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ISD - Postmortem On 13%-Yielding ACP: Don't Just Look At The Yield
PGIM Short Duration High Yield Fund Inc.
Author's note: A modified version of this article was initially released to CEF/ETF Income Laboratory members on October 2, 2019. Commentary and some data have been updated for public release.
We often tell our members to not just look at the yield. Particularly for closed-end funds which can trade at premiums or discounts to their net asset value ("NAV"), this can lead to sub-optimal investing performance when high-yielding funds are bid up to unwarranted premiums, which can lead to the capital loss of the equivalent of months or even years worth of distributions when