PCF: Uninspiring Fund Of Funds Via The CEF Structure (Rating Downgrade)

2025-07-04 01:25:01 ET

Thesis

Just like workers stacking boxes in a warehouse, the High Income Securities Fund ( PCF ) stacks other CEFs, BDCs and SPACs in its holdings. The name is a classic fund of funds that focuses on the above asset classes. PCF is incorporated as a closed end fund itself, thus displays the valuation metrics associated with this asset class, namely discount to NAV and flexible distribution rates. We last covered this name more than three years ago....

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