PIMCO August Update | We See The Initial Cuts

Summary

• PTY, PFL, and PFN cut their distributions.  These were the first cuts in nearly a decade for these funds and many thought that PIMCO could never cut.

• Unfortunately, the interest rate environment is such that even the PIMCO magic cannot overcome the low yields and tight spreads.  Even funds running high leverage cannot reach their yield hurdle.

• The …