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PKO - PIMCO CEF Coverage And Leverage Update For May
Pimco Income Opportunity Fund of Beneficial Interest
(This report was issued to members of Yield Hunting on June 18.)
The monthly update on PIMCO CEFs came out this week without much changes to the figures. Overall, we think the report was relatively benign and continues to signal the same result: Nothing to be afraid of here.
However, we can make small relative position changes, distribution sustainability notes, and observations on valuations like we have done in past months. Let's start with coverage.
Remember, month-to-month coverage ratios (which are three-month averages) are not fairly meaningful. But what they can do is help point