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PYN - CEF Mergers Present Another Risk For Income Investors
PIMCO New York Municipal Income Fund III of Beneficial Interest
CEF mergers have been running at a fast clip over the past year, likely in response to growing fund expenses as a proportion of portfolio yields.
Combined with high premium valuations as well as a divergence in valuations, mergers present a risk for CEF shareholders due to the potential premium deflation.
We highlight a number of funds that have counterparts run by the same fund family and are trading at high valuations as these funds face the greatest merger risk.