Good for those of you who get hard-ons for dividends (13% distribution rate by price).
If anybody wants to explain some of the more arcane parts of these funds, I'm not opposed. I imagine the premium is getting cut down because it's not able to keep up with the distribution rate and then the initial momentum unraveled it the rest of the way.
Might be a good buy now in sheltered accounts. The other CEFs trade around 0-17% premiums mostly except poor PCI with a 6% discount. NAV return is solid.
Competitors that I have written down include GFO DMO MCI ECC CEFL and second tier ARDC, BGT, VTA, DBL, DSL, JRO, JMT, JLS.
Disclaimer: long PFN; no position in PHK but may buy soon especially if premium falls a little more. It looks like the market noticed today before I did though.
Submitted November 30, 2017 at 10:17PM by kiwimancy http://ift.tt/2njGqnr
