PCF: A High Income Securities Fund In Decline [Seeking Alpha]
High Income Securities Fund (PCF)
US:NYSE Investor Relations:
putnam.com/individual/mutual-funds/closed-end-funds/funds/40-high-income-securities-fund
Company Research
Source: Seeking Alpha
The fund's strategy is to acquire CEFs and BDCs that pay regular distributions at attractive discounts, with a small allocation to SPACs. PCF's performance has been underwhelming, and it currently trades at a discount to NAV. Better alternatives may exist. PCF Overview High Income Securities Fund ( NYSE:PCF ) is a closed-end fund that was taken over by Bulldog Investors in early 2019. Bulldog Investors are known for shareholder activism campaigns on rival CEFs. Since that time, the strategy with PCF has been to acquire CEFs and BDCs that pay regular distributions that trade at attractive discounts to their NAV. They also allocate up to 20% of the fund to SPACs in a conservative strategy used to boost the income of the fund. The CEFs they own tend to have their main objective as being income-producing investments. PCF also invests in different parts of the capital structure of CEFs and BDCs, for example, their notes or preferred securities at times. Overall, this strategy's
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PCF
Sec Filings
- 4/26/24 - Form NPORT-P
- 4/16/24 - Form N-2
- 1/29/24 - Form NPORT-P
- PCF's page on the SEC website