PCN: High Yield Is Compensating For Risk, But That Is Not A Buy Signal [Seeking Alpha]
Pimco Corporate & Income Strategy Fund (PCN)
US:NYSE Investor Relations:
pimco.com/en-us/investments/closed-end-funds/corporate-income-opportunity-fund
Company Research
Source: Seeking Alpha
Main ThesisThe purpose of this article is to evaluate the PIMCO Corporate & Income Strategy Fund (PCNDespite the negatives, there are some reasons for optimism on the fund. Income production has remained stable, and yield spreads for riskier assets have widened. This means investors are being offered higher rewards for the risks they are taking, which could pique the interest of those with more risk tolerance than the average investor.BackgroundFirst, a little about PCN. It is a closed-end fund with a primaryobjectiveSource:Given the large drop PCN has seen, in addition to the broad market weakness, I wanted to take another look at PCN to see if I should change my outlook from here. While PCN's drop undoubtedly opens up a buying opportunity for those investors expecting a return to previous highs, I continue to see reasons to remain cautious. As such, I believe maintaining my "neutral" outlook is appropriate, and I will explain why in detail below.Concern #1: PCN Still Isn't CheapWith
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PCN
News
- PIMCO Closed-End Funds Declare Monthly Common Share DistributionsGlobeNewswire
- PIMCO Corporate & Income Strategy Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Corporate & Income Opportunity Fund Announce Final Results of Tender Offers for Auction Rate Preferred SharesGlobeNewswire
- PIMCO Closed-End Funds Declare Monthly Common Share DistributionsGlobeNewswire
- PCN: Good Bond CEF With Fully-Covered Distribution, But Huge Premium Is Problematic [Seeking Alpha]Seeking Alpha
- Certain PIMCO Closed-End Funds Announce Tender Offers for Auction Rate Preferred SharesGlobeNewswire
PCN
Sec Filings
- 4/18/24 - Form 4
- 4/17/24 - Form SC
- 4/15/24 - Form SC
- PCN's page on the SEC website