The Most Common Mistake CEF Investors Make [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 The most common mistake closed-end fund (CEF) investors make is misunderstanding "return of capital", or "ROC." Return of capital is often characterized as a destructive drag on fund returns; the most visceral descriptions of ROC claim it's a trick used by shady fund managers who take investors' money and then return it back to them after taking out fees. A Tax Term Unrelated to Returns In reality, ROC is a tax concept. As defined by the IRS , ROC is: Distributions that qualify as a return of capital aren't dividends. A return of capital is a return of some or all of your investment in the stock of the company. A return of capital reduces the adjusted cost basis of your stock. As with all things tax related, ROC is a complex and opaque idea that can be used to lower tax rates for individuals and corporations. In practice, CEF managers can do something somewhat similar to tax loss harvesting to offset capital gains that it returns to shareholders. An
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