2024-03-08 08:24:22 ET
Summary
- Coverage for PIMCO CEFs has improved for muni funds but fell slightly for taxable funds.
- PIMCO has reduced its leverage in taxable funds, with PGP and PCN having leverage levels well below the suite's average.
- The performance of CMBS-overweight funds has reversed this year, outperforming other funds in the suite.
- PIMCO has increased its swap portfolio, allowing it to generate more ROC-like income without taking on credit risk.
- Valuations for taxable PIMCO CEFs have recovered, trading at a 20% premium compared to the rest of the CEF space.
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PIMCO CEF Update: Performance Reversal And New Swap Shenanigans