PDI, PDI, PDI in nearly every post. Checked to see if my only CEF, PDI is still in DRIP mode - Yup. Closed my eyes.

If what you wrote is really true, then you checked the wrong place for the first place to check.

 

[Cognito]

CPZ...PAXS...PHK...ASGI...UTG...FSCO...JRI...PDO...PFN...KIO...FAX

 

[dickoncapecod]

Down to 6% cash after adding to existing positions before and after the bell.
Regards, Dick

 

[eniacpalm]

Not much change , % changed due to market value.
ADX ~6.5%
PDI ~ 1.1%
UTF < 1% (of note Cohen & Steers currently have rights offering 1 share per 5 @ 90%)
UTG < 1%

 

[joejetski]

Some things I've read recently:

It took 4 years from Greenspan's 'Irrational exuberance' speech in 1996 before the market crashed. Powell recently said the stock market was 'fairly highly valued.'

During previous crashes, gold was not at a high, as everyone poured all their money into the stock market. There might be too much caution today, which might suggest we have a ways to go.

I have about 50% in CEFs currently, and the rest in equities. Honestly I have no idea what to do. My gut tells me to raise cash, but we could be years away before a sustained correction.

I am doing both, collecting all my Divis in cash, then deploying that cash to reinvest across income generating positions more evenly. Example, collecting $3500/month across positions. Reinvest $1000 in SGOV (“cash”), and then deploy remainder across positions roughly evenly on a cost per share basis. My actual cash is in a CD ladder (4.5% - 5.25%) maturing over the next 18 months.

 

[FlyingCircus]

Income CEFs 45% of portfolio. Broken down as

PDO	22%
PDI	22%
PAXS	17%
WDI	15%
PHK	12%
PFL	9%
SPHY	3%

All remain on divy reinvestment through Fid. Evaluating changing mix based on recent performance (PDI out over its skis?) but nothing major.

 

[stefansm]

Some things I've read recently:

It took 4 years from Greenspan's 'Irrational exuberance' speech in 1996 before the market crashed. Powell recently said the stock market was 'fairly highly valued.'

During previous crashes, gold was not at a high, as everyone poured all their money into the stock market. There might be too much caution today, which might suggest we have a ways to go.

I have about 50% in CEFs currently, and the rest in equities. Honestly I have no idea what to do. My gut tells me to raise cash, but we could be years away before a sustained correction.

Watch S&P and the High Yield spread vs their 12 months simple moving averages. When the S&P < 12 months MA and the High Yield > 12 months MA, that's when the crash is starting. And it is ending when both reverse. See this long term chart:

 

[stefansm]

The trend is up for now, for stocks and CEFs. The last time the S&P and the HY Spread signaled trouble and followed up was 2022. See the arrows. 2025 was just a whipsaw, quickly reversed. But now, we are far from a crash environment, according to these 2 market indicators. Markets are always "seeing around the corner" and signaling recession or recovery before the economic data reflects it. So, we are in an uptrend and the macro is good for staying invested, Mr. Market says:

 

[stefansm]

@dickoncapecod - from another forum, I've seen this today and would appreciate your take on it:

 

[joejetski]

Pre-retirement (income portfolio building) status. TIRA. Mix of CEFs, ETFs, and MFs
Cash (CD Ladder ~18 months till last maturity date - 4.5% - 5.25%) - 25.2%. This is currently ~ 5 yrs of “2nd paycheck with pension -retire early ‘27
Other cash < 1%
SGOV - 17.6%
PIMIX - 6.2%
VWEAX - 6.2%
UTG - 3.8%
PDI - 3.7 %
PAXS - 3.4%
RFI - 3.2%
JEPI - 3.1%
JEPQ - 3.1%
GGN - 3.1%
PFXF - 3.0%
PGX - 2.9%
SCHD - 2.8%
PRUAX - 2.6%
FOF - 2.0%
PHK - 1.8%
PFL - 1.5%
ADX - 1.5%
DNP - 1.4%
CLM - 1.3%