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PHK - Income Lab Ideas: Analyzing Fixed-Income CEF Distribution Sustainability
Pimco High Income Fund
Co-produced by Stanford Chemist. This article was originally published on November 19th, 2019.
Closed-end funds have two main draws to them; they can be purchased at a discount to their net asset value and they have higher than typical payouts. Today, I wanted to cover the various metrics we can look for to try and gauge the safety and sustainability of CEFs' distributions. High payouts are great, but they can leave a nasty sting when cut. It is important to remember that there is no guarantee that a distribution will be maintained.