PIMCO Update July 2022 | Valuations Move Higher But NAVs Start Rolling Over

Summary

• Coverage for all funds weakened but that was to be expected as the taxable funds saw leverage come down.

• The funds reduced borrowing as they were flying dangerously close to the sun but they were able to do so at an opportune time and it likely turned out well.

• The valuations of the funds look a bit rich here as they appear to be pricing in a soft …