PTY - PTY: I Like The High Yield Exposure But The Premium Remains A Real Concern

• PTY has continued to struggle since my last review, although its very short-term price momentum has been positive.
• I like high yield credit in general, for one that wants fixed-income exposure. Interest rate risk remains the main threat to credit and bonds, and high yield has less relative exposure.
• Credit spreads suggest there is some value here, within the U.S. and emerging markets. This could help generate interest in funds like PTY.
• Despite these positives, the premium price remains a sore point. It is difficult to find merit to buying a CEF at a 14% + premium, and that is the case as of now.

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