NIE - NFJ: Discount Remains Deep But Not The Most Enticing
2024-07-10 10:54:17 ET
Summary
- NFJ's performance continues to be unimpressive in 2024, though the value-oriented portfolio could have a brighter future.
- The fund's discount has narrowed since our last update, pushing it to trade closer to the level of its longer-term average.
- Though, some good news is that the fund has increased its distribution since our last update, and Saba Capital Management has also started a position.
Written by Nick Ackerman, co-produced by Stanford Chemist
We last covered the Virtus Dividend, Interest & Premium Strategy Fund ( NFJ ) at the end of 2023. Since then, the fund has moved mostly sideways, but with distributions reinvested as reflected by the total returns, we do see some positive results. Unfortunately, a larger portion of this was from the discount narrowing alone and not actual underlying portfolio performance....
NFJ: Discount Remains Deep But Not The Most Enticing