Main Thesis
The purpose of this article is to explain why I believe the PCM Fund, Inc. (NYSE:PCM) is an attractive investment at its current market price. The fund is now trading at an above-average valuation, but its premium has actually come down slightly since my last review, all while offering investors a positive return. Furthermore, the fund has seen improved short-term income production, which is an especially important consideration. Finally, PCM has handled recent market volatility noticeably better than alternative Pimco CEFs, as illustrated by the graph below:
Source: CNBC
This performance