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The purpose of this article is to evaluate the PIMCO Corporate & Income Strategy Fund (PCN) as an investment option. This is a fund I was cautious on as the market recovery got underway, and its performance has exceeded expectations. With equity and fixed-income markets benefiting from increasing levels of investor optimism, staying long funds that have performed well makes intuitive sense. However, I see multiple reasons for caution here.
PCN's premium has risen to levels where I see little underlying support, and is well above the average PIMCO CEF premium.