Do Z-Scores Matter? A Case Study [Seeking Alpha]
PIMCO Dynamic Income Fund (PDI)
US:NYSE Investor Relations:
pimco.com/en-us/investments/closed-end-funds/dynamic-income-fund
Company Research
Source: Seeking Alpha
Summary Last week I looked at the current distributions of Z-scores for the universe of CEFs (for details see “ Z-Scores: What Do They Tell Us About Closed End Funds? ”). That article generated a snapshot of current Z-score distributions across all funds. It was a broad-brush, but narrowly focused approach in that it lumped together large categories of CEFs—Equity, Taxable Fixed-Income, Tax-Exempt Municipal Bonds—but only for a single time point. What I had intended to show was the current state of CEFs as revealed by Z-scores. There were two major take-homes from that exercise. First, the distributions have fat tails at both extremes, but most especially on the high Z-score end of the scale. And second, of the three categories of CEFs—Equity, Taxable Fixed-Income and Tax-Exempt Municipal Bonds—only the muni-bond funds appear to be close to attractively valued at this time. Readers repeatedly noted that actionable interest in Z-scores is not the current distribution for al
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