PGP - PGP: I Still Have A Positive Outlook

• PGP has delivered a very strong return since late November, which would normally make me cautious. Yet, I see a path for more gains.
• The fund's premium is still quite reasonable and sits under 5%. This is lower than many alternative funds from PIMCO.
• PGP's effective duration is also lower than some of its peers, making it less exposed to the risk of higher interest rates.
• The underlying value has climbed over the past two months, and income metrics have improved dramatically.

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