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PCN - PCN: Another Strong Performer With A Persistent Premium
Pimco Corporate & Income Strategy Fund
PCN continues to deliver strong returns, coupled with an improving macro picture and the persistence of a high premium to NAV.
Credit risk is not my primary concern for the high-yield sector, considering all the new cash that was raised under very low interest rates. However, duration risk is a key concern.
The fund's income metrics are not very encouraging. Further, the availability of cheaper options from PIMCO makes this one hard to justify at current valuations.