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PIMCO Dynamic Credit and Mortgage Income Fund of Beneficial Interest
(This report was first issued to members of Yield Hunting on January 8th. All data herein is from that report. We also took out the list of individual CEF positions that we saw had the best January Effect opportunity)
2019 was markedly different than 2018 with nearly all assets performing strongly and closed-end funds ("CEFs') closing their discounts. In January 2019, we saw a significant 'January Effect' occur. The theory behind this, as far as CEFs are concerned, is that tax-loss selling pressure in December is reversed causing higher prices and tighter discounts.