PTY: Strong Gains Despite Worsening Prospects, Time To Rotate Out [Seeking Alpha]
Pimco Corporate & Income Opportunity Fund (PTY)
US:NYSE Investor Relations:
pimco.com/en-us/investments/closed-end-funds/corporate-income-opportunity-fund
Company Research
Source: Seeking Alpha
However, considering the underlying fundamentals and the overall interest rate outlook, there is a strong basis for exiting PTY despite the significant gains so far. In this article, I elaborate on the key aspects, which, in my opinion, justify the thesis of deemphasizing PTY. Right at the end of 2023, I wrote an article about PIMCO Corporate and Income Opportunity Fund ( NYSE: PTY ), which is a fixed income biased CEF managed by PIMCO. In the article, I was rather optimistic on PTY's prospects to register price appreciation in 2024 due to the forthcoming normalization in the interest rates that should act as a catalyst pushing fixed income valuations higher. Yet, at the same time I emphasized the risk that is associated with the FED not moving to the more accommodative direction at a pace and magnitude what the market had priced in back then. On a YTD basis (effectively since the publication of my article), PTY has delivered 17.5% of total returns clearly exceeding the S&P 5
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Sec Filings
- 4/18/24 - Form 4
- 4/17/24 - Form SC
- 4/15/24 - Form SC
- PTY's page on the SEC website