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Pimco Income Opportunity Fund of Beneficial Interest
Taxable PIMCO CEFs remain one of the best-performing and hence best-regarded funds in the world of income investing. There are many drivers behind the stellar track record: elevated leverage, exotic holdings, the use of auction-rate preferreds, at-the-market offerings and others. In this article we take a look at one of the less well understood drivers of this outperformance - interest rate swaps. We use the Income Strategy Fund II (PFN) as a case study.
The ideas in this article grew out of a long discussion with the user Dick Cod who has been