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PGP - Select PIMCO Taxable CEFs Trim Distributions
Pimco Global Stocksplus & Income Fund StocksPlus & Income Fund of Beneficial Interest
Over the last few weeks and across a number of articles we have been focused on the changes in leverage of PIMCO CEFs. Our view has been that changes in borrowings are key drivers of fund earnings and, by extension, distribution sustainability. Today we saw three taxable CEFs cut their distribution substantially. In this article we take a look at whether anything we learned over the past week prepared us for these cuts and what the outlook is for the remainder of PIMCO CEFs.
Our takeaway is that the three funds making cuts cuts have