- PMF, along with the majority of PIMCO CEFs, continues to post impressive gains.
- Despite being cautious on PMF back in Q1, the fund has returned over 5%, and remains the cheapest of the three national muni CEFs from PIMCO.
- The fund's UNII metrics are also the strongest of the three national CEFs.
- Despite these positives, risks remain. The fund has a very high duration, making it extremely interest rate sensitive.
- Further, the health care sector is the most troubled in the muni space, and that makes up a large portion of PMF's holdings.
For further details see:
PMF: Cheaper Than Its Sister Funds, But Still Hard To Justify