PHD News and Press, Pioneer Floating Rate Trust Shares of Beneficial Interest From 03/26/21

I have tried to reduce my overall CEF allocation- I continue to make some rotational trades into areas of the marketplace I think are best positioned for gains. Recent moves include trimming overvalued and overweighted multisector funds like PDI/PCI. I have also reduced some of my hig...

The loan space continues to see inflows which should be supportive of NAVs. As NAVs increase, they can increase leverage supporting distributions. Loan funds remain one of the cheapest asset classes in the CEF spectrum with five-year z-scores that are barely positive. We like KIO ...

Floating rate ("loan") securities have been out of favor for more than a year as investors saw interest rates plummet. The loan market looks very compelling relative to high-yield fixed coupon bonds. The avg. price is below par vs. a premium to par for bonds. In addition, we captu...

The parallels to 2017 and early 2018 and now are very clear. We have a new administration with single party control of Congress. We are likely to see significant fiscal stimulus driving GDP growth. The results are that a steepening yield curve and a rotation in the markets could b...

CEF tender offers are a great way to extract alpha from activist activity. We highlight two recent examples of profitable tender offers that we took part in. FAM's tender offer is not too attractive currently, but could still be profitable if fewer shareholders tender or if the di...

December was another good month for CEFs with some discount tightening and NAV growth. The Core Portfolio was up over 1% with the NAV up 1.8%. The January Effect could bring discounts to an expensive level if the recent trends continue. At that point we would want to start reducing CE...

17 out of 23 CEF sectors positive on price and 19 out of 23 sectors positive on NAV last week. PPR tender offer expires on January 4, 2021, and our Tactical Income-100 portfolio is tendering all shares. NHF's extended tender offer also expired. For further details see: W...

Amundi US today announced the declaration of dividends for three Pioneer closed-end funds for January 2021. *At this time, PHD believes that a portion of its fiscal year-to-date cumulative distributions may be comprised of amounts from sources other than net investment income. A ret...

The portfolio returned +7.6% in November and continues to do well in December with a +1.35% return through Dec. 15. All sectors and all funds contributed to the return. By the 15th, all funds were hold with one sell on the sheets. We continue to think the portfolio is better posit...

Pioneer Floating Rate Trust (NYSE: PHD) (the “Fund”) announced today the final results for the previously announced issuer tender offer for up to 50% of the Fund’s outstanding common shares (the “Shares”). The Fund’s tender offer expired on Tues...