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PMF - Why Do PIMCO Muni CEFs Consistently Trade At Premiums Over NAV
PIMCO Municipal Income Fund
I was recently doing a one-year NAV performance screen on all muni bond closed-end funds. Here are the top ten performers sorted by one-year NAV return:
Source: cefanalyzer 4/12/2019
Note that five out of the top ten NAV performers are PIMCO funds. Two of the funds ([[PNI]], [[PCK]]) are state muni funds from New York and California. Three of the funds are national muni funds with high premiums over NAV and high distribution rates - PML, PMX, and PMF. Note that the market returns over the last year are quite a bit