PCM - Is It Time To Sell PGP?
Is It Time to Sell PGP?
With its 13.9% market yield, PIMCO Global StocksPLUS & Inc (PGP) is PIMCO’s second-highest yielding CEF. Its NAV performance ranks second among the PIMCO CEFs for the last three years and fourth for the last five. Because it is the only one of PIMCO’s CEFs with exposure to equity, it is the least correlated with the rest of the lineup.
All that sounds pretty good, doesn’t it? Investors seem to think so because the fund has held a premium valuation since 2009. Not just any old premium