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Yield Hunter CEF Report April 2019: Distribution Cuts Finally Plague PIMCO

Published Thu, 04 Apr 2019 07:00:00 -0400 on Seeking Alpha

April distributions announcements came out this week and the big headline has to do with PIMCO's widespread and in some cases significant chops to payouts. Allianz, the parent company of PIMCO, also cut the distribution on their two flagship convertible income funds.
For April, we saw a total of 15 changes to the distribution. Of those, four were distribution increases and 11 were decreases. That compares with 47 changes in March: 17 increases and 30 declines.
Discounts in the CEF space continue to tighten though the rate of change has slowed dramatically. The average discount today, according to CEFA, is 5.82% in bond funds, compared to 9.08% on Jan. 4. Average discounts on equity funds are 5.84% today, compared to 8.77% at the start of the year.

The VIX continues to be a solid driver for discounts- as the market calms, investors flock into closed-end funds, reducing the spread between price and the NAV.
Distribution Changes For The Month
All of these funds pay monthly. We omitted some of the smaller distribution changes that were less than 2% including MFS funds and TEI.
Distribution Increase (>2%)
EV Senior Income (EVF): +3% to $0.034 from $0.033.
EV Floating Rate Income (EFT): +2.7% to $0.076 from $0.074.
EV Sr Floating Rate (EFR): +2.7% to $0.077 from $0.075.
EV Floating Rate Income+ (EFF): +1.2% to $0.084 from $0.083.
Distribution Decrease (>2%)
PIMCO High Income (PHK): -24% to $0.061331 from $0.080699.
PIMCO... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
NICHOLAS-APP CONV & INCOME 5.68   0.0 0.00 0.00 10.90
NICHOLAS-APP CONV & INCOME II 5.09   0.0 0.00 0.00 10.57
PIMCO GLOBAL STOCKSPLUS 11.55   0.0 0.00 0.00 9.68
PIMCO HIGH INCOME FUND 7.80   0.0 0.00 0.00 9.34
PIMCO STRATEGIC GLOBAL GOVERNMENT FUND 9.17   0.0 0.00 0.00 8.04
EATON VANCE SENIOR FLOATING-RATE TRUST 12.99   0.0 0.00 0.00 7.02
EATON VANCE FLOATING-RATE INCOME TRUST 13.23   0.0 0.00 0.00 6.91
TEMPLETON GLOBAL INCOME FUND 6.20   0.0 0.00 0.42 6.88
SPECIAL OPPORTUNITIES FUND 14.12   0.0 0.00 0.00 6.50
PIMCO MUNICIPAL INCOME FUND III 12.31   0.0 0.00 0.00 4.82
PIMCO CALIFORNIA MUNICIPAL INCOME FUND III 10.93   0.0 0.00 0.00 4.45