PIMCO CEF Update March 2022 | Valuations Are Cheap And Coverage Remains Strong
Summary
Coverage ratios remain strong thanks to a higher dollar vs the pound and euro.
However, NAVs remain weak thanks to lower emerging market debt, high yield, and interest rates. The funds have curve steepeners on which hasn't helped in the first quarter.
PDO remains the place to be given the larger discount and higher yield combination. We would al…
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