BRW - PCF: A High Income Securities Fund In Decline

2024-02-19 07:29:32 ET

Summary

• PCF is a closed-end fund managed by Bulldog Investors, known for shareholder activism campaigns.
• The fund's strategy is to acquire CEFs and BDCs that pay regular distributions at attractive discounts, with a small allocation to SPACs.
• PCF's performance has been underwhelming, and it currently trades at a discount to NAV. Better alternatives may exist.

PCF Overview

High Income Securities Fund ( NYSE:PCF ) is a closed-end fund that was taken over by Bulldog Investors in early 2019. Bulldog Investors are known for shareholder activism campaigns on rival CEFs.

Since that time, the strategy with PCF has been to acquire CEFs and BDCs that pay regular distributions that trade at attractive discounts to their NAV. They also allocate up to 20% of the fund to SPACs in a conservative strategy used to boost the income of the fund....

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