TMF - PTY: Not A Good Time To Buy This High-Yield CEF

• After a huge drawdown in March, PTY has clawed back most of its losses.
• However, it's done so in large part due to its premium to net asset value surging to 28%. NAV remains down meaningfully from pre-pandemic levels.
• With the Fed's corporate bond buying effort set to slow down after December, look for weakness in the high-yield space.
• At a large premium to NAV and with risk to the downside in corporate bonds here, PTY is not attractive today.

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