Expanding Arbitrage In Pimco Municipal Bond CEFs [Seeking Alpha]
PIMCO Municipal Income Fund (PMF)
US:NYSE Investor Relations:
pimco.com/en-us/investments/closed-end-funds/municipal-income-fund
Company Research
Source: Seeking Alpha
Summary I am writing this article as a continuation of another one, which you can find here , only this time the scale and numbers behind this arbitrage are getting unbelievably large. The funds I will be analyzing are Pimco Municipal Income Fund (NYSE: PMF ) and Pimco CA Municipal Income Fund III (NYSE: PZC ). They are showing identical performance over the last years, but the market values them differently. Summary of the two funds PMF and PZC invest in investment grade fixed income municipal bonds and are both exempt from federal income tax. The difference in their investment objective is that PMF has a diversified portfolio of bonds from different states (on the picture below), while PZC is focusing solely on California municipal bonds. On this criteria comparison my preference goes to the diversified portfolio because it does not bear the credit risk of the one state to such a degree as PZC, and I would say that California is not the most risk-free state
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