PCM - PCM: Attractive Holdings Unattractive Price

• PCM has caught my attention recently because it is now the most expensive non-muni CEF offered by PIMCO.
• This is unusual for this fund, and tells me caution should be exercised before buying in at these levels.
• However, there are some positives. The fund holds high yield credit and non-agency MBS. Both of these sectors I expect to do well in the second half of the year.
• The fund's income metrics are currently quite strong. This limits the downside of the fund since many investors buy this as an income play.

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